Rajasthan Securities Ltd (526873)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Rajasthan Securities' revenue was ₹61.0 Cr, and net profit ₹61.0 Cr; the operating margin was 95.1%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹61.0 | — | — |
| Operating profit | ₹58.0 | — | from loss |
| Net profit | ₹61.0 | — | from loss |
| EPS (₹) | 7.95 | — | from loss |
| Operating margin | 95.1% | — | — |
📢 Recent Corporate Announcements
Rajasthan Securities Limited announced that shareholders at its Annual General Meeting held on September 22, 2026, approved the re-appointment of Ms. Deepa Kishor Piplikar and the appointment of Mr. Ravindra Ramesh Maloo as Non-Executive Non-Independent Directors. Both appointments have been approved for a tenure of 5 years. Mr. Maloo brings over 24 years of financial markets and securities trading experience, aligning with the company's business shift towards commodities and securities trading. The announcement carries routine governance significance with no immediate financial impact.
- Shareholders approved the re-appointment of Ms. Deepa Kishor Piplikar as Non-Executive Non-Independent Director for a 5-year term.
- Appointment of Mr. Ravindra Ramesh Maloo as Non-Executive Non-Independent Director approved for a 5-year term effective September 22, 2026.
- Mr. Maloo brings over 24 years of experience in securities trading, equity markets, and options trading.
- Both directors are non-independent and not related to any other directors of the company.
Rajasthan Securities Limited's Board has approved providing a Corporate Guarantee of ₹40 Crore in favor of Neuzen Finance Private Limited to facilitate borrowings for its wholly owned subsidiary, RSL Securities Private Limited. Additionally, the Board approved a loan of ₹40 Crore directly to the subsidiary. The ₹40 Crore guarantee represents approximately 34.2% of the company's net worth of ₹117 Crore and 65.6% of its TTM revenue of ₹61 Crore. This exposure creates a contingent liability as the company scales its trading and securities business.
- Corporate guarantee approved for ₹40 Crore (INR 40,00,00,000) to Neuzen Finance Private Limited
- Approval granted for a loan of ₹40 Crore to wholly owned subsidiary RSL Securities Private Limited
- Facility size of ₹40 Crore constitutes ~34.2% of Rajasthan Securities' net worth (₹117 Crore)
- Promoter and promoter group confirmed to have no interest in the transaction
Rajasthan Securities Limited has published its Integrated Annual Report for FY26 alongside the notice for its 33rd Annual General Meeting (AGM). The AGM is scheduled to take place virtually on September 22, 2026, at 02:00 PM IST. Agenda items include adopting the audited standalone financial statements, re-appointing director Deepa Kishor Piplikar, and approving the appointment of Ravindra Ramesh Maloo as a Non-Executive Director. The filing also formally confirms the permanent exit from the natural gas sector to focus entirely on investment and securities trading.
- 33rd Annual General Meeting convened for September 22, 2026, at 02:00 PM IST via Video Conferencing.
- Proposed appointment of Mr. Ravindra Ramesh Maloo (DIN: 09417562) as Non-Executive Director.
- Re-appointment of Mrs. Deepa Kishor Piplikar (DIN: 07941295) as Director liable to retire by rotation.
- CSR expenditure of ₹4,33,197 was mandated and fully deployed during the financial year.
- Segment note confirms permanent discontinuation of legacy natural gas activities to operate as a single segment in investment and securities trading.
Rajasthan Securities Limited has scheduled its 33rd Annual General Meeting (AGM) on Tuesday, September 22, 2026, at 2:00 PM IST via Video Conferencing. The cut-off date to determine shareholder voting eligibility is September 15, 2026, with remote e-voting taking place from September 19 to September 21, 2026. The register of members and share transfer books will remain closed from September 16 to September 22, 2026. Key agenda items include adoption of FY26 financial statements and director re-appointments.
- 33rd Annual General Meeting scheduled for September 22, 2026 at 02:00 PM IST via VC/OAVM
- Cut-off date to determine e-voting eligibility set as September 15, 2026
- Remote e-voting window active from September 19, 2026 (9:00 AM) to September 21, 2026 (5:00 PM)
- Share transfer books and register of members closed from September 16 to September 22, 2026
- Annual report notes full deployment of mandated ₹4,33,197 CSR expenditure in FY26
Rajasthan Securities Limited has separated the roles of Chairman and Managing Director effective August 19, 2026. Mr. Nikhilesh Khandelwal will continue as Managing Director & CEO, relinquishing his position as Chairman. Mr. Ravindra Ramesh Maloo, who has over 24 years of capital market experience, has been appointed as Non-Executive Chairman for a 5-year term subject to shareholder approval.
- Bifurcation of the combined Chairman and Managing Director role into distinct Non-Executive Chairman and Executive MD roles effective August 19, 2026.
- Appointment of Mr. Ravindra Ramesh Maloo as Non-Executive Chairman for a 5-year term.
- Mr. Nikhilesh Khandelwal continues as Managing Director & CEO.
- Nomination & Remuneration Committee reconstituted, replacing Mr. Nikhilesh Khandelwal with Mr. Ravindra Ramesh Maloo as a member.
Rajasthan Securities Limited has approved the bifurcation of the combined role of Chairman & Managing Director into two distinct positions effective August 19, 2026. Mr. Nikhilesh Khandelwal has stepped down as Chairman and will continue as Managing Director & CEO. Mr. Ravindra Ramesh Maloo, with over 24 years of securities market experience, has been appointed as Non-Executive Chairman for a 5-year term subject to shareholder approval. The Nomination and Remuneration Committee was also reconstituted, replacing Mr. Khandelwal with Mr. Maloo.
- Combined post of Chairman & MD bifurcated into Non-Executive Chairman and Executive MD effective August 19, 2026
- Mr. Nikhilesh Khandelwal's designation changed from CMD & CEO to Managing Director & CEO
- Mr. Ravindra Ramesh Maloo appointed as Non-Executive Chairman for a term of 5 years
- Nomination & Remuneration Committee reconstituted with Mr. Maloo replacing Mr. Khandelwal as member
Rajasthan Securities Ltd has appointed Mr. Ravindra Ramesh Maloo as an Additional Director (Non-Executive) for a five-year term effective August 13, 2026. Mr. Maloo brings over 24 years of experience in securities trading and investment management, including a 14-year tenure at Anand Rathi where he served as Vice President. This appointment directly supports the company's strategic pivot from the LPG sector to commodity trading and equity investments. Given the company's recent transition, which saw revenue jump from zero in FY25 to Rs 61 Cr in FY26, adding domain expertise to the board is a key step.
- Appointment of Mr. Ravindra Ramesh Maloo as Additional Director for a 5-year term starting August 13, 2026.
- Mr. Maloo possesses over 24 years of extensive experience in stock markets and securities trading.
- Served as Vice President - Regional Director at Anand Rathi Share and Stock Brokers Ltd from 2006 to 2016.
- The company reported a significant financial turnaround with FY26 revenue of Rs 61 Cr and PAT of Rs 81 Cr.
- Mr. Maloo is a registered Mutual Fund Distributor and Director of Maloo Commodities and Stock Trading Private Limited.
Rajasthan Securities Ltd has filed its unaudited financial results for the quarter ended June 30, 2026, maintaining its debt-free status. The company, which has a market capitalization of Rs 412 Cr, is transitioning from LPG to commodity trading and equity investments. The statutory auditors issued an unmodified opinion on the results following a board meeting on August 13, 2026. This follows a strong FY26 where the company reported a PAT of Rs 81 Cr on a revenue of Rs 61 Cr.
- Financial results filed for the quarter ended June 30, 2026
- Board meeting held on August 13, 2026, lasting 4 hours and 45 minutes
- Zero defaults on loans and debt securities confirmed as of June 30, 2026
Rajasthan Securities Ltd (formerly Rajasthan Gases) held a board meeting on August 13, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The company confirmed it remains debt-free with no defaults on loans or debt securities as of the quarter-end. Additionally, the board appointed Mr. Ravindra Ramesh Maloo as an Additional Non-Executive Director, leveraging his 24 years of experience in securities trading to support the company's strategic pivot. The 33rd Annual General Meeting (AGM) has been scheduled for September 22, 2026.
- Approved Unaudited Financial Results for the quarter ended June 30, 2026
- Appointed Mr. Ravindra Ramesh Maloo as Additional Director, bringing 24 years of stock market and investment management experience
- Confirmed zero debt and no defaults on loans or debt securities as of June 30, 2026
- Scheduled the 33rd Annual General Meeting for September 22, 2026, at 2:00 P.M. via video conferencing
- Approved the Annual Report and Secretarial Audit Report for the financial year ended March 31, 2026
Rajasthan Securities Ltd has scheduled a board meeting for August 13, 2026, to review and approve unaudited financial results for the quarter ended June 30, 2026. The company is currently transitioning from LPG to commodity trading and equity investments, which led to a TTM PAT of ₹81 Cr against a TTM revenue of ₹61 Cr. The trading window for insiders has been closed since July 1, 2026, and will reopen on August 16, 2026. This meeting is a routine regulatory requirement following a highly profitable March 2026 quarter where the company reported a PAT of ₹61 Cr.
- Board meeting scheduled for August 13, 2026, at 01:00 PM
- Review of unaudited financial results for the quarter ended June 30, 2026
- Trading window closure period from July 1, 2026, to August 15, 2026
- Company reported a high TTM PAT of ₹81 Cr relative to its ₹416 Cr market cap
- Latest quarterly EPS (Mar 2026) stood at ₹7.95
Rajasthan Securities Limited has completed the incorporation of its wholly-owned subsidiary, RSL Securities Private Limited, on August 6, 2026. The new entity has an authorized and paid-up share capital of ₹1 crore, which represents approximately 0.85% of the parent company's net worth of ₹117 crore. This move aligns with the company's stated strategy to pivot from the LPG business toward general trading and securities trading. The subsidiary will be based in Nagpur, Maharashtra, and is 100% owned by the parent company.
- Incorporation of RSL Securities Private Limited finalized on August 6, 2026
- Initial authorized and paid-up share capital set at ₹1,00,00,000 (₹1 Cr)
- Parent company maintains 100% shareholding and control of the new entity
- Subsidiary to focus on general trading and trading in securities
- Board approval for this incorporation was originally granted on July 14, 2026
Rajasthan Securities Ltd has approved the formation of a new Wholly Owned Subsidiary (WOS) in India with an initial authorized and paid-up capital of ₹1 Crore. The subsidiary will focus on general trading and securities trading, aligning with the parent company's existing business lines. The investment will be 100% owned by the company and funded through a cash subscription. This move is part of a long-term growth strategy, though it remains subject to approval from the Ministry of Corporate Affairs (MCA).
- Proposed authorized and paid-up share capital of ₹1,00,00,000 (₹1 Crore)
- 100% shareholding and control to be held by Rajasthan Securities Ltd
- Business activity focused on general trading and trading in securities
- Board meeting held on July 14, 2026, concluded within 95 minutes
Rajasthan Securities Limited has announced the incorporation of a new Wholly Owned Subsidiary (WOS) in India. The Board of Directors approved an initial investment of up to ₹1,00,00,000 (₹1 Crore) in authorized and paid-up share capital, to be funded via cash. The new entity will focus on general trading and securities trading, which aligns with the parent company's existing business lines. The incorporation is currently subject to approval from the Ministry of Corporate Affairs (MCA).
- Authorized and paid-up share capital of ₹1,00,00,000 (₹1 Crore) for the new subsidiary
- 100% control and shareholding to be maintained by Rajasthan Securities Limited
- Board meeting concluded on July 14, 2026, after a session of 1 hour and 35 minutes
- Investment will be made entirely through cash consideration
- The subsidiary will operate in general trading and securities trading sectors
Financial Performance
Revenue Growth by Segment
Not disclosed in available documents; however, the company is shifting focus from LPG to trading commodities and metals due to high competition.
Geographic Revenue Split
Not disclosed in available documents, though the company operates from its registered office in Nagpur, Maharashtra.
Profitability Margins
Not disclosed in available documents; the company reported a profit for the year ended March 31, 2025, but specific percentage margins were not provided.
Capital Expenditure
INR 0 Cr; the company reported having no Property, Plant & Equipments or Intangible Assets as of March 31, 2025.
Credit Rating & Borrowing
Not disclosed; however, the company has not defaulted on any loans or interest payments and took no new term loans during the 2024-25 fiscal year.
Operational Drivers
Raw Materials
Not applicable as the company's core business is trading commodities, metals, and investing in securities.
Capacity Expansion
Current installed capacity is 0 units as the company does not own Property, Plant & Equipment; no specific expansion timeline for physical assets is disclosed.
Raw Material Costs
Not applicable; the company operates in the trading and developers sector rather than manufacturing.
Manufacturing Efficiency
Not applicable as the company has no manufacturing facilities or Property, Plant & Equipment.
Strategic Growth
Growth Strategy
The company is transitioning its core business from LPG to the trading of commodities and metals, and investing in equities and securities. This strategy aims to avoid the highly competitive LPG market and leverage allied activities for better growth in the coming years.
Products & Services
Trading of commodities, metals, and investment in equities and securities.
Brand Portfolio
Rajasthan Securities Limited (formerly Rajasthan Gases Limited).
New Products/Services
Trading in commodities and metals, which are expected to be the primary drivers of future growth.
Market Expansion
The company has extended its area of operation to allied activities within the trading and developers sector to seek better growth.
Strategic Alliances
None; the company has no subsidiaries, joint ventures, or associates.
External Factors
Industry Trends
The LPG industry is becoming increasingly competitive, prompting companies to diversify into commodity trading and financial securities. There is a shift toward allied activities to maintain growth in a tough environment.
Competitive Landscape
The LPG sector is described as highly competitive; the company also faces competition in the commodity trading and investment sectors.
Competitive Moat
The company is attempting to build a moat through diversification into trading and securities, though specific durable advantages like patents or cost leadership are not disclosed.
Macro Economic Sensitivity
Highly sensitive to global economic slowdowns and Indian GDP deceleration, which impact trade volumes and investment returns.
Geopolitical Risks
Global economic uncertainty and slowdowns in major economies are cited as significant risks to operations.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and SEBI (Depositories and Participants) Regulations 2018. The company is not required to be registered under section 45-IA of the RBI Act 1934.
Environmental Compliance
The company strictly adheres to processes required for Pollution Control and Environmental Protection.
Taxation Policy Impact
The company reported no disputes regarding Income Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, or VAT as of March 31, 2025.
Legal Contingencies
No whistle-blower complaints were received during the year. There are no reported pending litigations regarding tax disputes or defaults.
Risk Analysis
Key Uncertainties
Uncertainty in the global economy and lack of clear government plans regarding the pricing of sensitive petroleum products pose significant risks.
Geographic Concentration Risk
Operations appear concentrated in India, specifically managed from Nagpur, Maharashtra.
Third Party Dependencies
Dependency on government and upstream companies for compensation on sensitive petroleum products.
Technology Obsolescence Risk
The company has implemented accounting software with audit trail (edit log) facilities to mitigate data integrity risks.
Credit & Counterparty Risk
The company has not granted any advances in the nature of loans to firms or other entities, reducing counterparty credit risk.
