Rajesh Exports Ltd

₹ 181 1.09%

13 Aug 2:15 p.m.

rajeshindia.com BSE: 531500 NSE: RAJESHEXPO

About

Incorporated in 1989, Rajesh Exports Ltd is a manufacturer of Gold and Gold Products^[1]

Key Points

Business Overview
The company is a gold refiner, manufacturer,, and exporter of gold products. It is the only company in the world with a presence across the entire gold value chain from refining to retailing, **processing 35% of gold produced worldwidedia.com/xml-data/corpfiling/AttachHis/4ede53b6-cf59-4f98-b184-bc3807d26740.pdf#page=77 #} ^[1]

Website BSE NSE

Market Cap ₹ 5,335 Cr.
Current Price ₹ 181
High / Low ₹ 310 / 151
Stock P/E 56.2
Book Value ₹ 531
Dividend Yield 0.00 %
ROCE 1.47 %
ROE 0.61 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.
Stock is trading at 0.34 times its book value
Company is expected to give good quarter

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
Tax rate seems low
Company has a low return on equity of 4.23% over last 3 years.
Earnings include an other income of Rs.118 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Consumer Durables Consumer Durables Gems, Jewellery And Watches

Part of BSE SmallCap BSE Allcap BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market Nifty500 LargeMidSmall Equal-Cap Weighted

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	85,806.38	49,497.08	80,270.07	94,474.32	115,448.04	85,688.59	38,065.91	65,476.89	91,444.97	60,355.50	66,923.67	96,630.48	199,189.68
	85,665.57	49,191.80	79,852.18	94,024.78	115,046.50	85,354.27	38,015.78	65,465.02	91,609.34	60,318.18	66,847.11	96,563.68	199,203.22
Operating Profit	140.81	305.28	417.89	449.54	401.54	334.32	50.13	11.87	-164.37	37.32	76.56	66.80	-13.54
OPM %	0.16%	0.62%	0.52%	0.48%	0.35%	0.39%	0.13%	0.02%	-0.18%	0.06%	0.11%	0.07%	-0.01%
	38.39	1.06	1.09	0.97	21.10	12.08	13.53	12.04	205.64	21.08	21.66	21.40	53.75
Interest	0.00	0.00	0.00	0.00	19.44	0.00	0.00	0.00	42.57	30.12	32.35	33.27	37.03
Depreciation	22.65	22.86	24.13	27.37	26.22	31.30	10.68	11.24	11.22	10.89	11.50	11.51	11.49
Profit before tax	156.55	283.48	394.85	423.14	376.98	315.10	52.98	12.67	-12.52	17.39	54.37	43.42	-8.31
Tax %	11.51%	4.14%	5.54%	0.37%	2.91%	1.82%	14.46%	1.97%	141.85%	31.80%	16.20%	18.24%	-123.47%
	138.53	271.74	372.96	421.56	366.02	309.36	45.31	12.43	-30.28	11.86	45.56	35.50	1.95
EPS in Rs	4.69	9.20	12.63	14.28	12.40	10.48	1.53	0.42	-1.03	0.40	1.54	1.20	0.07
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	29,197	50,463	165,179	242,132	187,686	175,763	195,600	258,306	243,128	339,690	280,676	423,099
	28,414	49,196	163,452	240,382	185,802	173,967	194,051	257,182	241,949	338,054	280,348	422,932
Operating Profit	783	1,266	1,727	1,750	1,884	1,796	1,549	1,124	1,179	1,636	328	167
OPM %	3%	3%	1%	1%	1%	1%	1%	0%	0%	0%	0%	0%
	1	0	42	48	62	66	7	3	40	24	242	118
Interest	363	478	578	430	537	442	222	142	90	81	139	133
Depreciation	16	62	79	65	68	74	73	90	91	101	64	45
Profit before tax	404	726	1,112	1,303	1,342	1,346	1,261	894	1,038	1,478	367	107
Tax %	11%	10%	4%	5%	6%	4%	4%	5%	3%	3%	9%	11%
	357	655	1,069	1,244	1,266	1,292	1,206	845	1,009	1,432	336	95
EPS in Rs	12.11	22.18	36.21	42.12	42.87	43.76	40.84	28.61	34.18	48.51	11.36	3.21
Dividend Payout %	8%	5%	3%	3%	2%	2%	2%	4%	3%	0%	0%	0%

Compounded Sales Growth
10 Years:	24%
5 Years:	17%
3 Years:	20%
TTM:	51%

Compounded Profit Growth
10 Years:	-18%
5 Years:	-40%
3 Years:	-55%
TTM:	-72%

Stock Price CAGR
10 Years:	-11%
5 Years:	-17%
3 Years:	-33%
1 Year:	-39%

Return on Equity
10 Years:	10%
5 Years:	6%
3 Years:	4%
Last Year:	1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	30	30	30	30	30	30	30	30	30	30	30	30
Reserves	2,713	3,332	4,362	5,606	7,145	8,811	10,504	11,192	12,416	14,694	15,217	15,652
	3,118	3,842	4,594	5,552	8,717	6,198	1,278	1,021	815	723	655	923
	5,378	8,877	11,956	12,943	7,643	13,803	18,916	11,230	10,655	7,428	6,170	12,768
Total Liabilities	11,238	16,081	20,941	24,131	23,535	28,841	30,728	23,473	23,916	22,875	22,072	29,372
	168	264	1,287	1,199	1,289	1,452	1,521	1,447	1,449	2,038	2,071	1,340
CWIP	0	0	62	88	5	2	1	12	6	38	9	10
Investments	13	60	841	919	1,020	1,088	1,142	1,041	1,113	1,241	1,292	10,750
	11,056	15,756	18,752	21,925	21,221	26,300	28,064	20,973	21,348	19,557	18,700	17,273
Total Assets	11,238	16,081	20,941	24,131	23,535	28,841	30,728	23,473	23,916	22,875	22,072	29,372

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-2,502	4,185	2,069	2,474	-2,870	3,482	2,572	-10,252	-4	457	316	7,738
	-125	-204	-1,551	-224	-97	101	324	-54	86	10	69	-8,561
	-4	211	138	528	2,596	-2,990	-5,172	-429	-326	-186	-208	188
Net Cash Flow	-2,632	4,192	657	2,777	-371	594	-2,276	-10,735	-244	281	177	-635

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	30	22	11	8	8	13	17	15	16	11	15	4
Inventory Days	7	4	2	2	3	8	9	11	12	7	5	8
Days Payable	68	65	24	18	14	28	35	16	16	8	8	11
Cash Conversion Cycle	-30	-39	-11	-9	-3	-7	-9	9	12	10	12	2
Working Capital Days	-59	-61	-20	-16	-18	-18	-9	9	12	10	13	2
ROCE %	14%	18%	20%	17%	14%	12%	11%	9%	9%	11%	3%	1%

Shareholding Pattern

Numbers in percentages

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.55%	54.55%	54.55%	54.55%	54.55%
	17.72%	17.70%	17.62%	17.67%	17.60%	16.50%	15.38%	15.78%	15.08%	14.72%	14.81%	14.70%
	11.43%	11.39%	11.35%	11.27%	11.26%	11.16%	11.08%	11.07%	11.08%	11.12%	11.09%	11.12%
	16.80%	16.87%	16.97%	17.00%	17.08%	18.29%	19.49%	18.60%	19.28%	19.61%	19.54%	19.63%
No. of Shareholders	42,341	45,107	46,725	40,131	40,742	73,775	1,52,938	2,09,623	2,13,557	2,11,547	2,11,937	2,16,643

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Dec 2024
	53.94%	53.94%	54.03%	54.04%	54.05%	54.05%	54.05%	54.55%	54.55%
	17.89%	17.84%	17.69%	17.75%	16.89%	17.72%	17.60%	15.08%	14.70%
	2.59%	5.67%	6.70%	7.49%	9.14%	11.43%	11.26%	11.08%	11.12%
	25.58%	22.55%	21.58%	20.72%	19.93%	16.80%	17.08%	19.28%	19.63%
No. of Shareholders	30,779	26,637	24,814	22,472	46,038	42,341	40,742	2,13,557	2,16,643

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Feb 2019

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