Rajoo Engineers Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹929 Cr
- P/E
- 19.17
- ROE
- 18.33%
- PEG
- 0.31
- Price to sales
- 2.42
- Debt to equity
- 0.07
- 52W high / low
- ₹88.8 / ₹46.7
- Sales growth (5Y)
- 15.22%
- EBITDA margin
- 17.24%
- Net profit margin
- 13.87%
- Promoter holding
- 60.70%
- Sales (last year)
- ₹382 Cr
Rajoo Engineers Limited was incorporated in 1986 and is promoted by Mr. C.N. Doshi and Mr. R.N. Doshi. It manufactures plastic-extrusion machinery in Gujarat. The company designs and manufactures machines and offers customised solutions as per customer's requirement. The head office of the co. is in Gujarat.[1]
Guidance scorecard · Q2 FY27 call
What Rajoo Engineers Ltd's management guided
and where it ranks in Industrial Manufacturing
Industrial Manufacturing
RevenueQ2 FY26 call
10–20%- Targeting a revenue growth of around 12% to 15% annually, as per management guidance.
- Focus on selling more technology-driven, high-value products to compete globally.
- Capacity expanded by 30% recently; aiming for 80-85% utilization by FY '26.
- Strong order book of around Rs. 200 crores currently, executable with existing and planned capacity.
- Pipeline opportunities around Rs. 1,000 crores, with historical conversion rate of 8-9%.
- Continuous investments in R&D and operational efficiency expected to improve margins alongside volume growth.
- Market expansion limited to existing geographies for now; new markets targeted starting next year.
2 more points from Rajoo Engineers Ltd's call on revenue
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MarginsQ2 FY26 call
FlatSee what Rajoo Engineers Ltd said on margins — free account, 30 seconds.
CapexQ2 FY26 call
Planned- The company has already expanded capacity by 30% in the current year, with investments in tooling and machining centers ongoing to support this growth.
- A new consolidated facility is being developed on land acquired previously, with a building constructed and operational for quality assurance.
- Further capacity expansion is planned for FY 2026, leveraging available land bank for additional growth.
- The company owns a land plot of around 30,000 sq. ft for long-term expansion (next 5-7 years).
- Investment focus includes R&D for new proprietary technology products to compete globally and support future growth.
2 more points from Rajoo Engineers Ltd's call on capex
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FundraisingQ2 FY26 call
None plannedSee what Rajoo Engineers Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY26 call
Rising- Current order book is around Rs. 200 crores plus.
- Outstanding pipeline (bids placed but not yet converted) is approximately Rs. 1,000 crores.
- Order book execution timeline ranges from six months to two years.
- The conversion rate from pipeline to order book is historically around 8% to 9%.
- Capacity utilization is targeted to reach 80-85% by FY '26 to fulfill order book.
2 more points from Rajoo Engineers Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Manufacturing
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Manufacturing companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹1,207 Cr | 111.0 | |
| 2 | 40%+ | Up 0–2% | ₹549 Cr | 33.8 | |
| 3 | 40%+ | Flat | ₹8,076 Cr | 94.4 | |
| 4 | 40%+ | Flat | ₹3,732 Cr | 81.2 | |
| 5 | 40%+ | Flat | ₹2,580 Cr | 61.2 | |
| 6 | 40%+ | Flat | ₹743 Cr | 43.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Manufacturing rankingFinancials of Rajoo Engineers Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Rajoo Engineers Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 66.49% | 66.56% | 66.56% | 66.56% | 66.40% | 66.40% | 66.13% | 60.70% | 60.70% | 60.70% | 60.70% | 60.70% |
| FIIs + | 0.51% | 0.37% | 0.27% | 0.18% | 0.04% | 0.08% | 0.03% | 2.25% | 1.75% | 1.66% | 1.22% | 1.25% |
| DIIs + | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.10% | 0.99% | 0.77% | 0.53% | 0.56% |
| Public + | 32.99% | 33.07% | 33.16% | 33.25% | 33.58% | 33.52% | 33.84% | 34.96% | 36.57% | 36.88% | 37.54% | 37.50% |
| No. of Shareholders | 23,483 | 21,234 | 22,304 | 38,063 | 45,871 | 46,659 | 50,336 | 61,511 | 65,602 | 67,167 | 67,302 | 66,644 |
Financials of Rajoo Engineers Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 53.53 | 60.08 | 52.68 | 50.87 | 56.81 | 56.08 | 89.90 | 85.07 | 92.25 | 87.54 | 79.40 | 123.07 | 101.91 |
| Expenses + | 46.36 | 52.39 | 43.72 | 43.75 | 47.67 | 45.25 | 71.41 | 66.50 | 73.94 | 64.86 | 76.21 | 101.35 | 91.97 |
| Operating Profit | 7.17 | 7.69 | 8.96 | 7.12 | 9.14 | 10.83 | 18.49 | 18.57 | 18.31 | 22.68 | 3.19 | 21.72 | 9.94 |
| OPM % | 13.39% | 12.80% | 17.01% | 14.00% | 16.09% | 19.31% | 20.57% | 21.83% | 19.85% | 25.91% | 4.02% | 17.65% | 9.75% |
| Other Income + | 1.00 | 1.05 | 0.68 | 1.08 | 1.42 | 1.91 | 3.46 | 2.30 | 4.10 | 2.68 | 2.35 | 3.46 | 4.02 |
| Interest | 0.15 | 0.17 | 0.26 | 0.16 | 0.16 | 0.13 | 0.48 | 0.15 | 0.69 | 0.81 | 0.51 | 0.62 | 0.65 |
| Depreciation | 0.86 | 0.90 | 0.91 | 0.99 | 1.05 | 1.07 | 1.02 | 1.05 | 1.12 | 2.58 | 1.84 | 2.18 | 2.22 |
| Profit before tax | 7.16 | 7.67 | 8.47 | 7.05 | 9.35 | 11.54 | 20.45 | 19.67 | 20.60 | 21.97 | 3.19 | 22.38 | 11.09 |
| Tax % | 25.14% | 25.68% | 26.21% | 24.11% | 22.67% | 22.96% | 25.13% | 23.64% | 31.55% | 18.66% | 26.02% | 22.48% | 25.43% |
| Net Profit + | 5.37 | 6.09 | 7.08 | 5.47 | 7.93 | 9.40 | 15.31 | 15.02 | 14.09 | 17.88 | 2.36 | 17.35 | 8.26 |
| EPS in Rs | 0.33 | 0.37 | 0.43 | 0.33 | 0.48 | 0.57 | 0.93 | 0.92 | 0.79 | 0.94 | 0.11 | 0.87 | 0.49 |
Financials of Rajoo Engineers Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 120 | 115 | 124 | 161 | 132 | 99 | 170 | 190 | 160 | 197 | 254 | 344 | 392 |
| Expenses + | 110 | 104 | 111 | 138 | 117 | 92 | 149 | 168 | 146 | 170 | 207 | 283 | 334 |
| Operating Profit | 11 | 11 | 14 | 23 | 14 | 7 | 21 | 23 | 14 | 27 | 46 | 61 | 58 |
| OPM % | 9% | 10% | 11% | 14% | 11% | 7% | 12% | 12% | 9% | 14% | 18% | 18% | 15% |
| Other Income + | 0 | 0 | 1 | 1 | 1 | 0 | 1 | 2 | 3 | 4 | 8 | 12 | 13 |
| Interest | 0 | 0 | 1 | 1 | 2 | 2 | 1 | 0 | 0 | 1 | 1 | 2 | 3 |
| Depreciation | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 3 | 4 | 4 | 7 | 9 |
| Profit before tax | 8 | 8 | 11 | 20 | 9 | 2 | 17 | 21 | 13 | 26 | 50 | 65 | 59 |
| Tax % | 32% | 34% | 36% | 33% | 15% | 8% | 29% | 27% | 23% | 25% | 23% | 25% | |
| Net Profit + | 5 | 5 | 7 | 14 | 8 | 2 | 12 | 15 | 11 | 21 | 38 | 49 | 46 |
| EPS in Rs | 0.34 | 0.35 | 0.46 | 0.83 | 0.49 | 0.09 | 0.73 | 0.92 | 0.70 | 1.28 | 2.32 | 2.67 | 2.41 |
| Dividend Payout % | 27% | 26% | 20% | 11% | 8% | 0% | 0% | 10% | 19% | 0% | 6% | 6% |
Financials of Rajoo Engineers Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 16 | 18 | 18 |
| Reserves | 29 | 33 | 40 | 57 | 63 | 64 | 77 | 93 | 103 | 121 | 147 | 328 | 349 |
| Borrowings + | 4 | 7 | 7 | 15 | 19 | 8 | 3 | 0 | 2 | 1 | 0 | 24 | 21 |
| Other Liabilities + | 36 | 42 | 59 | 78 | 47 | 72 | 72 | 61 | 70 | 99 | 161 | 305 | 393 |
| Total Liabilities | 75 | 87 | 111 | 157 | 135 | 150 | 158 | 160 | 180 | 227 | 324 | 674 | 781 |
| Fixed Assets + | 20 | 18 | 29 | 47 | 47 | 44 | 41 | 39 | 37 | 42 | 55 | 215 | 224 |
| CWIP | 2 | 6 | 1 | 2 | 1 | 2 | 2 | 3 | 3 | 5 | 1 | 13 | 2 |
| Investments | 5 | 2 | 0 | 2 | 2 | 1 | 3 | 17 | 17 | 12 | 16 | 50 | 50 |
| Other Assets + | 48 | 61 | 80 | 106 | 85 | 104 | 112 | 102 | 124 | 168 | 253 | 397 | 505 |
| Total Assets | 75 | 87 | 111 | 157 | 135 | 150 | 158 | 160 | 180 | 227 | 324 | 674 | 781 |
Financials of Rajoo Engineers Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 2 | 20 | 5 | 16 | -10 | 22 | 18 | 25 | 20 | 1 | 68 | 68 |
| Cash from Investing Activity + | -4 | -6 | -5 | -31 | 7 | -6 | -12 | -15 | -13 | -11 | -60 | -194 |
| Cash from Financing Activity + | 0 | -4 | -1 | 11 | -1 | -14 | -6 | -3 | -2 | -3 | -4 | 137 |
| Net Cash Flow | -3 | 11 | -2 | -4 | -4 | 3 | -1 | 7 | 5 | -13 | 4 | 11 |
| Free Cash Flow | -3 | 14 | -3 | -6 | -13 | 22 | 16 | 23 | 20 | -11 | 55 | 8 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 32% | 207% | 57% | 85% | -36% | 336% | 105% | 130% | 178% | 30% | 164% | 139% |
Financials of Rajoo Engineers Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 57 | 41 | 71 | 11 | 45 | 48 | 31 | 14 | 38 | 29 | 22 | 11 |
| Inventory Days | 73 | 78 | 138 | 224 | 212 | 437 | 205 | 174 | 209 | 320 | 335 | 390 |
| Days Payable | 66 | 94 | 118 | 104 | 91 | 201 | 87 | 68 | 74 | 92 | 77 | 89 |
| Cash Conversion Cycle | 64 | 26 | 91 | 131 | 166 | 284 | 149 | 120 | 173 | 258 | 280 | 312 |
| Working Capital Days | 22 | 1 | 21 | 10 | 76 | 78 | 46 | 35 | 28 | 72 | 12 | -16 |
| ROCE % | 21% | 24% | 33% | 14% | 4% | 22% | 22% | 12% | 22% | 34% | 24% |
Guidance history
How Rajoo Engineers Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY26 call → | 10–20% | Flat | Planned | None planned | Rising |
| Q2 FY25 call → | 10–20% | Up 2%+ | Planned | None planned | Rising |
| Q4 FY24 call → | 10–20% | Flat | Planned | — | Rising |
| Q2 FY24 call → | 10–20% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
16 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −40.9% | 11% |
| Last 6 months | −10.3% | 36% |
| Last 3 months | +0.5% | 64% |
The price is 83.7% below its all-time high of ₹318.64 (4 Oct 2024). Stocks more than 20% below their peak have their score halved, so 32 became 16.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Rajoo Engineers Ltd: 0.4 × 11 + 0.4 × 36 + 0.2 × 64 = 32, halved to 16 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Rajoo Engineers Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q1 FY23 earnings call analysis →
- Q2 FY25 earnings call →
- Q4 FY24 earnings call →
- Q2 FY24 earnings call →
- Q4 FY23 earnings call →
- Q3 FY22 earnings call →
- Q2 FY22 earnings call →
- Q1 FY22 earnings call →
- Q4 FY21 earnings call →
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