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RAJESHEXPO - Rajesh Exports

📊 NSE: RAJESHEXPO 🏢 Diamond Cutting / Jewellery 📅 Last Updated: 12/14/2025 11:31

📢 Recent Corporate Announcements

Rajesh Exports Clarifies EPS Discrepancies in Q2 FY26 Financial Filings

🔵 WATCH ⭐ 4/10

REGULATORY 📅 06 Mar 2026, 03:09 PM

The National Stock Exchange (NSE) sought clarification from Rajesh Exports regarding discrepancies in its financial results for the quarter ended September 30, 2025. The exchange noted that the Earnings Per Share (EPS) figures in the XBRL filing did not match the PDF version for both standalone and consolidated results. In response, the company stated that a revised XBRL filing was submitted on February 13, 2026, to rectify the errors. This highlights a reporting lapse that required regulatory intervention to ensure data consistency.

NSE flagged discrepancies between XBRL and PDF filings for the quarter ended Sept 30, 2025
Specific errors were identified in the Standalone and Consolidated Earnings Per Share (EPS) data
Company confirmed the submission of a revised XBRL filing on February 13, 2026
Clarification was officially provided to the exchange on March 5, 2026, following the NSE query

💡 Investors should cross-verify the revised EPS figures in the latest XBRL filing against the PDF results to ensure accuracy. While likely a clerical error, repeated reporting discrepancies can indicate weaknesses in internal financial controls.

Rajesh Exports Reports Compliance with SEBI Insider Trading Regulations for Q4 FY25

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 18 Feb 2026, 06:01 PM

Rajesh Exports Limited has filed its compliance certificate for the Structured Digital Database (SDD) for the quarter ended March 31, 2025. This filing confirms the company's adherence to SEBI (Prohibition of Insider Trading) Regulations, which requires tracking Unpublished Price Sensitive Information (UPSI). The company reported that 1 UPSI event occurred during the quarter and was successfully captured in their internal database. The system is confirmed to be non-tamperable with an audit trail maintained for 8 years.

Confirmed compliance with Regulation 3(5) and 3(6) of SEBI (PIT) Regulations, 2015.
Successfully captured 1 UPSI event in the Structured Digital Database during the quarter.
The database is maintained internally and includes a non-tamperable audit trail.
The system has the capability to maintain records for a period of 8 years.
Reported zero instances of non-compliance for the specified period.

💡 This is a routine administrative filing confirming adherence to corporate governance and insider trading norms. No immediate action is required as it has no impact on the company's financial performance.

Rajesh Exports Files SDD Compliance Certificate for Quarter Ended March 31, 2025

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 18 Feb 2026, 05:59 PM

Rajesh Exports Limited has submitted its compliance certificate regarding the Structured Digital Database (SDD) for the quarter ended March 31, 2025. The company confirmed that it has maintained a non-tamperable internal database to track Unpublished Price Sensitive Information (UPSI) as per SEBI Insider Trading regulations. During the quarter, one specific event requiring UPSI tracking was identified and successfully recorded in the system. This filing is a routine regulatory requirement to ensure transparency and prevent insider trading.

Certified compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015 for the March 2025 quarter.
Maintained a non-tamperable Structured Digital Database (SDD) with an 8-year record-keeping capability.
Captured 1 event of Unpublished Price Sensitive Information (UPSI) during the specified quarter.
Reported zero instances of non-compliance regarding insider trading tracking systems.

💡 This is a routine regulatory disclosure confirming adherence to insider trading norms. No immediate action is required as it does not impact the company's financial fundamentals.

Rajesh Exports Reports SDD Compliance for Q4 FY25 with 1 Event Captured

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Feb 2026, 05:57 PM

Rajesh Exports Limited has submitted its compliance certificate for the Structured Digital Database (SDD) for the quarter ended March 31, 2025. The filing confirms adherence to SEBI (Prohibition of Insider Trading) Regulations, ensuring Unpublished Price Sensitive Information (UPSI) is tracked and stored for 8 years. The company reported that 1 event was required to be captured and was successfully recorded during the period. No non-compliances were observed, indicating standard regulatory adherence.

Confirmed compliance with Regulation 3(5) and 3(6) of SEBI PIT Regulations
Maintained a non-tamperable internal database with an audit trail for 8 years
Exactly 1 UPSI event was identified and captured during the March 2025 quarter
Zero non-compliance issues reported for the specified period

💡 No action is required as this is a standard procedural filing regarding insider trading controls. Investors should focus on upcoming financial results for material valuation triggers.

Rajesh Exports Submits SDD Compliance Certificate for Quarter Ended March 2025

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 18 Feb 2026, 05:54 PM

Rajesh Exports Limited has submitted its compliance certificate for the Structured Digital Database (SDD) for the quarter ended March 31, 2025. The company confirmed that it has a non-tamperable internal system in place to track Unpublished Price Sensitive Information (UPSI) as per SEBI regulations. During the reported quarter, the company identified and captured 1 specific event requiring UPSI tracking. No instances of non-compliance were reported, and the audit trail is maintained for the mandatory 8-year period.

Confirmed maintenance of a non-tamperable Structured Digital Database (SDD) as per SEBI PIT Regulations.
Captured 1 specific UPSI event during the quarter ended March 31, 2025.
Reported zero non-compliance issues or remedial actions for the period.
The database maintains an audit trail and has the capability to store records for 8 years.

💡 This is a routine regulatory filing confirming adherence to insider trading norms. No immediate action is required as this does not impact the company's fundamentals or financial performance.

Rajesh Exports Q3 FY26 Standalone Net Profit Rises 108% YoY to ₹135.25 Million

🔵 WATCH ⭐ 7/10

EARNINGS 📅 14 Feb 2026, 09:16 PM

Rajesh Exports reported a standalone net profit of ₹135.25 million for Q3 FY26, marking a 108% increase from ₹64.92 million in the same quarter last year. However, the company faced a significant revenue contraction, with total income falling 25.3% YoY to ₹19,651.64 million and 41.7% sequentially from Q2 FY26. For the nine-month period ending December 2025, net profit grew by 22.5% to reach ₹492.20 million. The results indicate improved margins despite a volatile and shrinking top-line performance during the quarter.

Standalone Net Profit surged 108.3% YoY to ₹135.25 million from ₹64.92 million.
Total Income for the quarter declined 25.3% YoY to ₹19,651.64 million.
Sequential (QoQ) revenue dropped sharply by 41.7% from ₹33,749.03 million in Q2 FY26.
9-month FY26 net profit improved to ₹492.20 million compared to ₹401.73 million in 9M FY25.
Basic and Diluted EPS for the quarter increased to ₹0.46 from ₹0.22 in the year-ago period.

💡 Investors should exercise caution and monitor the reasons behind the sharp sequential and year-on-year revenue decline despite the growth in net profit. The stock remains a 'Watch' until top-line stability is demonstrated in future quarters.

Rajesh Exports Q3 FY26 Net Profit Jumps 108% YoY to ₹136.6 Million

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 14 Feb 2026, 09:04 PM

Rajesh Exports Limited reported a standalone net profit of ₹136.63 million for the quarter ended December 31, 2025, marking a significant 108% increase from ₹65.57 million in the same period last year. However, total income from operations saw a sharp decline to ₹19,651.64 million, down from ₹26,321.55 million YoY and ₹33,749.03 million sequentially. The improved profitability despite lower revenue suggests better cost management or a shift toward higher-margin products. The auditor provided a clean review report with no modified opinions.

Net Profit for Q3 FY26 rose to ₹136.63 million compared to ₹65.57 million in Q3 FY25.
Total Income from operations decreased by 25.3% YoY to ₹19,651.64 million.
Sequential performance showed a 41.8% drop in revenue from ₹33,749.03 million in Q2 FY26.
Earnings Per Share (EPS) increased to ₹0.46 from ₹0.22 in the corresponding previous year quarter.
Cost of materials consumed decreased significantly to ₹19,415.81 million from ₹25,777.22 million YoY.

💡 Investors should weigh the strong bottom-line growth against the substantial decline in top-line revenue. It is important to monitor if the revenue contraction is a result of strategic downsizing of low-margin segments or a loss in market share.

Rajesh Exports Submits Delayed Share Capital Audit Report for June 2025 Quarter

🔵 WATCH ⭐ 4/10

REGULATORY 📅 22 Jan 2026, 06:19 PM

Rajesh Exports Limited has filed its Reconciliation of Share Capital Audit Report for the quarter ended June 30, 2025. The report confirms that the total issued and listed capital stands at 29,52,59,959 equity shares. Notably, this filing is being submitted in January 2026, representing a significant delay of over six months from the end of the reporting period. The audit confirms that 99.89% of the company's shares are held in dematerialized form across NSDL and CDSL.

Total issued and listed capital remains at 29,52,59,959 equity shares with a face value of Re. 1 each.
89.94% of shares (26,52,15,031) are held in NSDL, while 10.06% (2,96,97,096) are held in CDSL.
Only 0.11% of the total capital, amounting to 3,47,832 shares, remains in physical form.
The company reported zero pending demat requests beyond the stipulated 21-day period.
The report was signed and dated January 21, 2026, for the quarter that ended in June 2025.

💡 Investors should note the significant delay in this regulatory filing, which may indicate administrative inefficiencies or internal control lapses. While the share capital remains stable, consistent delays in compliance filings are a factor to monitor for corporate governance.

Rajesh Exports Submits Delayed Share Capital Audit Report for June 2025 Quarter

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 22 Jan 2026, 06:16 PM

Rajesh Exports Limited has filed its Reconciliation of Share Capital Audit Report for the quarter ended June 30, 2025, as per Regulation 76. The report confirms that the total issued and listed capital remains unchanged at 29,52,59,959 equity shares. Notably, the filing was submitted to the exchanges in January 2026, indicating a significant delay in regulatory compliance for the June 2025 period. The company maintains a high dematerialization rate with 99.89% of shares held in electronic form.

Total issued and listed capital stands at 29,52,59,959 equity shares with a face value of Re. 1 each.
99.89% of total shares are held in dematerialized form, with 89.94% in NSDL and 10.06% in CDSL.
Only 0.11% of the total capital, amounting to 3,47,832 shares, remains in physical form.
No changes in share capital occurred during the quarter, and no demat requests were pending beyond 21 days.
The report was signed by the Practising Company Secretary on January 21, 2026, for the quarter ended June 2025.

💡 This is a routine capital reconciliation filing; however, investors should be cautious regarding the significant delay in regulatory submissions which may indicate administrative or governance inefficiencies.

Rajesh Exports Submits Pending Shareholding Patterns for June and Sept 2025 Quarters

🔵 WATCH ⭐ 6/10

REGULATORY 📅 14 Jan 2026, 08:03 PM

Rajesh Exports Limited has filed its shareholding patterns for the quarters ending June 2025 and September 2025 after a delay. This submission follows a notice from the National Stock Exchange (NSE) regarding non-compliance for two consecutive quarters. While the company has now fulfilled this regulatory requirement, the initial lapse in timely reporting may raise concerns regarding internal administrative controls. Investors should monitor if this regularization prevents further exchange-level penalties or suspension risks.

Submission of pending shareholding patterns for two consecutive quarters: June 2025 and September 2025.
Filings made in response to NSE notice dated January 12, 2026, regarding non-submission.
Compliance restored with both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
The delay spanned approximately six months of reporting cycles before being addressed.

💡 Investors should remain cautious as consistent delays in regulatory filings can indicate governance or internal control issues. Review the newly submitted patterns to check for any significant changes in promoter or institutional holding.

Rajesh Exports Concludes 31st AGM; Approves FY25 Financials and Director Re-appointments

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 30 Dec 2025, 01:11 PM

Rajesh Exports Limited conducted its 31st Annual General Meeting on December 30, 2025, via video conferencing. Shareholders reviewed and adopted the standalone and consolidated financial statements for the fiscal year ended March 31, 2025. The meeting included the re-appointment of Mr. Rajesh Mehta as Executive Director and Ms. Asha Mehta as an Independent Director. Six shareholders participated as speakers, and the final voting results will be disclosed following the scrutinizer's report.

Adoption of Consolidated and Standalone Financial Statements for the fiscal year ended March 31, 2025.
Re-appointment of Mr. Rajesh Mehta (DIN: 00336457) as Executive Director.
Re-appointment of Ms. Asha Mehta (DIN: 08097944) as an Independent Director.
Six registered shareholders participated in the Q&A session during the meeting.
Mr. Deepak Sadhu appointed as Scrutinizer to validate the remote e-voting and meeting results.

💡 No immediate action is required as the AGM outcomes were routine. Investors should review the FY25 financial statements for operational insights once the full annual report is analyzed.

Rajesh Exports Responds to NSE Query Regarding Significant Trading Volume Spurt

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 22 Dec 2025, 08:02 PM

The National Stock Exchange of India (NSE) issued a surveillance query to Rajesh Exports Limited on December 22, 2025, following a significant increase in trading volume. In its formal response, the company stated it has no undisclosed information that would impact the stock's volume. Management attributed the spike purely to market conditions rather than any internal corporate developments. This exchange of information is part of the regulatory framework to ensure market transparency and safeguard investor interests.

NSE issued surveillance query Ref No. NSE/CM/Surveillance/16212 on December 22, 2025.
Company responded stating they have no knowledge of specific reasons for the volume spurt.
Management officially attributed the trading activity to general market conditions.
The clarification confirms no material information is currently being withheld from the market.

💡 Since the company has denied any undisclosed material events, investors should avoid speculative trading based on volume alone. Monitor for any subsequent disclosures or price action that might indicate institutional interest or fundamental shifts.

Rajesh Exports to Hold 31st AGM on Dec 30, 2025; Book Closure Starts Dec 24

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 18 Dec 2025, 06:35 PM

Rajesh Exports Limited has scheduled its 31st Annual General Meeting (AGM) for December 30, 2025, via video conferencing. The meeting will focus on the adoption of financial statements for the fiscal year ended March 31, 2025, and the re-appointment of key directors. The company has fixed December 23, 2025, as the cut-off date to determine shareholder eligibility for e-voting. Share transfer books will remain closed from December 24 to December 30, 2025, inclusive.

31st AGM scheduled for December 30, 2025, to adopt FY24-25 financial results.
Book closure period set from December 24, 2025, to December 30, 2025.
Cut-off date for e-voting eligibility is December 23, 2025.
Proposal to re-appoint Ms. Asha Mehta as an Independent Director for a five-year term.
Remote e-voting window opens on December 27 and closes on December 29, 2025.

💡 Investors should review the company's annual report and exercise their voting rights during the e-voting period ending December 29. This is a routine regulatory event and does not necessitate immediate changes to investment positions.

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💰 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.