Rajputana Industries Ltd. (RAJINDLTD)
SME CapIndustrials stocks · SME cap · NSE
Rajputana Industries Limited is a prominent player in non-ferrous metal recycling and manufacturing, offering products from Copper, Aluminium, Brass, and Alloys. It sources scrap metal and transforms it into premium products, serving diverse industries like electrical, automotive, and renewable energy. The company was listed on NSE Emerge in August 2024.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +22% YoY · PAT +32% YoY · margin expansion · +8% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹204.1 Cr | +22.1% | +8.1% |
| EBITDA | ₹9.2 Cr | +38.0% | +22.3% |
| Operating margin | 4.5% | +52 bps | +52 bps |
| PAT | ₹3.7 Cr | +32.3% | -3.4% |
| PAT margin | 1.8% | +14 bps | -21 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Rajputana Industries reports strong 9M FY26 performance with Total Income up 26.48% YoY to INR 509.90 Cr, EBITDA up 54.19% YoY to INR 20.56 Cr, and Net Profit up 33.20% YoY to INR 8.40 Cr, driven by improved operational efficiencies and sustained demand.
The company demonstrated robust financial growth in 9M FY26, with significant increases in revenue and profitability. Management's focus on capacity scaling, backward integration, and value-added products, supported by favorable industry dynamics, suggests continued positive momentum. Operational efficiencies and higher capacity utilization are key drivers.
Electric Mobility & Renewable Energy
Favourable industry dynamics—driven by electric mobility, renewable energy expansion—continue to support our growth trajectory.
Infrastructure Development
Infrastructure development and broader industrial applications continue to support our growth trajectory.
Value-added Products
We are progressing toward value-added conductors and specialised alloy solutions.
Global Reach Expansion
We aim to deepen our presence in both domestic and export markets, particularly across ASEAN, Europe, and Africa.
Total Annual Capacity
Total annual capacity expanded to 13,150 MT in FY25 from 9,860 MT in FY24.
Aluminum Products Capacity
Capacity for Aluminum Winding Wires & Strips, Ingots and Rods increased from 3,000 MT in FY24 to 4,800 MT in FY25.
Copper Products Capacity
Capacity for Copper Winding Wires / Strips, Billets and Ingots, Rods and Mother Tubes increased from 3,150 MT in FY24 to 3,750 MT in FY25.
Brass Products Capacity
Capacity for Brass Rods, Wire, Mother Tube, Billets, Ingots increased from 3,710 MT in FY24 to 4,600 MT in FY25.
Sustained Product Demand
Consistent growth in revenue and profitability reflects sustained demand across our copper, aluminium, brass, and alloy product portfolio.
Favorable Industry Dynamics
Driven by electric mobility, renewable energy expansion, infrastructure development, and broader industrial applications.
Government Reforms
Government reforms to unlock mineral sector potential, including proposed capping performance security for critical mineral mining.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation explicitly provides 9M FY26 figures compared to 9M FY25, indicating a year-over-year comparison is most appropriate for assessing performance trends over a longer period, especially for a manufacturing business.
Total Income
Total Income for 9M FY26 was INR 509.90 Cr, up 26.48% YoY from INR 403.14 Cr in 9M FY25.
EBITDA
EBITDA for 9M FY26 was INR 20.56 Cr, a 54.19% YoY increase from INR 13.34 Cr in 9M FY25.
Net Profit
Net Profit for 9M FY26 was INR 8.40 Cr, up 33.20% YoY from INR 6.32 Cr in 9M FY25.
Capacity Utilization
Total capacity utilization increased from 52% in FY23 to 67% in FY24 and 79% in FY25.
Scaling Capacities
As we enter the next phase of growth, our strategic priorities are clear: scaling capacities.
Strengthening Backward Integration
Our strategic priorities include strengthening backward integration.
Expanding Global Reach
We aim to deepen our presence in both domestic and export markets, particularly across ASEAN, Europe, and Africa.
Process Automation & Digital Optimisation
Supported by advanced automation and digital process optimisation to enhance productivity and quality.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | Total Income growth of 26.48% YoY in 9M FY26. | Sustained double-digit revenue growth, indicating strong project execution and market penetration. |
| Capacity Utilization | 79% in FY25. | Monitor continued ramp-up towards optimal utilization across all product segments, especially after recent capacity additions. |
| Working Capital Management | Current Ratio 1.35x, Inventory Turnover 4.94x in FY25. | Track improvements in receivables and inventory days to optimize cash conversion cycle and fund growth efficiently. |
| EBITDA Margin | EBITDA margin of 4.03% in 9M FY26. | Observe stability or expansion of EBITDA margins, reflecting cost control, pricing power, and benefits from backward integration. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -10.6% / mo · MACD − · near 52W low
Technical chart
RAJINDLTDdaily · 1Y · AUTO-9.1%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~11.8% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 31% off 52W high · 5% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 63 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 63 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 73.1%.
- Valuation contributes 25/30 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +5 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 70th percentile within Industrials. Main check: cash conversion is weak at 55/100.
Healthy Trust Lite: Promoter holding is 66.1%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 70th pctile, median 68 · SME: 90th pctile, median 64
4 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 66.1%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 10.60
- P/B
- 1.83
- EV/EBITDA
- 6.15
- Market Cap
- 140.00Cr
Profitability
- ROE
- 17.40%
- ROCE
- 19.70%
- ROA
- 5.16%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 30.00%
- EPS 5Y
- 110.00%
- Revenue 3Y
- 40.00%
- EPS 3Y
- 58.00%
Balance Sheet
- Debt/Equity
- 0.83
- Interest Coverage
- 3.00×
- Altman Z
- 4.20
- Book Value
- 34.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 9.00 Cr
- EPS TTM
- 5.91
Shareholding
- Promoter Hold
- 66.08%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 10%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Industrials, ranked by similarity
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.