The stock market is a weird place. One day you’re the darling of the diamond industry, and the next, you’re being hammered by lower circuits and regulatory notices. If you’ve been watching the Rajesh Exports share price lately, you know exactly what I’m talking about. It’s been a wild ride, to put it mildly. As of mid-January 2026, the stock is hovering around the ₹165 mark on the NSE and BSE.
Honestly, the numbers tell a story of a company in an identity crisis. Back in early 2023, this was a ₹1,000 stock. Now? It’s struggling to hold onto the ₹160 level. That’s an 80% haircut in roughly three years. You’ve got to wonder what’s actually happening behind the scenes at a company that moves hundreds of thousands of crores in revenue but barely manages to scrape together a profit.
What’s Dragging Down the Rajesh Exports Share Price?
It isn’t just one thing. It’s a cocktail of thin margins, corporate governance questions, and a massive pivot into electric vehicle (EV) batteries that hasn't exactly gone to plan.
Let's talk about the margins first. In the quarter ending September 2025, Rajesh Exports reported a staggering revenue of over ₹1.75 lakh crore. That is a "B" with a capital B in billions of dollars. But look at the net profit: just ₹104 crore. If you do the math, that’s a net profit margin of roughly 0.06%. Basically, for every ₹1,000 they bring in, they keep about 60 paise. That is razor-thin. It’s not even "razor" thin; it's more like a strand of hair.
The market hates that kind of risk. When your margins are that low, one tiny mistake or a shift in gold prices can wipe out your entire profit for the year.
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The EV Battery Gamble
Then there’s the lithium-ion project. Rajesh Exports signed a deal with the Indian government under the Production Linked Incentive (PLI) scheme to build a 5GWh battery factory. This was supposed to be the big "re-rating" trigger for the Rajesh Exports share price. Investors thought, "Hey, they’re moving from low-margin gold to high-growth tech!"
But the reality has been messier. By late 2025, the Ministry of Heavy Industries started losing patience. They issued penalty notices to Rajesh Exports (and even big names like Ola and Reliance) for missing construction deadlines. We’re talking about daily fines of ₹5 lakh. While the company has asked for waivers, citing supply chain headaches from China, the government hasn't budged.
Why the Recent Crash Happened
If you looked at your portfolio in late December 2025, you probably saw a sea of red. Between December 29 and the start of January 2026, the stock plunged 15% in a single week. It hit the 5% lower circuit three days in a row.
Why? Because the market is tired of waiting for clarity. The company held its 31st Annual General Meeting (AGM) on December 30, 2025. Usually, an AGM is a chance to reassure investors. Instead, the technicals turned incredibly bearish, and the stock slipped below its 50-day and 200-day moving averages. When a stock breaks those levels, the big institutional players often just bail.
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The Corporate Governance "Red Flags"
We have to be real here. Rajesh Exports has a history of making the exchanges nervous. There have been delays in filing shareholding patterns, errors in auditor reports, and late board meetings. For a company of this size, those aren't just "clerical errors." They’re red flags for investors who value transparency.
Specifically, look at these points:
- The company reduced its stake in its battery subsidiary, ACC Energy Storage, from 100% to 51% in 2025.
- They issued those shares to an unnamed company at a premium.
- Investors still don't know who that "unnamed company" is.
That kind of mystery doesn't help the Rajesh Exports share price. Markets like certainty. They don't like "to be announced" secrets.
Is There Any Up-Side Left?
It’s not all doom and gloom, though. There are some "deep value" investors who look at the balance sheet and see a different story.
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First, the company is technically debt-free at the standalone level. They have significant cash reserves—about ₹2,500 crore as of late 2024—and even more in receivables. If you look at the price-to-book (P/B) ratio, it’s trading way below its historical averages. Some might call it "dirt cheap."
The revenue growth is also real. They grew their top line by over 50% in FY25. The problem is just that none of that growth is hitting the bottom line. If the management can figure out how to squeeze even 0.5% profit out of their gold business, the earnings per share (EPS) would skyrocket. But "if" is a very big word in investing.
The Technical View
Right now, the stock is in a "wait and watch" zone. It’s found some support near ₹160, but it hasn't shown the momentum to break past ₹200. Most analysts have a "sell" or "underperform" rating because the risks—regulatory fines and low transparency—outweigh the potential reward of the battery plant for now.
Actionable Insights for Investors
If you’re holding this stock or thinking about jumping in, don't just look at the low price and think it's a bargain. Here is how to actually play this:
- Watch the PLI Milestones: Forget the gold revenue for a second. The Rajesh Exports share price is now tied to that battery factory. If they actually start commercial production in 2026, the stock will react violently to the upside. Until then, the daily penalties are a drag.
- Monitor the "Other Income": A lot of Rajesh Exports' profit lately hasn't come from selling jewelry; it's come from "other income" and interest. That’s not a sustainable business model. You want to see "Operating Profit" move into the green.
- Check the Promoter Buying: There were rumors in mid-2025 that the Mehta family was buying from the open market. If you see promoters increasing their 54% stake, it's a sign they believe the battery pivot will work.
- Stop-Loss Management: Given the volatility and the tendency to hit lower circuits, don't trade this without a strict exit plan. If it breaks below the ₹150 level, there isn't much historical support to catch it.
Basically, Rajesh Exports is no longer a jewelry stock. It’s a venture capital play disguised as a retail company. You’re betting on whether a gold refiner can become a tech manufacturer. It’s a high-stakes game, and the Rajesh Exports share price reflects exactly how much the market doubts they can pull it off.
To move forward with your research, your next step should be to download the latest September 2025 (Q2 FY26) results from the BSE website and look specifically at the "Segment Revenue" section. This will show you if any revenue is finally being generated from the battery division or if it's still 99.9% gold. After that, verify if the company has paid the accrued penalties to the Ministry of Heavy Industries, as a settlement here would remove a major "hang" over the stock's valuation.