Whalesbook
Incorporated in 1989, Rajesh Exports Ltd is a manufacturer of Gold and Gold Products[1]
Business OverviewThe company is a gold refiner, manufacturer,, and exporter of gold products. It is the only company in the world with a presence across the entire gold value chain from refining to retailing, **processing 35% of gold produced worldwidedia.com/xml-data/corpfiling/AttachHis/4ede53b6-cf59-4f98-b184-bc3807d26740.pdf#page=77 #}[1]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Titan Company | 3835.00 | 82.49 | 340465.98 | 0.28 | 1120.00 | 59.09 | 18725.00 | 28.84 | 19.14 | 67904.00 | 10.18 | 4129.00 | 1120.00 | 26.55 | 9.24 | 0.97 |
| 2. | Kalyan Jewellers | 492.60 | 54.61 | 50868.97 | 0.30 | 260.51 | 99.46 | 7856.03 | 29.52 | 15.03 | 28584.13 | 6.42 | 931.02 | 260.51 | 9.52 | 5.13 | 1.00 |
| 3. | Thangamayil Jew. | 3293.80 | 55.72 | 10237.80 | 0.40 | 58.51 | 435.30 | 1710.90 | 44.86 | 13.74 | 5781.95 | 5.76 | 183.81 | 58.51 | 8.81 | 5.88 | 0.96 |
| 4. | P N Gadgil Jewe. | 623.70 | 28.52 | 8464.12 | 0.00 | 79.31 | 127.12 | 2177.62 | 8.81 | 19.41 | 7916.15 | 5.48 | 296.68 | 79.31 | 4.97 | 9.50 | 0.76 |
| 5. | Bluestone Jewel | 553.70 | – | 8378.57 | 0.00 | -49.11 | 41.86 | 513.09 | 37.43 | -0.57 | 1770.00 | 4.43 | -221.19 | -49.11 | 5.00 | -7.39 | 1.12 |
| 6. | Ethos Ltd | 2930.00 | 82.48 | 7839.95 | 0.00 | 23.79 | 11.95 | 383.39 | 29.03 | 13.75 | 1410.96 | 13.87 | 95.05 | 23.79 | 5.45 | 7.49 | 0.22 |
| 7. | PC Jeweller | 9.99 | 11.91 | 7321.13 | 0.00 | 209.54 | 17.14 | 825.25 | 63.43 | 6.55 | 2888.63 | 19.47 | 614.21 | 209.54 | 1.03 | 7.38 | 0.22 |
| 8. | Rajesh Exports | 191.10 | 216.86 | 5642.47 | 0.00 | 18.06 | -8.51 | 3365.43 | 90.96 | 2.76 | 9325.55 | 1.27 | 26.02 | 18.06 | 1.08 | 0.33 | 0.17 |
| – | Median: 44 Co. | 227.78 | 28.57 | 1151.95 | 0.0 | 19.39 | 72.61 | 406.74 | 36.05 | 15.03 | 1003.58 | 7.66 | 48.95 | 18.92 | 3.43 | 7.79 | 0.32 |
Standalone figures in ₹ crores
| Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,298 | 1,331 | 1,634 | 1,498 | 1,466 | 1,602 | 1,006 | 1,327 | 731 | 1,762 | 2,619 | 1,915 | 1,427 | 3,365 |
Expenses | 1,267 | 1,291 | 1,574 | 1,595 | 1,407 | 1,587 | 998 | 1,513 | 692 | 1,717 | 2,592 | 1,923 | 1,376 | 3,316 |
Operating Profit | 31 | 41 | 60 | -97 | 58 | 15 | 8 | -186 | 39 | 46 | 27 | -8 | 50 | 49 |
Other Income | 1 | 0 | 0 | 8 | 0 | 1 | 0 | 175 | 11 | 10 | 13 | 24 | 9 | 9 |
Profit before tax | 31 | 41 | 60 | -100 | 58 | 16 | 8 | -54 | 20 | 23 | 7 | -21 | 22 | 22 |
Tax % | 0% | 0% | 0% | 2% | 1% | 10% | 10% | 13% | 30% | 15% | 6% | -22% | 18% | 18% |
Net Profit | 31 | 41 | 60 | -102 | 58 | 14 | 7 | -61 | 14 | 20 | 7 | -16 | 18 | 18 |
EPS in Rs | 1.06 | 1.38 | 2.04 | -3.45 | 1.96 | 0.49 | 0.24 | -2.06 | 0.46 | 0.67 | 0.22 | -0.55 | 0.60 | 0.61 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 23,537 | 37,919 | 38,586 | 44,948 | 33,660 | 42,671 | 46,899 | 2,060 | 6,236 | 5,762 | 5,401 | 7,027 | 9,326 |
Expenses | 22,920 | 37,170 | 37,803 | 44,153 | 32,778 | 41,934 | 46,252 | 1,820 | 6,133 | 5,658 | 5,410 | 6,923 | 9,207 |
Operating Profit | 618 | 749 | 783 | 795 | 883 | 737 | 648 | 240 | 104 | 104 | -9 | 104 | 118 |
Other Income | 1 | 4 | 37 | 44 | 38 | 50 | 3 | 1 | 11 | 9 | 175 | 58 | 56 |
Interest | 343 | 419 | 308 | 351 | 431 | 320 | 213 | 137 | 84 | 80 | 138 | 132 | 144 |
Depreciation | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Profit before tax | 273 | 333 | 510 | 486 | 489 | 466 | 436 | 104 | 30 | 32 | 27 | 29 | 30 |
Net Profit | 227 | 264 | 475 | 461 | 441 | 442 | 403 | 99 | 23 | 30 | 17 | 24 | 26 |
EPS in Rs | 7.69 | 8.94 | 16.10 | 15.62 | 14.94 | 14.97 | 13.66 | 3.35 | 0.77 | 1.03 | 0.58 | 0.80 | 0.88 |
Dividend Payout % | 13% | 11% | 6% | 7% | 7% | 7% | 7% | 30% | 130% | 0% | 0% | 0% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 |
Reserves | 2,583 | 2,811 | 3,251 | 3,712 | 4,121 | 4,533 | 4,907 | 4,976 | 4,970 | 4,987 | 5,005 | 5,029 | 5,065 |
Borrowings | 3,089 | 3,826 | 4,462 | 5,435 | 8,595 | 6,072 | 961 | 702 | 626 | 624 | 654 | 921 | 876 |
Other Liabilities | 5,359 | 8,860 | 11,339 | 12,023 | 7,185 | 10,535 | 12,444 | 3,576 | 3,934 | 2,920 | 1,419 | 1,486 | 1,576 |
Total Liabilities | 11,060 | 15,527 | 19,081 | 21,199 | 19,929 | 21,170 | 18,342 | 9,283 | 9,560 | 8,560 | 7,108 | 7,466 | 7,547 |
Fixed Assets | 70 | 69 | 67 | 66 | 65 | 64 | 63 | 62 | 60 | 59 | 59 | 58 | 58 |
Gross Block | 91.48 | 91.68 | 91.97 | 92.90 | 93.24 | 89.71 | 89.90 | 89.98 | 87.73 | 87.73 | 88.08 | – | – |
Accumulated Depreciation | 21.09 | 22.99 | 24.61 | 26.46 | 27.95 | 25.48 | 26.54 | 27.52 | 28.10 | 28.79 | 29.42 | – | – |
CWIP | 0 | 0 | 1 | 1 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 117 | 168 | 636 | 732 | 720 | 2,602 | 2,592 | 2,510 | 2,554 | 2,554 | 2,590 | 2,742 | 2,798 |
Other Assets | 10,873 | 15,290 | 18,377 | 20,400 | 19,143 | 18,503 | 15,686 | 6,711 | 6,946 | 5,947 | 4,459 | 4,666 | 4,691 |
Total Assets | 11,060 | 15,527 | 19,081 | 21,199 | 19,929 | 21,170 | 18,342 | 9,283 | 9,560 | 8,560 | 7,108 | 7,466 | 7,547 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | -2,629 | 3,788 | 722 | 1,596 | -2,855 | 3,728 | 3,924 | -10,147 | 100 | 42 | 133 | -9 |
Cash from Investing Activity | -116 | -51 | -469 | -97 | 11 | -12 | -1,858 | 83 | -41 | 1 | -35 | -151 |
Cash from Financing Activity | -12 | 283 | 292 | 622 | 2,696 | -2,872 | -5,354 | -426 | -189 | -64 | 66 | 186 |
Net Cash Flow | -2,758 | 4,020 | 544 | 2,122 | -148 | 844 | -3,288 | -10,490 | -130 | -21 | 165 | 26 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 38 | 28 | 35 | 27 | 17 | 20 | 22 | 808 | 286 | 253 | 169 | 137 |
Inventory Days | 8 | 5 | 4 | 4 | 12 | 5 | 5 | 68 | 24 | 24 | 26 | 28 |
Days Payable | 83 | 86 | 109 | 99 | 79 | 91 | 98 | 715 | 235 | 187 | 94 | 78 |
Cash Conversion Cycle | -37 | -53 | -70 | -68 | -50 | -66 | -71 | 162 | 75 | 90 | 101 | 87 |
Working Capital Days | -73 | -82 | -104 | -103 | -132 | -108 | -70 | 302 | 104 | 115 | 110 | 79 |
ROCE % | 11% | 12% | 11% | 10% | 8% | 7% | 8% | 4% | 2% | 2% | 3% | 3% |
Direct from BSE filings, auto-summarised
External media mentions & references
Editorial & research coverage
