Rajesh Exports Limited (RAJESHEXPO) AI Stock Analysis

• Market Cap: ₹27.89B
• Dividend Yield: N/A
• Average Volume (3M): 38.59K
• Price to Earnings (P/E): 19.0
• Beta (1Y): 1.55
• Revenue Growth: 112.02%
• EPS Growth: 244.77%
• Country: IN
• Employees: 111
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Luxury Goods
• EPS (TTM): 2.42
• Shares Outstanding: 295,259,980
• 10 Day Avg. Volume: 25,020
• 30 Day Avg. Volume: 38,586
• PEG Ratio: -0.84
• Price to Book (P/B): 0.37
• Price to Sales (P/S): 0.01
• P/FCF Ratio: 0.74
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: ₹95.00 ▼(-53.42% Downside)
• Action: Reiterated Date: 03/21/26
• Date: Action: Reiterated 03/21/26

The score is anchored by a solid balance sheet and strong recent revenue growth, but is held back by extremely low profit margins and cash-flow volatility. Technicals are a major drag due to a strong downtrend across moving averages and negative momentum, while valuation appears broadly neutral based on the P/E and lack of dividend data.

Positive Factors

Vertical integration across the gold value chain

Rajesh Exports' integrated model — refining bullion through to finished jewellery and exports — creates durable control over sourcing, manufacturing and distribution. This lowers reliance on third parties, supports consistent volume flows, and provides structural cost and quality advantages across cycles.

Strong recent revenue growth

A 34.16% revenue increase signals expanding sales and market traction in both domestic and export channels. Sustained top-line growth over multiple quarters supports capacity utilization, bargaining power with suppliers, and the potential to leverage scale into improved margins and product mix over the medium term.

Conservative leverage and solid equity base

A debt-to-equity of 0.06 and a 53.38% equity ratio provide financial flexibility to fund working capital, capex or acquisitions without heavy refinancing risk. This conservative capital structure makes the business more resilient to commodity price swings and cyclical demand downturns over the coming months.

Negative Factors

Extremely low profitability margins

Net margin at 0.02% and gross margin at 0.12% indicate the business converts almost no sales into profit. Such compressed margins leave little buffer against input-cost inflation, pricing pressure, or operational hiccups, constraining retained earnings and the ability to sustainably improve ROE or fund growth internally.

Volatile cash flows and conversion risk

Free cash flow improved from a negative base but conversion is moderate (OCF/net income 0.58) and historically volatile. Cash swing risk, likely linked to inventory and bullion working capital, can stress liquidity in downturns and limit consistent reinvestment or debt servicing over the medium term.

Low returns on shareholder equity

ROE of 0.60% shows the company generates minimal return on capital despite scale and revenue growth. Persistently low ROE signals inefficiencies or low margin structure that will challenge capital allocation, investor returns and the firm’s ability to finance growth without diluting equity or increasing leverage.

Rajesh Exports Limited Business Overview & Revenue Model

Company Description

Rajesh Exports Limited, a gold refiner, manufactures, wholesales, and retails gold and diamond jewelry, and various gold products in India. It operates retail showrooms under the SHUBH Jewellers brand name. The company also exports its products. Rajesh Exports Limited was incorporated in 1989 and is headquartered in Bengaluru, India.

How the Company Makes Money

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Rajesh Exports Limited Financial Statement Overview

Summary

Strong revenue growth (34.16%) and a conservative balance sheet (debt-to-equity 0.06; equity ratio 53.38%) support the score, but extremely weak profitability (net margin 0.02%; gross margin 0.12%) and historically volatile cash flows limit overall financial quality.

Income Statement

Rajesh Exports Limited has shown a significant revenue growth rate of 34.16% in the most recent year, indicating strong sales performance. However, the company struggles with low profitability margins, with a net profit margin of only 0.02% and a gross profit margin of 0.12%. This suggests high costs relative to revenue, which could be a concern for long-term profitability.

Balance Sheet

The company maintains a healthy balance sheet with a low debt-to-equity ratio of 0.06, indicating conservative leverage. The return on equity is modest at 0.60%, reflecting limited profitability on shareholder investments. The equity ratio stands at 53.38%, suggesting a strong equity base relative to total assets.

Cash Flow

Rajesh Exports Limited has demonstrated robust free cash flow growth, albeit from a negative base, indicating improved cash generation capabilities. The operating cash flow to net income ratio is 0.58, showing moderate cash conversion efficiency. However, historical volatility in cash flows may pose risks to financial stability.

Breakdown	TTM	Jun 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	6.03T	4.23T	2.81T	3.40T	2.43T	2.58T
Gross Profit	5.99B	5.05B	6.45B	20.62B	15.95B	15.31B
EBITDA	3.68B	2.85B	5.70B	16.60B	12.08B	11.26B
Net Income	1.32B	948.70M	3.36B	14.32B	10.09B	8.45B
Balance Sheet
Total Assets	373.69B	293.72B	220.72B	228.75B	239.16B	234.73B
Cash, Cash Equivalents and Short-Term Investments	28.64B	23.97B	22.67B	20.90B	18.04B	20.48B
Total Debt	8.79B	9.23B	6.55B	7.23B	8.15B	10.21B
Total Liabilities	206.39B	135.44B	68.25B	81.51B	114.70B	122.51B
Stockholders Equity	165.83B	156.81B	152.47B	147.24B	124.46B	112.21B
Cash Flow
Free Cash Flow	7.09B	77.38B	2.48B	-2.59B	-920.29M	-102.78B
Operating Cash Flow	8.75B	77.38B	3.16B	4.63B	-43.81M	-102.52B
Investing Cash Flow	-6.21B	-85.61B	-1.18B	-8.49B	-1.58B	741.26M
Financing Cash Flow	-1.00B	1.88B	-2.08B	-1.86B	-3.26B	-4.29B

Rajesh Exports Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 203.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RAJESHEXPO, the sentiment is Negative. The current price of 203.95 is above the 20-day moving average (MA) of 125.06, above the 50-day MA of 151.86, and above the 200-day MA of 180.85, indicating a bearish trend. The MACD of -17.40 indicates Positive momentum. The RSI at 17.96 is Positive, neither overbought nor oversold. The STOCH value of 5.41 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:RAJESHEXPO.

Rajesh Exports Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TBZ	66 Neutral	₹8.60B	3.41	―	1.38%	14.86%	48.09%
THANGAMAYL	66 Neutral	₹103.41B	23.90	―	0.37%	35.04%	80.12%
SENCO	66 Neutral	₹48.39B	4.93	―	0.31%	20.18%	16.17%
PCJEWELLER	62 Neutral	₹65.65B	9.16	―	―	190.41%	2939.51%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
RAJESHEXPO	52 Neutral	₹27.89B	18.97	―	―	112.02%	244.77%
GOENKA	41 Neutral	₹266.28M	-23.75	―	―	―	―

Rajesh Exports Limited Corporate Events

Rajesh Exports Files Share Capital Reconciliation for June 2025 Quarter

Rajesh Exports Limited has submitted its Reconciliation of Share Capital Audit Report for the quarter ended June 30, 2025 to the National Stock Exchange of India and the Bombay Stock Exchange in compliance with Regulation 76 of the SEBI (Depository & Participants) Regulations, 2018. The filing confirms that all 29,52,59,959 issued equity shares of the company are fully listed on both exchanges and held in dematerialised form, with approximately 89.94% in NSDL and 10.06% in CDSL, underscoring full alignment between issued, listed and demat capital and reinforcing transparency and regulatory compliance for shareholders.

Rajesh Exports Files Share Capital Reconciliation Report for September 2025 Quarter

Rajesh Exports Limited has submitted its Reconciliation of Share Capital Audit Report for the quarter ended 30 September 2025 to the National Stock Exchange of India and the Bombay Stock Exchange, in compliance with Regulation 76 of the SEBI (Depository & Participants) Regulations 2018. The filing confirms that the company’s entire issued equity capital of 29,52,59,959 shares is fully listed on both exchanges and predominantly held in dematerialised form, underscoring regulatory compliance and providing transparency and assurance to shareholders and market participants about the integrity and structure of its share capital.

Rajesh Exports Submits Pending Shareholding Patterns to NSE and BSE

Rajesh Exports Limited has notified the National Stock Exchange of India that it has submitted its previously pending shareholding pattern disclosures for the quarters ended June 2025 and September 2025 to both NSE and BSE. The clarification responds to an NSE communication citing non-submission for two consecutive quarters, indicating that the company is addressing its regulatory compliance gap in disclosure requirements to the stock exchanges.

Rajesh Exports Clears FY25 Accounts, Confirms Board Reappointments at 31st AGM

Rajesh Exports Limited announced that it successfully conducted its 31st Annual General Meeting on 30 December 2025 via video conferencing, in compliance with SEBI’s listing obligations and disclosure requirements. Shareholders approved the adoption of the consolidated and standalone financial statements for the year ended 31 March 2025, along with the directors’ and auditors’ reports, and endorsed the re-appointment of executive director Rajesh Mehta and independent director Asha Mehta, reinforcing continuity in the company’s leadership and governance. A scrutinizer was appointed to oversee the remote e-voting and e-voting at the meeting, with results to be published on the company’s website and shared with stock exchanges, underscoring Rajesh Exports’ adherence to regulatory norms and transparent shareholder processes.

Exchange Seeks Clarification From Rajesh Exports on Surge in Trading Volumes

Trading in Rajesh Exports Limited shares has seen a significant spike in volumes, prompting the stock exchange to seek clarification from the company. The bourse has requested updated, relevant information to safeguard investor interests and ensure an informed marketplace, and the market is currently awaiting the company’s response, leaving the cause of the unusual activity unclear for now.