Rajesh Exports Ltd. is an Indian multinational gold retailer engaged in refining, designing, and selling gold and jewellery. It is claimed to be the world's only company involved at every stage of the gold's value chain, from refining to retailing. The company was founded in 1989, with its headquarters in Bangalore.
Stock Symbol: RAJESHEXPO (NSE) / 531500 (BSE)
Sector: Consumer Discretionary / Precious Metals, Jewellery & Watches
Market Cap: ₹5,993.78 Crore (as of July 2025)
Promoter Holding: 54.55% (as of Dec 2024)
Rajesh Exports Limited (REL) is recognized as the world's largest gold company and the only fully integrated entity across the entire value chain of gold, from mining to its own retail brand. Rajesh Exports processes approximately 35% of the gold produced globally. The company holds the title of the largest refiner of gold in the world, with a total capacity to refine 2,400 tons of precious metals per annum. This remarkable scale of operations positions the company as a dominant force in the global gold industry.
Rajesh Exports operates through a comprehensive business model that spans the entire gold value chain. It primarily generates revenue through three main business segments: gold refining, manufacturing of jewelry, and retail operations.
The company operates one of the largest gold refineries in the world, with a refining capacity of approximately 2,400 tons of gold annually. REL has two major refining facilities:
- Valcambi (Switzerland): The world's largest refinery with a capacity to refine 2,000 tons of precious metals per annum.
- Uttarakhand (India): This facility has a refining capacity of 400 tons of precious metals per annum.
Rajesh Exports Ltd. is also the largest manufacturer of gold products in the world. Across its various manufacturing facilities, Rajesh Exports has a total installed capacity to manufacture 400 tons of world-class gold products per annum, including plain and studded jewelry, medallions, and coins. The company produces a wide range of jewelry types:
- Handmade Jewelry
- Casting Jewelry
- Machine Chains
- Stamped Jewelry
- Studded Jewelry
- Tube Jewelry
- Electro-formed Jewelry
As of July 2025, the market capitalization of Rajesh Exports Ltd (RAJESHEXPO) stands at ₹5,993.78 Crore. The company has demonstrated its scale through impressive revenue figures:
- Revenue: ₹96,630.48 Crore (as of December 2024 - Q3 FY25).
- Net Profit: ₹35.50 Crore (as of December 2024 - Q3 FY25).
Rajesh Exports was ranked 7th on the Fortune India 500 list in 2022, with revenues of ₹2.90 trillion, and 462nd in the Fortune Global 500. This recognition underscores the company's significant position in both the Indian and global markets.
The stock's current trading metrics reflect its market positioning:
- 52-Week High: ₹332.50.
- 52-Week Low: ₹151.11.
- P/E Ratio (Price-to-Earnings): 17.86.
- P/B Ratio (Price-to-Book): 0.39.
These valuation metrics provide insight into the market's assessment of the company's earnings potential and book value.
The company's recent quarterly performance shows mixed results:
- Q3 FY2024-2025: Net profit jumped 185.6% year-on-year to ₹35.50 Crore.
- September 2024 Quarter (vs. September 2023 Quarter):
- Net profit rose 0.55% to ₹45.56 Crore.
- Sales increased by 75.81% to ₹66,923.67 Crore.
- Quarterly Growth Basis: Rajesh Exports Ltd has experienced a -22.08% fall in its net profits over the last 3 months.
The company has established a significant retail presence in India with 81 retail jewelry showrooms under the brand name of SHUBH Jewelers. This retail network allows the company to capture value across the entire distribution chain, from manufacturing to direct consumer sales.
- Promoter Holding: Increased to 54.55% as of December 2024 from 54.55% as of March 2024.
- Managing Director: Prashant Mehta.
- Executive Chairman: Rajesh Mehta.
- Registered Office: No 4 Batavia Chambers, Kumara Krupa Rd Kumara Park(E), Bangalore, Karnataka-560001.
Rajesh Exports maintains a strong focus on innovation and quality, with world-class R&D facilities in Switzerland and India. These facilities are dedicated to developing new designs and evolving innovative manufacturing processes for world-class gold products. This commitment supports the company's position as a technology leader in gold processing and jewelry manufacturing.
Rajesh Exports Ltd has an extensive network of customers in over 70 countries. This global reach demonstrates the company's ability to serve diverse markets and capitalize on international demand for gold and jewelry products. The company's international operations are supported by manufacturing facilities in multiple countries, including India, Dubai, and Switzerland.
Rajesh Exports represents a unique investment opportunity as the world's most integrated gold company, combining massive scale, comprehensive operations, and global reach. While the company faces challenges from gold price volatility and market competition, its dominant market position and vertically integrated business model provide significant competitive advantages in the global gold and jewelry industry.
