RAJINDLTD - Rajputana

📊 NSE: RAJINDLTD 🏢 Mining / Minerals / Metals 📅 Last Updated: 12/14/2025 11:32

💰 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).