Rajesh Exports Ltd

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 ₹82.0, in a downtrend and 176 weeks into that stage. That is −35.3% against its own 200-day average. It sits at 0% of a 52-week range of ₹82 to ₹213. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (15 weeks and counting).

Today the stock is in a downtrend — week 176 of stage 4, confirmed. At ₹82.0 it trades −35.3% versus its 200-day average and sits at 0% of its 52-week range (₹82–₹213).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved −88% while the NIFTY 500 moved +277% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (15 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.

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 14.2× P/E, mid-range by its own standards (36th percentile). Its long-run median P/E is 15.8×, 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 14.2× is mid-range by its own standards (36th percentile), against a long-run median of 15.8× 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.

Why the multiple sits where it does: over the past year annual EPS moved +18.7% against a −53.5% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the −33.1%/yr price move, ~−29.5%/yr came from earnings growth and ~−3.6 pp from the multiple (compressing); over 10y, of the −15.3%/yr price move, ~−17.1%/yr came from earnings growth and ~+1.8 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 unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, Rajesh Exports Ltd was paying for profit growth of about 14.9% a year. Profit itself has compounded −20.2% a year over the past 10 years. Today the market pays 14.2× P/E, the 36th percentile of its own 10-year range.

What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is above what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

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: revenue growth has eased from +112.0% at its peak to +79.6% but is still expanding, ROCE holding at 2.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

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

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

No sector-relative score — Rajesh Exports Ltd is not present in the sector comparison for Diamond, Gems & Jewellery.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

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

Rajesh Exports Ltd reported ₹2,40,336 Cr of revenue in the Jun 26 quarter, +82.7% year on year. That is the 8th 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 ₹8,87,510 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 (Jun 26) printed ₹2,40,336 Cr, +82.7% year on year — the 8th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +101.7% 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 +79.6% over the last 4 quarters against +86.4%/yr over the last 8 — rolling over; TTM profit +127.0% vs +107.5%/yr — accelerating.

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 Jun 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 +0.0 pp year on year while gross margin went +0.0 pp — the gain came mostly from the gross line: input costs and pricing.

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 earned ₹47.0 Cr of net profit in the Jun 26 quarter. Full-year FY26 profit was ₹112 Cr. The 10-year compound rate is −20.2%. That is 0.0% of the quarter's revenue. The same quarter a year earlier lost ₹10.0 Cr. 3 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹47.0 Cr, null year on year. On the full year, FY26 printed ₹112 Cr (+17.9%), and the 10-year compound rate is −20.2%.

Pace comparison, last four quarters: profit −858.9% vs revenue +101.7%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

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.

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.

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.

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.

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

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. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. 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.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Rajesh Exports Ltd carries ₹1,016 Cr of borrowings against ₹17,269 Cr of equity in FY26, a debt-to-equity of 0.06. Operating profit covers the interest bill 1×. Over 5 years borrowings went from ₹1,021 Cr to ₹1,016 Cr. Capital spending ran ₹−529 Cr across the last 3 of those years.

FY26: borrowings of ₹1,016 Cr against equity of ₹17,269 Cr — a debt-to-equity of 0.06. Operating profit covers the interest bill 1×. Over 5 years borrowings went from ₹1,021 Cr to ₹1,016 Cr while capital spending ran ₹−529 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

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.

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.

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