Rajputana Industries Limited (RAJINDLTD)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Rajputana Industries' revenue was ₹366 Cr (+24.1% year on year, +9.9% on the previous half-year), and net profit ₹7.0 Cr (+75.0% year on year); the operating margin was 7.7%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹366 | +24.1% | +9.9% |
| Operating profit | ₹28.1 | +181.0% | +120.0% |
| Net profit | ₹7.0 | +75.0% | +40.0% |
| EPS (₹) | 3.07 | +62.4% | +25.8% |
| Operating margin | 7.7% | — | — |
📢 Recent Corporate Announcements
Rajputana Industries Limited announced the voting results and Scrutinizer's Report for its Annual General Meeting held on September 28, 2026. All items—including adoption of financial statements, director appointments, managerial remuneration in excess of statutory limits, and material related-party transactions—were passed with 100% of votes cast in favor. Out of total outstanding shares of 2,22,15,000, a total of 22,54,500 votes were polled (10.15% turnout). Notably, the promoter group (holding 1,46,80,000 shares) did not cast votes across these resolutions.
- All resolutions passed with 100.00% votes cast in favor
- Total voting turnout was 10.15% (22,54,500 votes polled out of 2,22,15,000 outstanding shares)
- Public institutional participation stood at 98.57% (20,71,500 votes polled out of 21,01,500 shares)
- Resolutions included approval of material related-party transactions and managerial remuneration limits
- AGM attended by 9 shareholders via video conferencing (3 promoter group, 6 public)
Rajputana Industries Limited has issued the notice for its 15th Annual General Meeting (AGM) scheduled for September 28, 2026, via video conferencing. The agenda includes the adoption of audited financial statements for FY2025-26 and the regularization of Mr. Anilkumar Rander as a Non-Executive Director. Special resolutions include shareholder approval for managerial remuneration exceeding the 11% statutory net profit threshold and approvals for material related-party transactions. Additionally, cost auditor remuneration of Rs. 25,000 for FY2026-27 is tabled for ratification.
- 15th AGM convened for September 28, 2026, at 12:00 P.M. IST via VC/OAVM
- Special resolution proposed for managerial remuneration exceeding 11% of net profits under Section 197
- Regularization of Mr. Anilkumar Rander as Non-Executive Director (appointed July 17, 2026)
- Ratification of Cost Auditor remuneration of Rs. 25,000 per annum for FY 2026-27
Rajputana Industries Limited has issued the notice for its 15th Annual General Meeting (AGM) scheduled for September 28, 2026, via Video Conferencing. Key ordinary business items include adopting the audited standalone financial statements for FY26 and re-appointing retiring director Mrs. Shivani Sheikh. Special business resolutions include regularizing the appointment of Mr. Anilkumar Rander as Non-Executive Director, approving managerial remuneration exceeding the statutory limit of 11% of net profits, and approving material related-party transactions.
- 15th AGM scheduled for Monday, September 28, 2026 at 12:00 PM IST through Video Conferencing
- Special resolution proposed to approve managerial remuneration exceeding the 11% net profit limit under Section 197
- Approval sought for material related-party transactions under Regulation 23 of SEBI LODR
- Ratification of cost auditor remuneration of Rs 25,000 per annum for FY 2026-27
Rajputana Industries' Board has approved an investment to acquire a 14.21% stake in Shera Global Ventures LLP. The total cash consideration comprises ₹1.46 crore for equity and ₹6.74 crore as a security contribution (total ₹8.20 crore, representing ~10.8% of net worth). The target is a related party incorporated on June 2, 2026, and the transaction is intended to secure renewable energy for captive consumption within 2-3 months.
- Board approved acquisition of 14.21% stake in Shera Global Ventures LLP
- Total outlay of ₹8.20 crore (₹1.46 crore for equity and ₹6.74 crore security contribution)
- Classified as a Related Party Transaction as company directors are designated partners in the LLP
- Acquisition targeted for completion within 2-3 months to procure captive renewable energy
Rajputana Industries Limited has announced the dates for its annual book closure and 15th Annual General Meeting (AGM). The Register of Members and Share Transfer Books will be closed from September 22, 2026, to September 28, 2026 (both days inclusive). The AGM is scheduled to take place on September 28, 2026, at 12:00 PM IST via Video Conferencing/Other Audio Visual Means. This is a routine administrative compliance filing with no impact on business operations or financials.
- Book closure period set from September 22, 2026, to September 28, 2026
- 15th Annual General Meeting scheduled for September 28, 2026, at 12:00 PM IST
- Meeting to be conducted via Video Conferencing (VC) / Other Audio Visual Means (OAVM)
- Record date for meeting entitlement is September 21, 2026
Rajputana Industries Limited has approved a capital contribution of up to ₹8.20 crore in Shera Global Ventures LLP (SGV LLP) to participate in developing and operating a Solar Power Park for group captive consumption. This investment represents approximately 10.8% of the company's net worth of ₹76 crore. Concurrently, the Board approved a Power Purchase Agreement (PPA) with SGV LLP as a related-party transaction to procure renewable electricity for its metal manufacturing operations. The Board also scheduled administrative dates for the 15th Annual General Meeting, fixing September 21, 2026, as the e-voting cut-off date.
- Approved capital investment of up to ₹8.20 crore in Shera Global Ventures LLP for a group captive solar power project.
- Investment represents ~10.8% of the company's net worth (₹76 crore).
- Approved entry into a Power Purchase Agreement (PPA) with SGV LLP as a Section 188 Related Party Transaction.
- Book closure set from September 22, 2026, to September 28, 2026, with an AGM e-voting cut-off date of September 21, 2026.
The Board of Rajputana Industries has given in-principle approval to explore a Scheme of Amalgamation involving its holding company, Shera Energy Limited, and Shera Metal Private Limited. A Committee of Directors has been constituted to evaluate the feasibility, conduct due diligence, and appoint professional advisors for valuation. This structural change follows a similar in-principle approval from the parent company's board. The company currently operates with a net worth of ₹76 Cr and a debt of ₹63 Cr, with a promoter holding of 66.1%.
- Board meeting held on July 28, 2026, to consider a three-way merger proposal from holding company Shera Energy Limited.
- Constitution of a Committee of Directors to oversee due diligence and valuation processes.
- Company maintains a Debt-to-Equity ratio of 0.83 based on ₹63 Cr debt and ₹76 Cr net worth.
- Promoter holding remains stable at 66.1% as of March 2026.
- The merger process will require approvals from NCLT, SEBI, Stock Exchanges, and shareholders.
Rajputana Industries Limited has submitted its annual disclosure under Regulation 31(4) of the SEBI (SAST) Regulations, 2011. The Promoter and CMD, Mrs. Shivani Sheikh, confirmed on behalf of the promoter group that no new encumbrances or pledges were created on their shareholding during the financial year ending March 31, 2026. This is a standard regulatory filing intended to provide transparency regarding promoter leverage.
- Declaration covers the full financial year ending March 31, 2026
- Confirmation provided by Mrs. Shivani Sheikh, Promoter and CMD
- Compliance with Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations
- Confirms no new direct or indirect encumbrances were made during the period
Financial Performance
Revenue Growth by Segment
Revenue from operations grew 69.19% YoY to INR 552.41 Cr in FY25 from INR 326.51 Cr in FY24. H1 FY26 revenue reached INR 380.12 Cr, reflecting a robust 47.28% CAGR. Segment-specific splits are not disclosed in the available documents.
Geographic Revenue Split
Not disclosed in available documents. The company is based in Jaipur, Rajasthan.
Profitability Margins
Net Profit Margin for H1 FY26 was 1.49% (INR 5.66 Cr profit). FY25 Net Profit was INR 9.21 Cr, up from FY24. The company maintains a 16% ROCE, indicating efficient capital utilization despite moderate margins.
EBITDA Margin
EBITDA Margin for H1 FY26 was 3.42% with an absolute EBITDA of INR 13 Cr, representing a 47% YoY jump. The EBITDA CAGR is reported at 20.67%.
Capital Expenditure
Historical capex for FY25 included INR 33.20 Cr for purchase of fixed assets and CWIP. H1 FY26 capex was INR 7.79 Cr. Ongoing product diversification capex is expected to commence operations in July 2025.
Credit Rating & Borrowing
CARE Ratings assigned 'CARE BBB+; Stable' for long-term and 'CARE A3+' for short-term bank facilities. Total rated facilities include INR 21.77 Cr long-term, INR 17.03 Cr long/short-term, and INR 31.20 Cr short-term. Specific interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Non-ferrous metals including Copper, Aluminum, and Zinc. Raw material costs (INR 542.64 Cr in FY25) represent approximately 98.2% of total revenue.
Key Suppliers
Strong operational and financial linkages with parent company, Shera Energy Limited (SEL), are noted for procurement and operational support.
Capacity Expansion
Ongoing capital expenditure for product diversification is underway, with the commencement of operations now expected in July 2025 (delayed from April 2025).
Raw Material Costs
Cost of materials consumed was INR 542.64 Cr in FY25, up 82.79% from INR 296.86 Cr in FY24. Procurement is susceptible to volatility in LME (London Metal Exchange) prices.
Manufacturing Efficiency
Reported ROCE of 16% and volume-driven growth in scale of operations indicate high manufacturing efficiency.
Strategic Growth
Expected Growth Rate
47.28%
Growth Strategy
Growth is driven by volume expansion in scale, utilization of IPO proceeds for liquidity and debt management, and a strategic shift toward product diversification through ongoing capex expected to go live in July 2025.
Products & Services
Manufacturing of non-ferrous metal products including copper and aluminum wires, tubes, and bars.
Brand Portfolio
Rajputana Industries, Shera (as a unit of Shera Energy Limited).
New Products/Services
New diversified non-ferrous metal products are expected from the July 2025 capex project, intended to improve the product mix and margins.
Strategic Alliances
Strong operational and financial linkages with parent company Shera Energy Limited (SEL).
External Factors
Industry Trends
The non-ferrous metal industry is seeing volume-driven growth but remains highly competitive with moderate profitability profiles across the sector.
Competitive Landscape
Prevalent competition in the non-ferrous metal industry from both organized and unorganized players.
Competitive Moat
Moat is derived from the group's long track record in the metal industry and strong parentage (Shera Energy Limited), providing better access to credit and operational synergies.
Macro Economic Sensitivity
Highly sensitive to global non-ferrous metal price trends (LME) and industrial demand for copper/aluminum products.
Regulatory & Governance
Industry Regulations
Compliant with Indian Accounting Standards (Ind AS) and SEBI (LODR) Regulations 2015. Specific operational regulations were not detailed.
Taxation Policy Impact
Current tax liability was INR 73.33 Lakhs as of September 2025. FY25 tax expense was INR 1.90 Cr.
Legal Contingencies
The auditor's report for FY25 did not highlight any material pending litigations that would impact the financial statements.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (Copper/Aluminum) and the timely commencement of the diversification capex (already delayed from April to July 2025).
Geographic Concentration Risk
Operations are concentrated in Jaipur, Rajasthan.
Third Party Dependencies
High dependency on parent Shera Energy Limited for operational and financial linkages.
Credit & Counterparty Risk
Trade receivables stood at INR 49.16 Cr as of September 2025, showing stable quality with a slight decrease of INR 36.08 Lakhs during the half-year.
