Rajesh Exports Limited
Financial Results Analysis for Quarter Ended June 30, 2025 (Q1 FY26)
Date of Filing: September 19, 2025
1. Auditor’s Note
- The filing includes a Limited Review Report from the auditor (B S D & CO, Chartered Accountants).
- No qualifications, concerns, or issues are mentioned in the auditor’s note.
- The report appears to be a standard limited review with no adverse remarks.
Conclusion: No auditor qualifications or concerns reported.
2. Financial Performance
| Metric | Q1 FY26 (Jun 30, 2025) | Q4 FY25 (Mar 31, 2025) | Q1 FY25 (Jun 30, 2024) | FY25 (Apr 1, 2024 - Mar 31, 2025) | FY24 (Apr 1, 2023 - Mar 31, 2024) (Not provided) |
|---|---|---|---|---|---|
| Standalone Results (Rs. Mn) | |||||
| 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 (PBT) | 215.07 | (207.74) | 195.85 | 290.72 | - |
| Tax Expense | 38.60 | (44.81) | 58.75 | 53.15 | - |
| Net Profit (PAT) | 176.47 | (162.93) | 137.10 | 237.57 | - |
| Other Comprehensive Income | 0 | (0.16) | 0 | (0.16) | - |
| Total Comprehensive Income | 176.47 | (162.77) | 137.10 | 237.73 | - |
| EPS (Basic, Rs.) | 0.59 | (0.55) | 0.46 | 0.81 | - |
| Metric | Q1 FY26 (Jun 30, 2025) | Q4 FY25 (Mar 31, 2025) | Q1 FY25 (Jun 30, 2024) | FY25 (Apr 1, 2024 - Mar 31, 2025) | FY24 (Not provided) |
|---|---|---|---|---|---|
| Consolidated Results (Rs. Mn) | |||||
| 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 (PBT) | 17.62 | (83.16) | 173.90 | 1,068.67 | - |
| Tax Expense | 112.95 | (102.63) | 55.32 | 119.97 | - |
| Net Profit (PAT) | (95.33) | 19.47 | 118.58 | 948.70 | - |
| Other Comprehensive Income | 0 | (0.16) | 0 | (0.16) | - |
| Total Comprehensive Income | (95.33) | 19.63 | 118.58 | 948.86 | - |
| EPS (Basic, Rs.) | (0.32) | 0.07 | 0.40 | 3.21 | - |
3. Detailed Notes / Management Commentary
- The results were reviewed by the Audit Committee and approved by the Board on September 19, 2025.
- The company deals with a single product: Gold product; hence, no segment-wise financials are furnished.
- No changes in accounting policies, material adjustments, or caveats are mentioned.
- No commentary on AUM, NPAs, slippages, or margins specific to financial services is applicable here.
- Other operating income is nil for all periods.
- The company reported a return to profitability in standalone operations in Q1 FY26 after a loss in Q4 FY25.
- Consolidated results show a net loss in Q1 FY26, compared to profit in Q4 FY25 and Q1 FY25.
- Tax expenses in consolidated results for Q1 FY26 are higher than PBT, resulting in net loss.
- Other expenses and finance costs in Q1 FY26 are significantly lower than Q4 FY25 in standalone results, contributing to profit recovery.
4. Segment Information
- The company operates in a single segment: Gold products.
- No segment-wise or geographic breakdown provided.
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 financial results are provided for Q1 FY26, Q4 FY25, Q1 FY25, and FY25.
- Standalone results show a profit of Rs. 176.47 million in Q1 FY26 vs loss in Q4 FY25.
- Consolidated results show a loss of Rs. 95.33 million in Q1 FY26 vs profit in Q4 FY25.
- EPS (Basic) standalone: 0.59 Rs. in Q1 FY26; consolidated: (0.32) Rs. in Q1 FY26.
Summary for Investment Analysis Team
| Aspect | Key Points |
|---|---|
| Auditor’s Note | Limited review with no qualifications or concerns. |
| Financial Performance | - Standalone Q1 FY26 revenue Rs. 14,265.54 Mn; PAT Rs. 176.47 Mn (EPS Rs. 0.59). |
| - Standalone Q4 FY25 loss Rs. (162.93) Mn; Q1 FY25 PAT Rs. 137.10 Mn. | |
| - Consolidated Q1 FY26 revenue Rs. 1,315,417.96 Mn; net loss Rs. (95.33) Mn (EPS (0.32)). | |
| - Consolidated Q4 FY25 PAT Rs. 19.47 Mn; Q1 FY25 PAT Rs. 118.58 Mn. | |
| - FY25 consolidated PAT Rs. 948.70 Mn (EPS 3.21 Rs.). | |
| Margins | - Standalone Q1 FY26 PBT margin ~1.5%; net margin ~1.2%. |
| - Consolidated Q1 FY26 PBT margin negligible; net margin negative. | |
| Management Commentary | - No segment-wise data due to single product focus. |
| - No changes in accounting policies or material adjustments reported. | |
| Segment Information | Single product segment: Gold products only. |
| Capex & Corporate Activity | No disclosures on capex, projects, impairments, acquisitions, or restructuring. |
| Standalone vs Consolidated | Standalone profitable in Q1 FY26; consolidated shows loss, indicating possible group-level issues or subsidiaries dragging consolidated results. |
Actionable Insights:
- Monitor consolidated results closely for causes of loss despite standalone profitability.
- Investigate subsidiaries or group entities impacting consolidated performance.
- No auditor concerns; results appear reliable.
- No segment or geographic diversification; business risk concentrated in gold products.
- No disclosed strategic initiatives or capex plans; limited visibility on growth or cost management.
End of Analysis