Rajesh Exports Ltd

₹ 240 -1.03%

11 Dec 12:48 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 ₹ 7,075 Cr.
Current Price ₹ 240
High / Low ₹ 403 / 229
Stock P/E 185
Book Value ₹ 526
Dividend Yield 0.00 %
ROCE 3.23 %
ROE 2.24 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.
Stock is trading at 0.47 times its book value

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
The company has delivered a poor sales growth of 9.81% over past five years.
Company has a low return on equity of 6.87% over last 3 years.
Earnings include an other income of Rs.259 Cr.
Dividend payout has been low at 0.98% of profits over last 3 years
Company's cost of borrowing seems high

* 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

Sector: Diamond, Gems and Jewellery Industry: Diamond Cutting / Jewellery

Part of BSE 250 SmallCap Index Nifty MidSmallcap 400 BSE Allcap BSE Consumer Discretionary Nifty Total Market BSE SmallCap Nifty Consumer Durables BSE Consumer Durables BSE 500 Nifty 500 BSE 400 MidSmallCap Index Nifty Smallcap 250 Nifty 500 Multicap 50:25:25

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	41,245	65,179	85,806	49,497	80,270	94,474	115,448	85,689	38,066	65,477	91,445	60,356	66,924
	40,916	64,862	85,666	49,192	79,852	94,025	115,046	85,354	38,016	65,420	91,609	60,318	66,847
Operating Profit	329	318	141	305	418	450	402	334	50	56	-164	37	77
OPM %	1%	0%	0%	1%	1%	0%	0%	0%	0%	0%	-0%	0%	0%
	1	0	38	1	1	1	21	12	14	12	204	21	22
Interest	0	0	0	0	0	0	19	0	0	45	43	30	32
Depreciation	33	13	23	23	24	27	26	31	11	11	11	11	12
Profit before tax	298	304	157	283	395	423	377	315	53	13	-14	17	54
Tax %	2%	1%	12%	4%	6%	0%	3%	2%	14%	2%	129%	32%	16%
	291	300	139	272	373	422	366	309	45	12	-32	12	46
EPS in Rs	9.87	10.17	4.69	9.20	12.63	14.28	12.40	10.48	1.53	0.42	-1.07	0.40	1.54
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	31,226	29,197	50,463	165,179	242,132	187,686	175,763	195,600	258,306	243,128	339,690	280,676	284,201
	30,437	28,414	49,196	163,452	240,382	185,802	173,967	194,051	257,182	241,949	338,054	280,348	284,195
Operating Profit	789	783	1,266	1,727	1,750	1,884	1,796	1,549	1,124	1,179	1,636	328	6
OPM %	3%	3%	3%	1%	1%	1%	1%	1%	0%	0%	0%	0%	0%
	3	1	0	42	48	62	66	7	3	40	24	242	259
Interest	300	363	478	578	430	537	442	222	142	90	81	139	150
Depreciation	2	16	62	79	65	68	74	73	90	91	101	64	45
Profit before tax	490	404	726	1,112	1,303	1,342	1,346	1,261	894	1,038	1,478	367	71
Tax %	8%	11%	10%	4%	5%	6%	4%	4%	5%	3%	3%	9%
	453	357	655	1,069	1,244	1,266	1,292	1,206	845	1,009	1,432	336	38
EPS in Rs	15.33	12.11	22.18	36.21	42.12	42.87	43.76	40.84	28.61	34.18	48.51	11.36	1.29
Dividend Payout %	7%	8%	5%	3%	3%	2%	2%	2%	4%	3%	0%	0%

Compounded Sales Growth
10 Years:	25%
5 Years:	10%
3 Years:	3%
TTM:	-15%

Compounded Profit Growth
10 Years:	-1%
5 Years:	-24%
3 Years:	-27%
TTM:	-97%

Stock Price CAGR
10 Years:	4%
5 Years:	-19%
3 Years:	-32%
1 Year:	-32%

Return on Equity
10 Years:	12%
5 Years:	8%
3 Years:	7%
Last Year:	2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	30	30	30	30	30	30	30	30	30	30	30	30	30
Reserves	2,385	2,713	3,332	4,362	5,606	7,145	8,811	10,504	11,192	12,416	14,694	15,217	15,507
	2,729	3,118	3,842	4,594	5,552	8,717	6,198	1,278	1,021	815	723	655	736
	8,697	5,378	8,877	11,956	12,943	7,643	13,803	18,916	11,230	10,655	7,428	6,170	6,881
Total Liabilities	13,840	11,238	16,081	20,941	24,131	23,535	28,841	30,728	23,473	23,916	22,875	22,072	23,154
	69	168	264	1,287	1,199	1,289	1,452	1,521	1,447	1,449	2,038	2,071	2,142
CWIP	0	0	0	62	88	5	2	1	12	6	38	9	10
Investments	3	13	60	841	919	1,020	1,088	1,142	1,041	1,113	1,241	1,292	1,298
	13,767	11,056	15,756	18,752	21,925	21,221	26,300	28,064	20,973	21,348	19,557	18,700	19,703
Total Assets	13,840	11,238	16,081	20,941	24,131	23,535	28,841	30,728	23,473	23,916	22,875	22,072	23,154

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	2,849	-2,502	4,185	2,069	2,474	-2,870	3,482	2,572	-10,252	-4	457	316
	-1	-125	-204	-1,551	-224	-97	101	324	-54	86	10	69
	-857	-4	211	138	528	2,596	-2,990	-5,172	-429	-326	-186	-208
Net Cash Flow	1,991	-2,632	4,192	657	2,777	-371	594	-2,276	-10,735	-244	281	177

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	27	30	22	11	8	8	13	17	15	16	11	15
Inventory Days	9	7	4	2	2	3	8	9	11	12	7	5
Days Payable	97	68	65	24	18	14	28	35	16	16	8	8
Cash Conversion Cycle	-60	-30	-39	-11	-9	-3	-7	-9	9	12	10	12
Working Capital Days	-56	-20	-33	-10	-8	-1	-5	-7	11	13	11	13
ROCE %		14%	18%	20%	17%	14%	12%	11%	9%	9%	11%	3%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.55%	54.55%	54.55%	54.55%
	17.84%	17.72%	17.70%	17.62%	17.67%	17.60%	16.50%	15.38%	15.78%	15.08%	14.72%	14.81%
	11.45%	11.43%	11.39%	11.35%	11.27%	11.26%	11.16%	11.08%	11.07%	11.08%	11.12%	11.09%
	16.66%	16.80%	16.87%	16.97%	17.00%	17.08%	18.29%	19.49%	18.60%	19.28%	19.61%	19.54%
No. of Shareholders	36,406	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

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 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%	14.81%
	2.59%	5.67%	6.70%	7.49%	9.14%	11.43%	11.26%	11.08%	11.09%
	25.58%	22.55%	21.58%	20.72%	19.93%	16.80%	17.08%	19.28%	19.54%
No. of Shareholders	30,779	26,637	24,814	22,472	46,038	42,341	40,742	2,13,557	2,11,937

* 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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