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Rajnandini Metal Limited (RAJMET)

₹2.99 -0.66% last close, 16 Oct

📊 NSE: RAJMET 🏢 Mining / Minerals / Metals 📢 Latest filing: 30 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Rajnandini Metal's revenue was ₹52.0 Cr (-29.7% year on year, -8.0% on the previous quarter), and net profit ₹0.4 Cr (against a loss a year earlier); the operating margin was 2.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹52.0	-29.7%	-8.0%
Operating profit	₹1.0	from loss	-55.7%
Net profit	₹0.4	from loss	-65.5%
EPS (₹)	0.01	from loss	-75.0%
Operating margin	2.0%	—	—

Full quarterly financials → Results calendar →

RAJMET delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 87.39% of the RAJMET shares traded on NSE were taken to delivery, against the stock's own 20-session average of 71.77%. That is higher than usual for this stock. Turnover was only ₹8 lakh, so a handful of trades can move this figure.

87.39%Delivery, 16 Oct

71.77%Own 20-session average

1.1×Volume vs its average

₹2.99NSE close · -0.66%

Delivery in the last 5 sessions: 77.0% · 89.5% · 53.1% · 69.2% · 87.4%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

CMD Ashok Kalra Resigns Abruptly; Company Flags Pending Handover Formalities

🔵 WATCH ⭐ 8/10

MANAGEMENT 📅 30 Sep 2026, 06:05 PM

Rajnandini Metal Limited announced that Mr. Ashok Kalra has tendered his resignation as Chairman and Managing Director effective September 29, 2026, citing pursuit of a different business venture. Notably, the company stated that the resignation has not yet been accepted and noted that he was required to provide a 1-month prior notice. Additionally, the company highlighted that no proper handover concerning stock position, financials, books of accounts, GST, or income tax compliances has been completed. This governance dispute comes at a fragile time given the company's Rs 57 Cr net worth and prior legal tax contingencies.

Resignation tendered via email on September 29, 2026, at 5:20 p.m. with immediate effect
Company notes requirement of 1 month prior notice before termination of MD arrangement
No proper handover regarding stock position, financials, GST, or income tax compliances has taken place
Resignation not yet accepted; to be placed before the upcoming Board of Directors meeting

💡 Track the outcome of the upcoming Board meeting regarding the acceptance of the resignation and look for subsequent disclosures regarding leadership succession and audit/handover resolutions.

Rajnandini Metal Dispatches FY26 Annual Report Access Links Ahead of Sept 28 AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Sep 2026, 06:14 PM

Rajnandini Metal Limited has dispatched physical letters containing web links and access paths for its FY 2025-26 Annual Report and Notice of the 16th Annual General Meeting (AGM) to shareholders without registered email addresses. The AGM is scheduled for September 28, 2026, at 01:30 PM IST via video conferencing. The cut-off date for determining voting eligibility is September 21, 2026, with remote e-voting running from September 25 to September 27, 2026. This is a standard statutory compliance filing under SEBI LODR regulations.

16th Annual General Meeting scheduled for September 28, 2026 at 01:30 PM IST via Video Conferencing
Cut-off date to determine remote e-voting eligibility set for Monday, September 21, 2026
Remote e-voting window opens on September 25, 2026 (09:00 AM IST) and closes on September 27, 2026 (05:00 PM IST)
Filing issued in compliance with Regulation 36(1)(b) of SEBI Listing Regulations for unregistered email holders

💡 Eligible shareholders should review the AGM agenda and resolutions in the Annual Report and ensure demat email IDs are updated with their Depository Participant to receive future communications.

Rajnandini Metal Schedules 16th AGM on Sept 28, 2026; Proposes Independent Director Appointment

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 05:26 PM

Rajnandini Metal Limited has issued notice for its 16th Annual General Meeting (AGM) scheduled for Monday, September 28, 2026, via video conferencing. Key agenda items include the adoption of FY26 financial statements, the re-appointment of executive director Manoj Kumar Jangir, and the appointment of Pradeep Kumar Verma as Independent Director for a 5-year term starting June 8, 2026. Additionally, shareholder approval is sought to fix the Cost Auditor's remuneration at Rs 1,25,000 for FY27. The cut-off date for remote e-voting is September 21, 2026.

16th AGM scheduled on Monday, September 28, 2026 at 1:30 PM via Video Conferencing
Remote e-voting window active from September 25, 2026 (9:00 AM) to September 27, 2026 (5:00 PM) with cut-off date of September 21, 2026
Appointment of Pradeep Kumar Verma as Independent Director for a 5-year term from June 08, 2026 to June 07, 2031
Proposed Cost Auditor remuneration of Rs 1,25,000 plus taxes for FY 2026-27
Book closure period set from September 22, 2026 to September 28, 2026

💡 Eligible shareholders holding shares as of the September 21, 2026 cut-off date may participate in the e-voting process starting September 25, 2026. Track AGM voting outcomes post-meeting.

Rajnandini Metal Appoints Internal and Cost Auditors for FY 2026-27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Aug 2026, 04:16 PM

Rajnandini Metal Limited has announced the appointment of its audit team for the financial year 2026-27. M/s. V. V. S. G. and Associates has been re-appointed as the Internal Auditor, while M/s. Vandana Bansal & Associates has been appointed as the Cost Auditor. The appointments were approved by the Board on August 13, 2026, following recommendations from the Audit Committee. This is a standard regulatory compliance filing and does not impact the company's current financial position or its ongoing Rs 307.68 Cr tax contingency.

Appointment of M/s. V. V. S. G. and Associates as Internal Auditors for the full FY 2026-27
Appointment of M/s. Vandana Bansal & Associates as Cost Auditors for FY 2026-27
Cost Auditor Vandana Bansal brings approximately 25 years of experience in cost audit and accounting
Remuneration for the Cost Auditor is subject to shareholder approval at the upcoming Annual General Meeting
Board meeting for these approvals concluded at 04:00 PM on August 13, 2026

💡 Investors should treat this as a routine administrative update. The primary focus remains on the company's ability to manage its Rs 307.68 Cr tax contingency, which significantly exceeds its Rs 106 Cr market cap.

RAJMET Q1 Results: Rs 0.39 Cr Profit; Auditor Qualifies Report on Rs 301 Cr Tax Demands

🔵 WATCH ⭐ 9/10

EARNINGS 📅 13 Aug 2026, 04:09 PM

Rajnandini Metal reported a modest net profit of Rs 0.39 Cr for Q1 FY27, a recovery from the Rs 1.99 Cr loss in the same quarter last year. However, total income fell significantly to Rs 51.97 Cr from Rs 78.54 Cr YoY. The most critical factor is a qualified audit opinion regarding a massive GST demand of Rs 290.70 Cr and an Income Tax demand of Rs 10.68 Cr. These combined liabilities of ~Rs 301.38 Cr are over 5x the company's net worth of Rs 57 Cr, posing a severe existential risk if appeals are unsuccessful.

Net Profit for Q1 FY27 stood at Rs 0.39 Cr compared to a loss of Rs 1.99 Cr in Q1 FY26.
Total Income for the quarter was Rs 51.97 Cr, a decline of 33.8% from Rs 78.54 Cr in the year-ago period.
GST Authorities have raised a demand of Rs 290.70 Cr (including interest and penalty) alleging ineligible input tax credit.
Income Tax Authorities raised an additional demand of Rs 10.68 Cr during FY26.
Total contested tax demands of ~Rs 301.38 Cr represent approximately 528% of the company's current Net Worth (Rs 57 Cr).

💡 Investors must closely track the legal proceedings regarding the GST and Income Tax appeals, as the potential liability far exceeds the company's financial capacity. Monitor if the company can scale its manufacturing revenue to offset the decline in trading volumes.

Rajnandini Metal Shareholders Approve CMD Appointment and Independent Director Re-appointments

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 17 Jul 2026, 06:32 PM

Shareholders of Rajnandini Metal Limited have approved the appointment of Ashok Kalra as Chairman and Managing Director for a three-year term effective February 27, 2026. Additionally, two Independent Directors, Sanjeev Chhaudha and Arun Sharma, were re-appointed for five-year terms. All resolutions were passed via postal ballot with over 99.9% majority. While this ensures leadership continuity, the company continues to operate with thin margins (1.2% OPM) and faces significant tax-related legal contingencies of 307.68 Cr.

Ashok Kalra appointed as Chairman and Managing Director for a 3-year term until February 2029
Two Independent Directors re-appointed for 5-year terms each, ensuring board stability
All resolutions passed with a significant majority of over 99.9% of votes polled
Total number of shareholders on the record date (June 12, 2026) was 229,595
Voting results confirm leadership for a company with TTM revenue of 263 Cr

💡 Focus on the company's upcoming quarterly results to see if the confirmed leadership can improve the 1.2% operating margin and address the 307.68 Cr tax contingency.

Rajnandini Metal Announces Trading Window Closure from July 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Jun 2026, 02:10 PM

Rajnandini Metal Limited has announced the closure of its trading window for all insiders, including promoters and key managerial personnel, starting July 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially declared to the exchanges. This is a procedural filing and does not indicate any change in business fundamentals.

Trading window closure commences on July 1, 2026.
Restriction applies to all Board Members, Promoters, and Designated/Specified Connected persons.
Window to reopen 48 hours after the declaration of financial results for the quarter ending June 30, 2026.
Filing is pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 Investors should watch for the announcement of the specific date for the Board Meeting where Q1 FY27 results will be approved.

Rajnandini Metal Reports FY25 Loss; Faces ₹290.70 Cr GST Demand and Auditor Qualification

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 25 Jun 2026, 08:18 PM

Rajnandini Metal Limited (RAJMET) reported a significant downturn in its FY25 performance, swinging to a net loss of ₹2.17 crore from a profit of ₹15.24 crore in the previous year. Revenue from operations declined by 14% to ₹1,033.58 crore. Most critically, the statutory auditors have issued a qualified opinion due to a massive GST demand of ₹290.70 crore and an Income Tax demand of ₹16.98 crore following searches by authorities. The company is currently contesting these demands, which represent a major contingent liability risk.

Reported a net loss of ₹2.17 crore for FY25 against a profit of ₹15.24 crore in FY24.
Revenue from operations fell to ₹1,033.58 crore in FY25 from ₹1,202.43 crore in the previous year.
Auditors issued a qualified opinion regarding a ₹290.70 crore GST demand for alleged ineligible input credit.
Income Tax authorities raised an additional demand of ₹16.98 crore following a search operation.
Company clarified it operates in a single reportable segment: manufacturing and supplying copper wires.

💡 Investors should exercise extreme caution as the total tax demands (over ₹307 crore) significantly exceed the company's current earnings and net worth. The shift to a loss and the auditor's qualification are major red flags that warrant a review of the investment's risk profile.

Rajnandini Metal Seeks Approval for CMD Appointment and Director Re-appointments

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 16 Jun 2026, 06:22 PM

Rajnandini Metal Limited has issued a postal ballot notice to seek shareholder approval for the appointment of Ashok Kalra as Chairman and Managing Director for a three-year term starting February 27, 2026, with a monthly basic salary of ₹4,00,000. The company also proposes the re-appointment of two Independent Directors, Sanjeev Chhaudha and Arun Sharma, for second five-year terms to ensure board continuity. The remote e-voting period for these resolutions is scheduled from June 17, 2026, to July 16, 2026. Results of the ballot will be declared on July 17, 2026.

Proposed appointment of Ashok Kalra as CMD for 3 years (2026-2029) at a monthly salary of ₹4 lakh plus perks.
Re-appointment of Sanjeev Chhaudha as Independent Director for a second 5-year term effective November 2025.
Re-appointment of Arun Sharma as Independent Director for a second 5-year term effective March 2026.
Shareholder e-voting period set for June 17 to July 16, 2026, with a cut-off date of June 12, 2026.

💡 Investors should monitor the voting results to ensure leadership stability and may participate in the e-voting process if they hold shares as of the cut-off date.

Rajnandini Metal Appoints Pradeep Kumar Verma as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 08 Jun 2026, 05:40 PM

Rajnandini Metal Limited has announced the appointment of Mr. Pradeep Kumar Verma as an Additional Non-Executive Independent Director effective June 08, 2026. The appointment is for a fixed term of five years, concluding on June 07, 2031, pending shareholder approval. Mr. Verma is a qualified Company Secretary and LLB with four years of experience in legal and secretarial compliance. This appointment is intended to strengthen the company's corporate governance and regulatory oversight.

Appointment of Mr. Pradeep Kumar Verma as Additional Non-Executive Independent Director for a 5-year term.
The appointee holds M.Com, LLB, and is an Associate Member of the Institute of Company Secretaries of India (ICSI).
Mr. Verma brings 4 years of specialized experience in legal matters and secretarial compliance for listed companies.
The board confirmed the appointee is not debarred by SEBI or any other regulatory authority.

💡 This is a routine management update to strengthen the board's compliance expertise; no immediate action is required from investors.

Rajnandini Metal Reports FY26 Revenue Drop to ₹263.3 Cr; Faces ₹290.7 Cr GST Demand

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 20 May 2026, 07:38 PM

Rajnandini Metal Limited reported its audited financial results for the year ended March 31, 2026, showing a massive drop in total income to ₹26,474 lakhs (₹264.74 crore) from ₹1,04,191 lakhs (₹1,041.91 crore) in FY25. The company posted a net loss of ₹32 lakhs for FY26, compared to a net loss of ₹217 lakhs in the previous fiscal year. Crucially, the statutory auditors have issued a qualified opinion due to a massive outstanding demand from GST authorities totaling ₹290.70 crore (including interest and penalty) regarding alleged ineligible input tax credit, alongside an Income Tax demand of ₹10.68 crore.

Annual Revenue from operations plummeted by 74.5% to ₹26,333 lakhs in FY26 from ₹1,03,358 lakhs in FY25.
Quarterly revenue for Q4FY26 stood at ₹5,645 lakhs, down significantly from ₹20,853 lakhs in Q4FY25.
The company reported a net loss of ₹32 lakhs for the full year FY26, though Q4FY26 showed a profit of ₹113 lakhs.
Auditors issued a Qualified Opinion highlighting a ₹290.70 crore GST demand (₹96.14 cr principal, ₹98.42 cr interest, ₹96.14 cr penalty) and a ₹10.68 crore Income Tax demand.
The Board approved the postal ballot for the re-appointment of Mr. Ashok Kalra as Chairman and Managing Director.

💡 Investors should exercise extreme caution as the total tax demands (₹301.38 crore) vastly exceed the company's annual revenue and net worth, posing a severe threat to business continuity. It is advisable to avoid or exit the stock until there is absolute legal clarity on these massive tax liabilities.

Rajnandini Metal Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Mar 2026, 04:23 PM

Rajnandini Metal Limited has informed the National Stock Exchange that its trading window will be closed starting April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter and year ending March 31, 2026. The restriction applies to all designated persons, including promoters and key managerial personnel. The window will reopen 48 hours after the official declaration of the financial results.

Trading window closure effective from April 1, 2026
Closure pertains to financial results for the quarter and year ended March 31, 2026
Restriction applies to Board Members, Promoters, and Key Managerial Personnel
Window to remain closed until 48 hours post-result declaration

💡 This is a routine regulatory filing and requires no immediate action from retail investors. Investors should await the announcement of the specific date for the Q4 and FY2026 earnings release.

Rajnandini Metal Appoints Ashok Kalra as CMD for 3 Years; Sanjay Choudhary Resigns

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 27 Feb 2026, 05:05 PM

Rajnandini Metal Limited has announced a significant leadership transition with the resignation of Mr. Sanjay Choudhary from the post of Chairman & Managing Director effective February 27, 2026. To fill the vacancy, the Board has appointed Mr. Ashok Kalra as the new CMD for a three-year term ending February 26, 2029. The company will seek shareholder approval for this appointment and the re-appointment of two independent directors via a postal ballot. Mr. Kalra is an internal promotion, currently serving as an Executive Director with extensive experience in the metal industry.

Resignation of Mr. Sanjay Choudhary as Chairman & Managing Director effective February 27, 2026.
Appointment of Mr. Ashok Kalra as CMD for a 3-year term from February 27, 2026, to February 26, 2029.
Shareholder approval to be sought via Postal Ballot for the new CMD and two Independent Directors.
Mr. Ashok Kalra is an internal candidate with BBA and MSC qualifications and rich experience in metals.

💡 Investors should monitor the transition to ensure business continuity and check for any shifts in strategic direction under the new leadership. As this is an internal promotion, the impact on daily operations is expected to be minimal.

Rajnandini Metal Deposits ₹2.89 Lakh Fine for Delayed SEBI Board Compliance

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 12 Feb 2026, 12:01 PM

Rajnandini Metal Limited has deposited a fine of ₹2.89 lakh (including GST) imposed by the NSE for a 49-day delay in complying with SEBI Regulation 17(1) regarding board composition. The non-compliance was triggered by the sudden resignation of Director Mr. Het Ram due to health issues, which the company struggled to fill promptly due to financial constraints. While the company has now appointed Mr. Sanjay Choudhary to restore compliance, it has also filed a waiver request citing significant losses incurred during FY 2024-25. The Board has assured the exchange that such lapses will not recur in the future.

NSE imposed a total fine of ₹2,89,100 for 49 days of non-compliance with board composition regulations.
Compliance was restored following the appointment of Mr. Sanjay Choudhary as Director effective August 19, 2025.
Company cited significant financial losses in FY 2024-25 and high remuneration expectations of candidates as reasons for the delay.
A non-refundable processing fee of ₹11,800 has been paid to the exchange for a fine waiver application.
The Board confirmed the fine has been deposited while awaiting a response on the waiver request.

💡 While the regulatory fine is immaterial in size, investors should monitor the company's financial health given its admission of significant losses and financial strain in FY 2024-25. Ensure the board remains fully compliant in future filings to avoid further exchange penalties.

Rajnandini Metal Q3 Profit at ₹51 Lakhs; Auditor Flags ₹290 Cr GST Demand

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 11 Feb 2026, 04:29 PM

Rajnandini Metal reported a net profit of ₹51 Lakhs for Q3 FY26, up from ₹9 Lakhs YoY, despite a massive 73% drop in revenue to ₹61.84 Crores. The results are overshadowed by a qualified audit opinion regarding a ₹290.70 Crore GST demand for alleged ineligible input tax credit. For the nine-month period ending December 2025, the company has swung to a net loss of ₹1.45 Crores compared to a profit of ₹2.37 Crores in the previous year. Management is contesting the tax demand and has not made any financial provisions for it.

Revenue from operations fell sharply to ₹6,184 Lakhs in Q3 FY26 from ₹23,272 Lakhs in Q3 FY25.
Auditors issued a qualified opinion due to an unresolved GST demand of ₹290.70 Crores including interest and penalties.
Net loss for the nine-month period stands at ₹145 Lakhs vs a profit of ₹237 Lakhs YoY.
Exceptional item of ₹4.49 Lakhs recognized during the quarter for New Labour Code liabilities.
Total comprehensive income for Q3 FY26 was ₹53 Lakhs, aided by lower material costs compared to the previous quarter.

💡 Investors should be extremely cautious as the ₹290.70 Crore GST demand is significantly higher than the company's annual revenue and net worth. The qualified audit report and the sharp decline in nine-month profitability suggest high financial and regulatory risk.

View All RAJMET Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations for FY25 was INR 1,033.58 Cr, representing a 14.75% YoY decline from INR 1,212.43 Cr in FY24. The company operates in trading (scrap) and manufacturing (copper rods/wires), with manufacturing starting in November 2019.

Profitability Margins

The company reported a net loss of INR 2.17 Cr in FY25 compared to a profit of INR 15.24 Cr in FY24. Net profit margin for FY25 was approximately -0.21%.

EBITDA Margin

PBILDT margin declined significantly to 0.32% in FY25 from 1.77% in FY24. Q1 FY26 PBILDT margin was reported at 0.81%.

Capital Expenditure

Not disclosed in absolute INR Cr for the current period; however, the company established its manufacturing unit in November 2019.

Credit Rating & Borrowing

The company's credit profile is impacted by a qualified audit report. Overall gearing was 0.78x as of March 31, 2025, compared to 1.77x as of March 31, 2024. Interest coverage ratio weakened to 0.25x in FY25 from 1.89x in FY24.

⚙️ Operational Drivers

Raw Materials

Copper scrap is the primary raw material, accounting for approximately 90% of the total raw material cost.

Capacity Expansion

The manufacturing unit was started in November 2019; specific installed capacity in MT or units is not disclosed.

Raw Material Costs

Cost of materials consumed in FY25 was INR 1,033.71 Cr, representing 100% of revenue from operations, down from INR 1,157.86 Cr in FY24.

📈 Strategic Growth

Growth Strategy

The company aims to achieve growth through human resource empowerment, leadership mentoring, and skill upgradation in Sales, Finance, and Purchase functions. It leverages repeat business from key customers like Kei Industries Ltd. and Svarn Infratel Private Limited.

Products & Services

Copper rods, copper wires, cables, and metal scrap (copper wires, ingot scrap, and other ferrous/non-ferrous metals).

Brand Portfolio

Rajnandini Metal Limited (RAJMET).

🌍 External Factors

Industry Trends

The industry is evolving with rapid changes in the winding wire segment. The company is positioned as a manufacturer of copper rods and wires, transitioning from a pure trading model since 2019.

Competitive Landscape

The company competes in the non-ferrous metals and copper industry; specific competitor names are not listed.

Competitive Moat

The company's moat is based on established relationships with suppliers and key customers like Kei Industries, though this is challenged by low profitability margins (0.32% PBILDT).

Macro Economic Sensitivity

The business is sensitive to changes in legal, fiscal, and regulatory regimes in India, which can affect competitiveness and performance.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to GST regulations and Income Tax search/seizure protocols. The company is currently under investigation by GST authorities regarding ineligible input credit.

Taxation Policy Impact

The company is contesting an Income Tax demand of INR 16.98 Cr. Current tax provision for FY25 was INR 0.18 Cr.

Legal Contingencies

Pending GST demand of INR 290.70 Cr (including penalty and interest) and Income Tax demand of INR 16.98 Cr. Enforcement Directorate (ED) has issued summons to promoters regarding financial transactions with a company under investigation.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the potential liability of INR 307.68 Cr from tax authorities, which significantly exceeds the company's net worth and annual revenue.