Rajesh Exports reports 99% sales fall in September quarter

Rajesh Exports Limited reported standalone net sales of Rs 48.538 crore for the quarter ended September 30, 2026, down 98.6% from Rs 3,365.433 crore a year earlier, while net profit fell 43.9% to Rs 10.127 crore. The board approved the unaudited results on November 14, 2026.

How did Rajesh Exports’ sales and profit change?

Rajesh Exports’ September-quarter sales contraction was substantially larger than its decline in profit. Net sales fell by Rs 3,316.895 crore from the quarter ended September 30, 2025, while net profit after tax decreased by Rs 7.937 crore. Total income from operations, including other income, declined to Rs 57.206 crore from Rs 3,374.903 crore.

The filing also shows a substantial sequential reduction from the preceding quarter ended June 30, 2026. Net sales declined from Rs 1,317.889 crore in June to Rs 48.538 crore in September, a reduction of Rs 1,269.351 crore, while net profit declined from Rs 12.409 crore to Rs 10.127 crore.

Rajesh Exports reported basic and diluted earnings per share of Rs 0.34 for the September 2026 quarter, compared with Rs 0.42 in the June 2026 quarter and Rs 0.61 in the September 2025 quarter. Paid-up equity share capital was unchanged at Rs 29.526 crore in all three quarterly columns, with a face value of Re 1 per share.

Why did Rajesh Exports’ profit decline less than sales?

Rajesh Exports reported a reduction in cost of materials consumed that broadly tracked the decline in sales. Material cost fell to Rs 45.359 crore in the September 2026 quarter from Rs 3,358.877 crore a year earlier, a decrease of Rs 3,313.518 crore against the Rs 3,316.895 crore reduction in net sales.

Inventory movement also affected the reported expense base. Changes in inventories of finished goods, work in progress and stock in trade were negative Rs 19.930 crore in the September 2026 quarter, compared with negative Rs 44.534 crore in the year-earlier period and negative Rs 4.999 crore in the June 2026 quarter.

Several other line items moved differently from revenue. Other income was Rs 3.668 crore, down from Rs 9.470 crore a year earlier and Rs 9.861 crore sequentially, while other expenses rose to Rs 14.377 crore from Rs 1.280 crore in the September 2025 quarter. Employee benefits expense was Rs 0.537 crore, compared with Rs 0.559 crore a year earlier.

Finance costs fell to Rs 1.519 crore in the September 2026 quarter from Rs 36.533 crore in the corresponding quarter of 2025. Profit before tax declined to Rs 12.178 crore from Rs 22.043 crore, and tax expense declined to Rs 2.051 crore from Rs 3.975 crore, resulting in net profit of Rs 10.127 crore.

What does Rajesh Exports’ half-year performance show?

Rajesh Exports reported net sales of Rs 1,366.427 crore for the half year ended September 30, 2026, down from Rs 4,791.987 crore in the half year ended September 30, 2025. Total income from operations decreased to Rs 1,384.956 crore from Rs 4,510.543 crore over the same comparison.

Half-year net profit after tax decreased to Rs 22.536 crore from Rs 35.710 crore, while profit before tax declined to Rs 27.152 crore from Rs 43.549 crore. The Rs 13.174 crore decline in first-half profit was smaller than the Rs 3,425.560 crore fall in first-half net sales.

Cost of materials consumed in the first half was Rs 1,564.028 crore, compared with Rs 4,731.157 crore a year earlier. Finance costs fell to Rs 2.712 crore from Rs 74.045 crore, while other expenses increased to Rs 14.624 crore from Rs 1.849 crore.

Rajesh Exports said it deals in one product, gold products, and therefore did not furnish segment-wise figures. The September 2026 filing covers standalone results, meaning it does not present consolidated figures for the quarter ended September 30, 2026.

Were Rajesh Exports’ results subject to review?

Rajesh Exports’ unaudited standalone quarterly and year-to-date results were reviewed by the audit committee and approved by the board on November 14, 2026. The company said its board meeting began at 8 pm and concluded at 10.30 pm on that date.

B S D & Co. conducted a limited review of the standalone results for the quarter ended September 30, 2026 and the period from April 1, 2026 to September 30, 2026. The auditor said nothing had come to its attention that caused it to believe the statement had not disclosed the required information or contained a material misstatement.

The review was conducted under Standard on Review Engagements 2410, which the auditor said provides moderate assurance and is more limited in scope than an audit. Rajesh Exports separately stated on November 14, 2026 that the limited-review report contained no modified opinion.

Conclusion

Rajesh Exports’ September 2026 results show that reported quarterly sales fell by Rs 3,316.895 crore year on year, while net profit fell by Rs 7.937 crore. The difference reflected reported movements in material costs, inventory changes, finance costs, other income and other expenses within the company’s single gold-products business.

The filing discloses no sales target, recovery plan or next reporting date beyond the September 30, 2026 results approved on November 14, 2026. The unresolved issue is whether the sequential fall from Rs 1,317.889 crore of June-quarter sales to Rs 48.538 crore in September continues in a subsequent filing.