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Rajesh Exports Ltd (RAJESHEXPO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 531500 NSE: RAJESHEXPO Diamond & Jewellery | Small Cap | Rajesh Exports Share Price

₹56.08 2.67 (5.00%)

As on 14-Oct'26 10:37

Rajesh Exports Ltd (RAJESHEXPO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 531500 NSE: RAJESHEXPO Diamond & Jewellery | Small Cap | Rajesh Exports Share Price

₹56.08 2.67 (5.00%)

As on 14-Oct'26 10:37

Key Metrics
Valuation Multiples
Market Cap
₹1,630 Cr.
Current Price
₹56.1
52-Week Low / High
₹53 / 239
TTM EPS
₹5.7
TTM Sales
₹8,87,510 Cr.
Book Value per Share
₹586.5
P/E Ratio
9.65
Lower than its 5-year historical median
Industry PE
50
Price to Book (P/B)
0.09
Lower than its 5-year historical median
Price to Sales (P/S)
0.00
Lower than its 5-year historical median
EV/EBITDA
0.08
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
0.68%
Underperforms industry median
Return on Capital Employed (ROCE)
1.88%
Underperforms industry median
Return on Assets (ROA)
0.32%
Operating Profit Margin
0%
Net Profit Margin
0.01%
Gross Profit Margin
0%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
30.76%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
-36.05%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
18.58%
Asset Quality
Promoter Holding
54.55%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹17,286 Cr.
Equity
₹29.5 Cr.
Face Value
₹1
All Time Low / High
₹1.70 / 1028.40

Rajesh Exports stock performance

Key Ratios
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Check Before You Invest

Check Before You Invest

Quality

Somewhat Good
Check detailed performance

Valuation

Somewhat Undervalued

Check Valuation charts

Price Trend

Weak
Check Price chart
Q.1 Is Rajesh Exports Ltd a good quality company?
Rajesh Exports Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does Rajesh Exports Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Rajesh Exports Ltd vs industry peers?
Rajesh Exports Ltd revenue CAGR is 24.70%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Rajesh Exports Ltd?
Promoters hold 54.55% of the Rajesh Exports Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Rajesh Exports Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -19.7% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Rajesh Exports Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ9.9%8.4%6.7%7.9%4.2%2%2%2.9%2.8%3.1%-
Value Creation
Index ⓘ		-0.3-0.3-0.5-0.4-0.7-0.8-0.9-0.8-0.8-0.8-

Growth Parameters ⓘ
Sales ⓘ44,94833,66042,67146,8992,0606,2375,7625,4017,0279,1899,080
Sales YoY Gr.--25.1%26.8%9.9%-95.6%202.7%-7.6%-6.3%30.1%30.8%-
Adj EPS ⓘ15.614.91513.73.40.810.60.81.10.9
YoY Gr.--4.4%0.5%-9%-75.5%-76.7%32.1%-39.8%29%36.3%-
BVPS (₹) ⓘ126.7140.6154.5167.2169.6169.3169.9170.5171.3172.4172.8
Adj Net
Profit ⓘ		46144144340398.82330.418.323.832.127
Cash Flow from Ops. ⓘ1,596-2,8553,7283,924-10,14710041.9131-9.1205-
Debt/CF from Ops. ⓘ3.4-31.60.2-0.16.314.95-101.84.9-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ-16.2%34.9%16.8%30.8%
Adj EPS ⓘ-25.6%-20.1%1.9%36.3%
BVPSⓘ3.5%0.3%0.5%0.6%
Share Price -19.6% -38.7% -49.9% -68.4%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		13.111.210.28.520.50.60.40.50.60.5
Op. Profit
Mgn % ⓘ		1.82.61.71.411.71.71.8-0.21.510.5
Net Profit
Mgn % ⓘ		11.310.94.80.40.50.30.30.40.3
Debt to
Equity ⓘ		1.52.11.30.20.10.10.10.10.20.2-
Working Cap
Days ⓘ		5466413393236337330919915475
Cash Conv.
Cycle ⓘ		-64-71-52-65-1,0227586100826935

Valuation of Rajesh Exports - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales2,42,1321,87,6861,75,7631,95,6002,58,3062,43,1283,39,6902,80,6764,23,0997,78,716
Operating Expenses ⓘ + 2,40,3821,85,8021,73,9691,94,0512,57,1822,41,9493,38,0542,80,3484,22,9327,78,609
Manufacturing Costs18142123202327212125
Material Costs2,40,0151,85,3501,73,4481,93,5262,56,7552,41,5103,37,6002,80,0114,22,5947,78,024
Employee Cost 157147152160184176215183166227
Other Costs ⓘ 192291347341222240211134151332
Operating Profit ⓘ 1,7501,8841,7941,5491,1241,1791,636328167107
Operating Profit Margin (%) 0.7%1.0%1.0%0.8%0.4%0.5%0.5%0.1%0.0%0.0%
Other Income ⓘ + 486268734024243118273
Exceptional Items ⓘ 0000000000
Interest ⓘ 4305374422221429081139133163
Depreciation ⓘ 656874739091101644552
Profit Before Tax ⓘ 1,3031,3421,3461,2618941,0381,478368107164
Tax ⓘ 59765455492946311252
Profit After Tax 1,2441,2661,2921,2068451,0091,43233795112
PAT Margin (%) 0.5%0.7%0.7%0.6%0.3%0.4%0.4%0.1%0.0%0.0%
Adjusted EPS (₹)42.142.943.840.828.634.248.511.43.23.8
Dividend Payout Ratio (%)2.60%2.30%2.30%2.50%3.50%2.90%2.10%0%0%0%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 5,8847,1758,84010,53411,22112,44614,72415,24715,68117,269
Share Capital ⓘ 29.5329.5329.5329.5329.5329.5329.5329.5329.5329.53
Reserves ⓘ 5,8557,1458,81110,50411,19212,41614,69415,21715,65217,239
Debt +5,5528,7176,1981,2781,0218157236559231,016
Long Term Debt0000000000
Short Term Debt5,5528,7176,1981,2781,0218157236559231,016
Minority Interest00000000147148
Trade Payables12,1457,16313,46718,68711,01810,4217,1575,92012,41822,177
Others Liabilities ⓘ 549480336229213234270250198283
Total Liabilities ⓘ 24,13123,53528,84130,72823,47323,91622,87522,07229,36840,893

Fixed Assets

Net Fixed Assets ⓘ +1,1991,2891,4521,5211,4471,4492,0382,0711,3401,382
Gross Block1,1991,2892,1302,3362,3472,3503,2103,3202,0922,337
Accumulated Depreciation006788159009011,1721,248752955
CWIP ⓘ 88521126389104
Investments ⓘ 9191,0201,0881,1421,0411,1131,2411,29210,75011,797
Inventories1,1631,7223,9374,7747,4077,6696,0494,2059,62617,746
Trade Receivables5,0203,9936,1489,32010,34910,70910,35611,3044,9336,442
Cash Equivalents 14,84014,47015,06312,7882,0531,8092,0962,2731,8912,615
Others Assets ⓘ 9021,0371,1511,1821,1641,1611,056917818906
Total Assets ⓘ 24,13123,53528,84130,72823,47323,91622,87522,07229,36840,893
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 2,474-2,8703,4822,572-10,252-44631407,738643
PBT ⓘ 1,3041,3421,3461,2618941,0381,478368107164
Adjustment ⓘ 49560551629423318018026125214
Changes in Working Capital ⓘ 764-471816751073-11329-1194-1166-421752067
Tax Paid ⓘ -89-98-54-55-49-29-30166-14198
Cash Flow From Investing Activity ⓘ + -81-154-301-19474-158-849-116-8,561-1,088
Capex -3-53-234-141-27-88-722-681,049-43
Net Investments -79-101-68-54100-72-128-50-9,611-1,047
Others ⓘ 0001011111
Cash Flow From Financing Activity ⓘ + 5282,596-2,990-5,172-429-326-186-33188-76
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 0000000000
Interest Paid ⓘ -430-537-442-222-142-90-81-139-132-163
Dividend Paid ⓘ 0-32-30-30-30-30-14000
Others ⓘ 9583,165-2,519-4,920-257-206-9110632087
Net Cash Flow ⓘ 2,921-428191-2,793-10,606-489-571-10-635-520
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)23.3219.3916.1412.457.778.5310.542.250.610.68
ROCE (%)16.6513.7511.5611.058.628.8510.863.241.471.88
Asset Turnover Ratio10.747.886.716.579.5310.2614.5212.4916.4522.17
PAT to CFO Conversion(x)1.99-2.272.72.13-12.13-00.320.4281.455.74
Working Capital Days
Receivable Days7.508.8010.5014.4013.9015.8011.3014.1072.70
Inventory Days1.602.805.908.108.6011.307.406.7066.40
Payable Days17.501921.7030.3021.1016.209.508.507.908.10

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Rajesh Exports Ltd FAQs

The current trading price of Rajesh Exports on 14-Oct-2026 10:37 is ₹56.08.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 13-Oct-2026 the market cap of Rajesh Exports stood at ₹1,630.4 Cr

The latest P/E ratio of Rajesh Exports as of 13-Oct-2026 is 60.71.

The latest P/B ratio of Rajesh Exports as of 13-Oct-2026 is 0.32.

The 52-week high of Rajesh Exports is ₹239.0 and the 52-week low is ₹52.70.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Rajesh Exports is ₹9,080 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Rajesh Exports Ltd is a average quality company.

The key valuation ratios of Rajesh Exports Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Rajesh Exports Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Rajesh Exports Ltd

Rajesh Exports (REL) was incorporated in 1989. The company is a global leader in the Gold business. The company’s headquartered is in Bangalore, India with operations spread across the world. The only company in the world with presence across the entire value chain of Gold from refining to retailing. The company is among the largest processor of gold in the world. It is also one of the largest exporter of gold products from India. The company is among the lowest cost gold jewellery producer in the world. The company has world's finest gold products manufacturing and R&D facilities at various places, main facility being at Bangalore, India and the main refining facility being at Balerna, Switzerland. The company has extensive marketing network covering entire India and the major gold markets of the world. The company has one of the world's largest active jewellery design database. REL has developed several innovative technologies and processes in the manufacture of Jewellery. REL is a professionally managed company committed to the highest standards of corporate governance. The securities of REL are listed and traded in India on the NSE and BSE. REL securities are widely held, with some of the world's top institutions being the shareholders.

Business area of the company

The company is the largest Manufacturer of gold products in the world. The Company is also the largest refiner of gold in the world. The company exports its products to various countries around the world and also supplies its products in wholesale market and jewellery showrooms across India. It is the only Company with a presence across the value chain of gold from mining till its own retail brand. Rajesh Exports has set up many retail jewellery showrooms under the brand name of SHUBH Jewellers. SHUBH Jewellers is one of the most trusted household jewellery brand name in South India and is known for quality, designs and value for money prices of it products.

Subsidiaries of the company

  • REL Singapore Pte. Ltd.

Awards

2019

  • Export Excellence Awards - 2019, Star Exporter Award-Merchant Gold, from FKCCI

2017

  • SWARNA RATNA AWARD by Jewellers Association, Bangalore STAR EXPORT AWARD

2016

  • EXPORT EXCELLENCE AWARD 2015-2016 by FIEO (Federation of Indian Export Organisations) for ‘best & brightest’ entrepreneurs and INDUSTRY ACHIEVEMENT AWARD 2016

2014

  • Rajesh Exports awarded the Swarna Ratna Award by The Jewellers Association.

2013

  • Rajesh Exports awarded the Special Recognition Certificate in Export Excellence Awards by Federation of Karnataka Chambers of Commerce & Industry.
  • Rajesh Exports awarded for the Highest Jewellery Exports From Kerala by Kerala Gem and Jewellery Show.
  • Rajesh Exports awarded the Swarna Ratna Award by The Jewellers Association.

2012

  • Rajesh Mehta was conferred the Jain Bhushan Award, by Jain Social Groups International Federation.
  • Rajesh Exports awarded for Export Excellence by The Jewellers Association.

2011

  • Rajesh Exports awarded Special Recognition Certificate by Federation of Karnataka Chambers of Commerce and Industry.

2010

  • Rajesh Exports awarded the Star Exporter Award (Manufacturer Category) from Federation of Karnataka Chambers of Commerce & Industry.
  • Prashant Mehta was conferred the Rotary Business Trend Setter, by Rotary Bangalore Peenya.
  • Rajesh Exports awarded the Excellence Award by State Bank of India.
  • Rajesh Exports awarded for Excellence in Exports by The Jewellers Association.

2009

  • Rajesh Exports awarded the State Export Excellence Award by Government of Karnataka.
  • Rajesh Exports awarded for Best Manufacturer Exporter by Federation of Karnataka Chambers of Commerce and Industry.
  • Rajesh Exports awarded for best SEZ in India by Export Promotion Council for EOUs and SEZ's.

2008

  • Rajesh Exports awarded the Star Exporter Award (Manufacturer Category) by Federation of Karnataka Chambers of Commerce & Industry.
  • Rajesh Exports awarded the State Export Excellence Award by Government of Karnataka.
  • Rajesh Mehta was conferred the Jeweller of the Year by Expoworld and The Jewellers Association.
  • Rajesh Exports awarded 1st Place in The Export Excellence Awards by The Jewellers Association.
  • Rajesh Exports awarded for best EOU in India by Export Promotion Council for EOUs and SEZ's.

2007

  • Rajesh Exports awarded the Star Exporter Award (Manufacturer Category) by Federation of Karnataka Chambers of Commerce & Industry.
  • Rajesh Exports awarded 1st Place in The Export Excellence Awards by The Jewellers Association.
  • Rajesh Mehta was conferred the Jeweller of the Year by The Jewellers Association.
  • Rajesh Exports awarded the State Export Excellence Award by Government of Karnataka.
  • Rajesh Exports awarded for Overall Excellence in Plain Gold Jewellery by The Gem and Jewellery Export Promotion Council.

2006

  • Rajesh Exports awarded the Export Execellence Award by Federation of Karnataka Chambers of Commerce and Industry.
  • Rajesh Exports ranked 1st in Dun & Bradstreet's India's Top 500 Companies 2006 (Gems and Jewellery Segment).
  • Rajesh Exports awarded Niryat Shree Bronze Trophy by Federation of Indian Export Organisations (Gems & Jewellery).
  • Rajesh Exports awarded Niryat Shree Silver Trophy by Federation of Indian Export Organisations (Highest Foreign Exchange Earner).
  • Rajesh Exports awarded for Overall Excellence in Plain Gold Jewellery by The Gem and Jewellery Export Promotion Council.
  • Rajesh Exports awarded for Overall Excellence in Plain Precious Metal Jewellery by The Gem and Jewellery Export Promotion Council.
  • Rajesh Exports awarded the State Export Excellence Award by Government of Karnataka.

2005

  • SWARNA RATNA AWARD by Jewellers Association, Bangalore
  • Rajesh Exports awarded 1st Place in The Export Appreciation Awards by The Jewellers Association.
  • Rajesh Exports awarded Niryat Shree Gold Trophy by Federation of Indian Export Organisations (Gems & Jewellery).
  • Rajesh Exports awarded for Overall Excellence in Plain Gold Jewellery by The Gem and Jewellery Export Promotion Council.

2004

  • Rajesh Exports awarded the Certificate of Merit for standing first in Plain Precious Metal Jewellery Exports by The Gem and jewellery Export Promotion Council.
  • Rajesh Exports awarded 1st Place in The Export Excellence Awards by The Jewellers Association.
  • Rajesh Exports awarded State Award for Excellence in Exports by Government of Karnataka.

2003

  • Rajesh Exports awarded 1st Place in The Export Excellence Awards by The Jewellers Association.

2002

  • Rajesh Exports awarded for Outstanding Export Performance of Plain Gold Jewellery by The Gem and Jewellery Export Promotion Council.
  • Rajesh Exports awarded for Export Excellence by The Jewellers Association.

2001

  • Rajesh Exports awarded the Certificate of Merit for standing third in Plain Gold Jewellery Exports by The Gem and jewellery Export Promotion Council.
  • Rajesh Exports awarded for Export Excellence by The Jewellers Association.

1999

  • Rajesh Exports awarded for Outstanding Export Performance of Studded Gold Jewellery by The Gem and Jewellery Export Promotion Council.

1998

  • Rajesh Exports awarded for Outstanding Export Performance of Plain Gold Jewellery by The Gem and Jewellery Export Promotion Council.

1997

  • Rajesh Exports awarded for Outstanding Export Performance of Plain Gold Jewellery by The Gem and Jewellery Export Promotion Council.

1996

  • Rajesh Exports awarded State Award for Excellence in Exports by Government of Karnataka.
  • Rajesh Exports awarded for Outstanding Export Performance of Studded Gold Jewellery by The Gem and Jewellery Export Promotion Council.
  • Rajesh Exports awarded for Excellence in Exports by Canara Bank 
  • Rajesh Exports awarded for Outstanding Export Performance of Plain Gold Jewellery by The Gem and Jewellery Export Promotion Council.

1995

  • Rajesh Exports awarded for Outstanding Export Performance of Studded Gold Jewellery by The Gem and Jewellery Export Promotion Council.
  • Rajesh Exports awarded the Export Excellence award for Highest Exports by The Jewellers Association.
  • Rajesh Exports awarded for Excellence in Exports by Canara Bank
  • Rajesh Exports awarded the State Export Excellence Award by Government of Karnataka.

Milestones

  • 1988: Brothers Rajesh Mehta and Prashanth Mehta joined family retail business.
  • 1990: Established the first organized gold jewellery manufacturing facility in India.
  • 1991: Established India's first R&D facility in the jewellery sector.
  • 1994: Emerged as the largest exporter and wholesaler of gold jewellery in India.
  • 1995: Initial Public Offer (IPO) of securities to fund expansion of manufacturing facility.
  • 1995: IPO overwhelmingly subscribed and REL securities listed and traded on the BSE and NSE.
  • 1996: Successfully implemented the expansion plan.
  • 1999: Plans to set up world's largest manufacturing facility.
  • 2002: Completed the construction of the World's Largest manufacturing facility.
  • 2003: Begins commercial production in the World’s largest manufacturing facility.
  • 2006: Sales of over $1 Billion.
  • 2010: Sales of over $4 Billion.
  • 2012: Launched the retail Gold Revolution in the state of Karnataka through SHUBH Jewellers.
  • 2012: Established branded retail chain stores under the name of ‘SHUBH Jewellers’.
  • 2013: Established India’s largest Gold refinery in the state of Uttaranchal, thereby becoming the only player across the value chain of gold in the World.
  • 2014: Launched 80 SHUBH Jewellers showrooms in the state of Karnataka.
  • 2015: Acquired the world's largest gold refinery, Valcambi.
  • 2015: Sales of over $8 Billion.
  • 2016: Sales of over $24 Billion.
  • 2016: Launched 81 Jewellery Showroom in the state of Karnataka
  • 2019: Launched 82nd Jewellery Showroom in the state of Karnataka
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