Rajesh Exports RAJESHEXPO
Bengaluru gold refiner and jeweller (owner of Swiss refiner Valcambi) whose subsidiary ACC Energy Storage won a 5 GWh PLI-ACC award for a plant in Karnataka
Mapped in 1 theme: Battery Storage (PLI-ACC).
Where Rajesh Exports sits in the supply chain
Rajesh Exports appears in 1 supply-chain layer in one theme, Battery Storage (PLI-ACC).
Battery Storage (PLI-ACC) › Cell gigafactories
Emerging entrantOther companies in this layer
Revenue and profit
| ₹ Cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,43,128 | 3,39,690 | 2,80,676 | 4,23,099 | 7,78,716 |
| Net profit | 1,009 | 1,432 | 337 | 95 | 112 |
Latest-year revenue ₹7.79L Cr (FY26, company-wide).
Note: PLI-ACC awardee (5 GWh) via ACC Energy Storage; no plant yet.
Strengths
- Holds a 5 GWh PLI-ACC award (programme agreement Jul 2022; tripartite pact with the Centre and Karnataka, Jan 2023)
Risks
- SEBI interim order (3 Jun 2026) alleges ~₹15.15 lakh Cr of overstated subsidiary revenue and fund diversion involving ACC Energy Storage; the company denies it, and MHI is reviewing its PLI status
- Least progress of the awardees: about 19 months of delay in getting land possession (reported late 2025) and no cell line
- Penalties of about ₹5 lakh a day accrued from the missed 2024 milestone
- No battery experience; the stock reflects the gold business, not cells
Common questions
What does Rajesh Exports do?
Bengaluru gold refiner and jeweller (owner of Swiss refiner Valcambi) whose subsidiary ACC Energy Storage won a 5 GWh PLI-ACC award for a plant in Karnataka.
Where does Rajesh Exports sit in the supply chain?
Rajesh Exports (NSE: RAJESHEXPO) is mapped in 1 supply-chain layer: Cell gigafactories (Battery Storage (PLI-ACC)).
Who are Rajesh Exports' peers?
In the Cell gigafactories layer of Battery Storage (PLI-ACC): Ola Electric Mobility, Reliance Industries, Exide Industries, Amara Raja Energy & Mobility and Agratas Energy Storage Solutions (not NSE-listed).
What is Rajesh Exports' market cap and valuation?
As of 6 Nov 2026: market cap ₹1,489 Cr, P/E 8.8x, ROCE 1.9%, ROE 0.7%, dividend yield 0%.