Rajesh Exports Limited (RAJESHEXPO)
₹58.77 +0.56% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Rajesh Exports' revenue was ₹2,40,336 Cr (+82.7% year on year, +1.5% on the previous quarter), and net profit ₹47.2 Cr (against a loss a year earlier); the operating margin was 0.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,40,336 | +82.7% | +1.5% |
| Operating profit | ₹58.6 | +39.1% | from loss |
| Net profit | ₹47.2 | from loss | from loss |
| EPS (₹) | 1.59 | from loss | from loss |
| Operating margin | 0.0% | — | — |
RAJESHEXPO exchange data
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📢 Recent Corporate Announcements
SEBI issued an order dated October 14, 2026, following its earlier interim order from June 03, 2026. The regulator has not imposed any fine or penalty on Rajesh Exports Limited at this stage. However, the company has been directed to continue cooperating with investigative authorities, provide required documents, and ensure accurate disclosures under the SEBI Act, 1992.
- SEBI issued an order dated October 14, 2026, pursuant to the interim order dated June 03, 2026
- No fine or penalty was levied on Rajesh Exports Limited in the latest order
- Company directed to continue cooperating with investigative authorities and supply relevant documents
- Directives issued to ensure true, fair, accurate, and complete financial statement disclosures under the SEBI Act 1992
Rajesh Exports Limited has appointed Mrs. Sushmita Sinha (Membership No. A70535) as the Company Secretary and Compliance Officer effective October 08, 2026. She succeeds Mr. Dipak Kadel, who resigned from the position due to personal reasons. The appointment was approved by the Board of Directors in compliance with Regulation 6(1) of SEBI LODR and Section 203 of the Companies Act, 2013.
- Appointment of Mrs. Sushmita Sinha as Company Secretary and Compliance Officer effective October 08, 2026
- Predecessor Mr. Dipak Kadel resigned citing personal reasons
- Appointee holds ICSI Membership No. A70535 with a commerce graduate background
- Board approval completed on October 08, 2026, meeting statutory governance requirements
Rajesh Exports Limited has announced that its 32nd Annual General Meeting (AGM) will be held via video conferencing on September 30, 2026. The company set the cut-off/record date for voting eligibility as September 23, 2026, with remote e-voting taking place between September 27 and September 29, 2026. The Register of Members and Share Transfer Books will remain closed from September 24 to September 30, 2026. Key agenda items include adopting the FY26 financial statements and the re-appointment of retiring director Mr. Suresh Kumar.
- 32nd AGM scheduled for September 30, 2026, at 12:00 Noon via video conferencing
- Register of Members and Share Transfer Books closed from September 24 to September 30, 2026
- Cut-off date for e-voting eligibility fixed as September 23, 2026
- Remote e-voting window active from September 27, 2026 (09:00 AM) to September 29, 2026 (05:00 PM)
Rajesh Exports Limited has announced that its 32nd Annual General Meeting (AGM) will be held via video conferencing on September 30, 2026. The company set the cut-off/record date for voting eligibility as September 23, 2026, with remote e-voting taking place between September 27 and September 29, 2026. The Register of Members and Share Transfer Books will remain closed from September 24 to September 30, 2026. Key agenda items include adopting the FY26 financial statements and the re-appointment of retiring director Mr. Suresh Kumar.
- 32nd AGM scheduled for September 30, 2026, at 12:00 Noon via video conferencing
- Register of Members and Share Transfer Books closed from September 24 to September 30, 2026
- Cut-off date for e-voting eligibility fixed as September 23, 2026
- Remote e-voting window active from September 27, 2026 (09:00 AM) to September 29, 2026 (05:00 PM)
Rajesh Exports responded to an NSE query regarding discrepancies in its XBRL submission for the quarter ended June 30, 2026. The exchange noted that the company had mistakenly selected 'Consolidated' while filing standalone XBRL results submitted on August 14, 2026. The company clarified this was an administrative oversight and confirmed that a revised XBRL filing with the correct standalone categorization was submitted on September 9, 2026. No underlying financial numbers or business operations are altered by this procedural rectification.
- Clarification pertains to financial results submitted on August 14, 2026 for the quarter ended June 30, 2026
- NSE flagged an XBRL discrepancy where standalone data was submitted under the consolidated tag
- Company made a revised submission correcting the category selection on September 09, 2026
- Clarification letter issued by Managing Director Suresh Kumar on September 16, 2026
Rajesh Exports Limited has announced the appointment of Mr. Dipak Kadel (Membership No. A35029) as the Company Secretary and Compliance Officer, effective September 07, 2026. He succeeds Mr. Vikash Kumar Khetan, who resigned from the position citing personal reasons. The appointment was approved by the Board of Directors pursuant to Section 203 of the Companies Act, 2013 and SEBI LODR regulations. This is a routine secretarial change with no impact on the company's financial performance or ongoing operations.
- Appointment of Mr. Dipak Kadel as Company Secretary & Compliance Officer effective September 07, 2026
- Mr. Vikash Kumar Khetan stepped down from the role due to personal reasons
- Appointee holds ICSI Membership No. A35029 and is a Commerce graduate
- Board approval completed on September 07, 2026, pursuant to SEBI LODR Regulation 6(1)
Rajesh Exports Limited has submitted its Structured Digital Database (SDD) compliance certificate for the quarter ended June 30, 2026, pursuant to SEBI (Prohibition of Insider Trading) Regulations. The Chairman certified that the SDD is maintained internally with an audit trail, non-tamperable records capable of being held for 8 years, and all Unpublished Price Sensitive Information (UPSI) was logged. During the quarter, 1 required UPSI event occurred and was duly captured, with zero non-compliances reported. This is a routine regulatory filing with no impact on business operations or financial performance.
- Certified compliance with SEBI PIT Regulations for the quarter ended June 30, 2026
- Reported 1 required UPSI event during the quarter, with 1 event successfully captured in the SDD
- Confirmed zero instances of non-compliance (marked NA)
- System maintains internal audit trails with record retention capability for 8 years
Rajesh Exports reported consolidated revenue from operations of ₹2,40,335.72 Cr (Rs 24,03,357.15 million) for the quarter ended June 30, 2026, rising 82.7% YoY. The company recorded a consolidated net profit of ₹47.19 Cr compared to a net loss of ₹9.53 Cr in Q1 FY26 and a net loss of ₹53.50 Cr in Q4 FY26. However, the auditor's report included an Emphasis of Matter regarding SEBI's interim ex-parte order, ED searches conducted across company and KMP premises in June 2026, and an ongoing SFIO investigation.
- Revenue from operations rose 82.7% YoY to ₹2,40,335.72 Cr (Rs 24,03,357.15 million) in Q1 FY27.
- Consolidated net profit turned positive to ₹47.19 Cr (Rs 471.92 million) vs a loss of ₹9.53 Cr in Q1 FY26.
- Basic and diluted EPS stood at ₹1.59 for the quarter compared to ₹-0.32 in the year-ago period.
- Auditor highlighted ongoing investigations by SFIO, ED searches on premises/KMPs in June 2026, and a SEBI ex-parte order.
Rajesh Exports reported consolidated revenue of Rs 2,40,335.72 Cr (Rs 2,403,357.15 million) for the quarter ended June 30, 2026, marking an 82.7% YoY increase compared to Rs 1,31,541.80 Cr in Q1 FY26. Consolidated net profit swung to positive Rs 47.19 Cr (Rs 471.92 million) against a net loss of Rs 9.53 Cr in the year-ago quarter and a loss of Rs 53.50 Cr in Q4 FY26. Basic EPS stood at Rs 1.59 for the quarter. However, the auditor's Emphasis of Matter highlighted ongoing regulatory headwinds, including an interim ex-parte SEBI order, searches by the Enforcement Directorate (ED) in June 2026, and an active SFIO investigation.
- Revenue from operations reached Rs 2,403,357.15 million (Rs 2,40,335.72 Cr), up 82.7% YoY.
- Consolidated PAT recovered to Rs 471.92 million (Rs 47.19 Cr) versus a loss of Rs 95.33 million in Q1 FY26.
- Basic and diluted EPS reported at Rs 1.59 for the quarter compared to negative Rs 0.32 in Q1 FY26.
- Auditor noted an ED search conducted in June 2026, an ongoing SFIO investigation, and a SEBI interim ex-parte order.
Rajesh Exports clarified to the exchanges on July 27, 2026, that it has no information regarding a reported NFRA probe into alleged financial misstatements. The clarification follows a sharp 54.5% decline in the stock price over the last 12 months and a recent quarterly net loss of Rs 54 cr in March 2026. The company operates on extremely thin margins, with TTM revenue of Rs 7,78,716 cr resulting in a TTM PAT of only Rs 111 cr. Investors should note the significant disparity between the company's massive turnover and its current market capitalization of Rs 2,604 cr.
- Company issued a formal denial on July 27, 2026, regarding the reported NFRA investigation into financial misstatements.
- TTM revenue stands at a massive Rs 7,78,716 cr, which is approximately 299x its market capitalization of Rs 2,604 cr.
- The company reported a net loss of Rs 54 cr in the Mar 2026 quarter, down from a profit of Rs 71 cr in Dec 2025.
- Stock price has corrected by 54.5% over the last 12 months as of the announcement date.
- Operating Profit Margin (OPM) remains at 0.0% for the TTM period, indicating extremely thin margins.
Rajesh Exports has clarified that the Enforcement Directorate (ED) concluded a search of its premises on June 25, 2026, following news reports of a SEBI order regarding alleged financial misstatements. The company stated that officials fully cooperated and that no discrepancies were found in its inventory or cash. Crucially, the company reports that no valuable items were seized during the operation. This regulatory scrutiny occurs against a backdrop of a 53.5% share price decline over the last 12 months and extremely thin operating margins (TTM OPM 0.0%).
- Search by the Enforcement Directorate (ED) was concluded on 25/06/2026.
- Company reports 0 discrepancies found in its physical inventory or cash balances.
- No seizures of any valuable items were made during the search process.
- Company operates at a massive scale with TTM revenue of ₹7,78,716 Cr against a market cap of only ₹2,697 Cr.
- The search follows a SEBI order flagging alleged financial misstatements.
Rajesh Exports Limited has officially addressed rumors regarding an Enforcement Directorate (ED) search at its premises. The company stated that the search concluded on June 25, 2026, and officials provided full cooperation to the authorities. Crucially, the company reported that no discrepancies were found in its inventory or cash holdings during the investigation. Furthermore, no valuable items were seized by the ED, providing some relief to investors concerned about potential legal liabilities.
- Enforcement Directorate (ED) search conducted at Rajesh Exports premises concluded on June 25, 2026
- Company reports zero discrepancies in physical inventory and cash balances during the search
- No seizures of gold, diamonds, or other valuable items were made by the authorities
- Management confirms full cooperation with the ED throughout the investigative process
Rajesh Exports Limited has submitted its annual disclosure under Regulation 31(4) of the SEBI (SAST) Regulations, 2011. The promoters have confirmed that they did not create any encumbrance, directly or indirectly, on their shareholding during the financial year ending March 31, 2026. As of the year-end date, the total number of pledged or encumbered shares remains at NIL. This filing provides assurance to shareholders regarding the stability of the promoter's equity stake.
- Annual disclosure submitted under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
- Promoters confirmed zero new encumbrances were created during the 2025-26 financial year.
- Total number of shares encumbered or pledged as of March 31, 2026, is NIL.
- The declaration was issued on behalf of the entire promoter group of Rajesh Exports Limited.
Rajesh Exports Limited has filed its Structured Digital Database (SDD) compliance certificate for the quarter ended March 31, 2026, as required under SEBI Insider Trading regulations. The company confirmed that it maintains a non-tamperable internal database to track Unpublished Price Sensitive Information (UPSI) with a full audit trail. During the quarter, 1 UPSI event was identified and successfully captured in the system. The filing indicates zero non-compliance issues, suggesting adherence to regulatory governance standards.
- Achieved 100% compliance with SEBI (Prohibition of Insider Trading) Regulations for the quarter ended March 31, 2026.
- Successfully captured 1 required UPSI event in the Structured Digital Database.
- Maintains a non-tamperable database with the capability to store records for 8 years.
- Reported no instances of non-compliance or the need for remedial actions during the period.
Rajesh Exports Limited has responded to a SEBI interim order dated June 3, 2026, which triggered a 5% fall in its share price. The company maintains that the order contains no final adverse conclusions and categorically denies any overstatement of its declared revenues. Management attributes the regulatory action to a communication gap and is currently submitting authenticated documents to SEBI to resolve the matter. Significant stakeholders, including LIC and retail investors, each hold approximately 11% of the company's equity.
- SEBI issued an interim order on June 3, 2026, leading to immediate market volatility and a 5% stock price drop.
- The company denies all allegations of revenue overstatement and claims the order is not a final conclusion.
- Management cited a 'communication gap' with the regulator and is in the process of submitting clarifying documents.
- LIC and retail investors hold substantial stakes of nearly 11% each, making the regulatory outcome critical for market sentiment.
- The company has rejected adverse media reports and plans to issue a detailed media clarification shortly.
Financial Performance
Revenue Growth by Segment
The company operates in a single product segment (Gold products). Consolidated revenue for Q2 FY26 reached INR 175,211.76 Cr, representing a significant growth of 161.8% YoY compared to INR 66,923.67 Cr in Q2 FY25. H1 FY26 revenue stood at INR 306,753.56 Cr, up 141% YoY.
Geographic Revenue Split
Not explicitly disclosed in percentage terms, but the company maintains a global presence through its foreign subsidiary, REL Singapore Pte Ltd, and exports gold and diamond jewellery from its manufacturing base in India.
Profitability Margins
Net Profit Margin for Q2 FY26 was 0.059% (INR 104.05 Cr profit on INR 175,211.76 Cr revenue). Historically, the Net Profit Ratio fell 71.55% in FY24 to 0.12% from 0.42% in FY23 due to falling revenues. Return on Equity also dropped from 9.73% in FY23 to 2.21% in FY24.
EBITDA Margin
Not explicitly disclosed, but the Profit Before Tax (PBT) margin for Q2 FY26 was 0.078% (INR 138.23 Cr PBT). In FY24, the Return on Capital Employed (ROCE) fell by 76.04% YoY to 2.39% due to lower revenue realization.
Capital Expenditure
In H1 FY26, the company invested INR 166.37 Cr in the purchase of fixed assets, compared to INR 90.72 Cr in H1 FY25, representing an 83.4% increase in capital allocation for infrastructure.
Credit Rating & Borrowing
Not disclosed in available documents. However, the company reported finance costs of INR 76.26 Cr for H1 FY26, an increase of 22.5% YoY from INR 62.27 Cr.
Operational Drivers
Raw Materials
Gold is the primary raw material, accounting for approximately 99.88% of total operating costs in Q2 FY26 (INR 175,003.50 Cr cost of materials consumed).
Import Sources
Not disclosed in available documents, though the company operates a major subsidiary in Singapore (REL Singapore Pte Ltd) for global sourcing and distribution.
Raw Material Costs
Raw material costs represent nearly the entirety of revenue (99.88% in Q2 FY26). The company's strategy focuses on vertical integration across the gold value chain to manage these high-volume, low-margin costs.
Manufacturing Efficiency
The company highlights different value-addition benchmarks: Asian-type manufacturing adds ~3% value, while Western-type adds ~6%. Refining margins are thin at 0.3-0.6%.
Strategic Growth
Growth Strategy
Growth is driven by vertical integration across the gold value chain, including refining (0.3-0.6% margin), manufacturing (3-6%), and retail/wholesale (5-6%). The company leverages its 'SHUBH' brand and global presence via Singapore to scale volumes, as seen in the 161.8% revenue jump in Q2 FY26.
Products & Services
Gold and Diamond Jewellery, including refined gold products and retail jewellery items.
Brand Portfolio
SHUBH, Rajesh Exports.
Market Expansion
The company maintains a global presence in gold and diamond jewellery with a focus on manufacturing and export from India and distribution through Singapore.
External Factors
Industry Trends
The industry is shifting toward higher value-addition in manufacturing (up to 6% in Western types). The company is positioned as a vertically integrated player to capture these shifts.
Competitive Landscape
Competes with both domestic Indian jewellery retailers and international gold refiners/wholesalers.
Competitive Moat
The company's moat is its scale and vertical integration, allowing it to process massive volumes (INR 1.75 Lakh Cr in a single quarter) at thin margins that competitors may find difficult to sustain.
Macro Economic Sensitivity
Highly sensitive to global gold prices and interest rates. The Debt Service Coverage Ratio fell from 18.26 to 2.64 in FY24, showing high sensitivity to revenue changes.
Consumer Behavior
Demand is driven by cultural affinity for gold in India and global investment trends in bullion.
Geopolitical Risks
As a major exporter and importer of gold, the company is subject to international trade regulations and gold import duty changes in India.
Regulatory & Governance
Industry Regulations
Subject to Hallmarking standards, SEBI (LODR) regulations, and RBI/MCA guidelines for gold imports and foreign subsidiaries.
Taxation Policy Impact
The company reported no tax assessments for undisclosed income in FY24. It paid INR 255.31 Cr in taxes (net of refunds) in H1 FY26.
Legal Contingencies
The company is involved in a dispute with Canara Bank. Although the company considers itself debt-free, this disputed amount is classified as debt in financial ratios, which caused the Debt Service Coverage Ratio to decline by 85.54% in FY24.
Risk Analysis
Key Uncertainties
The primary uncertainty is the extreme margin thinness (0.059% net margin), where even a minor increase in operating costs or a slight dip in gold prices can lead to significant percentage drops in profitability.
Geographic Concentration Risk
Significant concentration in India for manufacturing and Singapore for international operations.
Third Party Dependencies
High dependency on global gold bullion suppliers and banking channels for trade finance.
Technology Obsolescence Risk
The company noted that its accounting software lacked an audit trail (edit log) facility in FY24, which is a regulatory compliance risk under the Companies Act.
Credit & Counterparty Risk
Trade receivables turnover ratio slowed from 32.25 to 25.91 in FY24, indicating a slight lengthening of the credit cycle.
