Rajesh Exports Says SEBI Order Is Interim, Denies Any Reporting Violations

Rajesh Exports Ltd has issued a clarification to the stock exchange regarding the interim order passed by the Securities and Exchange Board of India (SEBI) on June 3, 2026. The company said that several media reports about the order have been speculative and may have created confusion among investors.

According to the company, the SEBI order is only an interim order and does not contain any final adverse findings against Rajesh Exports. The company emphasized that SEBI has not imposed any fine, penalty, or other enforcement action, which, according to the company, indicates that no conclusive wrongdoing has been established.

Rajesh Exports stated that it has not committed any violation and that all financial disclosures made by the company are accurate. The company maintained that the revenues reported in its financial statements are correct.

The company said the main issue raised by SEBI relates to an alleged mismatch in reported revenues. Rajesh Exports argued that the discrepancy arose because SEBI considered the EBITDA figures of its subsidiary, Valcambi, instead of its revenue figures. As a result, SEBI observed a significant difference of 97% in revenue reporting. The company insists that its consolidated revenue figures are accurate.

Rajesh Exports described the matter as a misunderstanding caused by confusion and a communication gap. The company said it is working with SEBI and plans to provide all necessary documents and information to clarify the issue.

The company also pointed out that SEBI has not raised any concerns regarding its earnings or profits. According to Rajesh Exports, the regulator’s observations are limited to revenue reporting and are linked to the treatment of Valcambi’s figures.

Rajesh Exports further stated that there would be no business reason to artificially inflate revenue while keeping earnings unchanged, as doing so would reduce the company’s profit margins and be detrimental to the business.