Overview

Detailed Summary

Rajesh Exports Limited (REL) is the world's largest fully integrated gold company, from mining to retail branding under SHUBH Jewelers.
REL refines approximately 35% of global gold production, with a refining capacity of 2,400 tons per annum.
The company manufactures 400 tons of gold products annually, exporting them globally and supplying to bullion banks and central markets.
In 2015, REL acquired Valcambi SA, the world's largest gold refinery in Switzerland, for USD 400 million, expanding its refining capabilities.
Rajesh Exports consistently bags large export orders from international clients, marking a strong global footprint in the gold industry.

Sector: Consumer Durables
Industry: Gems, Jewellery And Watches
Market Cap: 2,581 Cr
Volatility: High Risk
P/E Ratio: 19.7
Industry P/E: 45.7
PEG Ratio: 0.1
P/B Ratio: 0.2
52W High: 239.00
52W Low: 80.11

Sales CAGR

1Y: 50.74%
3Y: 4.06%
5Y: -31.59%
10Y: -17.24%

Profit CAGR

1Y: -71.83%
3Y: 1.59%
5Y: -43.24%
10Y: -28.32%

ROE

TTM: 0.80%
3Y: 4.07%
5Y: 5.35%
10Y: 9.18%

ROCE

TTM: 1.83%
3Y: 5.00%
5Y: 6.39%
10Y: 11.98%

Technicals

Oscillators

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Consumer Discretionary Consumer Durables Consumer Durables Gems, Jewellery And Watches

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GOLDIAM		292.70	3,294 Cr	20.88	3.22	0.97	13.50	18.96	13.20
VAIBHAVGBL		188.00	3,143 Cr	15.18	2.17	0.79	12.66	14.59	9.76
KDDL		2200.00	2,711 Cr	32.63	2.59	0.23	8.85	15.05	4.98
TIMEXWATCH		259.85	2,623 Cr	50.16	21.98	0.00	46.98	49.53	17.05
RAJESHEXPO		87.99	2,581 Cr	19.68	0.16	0.00	0.80	1.83	0.45
DPABHUSHAN		1001.20	2,289 Cr	56.37	4.52	0.00	29.67	29.78	19.07
SHRINGARMS		180.00	1,698 Cr	21.00	2.78	0.00	13.00	14.37	11.41
Median: 7 Co.	—	259.85	2,623 Cr	21.00	2.78	0.00	13.00	15.05	11.41

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	38,066	65,477	91,445	60,356	66,924	96,630	1,99,190	1,31,542	1,75,212	2,35,098
Expenses	38,016	65,420	91,609	60,318	66,847	96,564	1,99,203	1,31,500	1,75,036	2,34,985
Operating Profit	50	56	-164	37	77	67	-14	42	176	114
OPM %	0.13	0.09	-0.18	0.06	0.11	0.07	-0.01	0.03	0.10	0.05
Other Income	14	12	204	21	22	21	54	9.46	12	11
Interest	0.00	45	43	30	32	33	37	38	39	46
Depreciation	11	11	11	11	12	12	11	12	13	13
Profit Before Tax	53	13	-14	17	54	43	-8.32	1.76	137	65
Tax %	14.46	1.97	-128.70	31.80	16.20	18.24	123.32	642.05	24.06	-9.16
Net Profit	45	12	-32	12	46	36	1.95	-9.53	104	71
EPS in Rs	1.53	0.42	-1.02	0.40	1.54	1.20	0.07	-0.32	3.52	—

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,42,132	1,87,686	1,75,763	1,95,600	2,58,306	2,43,128	3,39,690	2,80,676	4,23,099	4,23,099
Expenses	2,40,381	1,85,802	1,73,969	1,94,051	2,57,182	2,41,949	3,38,054	2,80,348	4,22,932	4,22,932
Operating Profit	1,751	1,884	1,794	1,549	1,124	1,179	1,636	328	167	167
OPM %	0.72	1.00	1.02	0.79	0.44	0.48	0.48	0.12	0.04	0.04
Other Income	47	62	68	7.06	2.57	40	24	242	118	118
Interest	430	537	442	222	142	90	81	139	133	133
Depreciation	65	68	74	73	90	91	101	64	45	45
Profit Before Tax	1,303	1,342	1,346	1,261	894	1,038	1,478	367	107	107
Tax %	4.55	5.66	3.98	4.39	5.48	2.81	3.12	8.56	11.23	11.22
Net Profit	1,244	1,266	1,292	1,206	845	1,009	1,432	336	95	95
EPS in Rs	42.20	42.87	43.77	40.86	28.65	34.17	48.51	11.41	3.21	4.47
Dividend Payout %	2.61	2.33	2.29	2.45	3.49	2.92	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	30	30	30	30	30	30	30	30	30	30
Reserves	4,362	5,606	7,145	8,811	10,504	11,192	12,416	14,694	15,217	15,652
Borrowings	4,594	5,552	8,717	6,198	1,278	1,021	815	723	655	923
Other Liabilities	11,956	12,943	7,643	13,803	18,916	11,230	10,655	7,428	6,170	12,768
Total Liabilities	20,941	24,131	23,535	28,841	30,728	23,473	23,916	22,875	22,072	29,372
Fixed Assets	1,287	1,199	1,289	1,452	1,521	1,447	1,449	2,038	2,071	1,303
CWIP	62	88	5.27	1.89	1.01	12	5.83	38	8.52	9.64
Investments	841	919	1,020	1,088	1,142	1,041	1,113	1,241	1,292	10,787
Other Assets	18,752	21,925	21,221	26,300	28,064	20,973	21,348	19,557	18,700	17,273
Total Assets	20,941	24,131	23,535	28,841	30,728	23,473	23,916	22,875	22,072	29,372

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	2,069	2,474	-2,870	3,482	2,572	-10,252	-4.38	457	316	7,738
Cash from Investing Activity	-1,551	-224	-97	101	324	-54	86	10	69	-8,301
Cash from Financing Activity	138	528	2,596	-2,990	-5,172	-429	-326	-186	-208	188
Net Cash Flow	657	2,777	-371	594	-2,276	-10,735	-244	281	177	-376

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	54.05%	54.05%	54.05%	54.05%	54.55%	54.55%	54.55%	54.55%	54.55%	54.55%	54.55%	54.55%
FIIs	17.67%	17.60%	16.50%	15.38%	15.77%	15.08%	14.72%	14.81%	14.70%	15.18%	14.94%	15.26%
DIIs	11.27%	11.26%	11.16%	11.08%	11.08%	11.08%	11.12%	11.09%	11.12%	10.98%	10.94%	10.95%
Public	17.02%	17.09%	18.30%	19.49%	18.60%	19.29%	19.61%	19.55%	19.63%	19.29%	19.56%	19.23%
Total Shareholders	40,131	40,742	73,775	1,52,938	2,09,623	2,13,557	2,11,547	2,11,937	2,16,643	2,14,969	2,13,908	2,06,942

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY19

Investor Presentation

Q2 FY18

Investor Presentation

Q1 FY18

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