Rajesh Exports Q4 FY26 Results (NSE: RAJESHEXPO)
Signal: Loss widened
The read
Standalone Q4: core jewellery operation remains deeply unprofitable (negative EBITDA margin), but full-year profitability is sustained by massive other income (₹1026.75M, +76.8% YoY) and tax credits. Quarterly revenue growth of 27.5% is positive, but operating leverage is absent. The business model remains highly dependent on non-operating income.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,441.1 Cr | 27.5% | 24.8% |
| EBIT | ₹17.45 Cr | 14.6% | |
| Net profit | ₹-17.09 Cr | -4.9% | |
| EPS | ₹-0.58 | -5.5% | |
| EBIT margin | 0% |
P&L walk
Core jewellery operations continue to generate negative operating margins; other income (interest) is the primary profit driver for the year.
Key positives
- Revenue grew 27.5% YoY to ₹24,410.95 million, with sequential growth of 24.8%.
- Full year net profit of ₹320.92 million (up 34.8% YoY), driven by other income.
- Operating cash flow for FY26 positive at ₹1,631.16 million.
- Other income surged 209% YoY in Q4 to ₹746.78 million.
Key concerns
- Core operating margin remains deeply negative; EBITDA margin estimated at -2.3%.
- Quarterly net loss widened to ₹170.94 million from ₹162.93 million loss a year ago.
- Profitability heavily reliant on volatile other income (interest/investments) and tax credits.
- Finance costs high at ₹386.87 million for the quarter, +7.5% YoY.
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