Rajesh Exports Ltd

₹ 98.7 -4.99%

05 Jun - close price

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 - BZ

Market Cap ₹ 2,915 Cr.
Current Price ₹ 98.7
High / Low ₹ 239 / 80.1
Stock P/E 25.9
Book Value ₹ 585
Dividend Yield 0.00 %
ROCE 1.86 %
ROE 0.68 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.
Stock is trading at 0.17 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 a low return on equity of 1.16% over last 3 years.
Earnings include an other income of Rs.273 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

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	115,448	85,689	38,066	65,477	91,445	60,356	66,924	96,630	199,190	131,542	175,212	235,098	236,864
	115,046	85,354	38,016	65,465	91,609	60,318	66,847	96,564	199,203	131,500	175,036	234,985	237,089
Operating Profit	402	334	50	12	-164	37	77	67	-14	42	176	114	-225
OPM %	0%	0%	0%	0%	-0%	0%	0%	0%	-0%	0%	0%	0%	-0%
	21	12	14	12	206	21	22	21	54	9	12	11	241
Interest	19	0	0	0	43	30	32	33	37	38	39	46	41
Depreciation	26	31	11	11	11	11	12	12	11	12	13	13	14
Profit before tax	377	315	53	13	-13	17	54	43	-8	2	137	65	-40
Tax %	3%	2%	14%	2%	142%	32%	16%	18%	-123%	642%	24%	-9%	34%
	366	309	45	12	-30	12	46	36	2	-10	104	71	-54
EPS in Rs	12.40	10.48	1.53	0.42	-1.03	0.40	1.54	1.20	0.07	-0.32	3.52	2.42	-1.81
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	50,463	165,179	242,132	187,686	175,763	195,600	258,306	243,128	339,690	280,676	423,099	778,716
	49,196	163,452	240,382	185,802	173,967	194,051	257,182	241,949	338,054	280,348	422,932	778,609
Operating Profit	1,266	1,727	1,750	1,884	1,796	1,549	1,124	1,179	1,636	328	167	107
OPM %	3%	1%	1%	1%	1%	1%	0%	0%	0%	0%	0%	0%
	0	42	48	62	66	7	3	40	24	243	118	273
Interest	478	578	430	537	442	222	142	90	81	139	133	163
Depreciation	62	79	65	68	74	73	90	91	101	64	45	52
Profit before tax	726	1,112	1,303	1,342	1,346	1,261	894	1,038	1,478	368	107	164
Tax %	10%	4%	5%	6%	4%	4%	5%	3%	3%	9%	11%	32%
	655	1,069	1,244	1,266	1,292	1,206	845	1,009	1,432	337	95	112
EPS in Rs	22.18	36.21	42.12	42.87	43.76	40.84	28.61	34.18	48.51	11.41	3.21	3.81
Dividend Payout %	5%	3%	3%	2%	2%	2%	4%	3%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	17%
5 Years:	25%
3 Years:	32%
TTM:	84%

Compounded Profit Growth
10 Years:	-20%
5 Years:	-33%
3 Years:	-57%
TTM:	19%

Stock Price CAGR
10 Years:	-15%
5 Years:	-30%
3 Years:	-45%
1 Year:	-50%

Return on Equity
10 Years:	8%
5 Years:	4%
3 Years:	1%
Last Year:	1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	30	30	30	30	30	30	30	30	30	30	30	30
Reserves	3,332	4,362	5,606	7,145	8,811	10,504	11,192	12,416	14,694	15,217	15,652	17,239
	3,842	4,594	5,552	8,717	6,198	1,278	1,021	815	723	655	923	1,016
	8,877	11,956	12,943	7,643	13,803	18,916	11,230	10,655	7,428	6,170	12,768	22,608
Total Liabilities	16,081	20,941	24,131	23,535	28,841	30,728	23,473	23,916	22,875	22,072	29,372	40,893
	264	1,287	1,199	1,289	1,452	1,521	1,447	1,449	2,038	2,071	1,340	1,382
CWIP	0	62	88	5	2	1	12	6	38	9	10	4
Investments	60	841	919	1,020	1,088	1,142	1,041	1,113	1,241	1,292	10,750	11,797
	15,756	18,752	21,925	21,221	26,300	28,064	20,973	21,348	19,557	18,700	17,273	27,710
Total Assets	16,081	20,941	24,131	23,535	28,841	30,728	23,473	23,916	22,875	22,072	29,372	40,893

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	4,185	2,069	2,474	-2,870	3,482	2,572	-10,252	-4	457	140	7,738
	-204	-1,551	-224	-97	101	324	-54	86	10	70	-8,301
	211	138	528	2,596	-2,990	-5,172	-429	-326	-186	-33	188
Net Cash Flow	4,192	657	2,777	-371	594	-2,276	-10,735	-244	281	177	-376
Free Cash Flow	4,028	906	2,471	-2,923	3,248	2,432	-10,278	-92	-265	72	8,787
CFO/OP	324%	125%	146%	-147%	197%	170%	-908%	2%	30%	-8%	4,638%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	22	11	8	8	13	17	15	16	11	15	4	3
Inventory Days	4	2	2	3	8	9	11	12	7	5	8	8
Days Payable	65	24	18	14	28	35	16	16	8	8	11	10
Cash Conversion Cycle	-39	-11	-9	-3	-7	-9	9	12	10	12	2	1
Working Capital Days	-61	-20	-16	-18	-18	-9	9	12	10	13	2	1
ROCE %	18%	20%	17%	14%	12%	11%	9%	9%	11%	3%	1%	2%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

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Mar 2019

Mar 2020

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Mar 2022

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Gold and Precious Metal Refining Capacity
Tons per annum

	x,xxx		x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
	xxx.xx	xxx.xx		xxx.xx	xxx.xx	xxx.xx		xxx.xx	xxx.xx	xxx.xx
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xxx.xx	xxx.xx	xxx.xx	xxx.xx		xxx.xx	xxx.xx			xxx.xx
	xxx.xx	xxx.xx	xxx.xx		xxx.xx	xxx.xx			xxx.xx
	xxx.xx		xxx.xx		xxx.xx	xxx.xx			xxx.xx
	xxx.xx	xxx.xx	xx.xx
	xx,xxx			x,xxx,xxx						xx,xxx

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Fixed Asset Turnover Ratio
Times

Gold Products Manufacturing Capacity
Tons per annum

Number of Shubh Jewellers Retail Showrooms
Number ・Standalone data

Sales Volume (Gold and Gold Products)
Metric Tons (MT)

Manufacturing Production Volume
Metric Tons (MT)

Refining Throughput
Metric Tons (MT)

Gold Wastage (Standalone)
Kilograms (Kgs) ・Standalone data

Product Design Portfolio
Number

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Mar 2026
	54.05%	54.05%	54.05%	54.55%	54.55%	54.55%	54.55%	54.55%	54.55%	54.55%	54.55%	54.55%
	17.60%	16.50%	15.38%	15.78%	15.08%	14.72%	14.81%	14.70%	15.19%	14.94%	15.26%	14.26%
	11.26%	11.16%	11.08%	11.07%	11.08%	11.12%	11.09%	11.12%	10.98%	10.95%	10.96%	10.80%
	17.08%	18.29%	19.49%	18.60%	19.28%	19.61%	19.54%	19.63%	19.29%	19.56%	19.24%	20.39%
No. of Shareholders	40,742	73,775	1,52,938	2,09,623	2,13,557	2,11,547	2,11,937	2,16,643	2,14,969	2,13,908	2,06,942	1,98,796

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	53.94%	53.94%	54.03%	54.04%	54.05%	54.05%	54.05%	54.55%	54.55%	54.55%
	17.89%	17.84%	17.69%	17.75%	16.89%	17.72%	17.60%	15.08%	15.19%	14.26%
	2.59%	5.67%	6.70%	7.49%	9.14%	11.43%	11.26%	11.08%	10.98%	10.80%
	25.58%	22.55%	21.58%	20.72%	19.93%	16.80%	17.08%	19.28%	19.29%	20.39%
No. of Shareholders	30,779	26,637	24,814	22,472	46,038	42,341	40,742	2,13,557	2,14,969	1,98,796

* 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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