Key Metrics of Rajoo Engineers Limited
About Rajoo Engineers Limited
Sectors
Company details
- Registered office
- Rajoo Avenue, Survey No. 210, Plot No.1 Industrial Area, Veraval Shapar, Rajkot, In-gj, 360024
- Listed
- NSE: RAJOOENG · ₹51.99
Operational Areas of Rajoo Engineers Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
NoteRating watch (CARE, 02 Dec 2025)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 02 Dec 2025 | CARE | Watch | — | — | Positive | ₹67.0 Cr | View |
| 19 Sep 2025 | CARE | Watch | A- | A2+ | Developing | ₹67.0 Cr | View |
| 03 Jan 2025 | CARE | Reaffirmed | A- | A2+ | Stable | ₹67.0 Cr | View |
| 02 Jan 2024 | CARE | Reaffirmed | A- | A2+ | Stable | ₹22.0 Cr | View |
| 06 Dec 2022 | CARE | Assigned | A- | A2+ | Stable | ₹22.0 Cr | View |
Credit strengths (CARE, Dec 2025)
+ Experienced and qualified management
Rajesh N. Doshi, Co-founder and Chairman of the company, holds vast experience and looks after new product development and 1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release mentoring the company’s top management team. Khushboo Doshi, Managing Director, oversees marketing, after-sales service, communication, human resources, and finance. Utsav Doshi, Jt. Managing Director, possesses more t
+ Established track record of operations with diversified geographical presence
Incorporated in 1986 as a manufacturer of plastic extrusion machinery, REL has a long operational track record of more than three and a half decades in this industry. With its long track record, it has established presence in the industry and has developed good relationship with its customers as well as suppliers. It has a wide product basket, including monolayer machines, multi-layer machines, lamination lines, vacuum forming and sheet manufacturing machines among others. REL’s revenue profile
+ Growing scale of operations with healthy profitability
REL is engaged in manufacturing plastic extrusion machineries, which find application across industries such as packaging, construction and building materials, automotives, electrical and electronics, medical and healthcare, consumer goods, and industrial applications among others. REL’s TOI grew by 28% Y-o-Y to ₹254 crore in FY25 (PY: ₹198 crore) and further by 65% Y-o-Y to ₹182 crore in H1FY26 (PY: ₹110 crore) on the back of higher demand and timely execution of orders on hand. Moreover,
+ Strong financial risk profile
REL’s capital structure remained strong with zero debt as on March 31, 2025, with nil overall gearing owing to minimal reliance on debt. Moreover, REL had liquid funds in excess of total outstanding debt, resulting in net debt free position over last five years ended FY25. Also, net worth base augmented from ₹152 crore as on March 31, 2025 to ₹340.47 crore as on September 30, 2025, post funds raised via QIP issue in September 2025. These funds were utilised for acquisition of 60% equity stake in
Credit challenges
− High working capital intensity of operations
The company’s operations are working capital intensive in nature mainly due to requirement of high inventory holding to cater to various products. Lead time of machines is four to nine months resulting in inventory holding period of ~140-180 days. Furthermore, machine delivery is linked to the project status at client site, and hence till then, same would be under work in process (WIP) of REL. The collection period remained short and in the range of 20-30 days as it mainly takes orders against
− Susceptibility of profitability to fluctuation in raw material prices and foreign exchange rate
The key raw materials required in manufacturing of machines are stainless steel (SS), mild steel (MS) and SS/MS parts, which REL procures from the domestic market, whereas it imports the automation parts (control panel and others). Steel prices are volatile in nature exposing the profitability to fluctuation in raw material prices. However, the same is partially mitigated as REL has order-backed manufacturing and it books major raw material post receipt of orders.
Could lead to an upgrade
• Significant increase in scale of operations supported by diversification of product portfolio along with improvement in profi t before interest, lease rentals, depreciation and taxation (PBILDT) margin above 15% on a sustained basis. • Improvement in operating cycle below 90 days.
Could lead to a downgrade
• Significant decline in scale of operations along with PBILDT margin on a sustained basis. • Deterioration in the capital structure marked by overall gearing ratio above 1.00x on a sustained basis. • Elongation in operating cycle beyond 180 days on a sustained basis.
Agency-reported financials (CARE, 02 Dec 2025)
| Metric | March 31, 2024 | March 31, 2025 | H1FY26 |
|---|---|---|---|
| Total operating income | ₹198 Cr | ₹254 Cr | ₹183 Cr |
| PBILDT | ₹26.96 Cr | ₹46.83 Cr | ₹42.12 Cr |
| PAT | ₹19.71 Cr | ₹35.30 Cr | ₹28.03 Cr |
| Overall gearing (times) | 0.01× | 0.00× | 0.05× |
| Interest coverage (times) | 40.56× | 50.36× | 50.14× |
| Revenue growth (YoY) | — | 28.5% | — |
| EBITDA margin | 13.6% | 18.4% | 23.1% |
| Implied interest cost (EBITDA ÷ coverage) | ₹0.66 Cr | ₹0.93 Cr | ₹0.84 Cr |
| PAT margin | 10.0% | 13.9% | 15.4% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹20.0 Cr | — | — | Watch | CARE |
| Long-term Short-term bank | Working capital & bank lines | — | ₹32.0 Cr | — | — | Watch | CARE |
| facilities Short-term bank facilities | Working capital & bank lines | — | ₹15.0 Cr | — | A2+ | Other | CARE |
CARE ratings on record (checked 22 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Cash Credit | ₹32.0 Cr | CARE A-; Positive / CARE A2+ |
| Letter of credit | ₹15.0 Cr | CARE A2+ |
| Term Loan | ₹20.0 Cr | CARE A-; Positive |
Lenders
| Fund-based - LT | Term Loan | ICICI Bank Ltd. |
| Fund-based - LT/ ST | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT/ ST | Cash Credit | ICICI Bank Ltd. |
| Fund-based - LT/ ST | Cash Credit | Yes Bank Ltd. |
| Non-fund-based - ST | Letter of credit | ICICI Bank Ltd. |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 84% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 84% chance the next rating action is stable or better
- Interest coverage 50.14×
What happened, step by step
- Dec 2025 — ₹160 cr raised through equity
- Dec 2025 — Debt free repayment of debt free
“Positive / 32.00 Watch with Developing Implications; facilities CARE A2+ Positive outlook assigned Reaffirmed and removed from Rating Short-term bank facilities 15.00 CARE A2+ Watch with Developing Implications Details of facilities in Annexure -1 Rationale and key rating drivers Ratings assigned to bank facilities of...”
Rated limits by facility
Timeline
From the report
Positive / 32.00 Watch with Developing Implications; facilities CARE A2+ Positive outlook assigned Reaffirmed and removed from Rating Short-term bank facilities 15.00 CARE A2+ Watch with Developing Implications Details of facilities in Annexure -1 Rationale and key rating drivers Ratings assigned to bank facilities of Rajoo Engineers Limited (REL) have been removed from ‘rating watch with developing implications (RWD)’, as REL has successfully acquired 60% stake of Kohli Printing And Converting Machines Private Limited (Kohli), which was funded through fresh equity issue of ₹160 crore raised v
From the report
Moreover, REL had liquid funds in excess of total outstanding debt, resulting in net debt free position over last five years ended FY25.
From the report
Also, net worth base augmented from ₹152 crore as on March 31, 2025 to ₹340.47 crore as on September 30, 2025, post funds raised via QIP issue in September 2025.
From the report
REL generated net cash accruals of ₹38 crore in FY25 and ₹30 crore in H1FY26 and expected to generate annual cash accruals to the tune of ₹50-75 crore in FY26-FY28 period against low scheduled debt repayment obligations.
From the report
The ratings also factor in the company’s healthy profitability, comfortable solvency position marked by net debt-free position, comfortable debt coverage indicators, and adequate liquidity.
From the report
Comfortable solvency with net debt free position and comfortable debt coverage indicators REL’s capital structure remained comfortable owing to its low reliance on debt for working capital and capex purposes against moderate net worth base of Rs.152 crore as on March 31, 2025.
From the report
Moreover, REL had liquid funds available in excess of total outstanding debt, resulting in net debt free position over last five years ended FY25.
From the report
REL has raised Rs.160 crore through preferential issue to QIP and the same would be utilized for this acquisition and no debt would be availed by the company for the same, as per management articulation.
From the report
REL has generated net cash accruals of Rs.38 crore in FY25 [Rs.16 crore in Q1FY26] against negligible long term debt obligation in form of lease liabilities outstanding as on March 31, 2025.
From the report
The ratings also factor in the company’s healthy profitability, comfortable solvency position marked by net debt-free position, comfortable debt coverage indicators, and adequate liquidity.
From the report
Comfortable solvency with net debt free position and comfortable debt coverage indicators REL’s capital structure remained comfortable owing to its low reliance on debt for working capital and capex purposes against moderate net worth base of Rs.119 crore as on March 31, 2024.
From the report
Moreover, REL had liquid funds available in excess of total outstanding debt, resulting in net debt free position over last five years ended FY24.
From the report
REL has generated net cash accruals of Rs.21 crore in FY24 [Rs.15 crore in H1FY25] and expected to generate Rs.24-29 crore in FY25- FY27 period as against scheduled debt repayment obligations of Rs.0.08-4.5 crore during same period.
From the report
Average utilization of fund-based working capital facilities remained low at less than 1% in trailing six months ended in September 2024.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Rajoo Engineers Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Part of Aditya Birla Group. | hindalco.com | 1962 | Mumbai, India | |
| Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | coalindia.in | 1975 | Kolkata, India | |
| Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | vedantalimited.com | — | Coimbatore, India | |
 Adani Enterprises |
Part of Adani Group. | adanienterprises.com | 1993 | Ahmedabad, India |
 Hindustan Zinc |
Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | hzlindia.com | 1966 | Udaipur, India |
 National Aluminium Company (NALCO) |
Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | nalcoindia.com | — | India |
| Jain Resource Recycling Limited | Discovered Companies · Other Industries | — | — | Tamil Nadu, India |
| Sarda Energy & Minerals Limited | Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | — | — | Nagpur, Maharashtra, India |
 Pennar Industries Limited |
TMT Bars & Secondary Steel · Steel, Metals & Pipes | pennarindia.com | 1977 | Hyderabad, Telangana, India |
 Hindustan Copper |
Part of Life Insurance Corporation of India. | hindustancopper.com | 1967 | Kolkata, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.