Rajesh Exports Ltd

₹ 188 0.58%

01 Dec - 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

Market Cap ₹ 5,530 Cr.
Current Price ₹ 188
High / Low ₹ 262 / 151
Stock P/E 41.9
Book Value ₹ 562
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 0.33 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 4.23% over last 3 years.
Earnings include an other income of Rs.96.9 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

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	80,270	94,474	115,448	85,689	38,066	65,477	91,445	60,356	66,924	96,630	199,190	131,542	175,212
	79,852	94,025	115,046	85,354	38,016	65,465	91,609	60,318	66,847	96,564	199,203	131,500	175,036
Operating Profit	418	450	402	334	50	12	-164	37	77	67	-14	42	176
OPM %	1%	0%	0%	0%	0%	0%	-0%	0%	0%	0%	-0%	0%	0%
	1	1	21	12	14	12	206	21	22	21	54	9	12
Interest	0	0	19	0	0	0	43	30	32	33	37	38	39
Depreciation	24	27	26	31	11	11	11	11	12	12	11	12	13
Profit before tax	395	423	377	315	53	13	-13	17	54	43	-8	2	137
Tax %	6%	0%	3%	2%	14%	2%	142%	32%	16%	18%	-123%	642%	24%
	373	422	366	309	45	12	-30	12	46	36	2	-10	104
EPS in Rs	12.63	14.28	12.40	10.48	1.53	0.42	-1.03	0.40	1.54	1.20	0.07	-0.32	3.52
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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	TTM
	29,197	50,463	165,179	242,132	187,686	175,763	195,600	258,306	243,128	339,690	280,676	423,099	602,574
	28,414	49,196	163,452	240,382	185,802	173,967	194,051	257,182	241,949	338,054	280,348	422,932	602,302
Operating Profit	783	1,266	1,727	1,750	1,884	1,796	1,549	1,124	1,179	1,636	328	167	271
OPM %	3%	3%	1%	1%	1%	1%	1%	0%	0%	0%	0%	0%	0%
	1	0	42	48	62	66	7	3	40	24	242	118	97
Interest	363	478	578	430	537	442	222	142	90	81	139	133	147
Depreciation	16	62	79	65	68	74	73	90	91	101	64	45	48
Profit before tax	404	726	1,112	1,303	1,342	1,346	1,261	894	1,038	1,478	367	107	174
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	132
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	4.47
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:	112%

Compounded Profit Growth
10 Years:	-18%
5 Years:	-40%
3 Years:	-55%
TTM:	234%

Stock Price CAGR
10 Years:	-12%
5 Years:	-16%
3 Years:	-36%
1 Year:	-21%

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	Sep 2025
Equity Capital	30	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	16,553
	3,118	3,842	4,594	5,552	8,717	6,198	1,278	1,021	815	723	655	923	879
	5,378	8,877	11,956	12,943	7,643	13,803	18,916	11,230	10,655	7,428	6,170	12,768	19,907
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	37,369
	168	264	1,287	1,199	1,289	1,452	1,521	1,447	1,449	2,038	2,071	1,340	1,494
CWIP	0	0	62	88	5	2	1	12	6	38	9	10	21
Investments	13	60	841	919	1,020	1,088	1,142	1,041	1,113	1,241	1,292	10,750	11,205
	11,056	15,756	18,752	21,925	21,221	26,300	28,064	20,973	21,348	19,557	18,700	17,273	24,648
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	37,369

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

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.55%	54.55%	54.55%	54.55%	54.55%	54.55%
	17.70%	17.62%	17.67%	17.60%	16.50%	15.38%	15.78%	15.08%	14.72%	14.81%	14.70%	15.19%
	11.39%	11.35%	11.27%	11.26%	11.16%	11.08%	11.07%	11.08%	11.12%	11.09%	11.12%	10.98%
	16.87%	16.97%	17.00%	17.08%	18.29%	19.49%	18.60%	19.28%	19.61%	19.54%	19.63%	19.29%
No. of Shareholders	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	2,14,969

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	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%	15.19%
	2.59%	5.67%	6.70%	7.49%	9.14%	11.43%	11.26%	11.08%	10.98%
	25.58%	22.55%	21.58%	20.72%	19.93%	16.80%	17.08%	19.28%	19.29%
No. of Shareholders	30,779	26,637	24,814	22,472	46,038	42,341	40,742	2,13,557	2,14,969

* 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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Nov 2017

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Jun 2016

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Nov 2015

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