Rajesh Exports Ltd

RAJESHEXPO

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Market Cap

₹ 5,778 Cr

P/E

43.78

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bullish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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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

Diamond, Gems and Jewellery

Industry

Diamond Cutting / Jewellery - Large

Market Cap

5,778 Cr

Volatility

High Risk

P/E Ratio

43.8

Industry P/E

71.8

PEG Ratio

0.3

P/B Ratio

0.4

52W High

262.00

52W Low

151.00

Sales CAGR

-17.37%

37.88%

-33.86%

10Y

-19.47%

Profit CAGR

-76.57%

-44.34%

-47.86%

10Y

-26.25%

ROE

TTM

0.80%

6.55%

7.52%

10Y

10.99%

ROCE

TTM

1.83%

7.47%

8.83%

10Y

14.55%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BLUESTONE	510.45	7,724 Cr	—	4.63	0.00	-9.84	1.45	-3.69
PCJEWELLER	10.46	7,666 Cr	12.45	1.05	0.00	8.49	8.38	6.89
RAJESHEXPO	195.30	5,778 Cr	43.78	0.35	0.00	0.80	1.83	0.35
SENCO	311.15	5,094 Cr	20.43	2.42	0.32	11.83	10.74	4.24
SKYGOLD	328.55	5,069 Cr	27.34	4.89	0.00	17.87	16.40	9.55
GOLDIAM	373.00	4,206 Cr	30.51	4.12	0.76	13.50	18.96	11.63
VAIBHAVGBL	240.95	4,039 Cr	22.06	2.79	0.62	12.66	14.59	8.55

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	85,689	38,066	65,477	91,445	60,356	66,924	96,630	1,99,190	1,31,542	1,75,212
Expenses	85,354	38,016	65,420	91,609	60,318	66,847	96,564	1,99,203	1,31,500	1,75,036
Operating Profit	334	50	56	-164	37	77	67	-14	42	176
OPM %	0.39	0.13	0.09	-0.18	0.06	0.11	0.07	-0.01	0.03	0.10
Other Income	12	14	12	204	21	22	21	54	9.46	12
Interest	0.00	0.00	45	43	30	32	33	37	38	39
Depreciation	31	11	11	11	11	12	12	11	12	13
Profit Before Tax	315	53	13	-14	17	54	43	-8.32	1.76	137
Tax %	1.82	14.46	1.97	-128.70	31.80	16.20	18.24	123.32	642.05	24.06
Net Profit	309	45	12	-32	12	46	36	1.95	-9.53	104
EPS in Rs	10.48	1.53	0.42	-1.02	0.40	1.54	1.20	0.07	—	—

Consolidated Profit Loss (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	TTM
Sales	1,65,179	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
Expenses	1,63,452	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
Operating Profit	1,727	1,751	1,884	1,794	1,549	1,124	1,179	1,636	328	167
OPM %	1.05	0.72	1.00	1.02	0.79	0.44	0.48	0.48	0.12	0.04
Other Income	42	47	62	68	7.06	2.57	40	24	242	118
Interest	578	430	537	442	222	142	90	81	139	133
Depreciation	79	65	68	74	73	90	91	101	64	45
Profit Before Tax	1,112	1,303	1,342	1,346	1,261	894	1,038	1,478	367	107
Tax %	3.88	4.55	5.66	3.98	4.39	5.48	2.81	3.12	8.56	11.22
Net Profit	1,069	1,244	1,266	1,292	1,206	845	1,009	1,432	336	95
EPS in Rs	36.26	42.20	42.87	43.77	40.86	28.65	34.17	48.51	11.41	3.21
Dividend Payout %	2.76	2.61	2.33	2.29	2.45	3.49	2.92	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	30	30	30	30	30	30	30	30	30	30
Reserves	3,332	4,362	5,606	7,145	8,811	10,504	11,192	12,416	14,694	15,217
Borrowings	3,842	4,594	5,552	8,717	6,198	1,278	1,021	815	723	655
Other Liabilities	8,877	11,956	12,943	7,643	13,803	18,916	11,230	10,655	7,428	6,170
Total Liabilities	16,081	20,941	24,131	23,535	28,841	30,728	23,473	23,916	22,875	22,072
Fixed Assets	264	1,287	1,199	1,289	1,452	1,521	1,447	1,449	2,038	2,071
CWIP	0.42	62	88	5.27	1.89	1.01	12	5.83	38	8.52
Investments	60	841	919	1,020	1,088	1,142	1,041	1,113	1,241	1,292
Other Assets	15,756	18,752	21,925	21,221	26,300	28,064	20,973	21,348	19,557	18,700
Total Assets	16,081	20,941	24,131	23,535	28,841	30,728	23,473	23,916	22,875	22,072

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity	4,185	2,069	2,474	-2,870	3,482	2,572	-10,252	-4.38	457	316
Cash from Investing Activity	-204	-1,551	-224	-97	101	324	-54	86	10	69
Cash from Financing Activity	211	138	528	2,596	-2,990	-5,172	-429	-326	-186	-208
Net Cash Flow	4,192	657	2,777	-371	594	-2,276	-10,735	-244	281	177

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Promoters	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.55%	54.55%	54.55%	54.55%	54.55%	54.55%
FIIs	17.70%	17.62%	17.67%	17.60%	16.50%	15.38%	15.77%	15.08%	14.72%	14.81%	14.70%	15.18%
DIIs	11.39%	11.36%	11.27%	11.26%	11.16%	11.08%	11.08%	11.08%	11.12%	11.09%	11.12%	10.98%
Public	16.87%	16.97%	17.02%	17.09%	18.30%	19.49%	18.60%	19.29%	19.61%	19.55%	19.63%	19.29%
Total Shareholders	45,107	46,725	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

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Feb 19, 2025	Rajesh mehta	Insider - Promoter	Acquisition	—	—	3,33,11,404	11.2

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Oscillators

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Overall

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Moving Averages

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	85,689	38,066	65,477	91,445	60,356	66,924	96,630	1,99,190	1,31,542	1,75,212
Expenses	85,354	38,016	65,420	91,609	60,318	66,847	96,564	1,99,203	1,31,500	1,75,036
Operating Profit	334	50	56	-164	37	77	67	-14	42	176
OPM %	0.39	0.13	0.09	-0.18	0.06	0.11	0.07	-0.01	0.03	0.10
Other Income	12	14	12	204	21	22	21	54	9.46	12
Interest	0.00	0.00	45	43	30	32	33	37	38	39
Depreciation	31	11	11	11	11	12	12	11	12	13
Profit Before Tax	315	53	13	-14	17	54	43	-8.32	1.76	137
Tax %	1.82	14.46	1.97	-128.70	31.80	16.20	18.24	123.32	642.05	24.06
Net Profit	309	45	12	-32	12	46	36	1.95	-9.53	104
EPS in Rs	10.48	1.53	0.42	-1.02	0.40	1.54	1.20	0.07	—	—

Consolidated Profit Loss (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	TTM
Sales	1,65,179	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
Expenses	1,63,452	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
Operating Profit	1,727	1,751	1,884	1,794	1,549	1,124	1,179	1,636	328	167
OPM %	1.05	0.72	1.00	1.02	0.79	0.44	0.48	0.48	0.12	0.04
Other Income	42	47	62	68	7.06	2.57	40	24	242	118
Interest	578	430	537	442	222	142	90	81	139	133
Depreciation	79	65	68	74	73	90	91	101	64	45
Profit Before Tax	1,112	1,303	1,342	1,346	1,261	894	1,038	1,478	367	107
Tax %	3.88	4.55	5.66	3.98	4.39	5.48	2.81	3.12	8.56	11.22
Net Profit	1,069	1,244	1,266	1,292	1,206	845	1,009	1,432	336	95
EPS in Rs	36.26	42.20	42.87	43.77	40.86	28.65	34.17	48.51	11.41	3.21
Dividend Payout %	2.76	2.61	2.33	2.29	2.45	3.49	2.92	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	30	30	30	30	30	30	30	30	30	30
Reserves	3,332	4,362	5,606	7,145	8,811	10,504	11,192	12,416	14,694	15,217
Borrowings	3,842	4,594	5,552	8,717	6,198	1,278	1,021	815	723	655
Other Liabilities	8,877	11,956	12,943	7,643	13,803	18,916	11,230	10,655	7,428	6,170
Total Liabilities	16,081	20,941	24,131	23,535	28,841	30,728	23,473	23,916	22,875	22,072
Fixed Assets	264	1,287	1,199	1,289	1,452	1,521	1,447	1,449	2,038	2,071
CWIP	0.42	62	88	5.27	1.89	1.01	12	5.83	38	8.52
Investments	60	841	919	1,020	1,088	1,142	1,041	1,113	1,241	1,292
Other Assets	15,756	18,752	21,925	21,221	26,300	28,064	20,973	21,348	19,557	18,700
Total Assets	16,081	20,941	24,131	23,535	28,841	30,728	23,473	23,916	22,875	22,072

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity	4,185	2,069	2,474	-2,870	3,482	2,572	-10,252	-4.38	457	316
Cash from Investing Activity	-204	-1,551	-224	-97	101	324	-54	86	10	69
Cash from Financing Activity	211	138	528	2,596	-2,990	-5,172	-429	-326	-186	-208
Net Cash Flow	4,192	657	2,777	-371	594	-2,276	-10,735	-244	281	177

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

Diamond, Gems and Jewellery

Industry

Diamond Cutting / Jewellery - Large

Market Cap

5,778 Cr

Volatility

High Risk

P/E Ratio

43.8

Industry P/E

71.8

PEG Ratio

0.3

P/B Ratio

0.4

52W High

262.00

52W Low

151.00

Sales CAGR

-17.37%

37.88%

-33.86%

10Y

-19.47%

Profit CAGR

-76.57%

-44.34%

-47.86%

10Y

-26.25%

ROE

TTM

0.80%

6.55%

7.52%

10Y

10.99%

ROCE

TTM

1.83%

7.47%

8.83%

10Y

14.55%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BLUESTONE	510.45	7,724 Cr	—	4.63	0.00	-9.84	1.45	-3.69
PCJEWELLER	10.46	7,666 Cr	12.45	1.05	0.00	8.49	8.38	6.89
RAJESHEXPO	195.30	5,778 Cr	43.78	0.35	0.00	0.80	1.83	0.35
SENCO	311.15	5,094 Cr	20.43	2.42	0.32	11.83	10.74	4.24
SKYGOLD	328.55	5,069 Cr	27.34	4.89	0.00	17.87	16.40	9.55
GOLDIAM	373.00	4,206 Cr	30.51	4.12	0.76	13.50	18.96	11.63
VAIBHAVGBL	240.95	4,039 Cr	22.06	2.79	0.62	12.66	14.59	8.55