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Last Updated on: 19 July, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo

Fundamental Analysis of Rajesh Exports Ltd

Basic Stock Data

Last Updated: July 18, 2024, 10:43 pm

Market Cap 9,135 Cr.
Current Price 310
High / Low560/259
Stock P/E27.2
Book Value 516
Dividend Yield0.00 %
ROCE3.23 %
ROE2.24 %
Face Value 1.00
PEG Ratio-1.20

Data Source: screener.in

Competitors of Rajesh Exports Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
PC Jeweller Ltd 3,281 Cr. 70.473.7/25.4 63.00.00 %1.75 %19.0 % 10.0
Silgo Retail Ltd 64.4 Cr. 34.841.0/18.120.4 29.20.00 %9.95 %7.43 % 10.0
Shubhlaxmi Jewel Art Ltd 27.4 Cr. 31.299.0/30.422.5 24.60.00 %9.44 %6.80 % 10.0
Thangamayil Jewellery Ltd 4,856 Cr. 1,7661,880/85239.4 1800.57 %20.3 %28.0 % 10.0
Penta Gold Ltd 11.6 Cr. 9.1529.3/7.60 23.10.00 %1.27 %21.2 % 10.0
Industry Average1,339.49 Cr312.3494.5164.630.08%7.76%13.05%8.86

Quarterly Result

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Sales64,52350,89741,24565,17985,80649,49780,27094,474115,44885,68938,06665,47791,445
Expenses64,19650,59640,91664,86285,66649,19279,85294,025115,04685,35438,01665,42091,609
Operating Profit3263023293181413054184504023345056-164
OPM %1%1%1%0%0%1%1%0%0%0%0%0%-0%
Other Income10103811121121412204
Interest0000000019004543
Depreciation23223313232324272631111111
Profit before tax3042802983041572833954233773155313-14
Tax %4%0%2%1%12%4%6%0%3%2%14%2%-129%
Net Profit2932782913001392723734223663094512-32
EPS in Rs9.929.439.8710.174.699.2012.6314.2812.4010.481.530.42-1.07

Last Updated: July 10, 2024, 9:09 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: July 10, 2024, 9:09 pm

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Sales31,22629,19750,463165,179242,132187,686175,763195,600258,306243,128339,690280,676
Expenses30,43728,41449,196163,452240,382185,802173,967194,051257,182241,949338,054280,348
Operating Profit7897831,2661,7271,7501,8841,7961,5491,1241,1791,636328
OPM %3%3%3%1%1%1%1%1%0%0%0%0%
Other Income31042486266734024242
Interest3003634785784305374422221429081139
Depreciation216627965687473909110164
Profit before tax4904047261,1121,3031,3421,3461,2618941,0381,478367
Tax %8%11%10%4%5%6%4%4%5%3%3%9%
Net Profit4533576551,0691,2441,2661,2921,2068451,0091,432336
EPS in Rs15.3312.1122.1836.2142.1242.8743.7640.8428.6134.1848.5111.36
Dividend Payout %7%8%5%3%3%2%2%2%4%3%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-2024
YoY Net Profit Growth (%)-21.19%83.47%63.21%16.37%1.77%2.05%-6.66%-29.93%19.41%41.92%-76.54%
Change in YoY Net Profit Growth (%)0.00%104.67%-20.27%-46.84%-14.60%0.29%-8.71%-23.28%49.34%22.51%-118.46%

Growth

Compounded Sales Growth
10 Years:25%
5 Years:10%
3 Years:3%
TTM:-17%
Compounded Profit Growth
10 Years:-1%
5 Years:-24%
3 Years:-27%
TTM:-77%
Stock Price CAGR
10 Years:6%
5 Years:-15%
3 Years:-19%
1 Year:-40%
Return on Equity
10 Years:12%
5 Years:8%
3 Years:7%
Last Year:2%

Last Updated: July 17, 2024, 5:15 pm

Balance Sheet

Last Updated: July 10, 2024, 9:09 pm

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Equity Capital303030303030303030303030
Reserves2,3852,7133,3324,3625,6067,1458,81110,50411,19212,41614,69415,217
Borrowings2,7293,1183,8424,5945,5528,7176,1981,2781,021815723655
Other Liabilities8,6975,3788,87711,95612,9437,64313,80318,91611,23010,6557,4286,170
Total Liabilities13,84011,23816,08120,94124,13123,53528,84130,72823,47323,91622,87522,072
Fixed Assets691682641,2871,1991,2891,4521,5211,4471,4492,0382,071
CWIP0006288521126389
Investments313608419191,0201,0881,1421,0411,1131,2411,292
Other Assets13,76711,05615,75618,75221,92521,22126,30028,06420,97321,34819,55718,700
Total Assets13,84011,23816,08120,94124,13123,53528,84130,72823,47323,91622,87522,072

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity 2,849-2,5024,1852,0692,474-2,8703,4822,572-10,252-4463
Cash from Investing Activity -1-125-204-1,551-224-97101324-548610
Cash from Financing Activity -857-42111385282,596-2,990-5,172-429-326-186
Net Cash Flow1,991-2,6324,1926572,777-371594-2,276-10,735-244288

Free Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Free Cash Flow787.00780.00-2.00-3.00-4.00-7.00-5.000.000.00-814.00-722.00-327.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days27302211881317151611
Inventory Days9742238911127
Days Payable976865241814283516168
Cash Conversion Cycle-60-30-39-11-9-3-7-991210
Working Capital Days-56-20-33-10-8-1-5-7111311
ROCE %14%18%20%17%14%12%11%9%9%11%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Promoters54.05%54.05%54.05%54.05%54.05%54.05%54.05%54.05%54.05%54.05%54.55%54.55%
FIIs16.99%16.80%17.84%17.72%17.70%17.62%17.67%17.60%16.50%15.38%15.78%15.08%
DIIs9.64%10.47%11.45%11.43%11.39%11.35%11.27%11.26%11.16%11.08%11.07%11.08%
Public19.32%18.68%16.66%16.80%16.87%16.97%17.00%17.08%18.29%19.49%18.60%19.28%
No. of Shareholders41,90042,23636,40642,34145,10746,72540,13140,74273,7751,52,9382,09,6232,13,557

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Motilal Oswal Nifty Midcap 150 Index Fund65,0910.22.37,7352024-07-18741.51%
Nippon India ETF Nifty Midcap 15057,6440.22.047,7352024-07-18645.24%
Nippon India Nifty Midcap 150 Index Fund54,2950.21.927,7352024-07-18601.94%
Mirae Asset Nifty Midcap 150 ETF32,1940.21.147,7352024-07-18316.21%
UTI Nifty 500 Value 50 Index Fund23,6860.970.847,7352024-07-18206.22%
Motilal Oswal S&P BSE Enhanced Value Index Fund21,1810.890.757,7352024-07-18173.83%
ICICI Prudential Nifty Midcap 150 Index Fund14,1230.20.57,7352024-07-1882.59%
ICICI Prudential Nifty Midcap 150 ETF13,5090.20.487,7352024-07-1874.65%
SBI Nifty Midcap 150 Index Fund13,0480.20.467,7352024-07-1868.69%
Aditya Birla Sun Life Nifty Midcap 150 Index Fund7,7350.20.277,7352024-07-180%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue1.001.001.001.001.00
Basic EPS (Rs.)11.4148.5234.1928.6340.84
Diluted EPS (Rs.)11.4148.5234.1928.6340.84
Cash EPS (Rs.)13.5551.9237.2631.6843.30
Book Value[Excl.RevalReserv]/Share (Rs.)516.39498.67421.52380.05356.77
Book Value[Incl.RevalReserv]/Share (Rs.)516.39498.67421.52380.05356.77
Revenue From Operations / Share (Rs.)9506.0711504.768234.378748.416624.68
PBDIT / Share (Rs.)19.3256.2241.2938.1652.71
PBIT / Share (Rs.)17.1352.8138.2135.0950.25
PBT / Share (Rs.)12.4350.0735.1730.2742.72
Net Profit / Share (Rs.)11.3648.5134.1828.6140.84
NP After MI And SOA / Share (Rs.)11.3648.5134.1828.6140.84
PBDIT Margin (%)0.200.480.500.430.79
PBIT Margin (%)0.180.450.460.400.75
PBT Margin (%)0.130.430.420.340.64
Net Profit Margin (%)0.110.420.410.320.61
NP After MI And SOA Margin (%)0.110.420.410.320.61
Return on Networth / Equity (%)2.209.728.107.5211.44
Return on Capital Employeed (%)3.2910.519.009.1513.94
Return On Assets (%)1.526.264.213.593.92
Total Debt / Equity (X)0.040.040.060.090.12
Asset Turnover Ratio (%)12.4914.520.370.101.99
Current Ratio (X)2.782.431.871.721.39
Quick Ratio (X)2.151.671.201.111.16
Inventory Turnover Ratio (X)54.6249.221.550.7020.47
Dividend Payout Ratio (NP) (%)0.000.942.923.492.44
Dividend Payout Ratio (CP) (%)0.000.882.683.152.30
Earning Retention Ratio (%)0.0099.0697.0896.5197.56
Cash Earning Retention Ratio (%)0.0099.1297.3296.8597.70
Interest Coverage Ratio (X)4.1020.5113.557.917.00
Interest Coverage Ratio (Post Tax) (X)3.4118.6912.226.936.42
Enterprise Value (Cr.)6156.2716615.6619395.0513096.204498.04
EV / Net Operating Revenue (X)0.020.040.070.050.02
EV / EBITDA (X)10.7910.0115.9111.622.89
MarketCap / Net Operating Revenue (X)0.020.050.080.050.08
Retention Ratios (%)0.0099.0597.0796.5097.55
Price / BV (X)0.501.221.641.261.52
Price / Net Operating Revenue (X)0.020.050.080.050.08
EarningsYield0.040.070.040.050.07

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value: 320.68

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

Undervalued: 3.44% compared to the current price 310

Intrinsic Value: 248.27

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Overvalued: 19.91% compared to the current price 310

Last 5 Year EPS CAGR: -22.58%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a low average Working Capital Days of -9.55, which is a positive sign.
  2. The stock has a low average Cash Conversion Cycle of -12.45, which is a positive sign.
  3. The company has higher reserves (8,198.08 cr) compared to borrowings (3,270.17 cr), indicating strong financial stability.
  4. The company has shown consistent growth in sales (182.83 cr) and profit (240.67 cr) over the years.
  1. The stock has a low average ROCE of 12.27%, which may not be favorable.

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Rajesh Exports Ltd:
    1. Net Profit Margin: 0.11%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 3.29% (Industry Average ROCE: %)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 2.20% (Industry Average ROE: %)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 3.41
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 2.15
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. Stock P/E: 27.2 (Industry average Stock P/E: )
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. Total Debt / Equity: 0.04
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company

Rajesh Exports Ltd. is a Public Limited Listed company incorporated on 01/02/1995 and has its registered office in the State of Karnataka, India. Company’s Corporate Identification Number(CIN) is L36911KA1995PLC017077 and registration number is 017077. Currently Company is involved in the business activities of Manufacture of jewellery, bijouterie and related articles. Company’s Total Operating Revenue is Rs. 6236.50 Cr. and Equity Capital is Rs. 29.53 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Gems, Jewellery & Precious MetailsNo. 4, Batavia Chambers, Kumara Krupa Road, Bengaluru Karnataka 560001compsect@rajeshindia.com
http://www.rajeshindia.com
Management
NamePosition Held
Mr. Rajesh MehtaExecutive Chairman
Mr. Prashant SagarIndependent Director
Ms. Vijaya LakshmiIndependent Director
Ms. Asha MehtaIndependent Director
Mr. T D JosephNon Exe.Non Ind.Director
Mr. Suresh KumarManaging Director

FAQ

What is the latest fair value of Rajesh Exports Ltd?

The latest fair value of Rajesh Exports Ltd is ₹320.68.

What is the Market Cap of Rajesh Exports Ltd?

The Market Cap of Rajesh Exports Ltd is 9,135 Cr..

What is the current Stock Price of Rajesh Exports Ltd as on 19 July 2024?

The current stock price of Rajesh Exports Ltd as on 19 July 2024 is 310.

What is the High / Low of Rajesh Exports Ltd stocks in FY 2024?

In FY 2024, the High / Low of Rajesh Exports Ltd stocks is 560/259.

What is the Stock P/E of Rajesh Exports Ltd?

The Stock P/E of Rajesh Exports Ltd is 27.2.

What is the Book Value of Rajesh Exports Ltd?

The Book Value of Rajesh Exports Ltd is 516.

What is the Dividend Yield of Rajesh Exports Ltd?

The Dividend Yield of Rajesh Exports Ltd is 0.00 %.

What is the ROCE of Rajesh Exports Ltd?

The ROCE of Rajesh Exports Ltd is 3.23 %.

What is the ROE of Rajesh Exports Ltd?

The ROE of Rajesh Exports Ltd is 2.24 %.

What is the Face Value of Rajesh Exports Ltd?

The Face Value of Rajesh Exports Ltd is 1.00.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Rajesh Exports Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE