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Informist, Thursday, Jun. 4, 2026

 

--Rajesh Exports: SEBI found shortfall as it used Valcambi EBITDA, not sales 

--Rajesh Exports:Entire matter stems from confusion, aim to resolve with SEBI 

 

MUMBAI – Rajesh Exports Ltd. said the Securities and Exchange Board of India has made a mistake while suggesting the company inflated its revenues. SEBI found a shortfall in consolidated revenue of the company because the regulator used step-down subsidiary Valcambi's earnings before interest, tax, depreciation and amortisation figures for calculations instead of revenue, Rajesh Exports said in a filing. 

 

"It may be noted that SEBI has not made any adverse observation with regard to the earnings of the Company, it has only observed suspicion with regard to Revenues...," the company said. "There is no reason for any listed entity to inflate revenue and maintain the earnings, this will only reduce the margins of the Company, which would be adverse to the Company."

 

The company iterated there is a communication gap with SEBI which has resulted in SEBI's interim order Wednesday. "...the Company is confident that it will be able to clarify the matter with SEBI by presenting all the required and relevant documents."

 

The clarification follows SEBI's stark remarks in an interim order accusing the company of misrepresenting almost all of its revenues between 2020-21 (Apr-Mar) and FY26. SEBI also barred the company's promoter and Executive Chairman Rajesh Mehta from dealing in securities of Rajesh Exports over his involvement in presenting inflated figures of the company's financials.

 

SEBI said in the order that it found Valcambi's revenues were miniscule in comparison to Rajesh Exports' consolidated revenue, which was inconsistent with the company's claims of Valcambi being the "principal operating entity". 

 

After Wednesday's SEBI order, shares of Rajesh Exports closed at 5% lower circuit of INR 103.92 on the National Stock Exchange on Thursday. For the March quarter, on a consolidated basis, the company reported a net loss of INR 534.97 million on revenues of INR 2.37 trillion.  End

 

Reported by Anshul Choudhary

Edited by Deepshikha Bhardwaj

 

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