RAJESHEXPO
Rajesh Exports share price & financials
- Price
- ₹85.97
- Market cap
- ₹2.3k Cr
- Sector
- Consumer Durables
What Rajesh Exports Limited does
Rajesh Exports Limited is an integrated gold business covering the full value chain from refining through retail. It owns Valcambi, one of the world's largest gold refineries (Balerna, Switzerland), alongside a refinery in Uttarakhand, India, converting gold dore bars sourced from global mining companies into bullion bars supplied to bullion and central banks worldwide. Its manufacturing units in Bangalore and Cochin (India) and Dubai (UAE) produce gold jewellery and bullion products that are exported to markets globally and sold on a wholesale basis to jewellery showrooms across India and the Middle East. It also sells directly to consumers through its own retail chain, Shubh Jewellers.
Segments
- Bullion
- Export & Wholesale
- Retail
- Refining capacity
- 2,400 tonnes of precious metal per annum, across refineries in Balerna, Switzerland (Valcambi) and Uttarakhand, India
- Manufacturing capacity
- 350 tonnes of gold jewellery and gold products per annum, across facilities in Bangalore and Cochin (India) and Dubai (UAE)
- Retail showrooms
- 81 own-brand Shubh Jewellers showrooms across Karnataka, India
- Wholesale distribution network
- Supplies gold jewellery to more than 5,000 showrooms across India and the Middle East
- Design portfolio
- Over 1 million proprietary jewellery designs developed in-house
- R&D centres
- Design and refining R&D units located in Bangalore, India and Balerna, Switzerland
Quarterly results
Q1 FY27: revenue down 7.6%, net profit down 33.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,762 | 2,619 | 1,915 | 1,427 | 3,365 +91% | 1,956 −25% | 2,441 +27% | 1,318 −8% |
| EBITDA | 46 | 27 | -8 | 50 | 49 +7% | 45 +67% | -57 −612% | 6 −88% |
| Net profit | 20 | 7 | -16 | 18 | 18 −10% | 13 +86% | -17 −6% | 12 −33% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −60.9% 1Y
1Y: ₹200 on 10 Sept 2025 → ₹78.3. High ₹230.67 (22 Dec 2025), low ₹75.71 (1 Sept 2026).
Financials, as filed
Revenue fell 65.6% a year over 3 years, FY23 to FY26. Operating margin held at 0.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹225.7k Cr | ₹5.4k Cr | ₹7.0k Cr | ₹9.2k Cr |
| Operating profit | ₹1.1k Cr | ₹-105 Cr | ₹104 Cr | ₹87 Cr |
| Operating margin | 0.5% | -1.9% | 1.5% | 0.9% |
| Interest | ₹10 Cr | ₹42 Cr | ₹132 Cr | ₹152 Cr |
| Depreciation | ₹74 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹965 Cr | ₹18 Cr | ₹25 Cr | ₹32 Cr |
| Net margin | 0.4% | 0.3% | 0.4% | 0.3% |
| Cash from operations | ₹42 Cr | ₹131 Cr | ₹-9 Cr | ₹165 Cr |
| Free cash flow | ₹42 Cr | ₹131 Cr | ₹-9 Cr | ₹160 Cr |
| ROCE | 2.0% | 3.0% | 3.0% | 3.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹30 Cr | ₹30 Cr | ₹30 Cr | ₹30 Cr | ₹30 Cr | ₹30 Cr |
| Reserves | ₹5.0k Cr | ₹5.0k Cr | ₹5.0k Cr | ₹15.5k Cr | ₹16.6k Cr | ₹5.1k Cr |
| Borrowings | ₹702 Cr | ₹626 Cr | ₹624 Cr | ₹736 Cr | ₹879 Cr | ₹1.0k Cr |
| Other liabilities | ₹3.6k Cr | ₹3.9k Cr | ₹2.9k Cr | ₹6.9k Cr | ₹19.9k Cr | ₹1.5k Cr |
| Total liabilities | ₹9.3k Cr | ₹9.6k Cr | ₹8.6k Cr | ₹23.2k Cr | ₹37.4k Cr | ₹7.6k Cr |
| Fixed assets | ₹62 Cr | ₹60 Cr | ₹59 Cr | ₹2.1k Cr | ₹1.5k Cr | ₹62 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹10 Cr | ₹21 Cr | ₹0 Cr |
| Investments | ₹2.5k Cr | ₹2.6k Cr | ₹2.6k Cr | ₹1.3k Cr | ₹11.2k Cr | ₹2.8k Cr |
| Other assets | ₹6.7k Cr | ₹6.9k Cr | ₹5.9k Cr | ₹19.7k Cr | ₹24.6k Cr | ₹4.7k Cr |
| Total assets | ₹9.3k Cr | ₹9.6k Cr | ₹8.6k Cr | ₹23.2k Cr | ₹37.4k Cr | ₹7.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +2.46 pp while FIIs trimmed −2.33 pp. The shareholder count shrank 6% to 2,01,013.
- Promoters
- 54.5%
- FIIs
- 12.6%
- DIIs
- 10.8%
- Public
- 22.0%
Since Jun 2025
- Public +2.46 pp
- FIIs −2.33 pp
- DIIs −0.12 pp
How it drifted, 12 quarters
Over this window FIIs fell from 16.5% to 12.6% — −3.9 pp.
Ownership split by quarter, oldest first. Jun '23: Promoters 54.0%, FIIs 16.5%, DIIs 11.2%, Public 18.3%.Sep '23: Promoters 54.0%, FIIs 15.4%, DIIs 11.1%, Public 19.5%.Dec '23: Promoters 54.5%, FIIs 15.8%, DIIs 11.1%, Public 18.6%.Mar '24: Promoters 54.5%, FIIs 15.1%, DIIs 11.1%, Public 19.3%.Jun '24: Promoters 54.5%, FIIs 14.7%, DIIs 11.1%, Public 19.6%.Sep '24: Promoters 54.5%, FIIs 14.8%, DIIs 11.1%, Public 19.5%.Dec '24: Promoters 54.5%, FIIs 14.7%, DIIs 11.1%, Public 19.6%.Mar '25: Promoters 54.5%, FIIs 15.2%, DIIs 11.0%, Public 19.3%.Jun '25: Promoters 54.5%, FIIs 14.9%, DIIs 10.9%, Public 19.6%.Sep '25: Promoters 54.5%, FIIs 15.3%, DIIs 11.0%, Public 19.2%.Mar '26: Promoters 54.5%, FIIs 14.3%, DIIs 10.8%, Public 20.4%.Jun '26: Promoters 54.5%, FIIs 12.6%, DIIs 10.8%, Public 22.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Tamanna Dhakan newly disclosed 4.81% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Rajesh Exports Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rajesh Jasvantrai Mehta | 41.25% | unchanged |
| Prashant Jasvantrai Mehta | 12.59% | unchanged |
| Life Insurance Corporation Of India Insurer | 10.80% | unchanged |
| Bridge India Fund FPI fund | 8.46% | unchanged |
| Tamanna Dhakan | 4.81% | newly disclosed |
| Schwab Fundamental Emerging Markets Equity ETF Global fund house | 2.70% | unchanged |
| Manisha P Mehta | 0.20% | unchanged |
| Leena Rajesh Mehta | 0.20% | unchanged |
| Jasvantrai F Mehta | 0.15% | unchanged |
| Chandrika J Mehta | 0.15% | unchanged |
| Mahesh Jasvantrai Mehta | 0.00% | unchanged |
| Alpa Maheshbhai Mehta | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Rajesh Exports Limited
Guides on how to read this kind of business and the numbers that matter.