Rajesh Exports Q1 FY27 Results (NSE: RAJESHEXPO)

14 Aug 2026 · Analysis by Alpha Inflection

Signal: Growth reaccelerated

The read

The principal inflection is the rebound from a consolidated Q4FY26 loss of ₹534.97 million to Q1FY27 PAT of ₹471.92 million, driven by other expenses falling to ₹184.32 million from ₹3002.55 million QoQ and finance costs moving to negative ₹6.19 million; however, revenue growth of 82.8% YoY still produced only a 0.06% gross margin and 0.02% EBIT margin, so the recovery is not yet evidence of durable operating economics.

P&L walk

Revenue increased to ₹2403357.15 million, +82.8% YoY and +1.5% QoQ, with materials consumed rising broadly in line at +82.7%; the gross margin remained extremely thin at 0.06%, while lower other expenses and a swing in finance costs supported EBIT of ₹546.78 million and PAT of ₹471.92 million.

Key positives

• Revenue reached ₹2403357.15 million, +82.8% YoY and +1.5% QoQ, extending the company's high-revenue run despite sequential growth decelerating from the prior quarter.
• PAT recovered to ₹471.92 million from a ₹95.33 million YoY loss and a ₹534.97 million QoQ loss.
• Other expenses declined to ₹184.32 million from ₹3002.55 million QoQ, while employee costs increased only 27.0% YoY against 82.8% revenue growth.

Key concerns

• Gross margin declined 3bps YoY to 0.06%, with materials consumed still representing 99.94% of total income; the filing gives no evidence of pricing power or mix improvement.
• EBIT margin was only 0.02% on ₹2403357.15 million of revenue, leaving very limited tolerance for adverse gold-price, working-capital or execution movements.
• The profit rebound depends materially on the QoQ reduction in other expenses from ₹3002.55 million to ₹184.32 million and the reported finance-cost swing to negative ₹6.19 million.

View original filing

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