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Raaj Medisafe India Ltd (524502)

📊 BSE: 524502 🏢 Packaging 📢 Latest filing: 31 Aug 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Raaj Medisafe's revenue was ₹29.5 Cr (+86.1% year on year, +17.5% on the previous quarter), and net profit ₹2.0 Cr (+35.2% year on year); the operating margin was 13.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹29.5	+86.1%	+17.5%
Operating profit	₹4.1	+54.9%	+49.7%
Net profit	₹2.0	+35.2%	from loss
EPS (₹)	1.20	+8.1%	from loss
Operating margin	13.8%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Raaj Medisafe Wins ₹17.02 Cr Order from MP Public Health Services Corp for Baby Diapers

🟢 POSITIVE ⭐ 7/10

OTHER 📅 31 Aug 2026, 03:42 PM

Raaj Medisafe India Ltd has secured a Letter of Award (LOA) from Madhya Pradesh Public Health Services Corporation Limited for the supply of baby diapers. The total value of the work order is approximately ₹17.02 Crores (inclusive of GST), representing about 18.1% of its TTM revenue of ₹94 Crores. The contract entails supplying 29,88,220 baby diapers (small, 10 diapers/packet) to government hospitals across Madhya Pradesh over an 18-month execution period.

Received Letter of Award valued at approximately ₹17.02 Crores (inclusive of GST)
Contract scope covers supply of 29,88,220 Baby Diapers (Small) in 10-diaper packets
Execution timeline is within 18 months from the date of contract
Order size represents ~18.1% of TTM revenue (₹94 Cr) and ~21.3% of FY26 revenue (₹80.02 Cr)

💡 Track execution milestones and revenue recognition from this government contract over upcoming quarters, along with gross margin performance given raw material sensitivity.

Raaj Medisafe India Announces Book Closure From Sep 15 to Sep 21, 2026 For 41st AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Aug 2026, 02:06 PM

Raaj Medisafe India Ltd has notified the closure of its Share Transfer Books and Register of Members from September 15, 2026, to September 21, 2026 (both days inclusive) for its 41st Annual General Meeting (AGM). The AGM is scheduled to take place on Monday, September 21, 2026, at 3:00 PM via Video Conferencing/OAVM. The cut-off date to determine eligibility for remote e-voting is Monday, September 14, 2026. Remote e-voting opens on September 18, 2026, and concludes on September 20, 2026.

41st Annual General Meeting scheduled for September 21, 2026, at 3:00 PM via VC/OAVM
Book closure period set from September 15, 2026, to September 21, 2026 (both days inclusive)
Cut-off date for e-voting eligibility fixed as September 14, 2026
Remote e-voting window runs from 09:00 AM on September 18, 2026, to 05:00 PM on September 20, 2026

💡 Shareholders holding shares on the cut-off date of September 14, 2026, should review the AGM agenda and participate in remote e-voting between September 18 and September 20, 2026.

Raaj Medisafe Convenes 41st AGM on Sept 21, 2026; Seeks Approval for Rs 45 Cr Related Party Deals

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 27 Aug 2026, 04:15 PM

Raaj Medisafe India Ltd has issued the notice for its 41st Annual General Meeting scheduled for September 21, 2026 via video conferencing. Key resolutions include shareholder approval for material related-party transactions (RPTs) in FY 2026-27 with Shriniwas Polyfabrics and Packwell Pvt Ltd (up to Rs. 2700 Lakhs / Rs 27 Cr) and Shriji Polymers (India) Ltd (up to Rs. 1800 Lakhs / Rs 18 Cr). Together, these RPT limits total Rs 45 Cr, representing ~47.9% of the company's TTM revenue of Rs 94 Cr. Other items include the adoption of FY26 financials and director re-appointments.

41st AGM scheduled for Monday, September 21, 2026 at 3:00 PM IST via VC/OAVM
Approval sought for material RPT with Shriniwas Polyfabrics and Packwell Pvt Ltd up to Rs. 2700 Lakhs (Rs 27 Cr) for FY27
Approval sought for material RPT with Shriji Polymers (India) Ltd up to Rs. 1800 Lakhs (Rs 18 Cr) for FY27
Remote e-voting window open from September 18, 2026 (9:00 AM) to September 20, 2026 (5:00 PM) with cut-off date of September 14, 2026

💡 Eligible shareholders can review the annual report and cast e-votes between September 18 and September 20, 2026 ahead of the AGM on September 21, 2026.

Raaj Medisafe Schedules 41st AGM for Sep 21, 2026; Sets E-Voting Cut-Off Date as Sep 14

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Aug 2026, 06:16 PM

Raaj Medisafe India Limited has issued an intimation under Regulation 36(1)(b) of SEBI LODR, sending letters with Annual Report FY26 weblinks to shareholders without registered email addresses. The 41st Annual General Meeting (AGM) is scheduled for September 21, 2026, at 3:00 PM via Video Conferencing. The cut-off date to determine eligibility for e-voting is set for September 14, 2026, with the remote e-voting window open from September 18 to September 20, 2026.

41st Annual General Meeting scheduled for September 21, 2026, at 3:00 PM IST via VC/OAVM
Cut-off date for e-voting eligibility fixed as Monday, September 14, 2026
Remote e-voting period runs from September 18, 2026 (9:00 AM) to September 20, 2026 (5:00 PM)
Dispatched intimation under Regulation 36(1)(b) to unregistered email shareholders for FY26 Annual Report access

💡 Shareholders looking to vote must ensure shareholding status on the cut-off date of September 14, 2026, and participate in e-voting before September 20, 2026.

Raaj Medisafe Issues FY26 Annual Report; Convenes 41st AGM on Sept 21, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Aug 2026, 06:09 PM

Raaj Medisafe India Ltd has submitted its FY26 Annual Report and scheduled its 41st AGM for September 21, 2026. Key special business includes shareholder approval for material related party transactions in FY27 of up to Rs 18.00 cr with Shriji Polymers and up to Rs 27.00 cr with Shriniwas Polyfabrics. The FY26 financial statements show revenue rose 28.2% to Rs 80.01 cr, while Net Profit after Tax dropped 70.5% to Rs 1.81 cr, compressing net margins to 2.26%.

41st Annual General Meeting scheduled for September 21, 2026 via video conferencing.
Seeking approval for material RPTs in FY27: up to Rs 18.00 cr with Shriji Polymers and Rs 27.00 cr with Shriniwas Polyfabrics.
FY26 Turnover increased to Rs 80.01 cr compared to Rs 62.42 cr in FY25.
FY26 PAT fell to Rs 1.81 cr from Rs 6.13 cr in FY25, lowering ROE to 4.91% from 32.48%.

💡 Track voting outcomes at the upcoming AGM on September 21, 2026, and monitor margin recovery initiatives in upcoming quarterly earnings.

86% Revenue Growth: Raaj Medisafe Q1 FY27 Revenue Hits ₹29.46 Cr, PAT Rises 35% YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 05:37 PM

Raaj Medisafe reported a strong start to FY27 with revenue from operations jumping 86.1% YoY to ₹29.46 Cr. Net profit for the quarter stood at ₹1.97 Cr, a 35.1% increase compared to ₹1.46 Cr in Q1 FY26, marking a sharp recovery from the loss reported in the preceding quarter (Q4 FY26). The Plastics division was the primary growth engine, with segment results nearly doubling YoY. However, the Hygiene division faced significant margin pressure, with segment profits falling by 60% despite a doubling of revenue.

Revenue from operations grew 86.1% YoY to ₹29.46 Cr, representing approximately 37% of the total TTM revenue.
Net Profit increased 35.1% YoY to ₹1.97 Cr, recovering from a ₹3.23 Cr loss in the previous quarter.
Plastics division revenue surged 81.7% YoY to ₹21.12 Cr, with segment profit rising to ₹3.51 Cr from ₹1.78 Cr.
Hygiene division revenue doubled to ₹8.51 Cr, but segment profit plummeted to ₹0.31 Cr from ₹0.77 Cr YoY.
Finance costs rose to ₹0.86 Cr from ₹0.68 Cr in the same quarter last year.

💡 Investors should monitor the profitability of the Hygiene segment, which is seeing high volume growth but declining margins. Additionally, track the impact of high debt (D/E 1.37) on net margins as interest costs remain elevated.

Raaj Medisafe reports zero deviation in utilization of ₹18.01 cr raised via preferential issue

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Aug 2026, 04:42 PM

Raaj Medisafe India Ltd has submitted its statement of deviation for the quarter ended June 30, 2026, confirming that funds raised via preferential allotment are being utilized as per original objectives. The company raised ₹18.01 crore on March 26, 2026, primarily for the acquisition of Fabrizo Industries' Goa-based manufacturing unit and expansion in the hygiene segment. The Audit Committee reviewed the statement on August 12, 2026, reporting nil deviation or variation in fund usage. This filing provides transparency on the deployment of capital intended for inorganic growth and capacity enhancement.

Total amount of ₹18,01,25,000 raised through a preferential issue on March 26, 2026.
Reported zero deviation or variation in the utilization of funds for the quarter ended June 30, 2026.
Funds earmarked for the acquisition of plant, machinery, and business operations of Fabrizo Industries Private Limited's Goa unit.
Objectives include manufacturing capacity enhancement in the hygiene business and meeting working capital requirements.

💡 Investors should track the progress of the Fabrizo Industries acquisition and look for the integration's impact on the company's top-line in the next 2-3 quarterly earnings cycles.

Raaj Medisafe Appoints Mr. Vipul Parakh as CFO; 28+ Years Professional Experience

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 12 Aug 2026, 04:34 PM

Raaj Medisafe India Ltd has appointed Mr. Vipul Parakh as its Chief Financial Officer effective August 12, 2026. Mr. Parakh is a Chartered Accountant with over 28 years of experience in financial operations, budgeting, and SAP implementation across manufacturing and service sectors. This leadership addition is significant for the company, which currently manages a high debt-to-equity ratio of 1.37 and reported a net loss of 3.23 Cr in the March 2026 quarter. His expertise will be critical as the company aims to lower production costs and navigate the competitive baby diaper market.

Appointment of Mr. Vipul Parakh as CFO effective August 12, 2026.
Mr. Parakh brings over 28 years of experience in financial reporting, compliance, and strategic planning.
The company reported a TTM revenue of 80 Cr with a net profit of 1.81 Cr for FY26.
Promoter holding recently decreased from 73.8% in March 2026 to 59.08% in June 2026.
The company carries a debt of 64 Cr against a market capitalization of 65 Cr.

💡 Investors should monitor the upcoming quarterly results to see if the new CFO's expertise in financial planning and cost reduction translates into improved operating margins, which stood at 14.7% TTM.

Raaj Medisafe Appoints New CFO; Sets 41st AGM for September 21, 2026

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 12 Aug 2026, 04:24 PM

Raaj Medisafe India Ltd held a board meeting on August 12, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The company announced the appointment of Mr. Vipul Parakh as the new Chief Financial Officer (CFO), effective immediately, following the resignation of Ms. Fatema Dadani Patel. The 41st Annual General Meeting (AGM) is scheduled for September 21, 2026. Additionally, the board reviewed the utilization of funds raised through a preferential allotment on March 26, 2026, which is critical given the company's high debt-to-equity ratio of 1.37.

Appointment of Mr. Vipul Parakh as CFO effective August 12, 2026
41st Annual General Meeting scheduled for September 21, 2026, at 3:00 PM
Book closure period fixed from September 15 to September 21, 2026
Cut-off date for E-voting eligibility set as September 14, 2026
Review of fund utilization from the preferential allotment conducted on March 26, 2026

💡 Monitor the detailed Q1 FY27 financial results to check for recovery from the Rs 3.23 Cr loss reported in the March 2026 quarter and observe the new CFO's impact on financial management.

Raaj Medisafe Board Meeting on Aug 12 to Approve Q1 Results and Appoint CFO

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 04 Aug 2026, 04:05 PM

Raaj Medisafe India Ltd has scheduled a board meeting for August 12, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. A key agenda item is the appointment of a Chief Financial Officer (CFO), filling a critical management role. The board will also review the utilization of funds raised through a preferential allotment on March 26, 2026, and finalize details for the 41st Annual General Meeting. This meeting follows a weak March 2026 quarter where the company reported a net loss of ‡3.23 crore despite revenue growth.

Board meeting scheduled for August 12, 2026, to approve Q1 FY27 financial results.
Agenda includes the formal appointment of a Chief Financial Officer (CFO).
Review of fund utilization from the preferential allotment completed on March 26, 2026.
Finalization of the 41st Annual General Meeting (AGM) date and e-voting cutoff.
Review of related party transactions for the quarter ended June 30, 2026.

💡 Investors should monitor the Q1 results on August 12 to see if the company has returned to profitability after the ‡3.23 crore loss in the previous quarter. Additionally, check for disclosures regarding the utilization of preferential allotment funds to ensure they are being deployed for growth as intended.

CFO Resignation: Kanije Fatema Dadani Patel to Step Down Effective July 14, 2026

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 10 Jul 2026, 05:33 PM

Raaj Medisafe India Ltd has announced the resignation of its Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), Mrs. Kanije Fatema Dadani Patel. The resignation was tendered on July 10, 2026, and will be effective from the close of business on July 14, 2026. The outgoing CFO cited the pursuit of new professional opportunities and personal reasons for her departure. The company has not yet named a successor to the role.

Resignation letter received from CFO Mrs. Kanije Fatema Dadani Patel on July 10, 2026
Effective date of cessation is July 14, 2026, after business hours
The transition period between the resignation date and the effective date is 4 days
Reason for resignation cited as new professional opportunities and personal development

💡 Monitor the company's upcoming announcements for the appointment of a new CFO to ensure continuity in financial reporting and internal controls.

View All 524502 Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Gross Income grew 44.58% YoY from INR 43.31 Cr to INR 62.62 Cr (converted from thousands). Segment-wise split is not disclosed.

Profitability Margins

Net Profit Margin is 9.72% for FY25. Operating Profit Margin is reported at 30% (0.30).

EBITDA Margin

Not explicitly disclosed, but Net Profit grew 84.20% YoY to INR 6.13 Cr.

Capital Expenditure

Not disclosed in INR Cr; however, the company operates three manufacturing units in Ujjain and Pithampur.

Credit Rating & Borrowing

Interest Coverage ratio is 3.51; Debt Equity Ratio is 0.66.

⚙️ Operational Drivers

Raw Materials

High-Density Polyethylene (HDPE), Polypropylene (PP), and Aluminum. Specific cost percentages are not disclosed.

Capacity Expansion

Current manufacturing locations include one unit in Ujjain and two units in Sector III, Pithampur. Planned expansion details are not disclosed.

Raw Material Costs

Raw material availability at affordable prices is cited as a critical risk. Specific cost as a % of revenue is not disclosed.

Manufacturing Efficiency

Inventory Turnover ratio is 5.10; Debtors Turnover ratio is 5.08.

Logistics & Distribution

Logistics is identified as a critical aspect for the company to capture emerging markets.

📈 Strategic Growth

Expected Growth Rate

4.4%

Growth Strategy

The company aims to achieve growth by lowering the cost of production and adapting strategies to changing environments. It focuses on the emerging Baby Diapers market, leveraging rising hygiene consciousness and quality execution.

Products & Services

Disposable Hygiene Products (Baby Diapers), HDPE containers, PP Closures, plastic liners for packing, and Aluminum Crown caps.

Market Expansion

Focusing on capturing emerging markets through quality execution and strategic adaptation.

🌍 External Factors

Industry Trends

The Baby Diapers market volume is expected to reach 1.4bn kg by 2029, with a projected volume growth of 4.4% in 2025, driven by rising personal hygiene consciousness.

Competitive Landscape

The company faces growing competition from similar industries using similar strategies to capture emerging markets.

Competitive Moat

Competitive advantage is sought through lower production costs and superior execution quality in manufacturing disposable hygiene and packaging products.