Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Rajesh Exports Ltd

RAJESHEXPO
Diamond, Gems & Jewellery

Rajesh Exports Ltd's earnings have outrun its stock. EPS grew +18.7% in a year against a −57.8% price move.

The sharpest disagreement: annual EPS moved +18.7% against a −57.8% price move — the market has not yet caught up with the delivery.

The price is in a downtrend (171 weeks in) while the P/E sits at the 90th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit −2,800.0% year on year, and 1,517% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Stage
Mixed
fundamental trajectory, 12 quarters
Price
₹86.0
−57.8% 1Y
P/E
23.3×
90th pctile
of its own 10-year range
Revenue (Mar 26)
₹2,36,864 Cr
+18.9% YoY
Profit (Mar 26)
₹−54.0 Cr
−2,800.0% YoY
Operating margin
0.0%
flat YoY
ROCE
2%
FY26
ROIC
1.5%
vs WACC 12.0% → −10.5 pp
Cash conversion
1,517%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Rajesh Exports Ltd trades at ₹86.0, in a downtrend and 171 weeks into that stage. That is −37.2% against its own 200-day average. It sits at 7% of a 52-week range of ₹76 to ₹213. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (31 weeks and counting).

Today the stock is in a downtrend — week 171 of stage 4, confirmed. At ₹86.0 it trades −37.2% versus its 200-day average and sits at 7% of its 52-week range (₹76–₹213).

Jul 26: ₹86.0 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−37.2% versus the 200-day line, week 171 of stage 4
Price50-day avg200-day avg
S4₹673₹513₹353₹192₹32.2₹86₹137Jul 23Apr 24Feb 25Nov 25Jul 26
S4₹673₹513₹353₹192₹32.2₹86₹137Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (546 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved −87% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (31 weeks and counting; last ahead the week of 2026-01-16) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 90th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Rajesh Exports Ltd trades at 23.3× P/E, at the pricey end of its own range (90th percentile). Its long-run median P/E is 16.2×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 23.3× is at the pricey end of its own range (90th percentile), against a long-run median of 16.2× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 23.3× vs a 16.2× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 49× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (90th percentile)
P/EMedianEPS (TTM) (quarterly)
51.8×₹53.740.3×₹40.328.8×₹26.817.3×₹13.45.8×₹0.0×23.30×₹4Feb 16Jun 18Oct 20Mar 23Jul 26
51.8×₹53.740.3×₹40.328.8×₹26.817.3×₹13.45.8×₹0.0×23.30×₹4Feb 16Oct 20Jul 26
PEG 0.54 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 20 quarters.
below 1.0, the growth looks cheap against the multiple
PEGPEG = 1.0
1.1×0.8×0.6×0.3×0.0××0.54×Q1 FY22Q1 FY23Q2 FY24Q3 FY25Q4 FY26
1.1×0.8×0.6×0.3×0.0××0.54×Q1 FY22Q2 FY24Q4 FY26
P/E
23.3×
90th percentile of 10y
PEG
n/m
not derivable — 3-year earnings growth unavailable

Why the multiple sits where it does: over the past year annual EPS moved +18.7% against a −57.8% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the −31.6%/yr price move, ~−33.1%/yr came from earnings growth and ~+1.5 pp from the multiple (expanding); over 10y, of the −15.2%/yr price move, ~−20.4%/yr came from earnings growth and ~+5.2 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Mixed

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Rajesh Exports Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +160.9% at its peak to +15.6% but is still expanding, ROCE holding at 2.0%. The read is built from 12 quarters across 4 curves, on full evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
147%263%104%166%60%70%17%−27%−27%−123%%%84.1%15.6%18.7%Jun 23Sep 24Mar 26
147%263%104%166%60%70%17%−27%−27%−123%%%84.1%15.6%18.7%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
9.2%7.0%4.8%2.5%0.3%%2%Jun 23Sep 24Mar 26
9.2%7.0%4.8%2.5%0.3%%2%Jun 23Sep 24Mar 26
Revenue growth
Steady high
latest +84.1% · span −14.8% to +135.0%
Profit growth
Rolling over
latest +15.6% · span −96.6% to +230.0%
EPS growth
Rolling over
latest +18.7% · span −96.6% to +236.1%
ROCE
Stuck low
latest 2.0% · span 0.9%–8.6%

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Growth, year by year: revenue +84.1% in FY26, profit +17.9% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
247%74%175%34%102%−6.6%30%−47%−42%−88%%%84.1%17.9%FY16FY21FY26
247%74%175%34%102%−6.6%30%−47%−42%−88%%%84.1%17.9%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+84.1%) with the last 8 annualized (+66.6%).
revenue accelerating, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
147%263%104%166%60%70%17%−27%−27%−123%%%84.1%15.6%Jun 23Sep 24Mar 26
147%263%104%166%60%70%17%−27%−27%−123%%%84.1%15.6%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+84.1%+31.9%+24.7%+16.8%
Profit+17.9%−57.2%−33.2%−20.2%
EPS+18.7%−57.2%−33.2%−20.2%
Share price−57.8%−45.3%−31.6%−15.2%
Revenue YoY (Mar 26)
+18.9%
latest quarter vs a year ago
Profit YoY (Mar 26)
−2,800.0%
latest quarter vs a year ago
Revenue 10y
16.8%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

31.8/100 — rank 23 of 26 in Diamond, Gems & Jewellery · 96% evidence confidence

Rajesh Exports Ltd scores 31.8 out of 100 against the 26 companies it is compared with in Diamond, Gems & Jewellery, ranking 23. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 16.3 + 9.1 + 5.8 + 0.6 = 31.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Rajesh Exports Ltd reported ₹2,36,864 Cr of revenue in the Mar 26 quarter, +18.9% year on year. That is the 7th straight quarter of year-on-year growth. Over 10 years it has compounded at 16.8% a year. The last full year, FY26, came in at ₹7,78,716 Cr. The last four reported quarters add to ₹7,78,716 Cr.

Rajesh Exports Ltd reported ₹2,36,864 Cr of revenue in the Mar 26 quarter, +18.9% year on year. That is the 7th straight quarter of year-on-year growth. Over 10 years it has compounded at 16.8% a year. The last full year, FY26, came in at ₹7,78,716 Cr. The last four reported quarters add to ₹7,78,716 Cr.

FY26 revenue came in at ₹7,78,716 Cr (+84.1% on the year), capping 10 years at 16.8% compound. The latest quarter (Mar 26) printed ₹2,36,864 Cr, +18.9% year on year — the 7th consecutive quarter of year-over-year growth.

FY26 revenue ₹7,78,716 Cr (+84.1% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
16.8% a year over 10 years
RevenueYoY growth
841.0k247%630.8k175%420.5k102%210.3k30%0−42%₹ Cr%₹7,78,71684.1%FY16FY21FY26
841.0k247%630.8k175%420.5k102%210.3k30%0−42%₹ Cr%₹7,78,71684.1%FY16FY21FY26
Mar 26: ₹2,36,864 Cr (+18.9% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
7th straight quarter of growth
Revenue (quarterly)YoY growth
255.8k2,983%191.9k2,174%127.9k1,365%64.0k555%0−254%₹ Cr%₹2,36,86418.9%Jun 23Sep 24Mar 26
255.8k2,983%191.9k2,174%127.9k1,365%64.0k555%0−254%₹ Cr%₹2,36,86418.9%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +110.5% growth against the decade's 16.8% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +84.1% over the last 4 quarters against +66.6%/yr over the last 8 — accelerating; TTM profit +15.6% vs −42.5%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 0.0% this quarter (+0.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Rajesh Exports Ltd's operating margin is 0.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 0.0% to 3.0%. The current quarter sits inside that band.

Rajesh Exports Ltd's operating margin is 0.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 0.0% to 3.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 0.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 0.0%–3.0%.

🚨 Why the margin moved: operating margin went −0.1 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

FY26: 0.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 0.0–3.0% band over 13 years
operating marginYoY change (pp)
3.2%0.2%2.4%−0.4%1.5%−1.0%0.6%−1.6%−0.2%−2.2%%%0%0%FY14FY20FY26
3.2%0.2%2.4%−0.4%1.5%−1.0%0.6%−1.6%−0.2%−2.2%%%0%0%FY14FY20FY26
Mar 26: 0.0% operating margin (+0.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
1.2%0.2%0.6%−0.6%0.0%−1.5%−0.6%−2.4%−1.2%−3.2%%%0%0%Jun 23Sep 24Mar 26
1.2%0.2%0.6%−0.6%0.0%−1.5%−0.6%−2.4%−1.2%−3.2%%%0%0%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit −2,800.0% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Rajesh Exports Ltd posted a net loss of ₹54.0 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹112 Cr. The 10-year compound rate is −20.2%. That loss is 0.0% of the quarter's revenue. The same quarter a year earlier earned ₹2.0 Cr. 3 of the last 12 reported quarters were loss-making.

Rajesh Exports Ltd posted a net loss of ₹54.0 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹112 Cr. The 10-year compound rate is −20.2%. That loss is 0.0% of the quarter's revenue. The same quarter a year earlier earned ₹2.0 Cr. 3 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹−54.0 Cr, −2,800.0% year on year. On the full year, FY26 printed ₹112 Cr (+17.9%), and the 10-year compound rate is −20.2%.

FY26 profit ₹112 Cr (+17.9% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
−20.2% a year over 10 years
Net profitYoY growth
1.5k74%1.2k34%773−6.7%387−47%0−88%₹ Cr%₹11217.9%FY16FY21FY26
1.5k74%1.2k34%773−6.7%387−47%0−88%₹ Cr%₹11217.9%FY16FY21FY26
Mar 26: ₹−54.0 Cr (−2,800.0% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
338440%233−430%128−1,300%22−2,170%−83−3,040%₹ Cr%₹−54−2,800%Jun 23Sep 24Mar 26
338440%233−430%128−1,300%22−2,170%−83−3,040%₹ Cr%₹−54−2,800%Jun 23Sep 24Mar 26

🚨 Why profit moved: revenue contributed +18.9% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit −690.0% vs revenue +110.5%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 1,517% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 1,517% of Rajesh Exports Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹372 Cr of operating cash against ₹112 Cr of profit. After ₹88.0 Cr of capital spending, ₹284 Cr was left as free cash.

FY26: operating cash of ₹372 Cr against reported profit of ₹112 Cr, leaving free cash of ₹284 Cr after ₹88.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 1,517% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹372 Cr vs profit ₹112 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
1,517% of 3-year profit arrived as cash
Operating cashNet profitFree cash
9.9k4.5k−928−6.4k−11.8k₹ Cr₹372₹112₹284FY16FY21FY26
9.9k4.5k−928−6.4k−11.8k₹ Cr₹372₹112₹284FY16FY21FY26
FY26: CFO = 332% of profit (three-year rate 1,517%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
421%−18%−456%−895%−1,334%%300%FY16FY21FY26
421%−18%−456%−895%−1,334%%300%FY16FY21FY26

Why conversion sits at 1,517%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 1-day cycle and ₹−529 Cr of building.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Rajesh Exports Ltd's cash conversion cycle runs 1 days in FY26, down from 9 days in FY21. Capital spending ran ₹−529 Cr over the last 3 years. At FY26 sales of ₹7,78,716 Cr each day of that cycle holds about ₹2,133 Cr, so roughly ₹2,133 Cr sits inside the business at any moment.

FY26: debtors at 3 days, inventory at 8 days — roughly 0.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 1 days, tighter than FY21's 9.

The full loop: cash goes out to suppliers and production on day 0; stock waits 8 days to sell; customers pay about 3 days after that; and suppliers themselves are paid at 10 days — netting out to the 1-day cycle.

In money terms: at FY26 sales of ₹7,78,716 Cr, each day of the cycle holds about ₹2,133 Cr — so the 1-day loop keeps roughly ₹2,133 Cr sitting inside the business at any moment.

FY26: a 1-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
−8 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
774615−17−48days1d8d3d10dFY14FY17FY20FY23FY26
774615−17−48days1d8d3d10dFY14FY20FY26

On the investment side: capital spending of ₹−529 Cr over the last 3 fiscal years against ₹161 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹4.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹88.0 Cr, work-in-progress ₹4.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
steady investment
CapexWork-in-progress
1.3k776240−297−833₹ Cr₹88₹4FY16FY18FY21FY23FY26
1.3k776240−297−833₹ Cr₹88₹4FY16FY21FY26

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 2% and the ROIC − WACC spread is −10.5 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Rajesh Exports Ltd earns a ROCE of 2% in FY26. That is up from a trough of 1% in FY25. Return on invested capital clears the cost of that capital by −10.5 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 0.0% net margin on 19.04× asset turns.

FY26 ROCE is 2%, recovered from a FY25 trough of 1% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 0.0% net margin × 19.04× asset turns × 2.37× balance-sheet leverage ≈ 0.0% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 1.5% − 12.0% = a −10.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 2% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY25's 1%
ROCEROIC (annual)WACC
22%16%11%5.0%−0.5%%2%1.5%FY14FY20FY26
22%16%11%5.0%−0.5%%2%1.5%FY14FY20FY26
Q4 FY26: ROCE 1.7% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
13%9.2%5.5%1.7%−2.1%%1.7%0.7%Q1 FY24Q2 FY25Q4 FY26
13%9.2%5.5%1.7%−2.1%%1.7%0.7%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.06.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Rajesh Exports Ltd carries total debt of ₹1,016 Cr against shareholder equity of ₹17,417 Cr as of Mar 26, a debt-to-equity of 0.06 — effectively unlevered. On the annual view that ratio went from 0.07 in FY22 to 0.06 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹1,016 Cr against shareholder equity of ₹17,417 Cr — a debt-to-equity of 0.06. On the annual view, debt-to-equity went from 0.07 (FY22) to 0.06 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹1,016 Cr at 0.06× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
1.1k0.072×8230.064×5490.055×2740.046×00.038×₹ Cr×₹1,0160.06×FY22FY24FY26
1.1k0.072×8230.064×5490.055×2740.046×00.038×₹ Cr×₹1,0160.06×FY22FY24FY26
Mar 26: debt ₹1,016 Cr, debt-to-equity 0.06 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
1.1k0.062×8230.056×5490.050×2740.044×00.038×₹ Cr×₹1,0160.06×Jun 23Sep 24Mar 26
1.1k0.062×8230.056×5490.050×2740.044×00.038×₹ Cr×₹1,0160.06×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 2.5 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 2.5 points of Rajesh Exports Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 12.6% of the company. Domestic institutions moved −0.3 points over the same window, to 10.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −2.5 points over 8 quarters to 12.6%; Domestic institutions: −0.3 points over 8 quarters to 10.8%; Promoters: +0.0 points over 8 quarters to 54.5%.

🚨 Why the register moved: foreign institutions drove it (−2.5 points) — distribution into the market’s bid.

Fiscal-year ends: promoters +0.5 pts from Mar 23 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 4 year-ends held.
PromotersForeign inst.Domestic inst.Public
58%45%33%20%7.3%%54.5%14.3%10.8%20.4%Mar 23Mar 24Mar 26
58%45%33%20%7.3%%54.5%14.3%10.8%20.4%Mar 23Mar 24Mar 26
Foreign institutions cut 2.5 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
58%45%33%20%7.3%%54.5%12.6%10.8%22.0%Mar 23Sep 24Jun 26
58%45%33%20%7.3%%54.5%12.6%10.8%22.0%Mar 23Sep 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Rajesh Exports Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Diamond, Gems & Jewellery Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Rajesh Exports Ltd this page23.3×₹2,626 CrMixed
Titan Company Ltd80.6×₹4.2L CrTurning around
Kalyan Jewellers India Ltd43.0×₹59,233 CrConsistent
Thangamayil Jewellery Ltd60.7×₹21,467 CrImproving
Bluestone Jewellery & Lifestyle Ltd209.0×₹11,772 CrNo read
Sky Gold & Diamonds Ltd36.8×₹10,124 CrMixed
PC Jeweller Ltd12.6×₹9,011 CrNo read
P N Gadgil Jewellers Ltd21.3×₹8,780 CrMixed
Senco Gold Ltd10.9×₹6,273 CrTurning around
Vaibhav Global Ltd15.7×₹4,216 CrImproving
Rajesh Exports Ltd20.9×₹3,510 CrImproving
D.P. Abhushan Ltd74.8×₹3,032 CrConsistent
D.P. Abhushan Ltd12.3×₹2,295 CrConsistent
Shringar House of Mangalsutra Ltd18.3×₹2,118 CrNo read
Khazanchi Jewellers Ltd24.0×₹1,836 CrNo read
Tribhovandas Bhimji Zaveri Ltd8.5×₹1,728 CrNo read
Khazanchi Jewellers Ltd18.6×₹1,666 CrNo read
Motisons Jewellers Ltd25.2×₹1,612 CrMixed
Shanti Gold International Ltd10.9×₹1,523 CrNo read
PNGS Reva Diamond Jewellery Limited19.9×₹1,287 Cr
Utssav CZ Gold Jewels Ltd21.1×₹1,248 CrNo read
Asian Star Company Ltd24.0×₹971 CrTurning around
PNGS Gargi Fashion Jewellery Ltd25.8×₹785 CrMixed
SJ Corporation Ltd₹776 Cr
Manoj Vaibhav Gems N Jewellers Ltd6.6×₹761 CrTopping out
Radhika Jeweltech Ltd10.0×₹751 CrConsistent
PNGS Gargi Fashion Jewellery Ltd21.8×₹685 CrTopping out
RBZ Jewellers Ltd10.3×₹564 CrMixed
Uday Jewellery Industries Ltd13.7×₹491 CrMixed
Golkunda Diamonds & Jewellery Ltd16.0×₹195 CrMixed
12 · Frequently asked questions

Frequently asked questions

What is Rajesh Exports Ltd's share price today?

Rajesh Exports Ltd trades at ₹86.0, −57.8% over the past year. The company is valued at ₹2,626 Cr. The stock sits at 7% of its 52-week range of ₹76–₹213, −37.2% versus its 200-day average. On the tape, the price is in a downtrend, 171 weeks in. — as of 24 July 2026.

What were Rajesh Exports Ltd's latest quarterly results?

Rajesh Exports Ltd reported revenue of ₹2,36,864 Cr and a net loss of ₹54.0 Cr for the Mar 26 quarter. Revenue rose 18.9% and profit fell 2,800.0% year on year. Earnings per share were ₹−1.81. The operating margin was 0.0%, 0.0 pp higher than a year earlier. — as of 24 July 2026.

What is Rajesh Exports Ltd's revenue?

Rajesh Exports Ltd reported revenue of ₹2,36,864 Cr in the Mar 26 quarter, +18.9% year on year. For the full FY26 fiscal year, revenue was ₹7,78,716 Cr (+84.1%). Over the last 10 years revenue compounded at 16.8% a year. — as of 24 July 2026.

What is Rajesh Exports Ltd's profit?

Rajesh Exports Ltd earned ₹−54.0 Cr of net profit in the Mar 26 quarter, −2,800.0% year on year. Full-year FY26 profit was ₹112 Cr. The operating margin ran 0.0% in the latest quarter. — as of 24 July 2026.

What is Rajesh Exports Ltd's market cap?

Rajesh Exports Ltd's market capitalisation is ₹2,626 Cr at a share price of ₹86.0. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Rajesh Exports Ltd's P/E ratio?

Rajesh Exports Ltd trades at a P/E of 23.3×, at the 90th percentile of its own 10-year range, against a long-run median of 16.2×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Rajesh Exports Ltd pay a dividend?

Not in its latest year — Rajesh Exports Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 9 of its last 13 reported fiscal years, so there is a history but no current dividend. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Rajesh Exports Ltd overvalued?

On its own history, Rajesh Exports Ltd looks expensive against its own history: its P/E of 23.3× sits at the 90th percentile of its 10-year range (long-run median 16.2×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Rajesh Exports Ltd growing?

Yes — Rajesh Exports Ltd is growing: latest-quarter revenue +18.9% year on year, profit −2,800.0%, and the margin +0.0 pp at 0.0%. The 10-year compound rates are 16.8% (revenue) and −20.2% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is Rajesh Exports Ltd performing?

Rajesh Exports Ltd is in a downtrend, 171 weeks in. Its latest quarter's revenue rose 18.9% and profit fell 2,800.0% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 31 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Rajesh Exports Ltd in?

Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +160.9% at its peak to +15.6% but is still expanding, ROCE holding at 2.0%. The read comes from the last 12 quarters of growth (revenue growth +84.1% latest, profit growth +15.6% latest, eps growth +18.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Rajesh Exports Ltd in an uptrend?

No — the price is in a downtrend (week 171 of stage 4), trading −37.2% versus its 200-day average and at 7% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Rajesh Exports Ltd beating the market?

Not lately — on a trailing-13-week view Rajesh Exports Ltd is currently behind the NIFTY 500 (31 weeks and counting; last ahead the week of 2026-01-16), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved −87% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.

Will Rajesh Exports Ltd's share price go up?

This page publishes no price forecast for Rajesh Exports Ltd. What it measures instead: the share price is ₹86.0, the price is in a downtrend 171 weeks in. Its P/E of 23.3× sits at the 90th percentile of its own 10-year range. — as of 24 July 2026.

Who owns Rajesh Exports Ltd?

Promoters hold 54.5% of Rajesh Exports Ltd, foreign institutions 12.6%, domestic institutions 10.8% and the public 22.0% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 2.5 points over 8 quarters. — as of 24 July 2026.

Does Rajesh Exports Ltd have too much debt?

No — Rajesh Exports Ltd's debt-to-equity is 0.06, and operating profit covers the interest bill 1×. FY26 borrowings were ₹1,016 Cr against equity of ₹17,269 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.

What is Rajesh Exports Ltd's capex?

Rajesh Exports Ltd spent ₹−529 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹88.0 Cr, with ₹4.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Rajesh Exports Ltd's cash flow?

Rajesh Exports Ltd generated ₹372 Cr of operating cash flow in FY26 and ₹284 Cr of free cash flow after ₹88.0 Cr of capital spending. Reported profit that year was ₹112 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Rajesh Exports Ltd's profit real cash?

Yes — over the last 3 fiscal years, 1,517% of Rajesh Exports Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹372 Cr against reported profit of ₹112 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Rajesh Exports Ltd in its business cycle?

Rajesh Exports Ltd's FY26 operating margin was 0.0%, against a 13-year band of 0.0%–3.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 0.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Rajesh Exports Ltd story?

The sharpest disagreement: annual EPS moved +18.7% against a −57.8% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Rajesh Exports Ltd a stock worth studying right now?

This is not investment advice. The machine read: Rajesh Exports Ltd's earnings have outrun its stock. EPS grew +18.7% in a year against a −57.8% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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