Gold Refining, Manufacturing & Export / Gems, Jewellery and Watches
Strategic Profile
The company's primary goal is to become the first and only global company in the gold industry that is seamlessly integrated from mining operations directly to the consumer, focusing on increasing its retail presence to connect with more customers and improve profitability. The company has various manufacturing facilities in India and other countries, including Bangalore, Cochin and Dubai. The company has established a significant global footprint, with its business operations and products reaching markets in 12 different countries across the world.
Cyborg Score Rationale
The company is almost debt free, demonstrating strong financial discipline. However, the company has a low return on equity of 4.23% over the last 3 years, and Rajesh Exports was identified as a major wealth-destroying company from 2020-2025, losing ₹10,500 crore. Recent revenue growth is strong but offset by declining profitability.
Top Insights
Revenue surged 91% YoY to Rs 3,365.4 crore in Q2 FY26, but Q2 PAT fell 9% YoY to Rs 18 crore, indicating margin compression despite top-line growth.
The company faces regulatory penalties including Rs 5 lakh/day under government compliance schemes, with Rs 14 crore in outstanding penalties as of recent reporting.
Rajesh Exports is one of the largest exporters of gold and diamond jewellery in the world with significant manufacturing capabilities.
SHUBH Jewelers operates 80 jewelry showrooms across the state of Karnataka, with plans to expand retail presence.