Below is a structured extraction and summary of the relevant and actionable financial information from the Rajesh Exports Limited results filing dated 19 September 2025:
1. Auditor’s Note
- Standalone and Consolidated Auditor’s Review Reports for the quarter ended 30 June 2025 have been issued by BSD & Co., Chartered Accountants.
- Both reports state “no modified opinion” and no qualifications, concerns, or issues were raised.
- The review was conducted under SRE 2410 (Review of Interim Financial Information).
- Subsidiaries’ interim financials were not reviewed but certified by management; auditor’s conclusion is unmodified.
- Conclusion: Auditor’s notes are standard boilerplate with no qualifications or adverse remarks.
2. Financial Performance
Periods Covered:
- Latest quarter: Q1 FY26 (1 Apr 2025 - 30 Jun 2025)
- Immediately preceding quarter: Q4 FY25 (1 Jan 2025 - 31 Mar 2025)
- Same quarter previous year: Q1 FY25 (1 Apr 2024 - 30 Jun 2024)
- Full financial year: FY25 (1 Apr 2024 - 31 Mar 2025)
Consolidated Financials (Rs. in Millions)
| Particulars | Q1 FY26 (Jun 30, 2025) | Q4 FY25 (Mar 31, 2025) | Q1 FY25 (Jun 30, 2024) | FY25 (Mar 31, 2025) |
|---|---|---|---|---|
| Net Sales / Income from Operations | 1,315,417.96 | 1,991,896.75 | 603,554.98 | 4,230,993.23 |
| Other Income | 94.57 | 537.51 | 210.81 | 1,178.93 |
| Total Income | 1,315,512.54 | 1,992,434.26 | 603,765.79 | 4,232,172.16 |
| Total Expenses | 1,315,494.92 | 1,992,517.42 | 603,591.89 | 4,231,103.49 |
| Profit Before Tax | 17.62 | (83.16) | 173.90 | 1,068.67 |
| Tax Expense | 112.95 | (102.63) | 55.32 | 119.97 |
| Net Profit After Tax | (95.33) | 19.47 | 118.58 | 948.70 |
| Other Comprehensive Income (Net) | 0 | (0.16) | 0 | (0.16) |
| Total Comprehensive Income | (95.33) | 19.63 | 118.58 | 948.86 |
| Paid-up Equity Share Capital | 295.26 | 295.26 | 295.26 | 295.26 |
| Earnings Per Share (Basic) | (0.32) | 0.07 | 0.40 | 3.21 |
Standalone Financials (Rs. in Millions)
| Particulars | Q1 FY26 (Jun 30, 2025) | Q4 FY25 (Mar 31, 2025) | Q1 FY25 (Jun 30, 2024) | FY25 (Mar 31, 2025) |
|---|---|---|---|---|
| Net Sales / Income from Operations | 14,265.54 | 19,148.61 | 7,310.96 | 70,270.72 |
| Other Income | 90.86 | 241.38 | 105.64 | 580.66 |
| Total Income | 14,356.40 | 19,389.99 | 7,416.60 | 70,851.38 |
| Total Expenses | 14,141.33 | 19,597.73 | 7,220.75 | 70,560.66 |
| Profit Before Tax | 215.07 | (207.74) | 195.85 | 290.72 |
| Tax Expense | 38.60 | (44.81) | 58.75 | 53.15 |
| Net Profit After Tax | 176.47 | (162.93) | 137.10 | 237.57 |
| Other Comprehensive Income (Net) | 0 | (0.16) | 0 | (0.16) |
| Total Comprehensive Income | 176.47 | (162.77) | 137.10 | 237.73 |
| Paid-up Equity Share Capital | 295.26 | 295.26 | 295.26 | 295.26 |
| Earnings Per Share (Basic) | 0.59 | (0.55) | 0.46 | 0.81 |
Margins and Observations:
- Consolidated Q1 FY26: Net loss of Rs. 95.33 million vs. profit of Rs. 118.58 million in Q1 FY25.
- Standalone Q1 FY26: Net profit of Rs. 176.47 million vs. Rs. 137.10 million in Q1 FY25.
- Consolidated revenue in Q1 FY26 (Rs. 1,315 billion) is more than double Q1 FY25 (Rs. 603 billion), but net profit declined, indicating margin pressure.
- Standalone revenue is significantly lower than consolidated, indicating major contribution from subsidiaries.
- EPS (Basic) consolidated Q1 FY26: (0.32) vs. 0.40 in Q1 FY25.
- EPS (Basic) standalone Q1 FY26: 0.59 vs. 0.46 in Q1 FY25.
- The consolidated net profit for FY25 was Rs. 948.70 million; standalone was Rs. 237.57 million.
3. Detailed Notes / Management Commentary
- The company deals with a single product segment: Gold products; hence no segment-wise financials are furnished.
- No changes in accounting policies or material adjustments reported.
- No specific commentary on margins, NPAs, slippages, or AUM (not applicable).
- The results have been reviewed by the Audit Committee and approved by the Board on 19 September 2025.
- No mention of extraordinary items, provisions, or impairments.
- No explicit management commentary on reasons for quarterly profit decline or revenue growth.
4. Segment Information
- No segment-wise breakdown provided as the company operates in a single product segment (Gold products).
- No geographic or product line segmentation disclosed.
5. Capex, Projects, and Corporate Activity
- No information provided on:
- Capital expenditure (planned or executed)
- Ongoing or planned projects
- Writedowns, writebacks, impairments, or provisions
- Acquisitions, disposals, divestitures, or mergers
- Restructuring efforts, cost-cutting measures, or strategic shifts
6. Standalone vs Consolidated
- Both Standalone and Consolidated unaudited quarterly results for Q1 FY26 and comparative periods are provided.
- Consolidated results include the parent company, its Indian subsidiary, and foreign subsidiary REL Singapore Pte Ltd.
- Auditor’s review reports cover both standalone and consolidated results with no qualifications.
Summary for Investment Analysis Team
| Aspect | Key Points |
|---|---|
| Auditor’s Opinion | Clean review reports with no qualifications or concerns. |
| Revenue (Consolidated) | Q1 FY26 Rs. 1,315 billion; up 118% YoY from Q1 FY25 Rs. 603 billion. |
| Net Profit (Consolidated) | Q1 FY26 loss Rs. 95 million vs. Q1 FY25 profit Rs. 119 million; FY25 profit Rs. 949 million. |
| Revenue (Standalone) | Q1 FY26 Rs. 14.27 billion; up 95% YoY from Q1 FY25 Rs. 7.31 billion. |
| Net Profit (Standalone) | Q1 FY26 profit Rs. 176 million vs. Q1 FY25 Rs. 137 million; FY25 profit Rs. 238 million. |
| EPS (Basic) | Consolidated Q1 FY26: (0.32); Standalone Q1 FY26: 0.59. |
| Margins | Despite revenue growth, consolidated profitability declined sharply in Q1 FY26. |
| Segment Info | Single product segment (Gold products); no segment or geographic splits provided. |
| Corporate Activity | No disclosures on capex, projects, M&A, impairments, or restructuring. |
| Accounting Policies | No changes or material adjustments reported. |
Actionable Insights:
- The sharp decline in consolidated profitability despite strong revenue growth warrants further investigation into cost structure, subsidiary performance, or one-off items.
- Standalone operations remain profitable with improved net profit and EPS.
- Absence of segment or geographic data limits granular analysis.
- No reported changes in accounting or corporate actions suggest stable reporting environment.
- Monitor future filings for explanations on consolidated margin pressure and any strategic initiatives.
End of Analysis