Credit ratingJul 2026
Jul 2026 · Credit Rating- Revision 16 July 2026 - Acuite upgraded Rajputana Industries’ long-term rating to ACUITE A- and short-term to A2+ on 15 July 2026.
Source: Nse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result15 Jul, 07:15 pm IST
Score20 Oct, 06:00 pm IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
35Bearishfull bear SMA stack · SMA20 -1.9% / mo · MACD − · near 52W low
Stock trend: 25
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
RAJINDLTDD candles · FIT view-21.1%Latest close ₹61.00 on 2026-10-19
Bar
-1.6%
RSI
41
MACD hist
-0.17
52W pos
10%
2026-10-19O ₹62.00H ₹62.00L ₹60.00C ₹61.00Vol 7,500 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RAJINDLTDNifty India ManufacturingNifty 500
- RAJINDLTD
- -27.2%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -21.6 pp
Chart stats
19 Oct 2026- From 52W high
- -35.8%
- 52W range position
- 9%
- ATR (14)
- 4.1%
- Volume vs 20D
- 1.45x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹57.8 - ₹68.7
₹95
₹57.8 - ₹95
₹2.5
Latest completed session
20-session average
52.7% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED62
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +22.1% · PAT +32.3% YoY
Technical
Bearish35
Price trend and sector-relative-strength timing.
Valuation
Legacy model+73.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +22% YoY · PAT +32% YoY · margin expansion · +8% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 10.30
- P/B
- 1.77
- EV/EBITDA
- 6.03
- Market Cap
- 136.00Cr
Profitability
- ROE
- 17.30%
- 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
- 4.18
- 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 20/10/2026
Revenue
₹ CrLatest: 698+26.4% vs prev
Net Profit
₹ CrLatest: 12.0+50.0% vs prev
Return on Equity
%Latest: 15.8+26.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 41.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~1.9% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 33% off 52W high · 6% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
37
RS percentile
Stage 4 Downtrend
1M return
-1.8%
3M return
-15.4%
6M return
-4.5%
1Y return
-23.3%
RS 1D
+3
RS 20D
+18
Sector rank
#2
Industry rank
#24
Stage evidence
- Price is 14.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
237 observations
19 Oct 2026Value 80.59-1.54%
RS vs Nifty 50081
Valuation & peers
U-Score 62 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 62 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation25/30
Growth18/25
Quality11/20
Balance Sheet7/15
Cash Flow3/10
Piotroski
7/9 (+5)
Penalties
-7
Raw sum
62
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
62/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 73.7%.
- 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.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
10.3
PB
1.8
EV/EBITDA
6.0
ROE
17.3%
ROCE
19.7%
FCF Yield
—
Debt/Equity
0.8
MoS
+73.7%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
62
Previous: 62
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+73.7%
Previous: +73.7%
Score history
12 stored score snapshots. Latest stored move: +1 points.
20 Oct 2026
v4.3-runtime-valuation
61
61
61
61
59
59
61
61
61
61
61
62
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹67.63
+9.8% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹232.26
+73.7% MoS
PEG
0.12
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BHADORA
SME
Bhadora Industries Ltd.
Industrial Products
match 80
52
27.6
18.8%
+32%
FAIR VALUE
MONOLITH
SME
Monolithisch India Ltd.
Industrial Products
match 71
52
95.0
27.8%
-142%
FAIR VALUE
INNOVISION
Small
Innovision Limited
Industrial Products
match 65
47
34.8
19.6%
+27%
FAIR VALUE
ROYALARC
SME
Royal Arc Electrodes Ltd.
Industrial Products
match 58
50
18.2
13.1%
+54%
FAIR VALUE
CLASSICEIL
SME
Classic Electrodes (India) Ltd.
Industrial Products
match 57
81
7.1
17.9%
+82%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-22T07:20:55.313Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
4 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Industrials: 70th pctile, median 68 · SME: 90th pctile, median 64
Evidence depth
Financial-only
4 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
95
strong · quarterly consistency
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.
Continue researching Rajputana Industries Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Annual Report 2026
Source: Nse
Investor presentationFeb 2026
Feb 2026 · PPT
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationAug 2025
Aug 2025 · PPT
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Annual report
Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.