Trading · Founded 2015 · www.rajnishwellness.com · BSE 541601 · · ISIN INE685Z01033
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Business
Rajnish Wellness Ltd. is an Indian company primarily engaged in the manufacturing, marketing, and distribution of Ayurvedic medicinal products, sexual wellness products, and personal care items. The company operates on a business-to-consumer (B2C) model, developing proprietary Ayurvedic formulations and marketing them extensively through various media channels, including television, print, and digital platforms. Its core strategy involves direct outreach to consumers and building brand recognition in specific wellness niches to generate revenue from product sales.
Revenue Mix
The company's product portfolio is broadly categorized into:
Sexual Wellness: This segment includes products designed to address various sexual health concerns, with "Playwin" being a prominent brand.
Pain Relief: Ayurvedic solutions for pain management, featuring brands such as "Rajmay" and "Rajnish Lotion."
General Wellness & Personal Care: Other health and personal care products.
While specific revenue contributions per segment are not typically disclosed in granular detail for the public, the sexual wellness segment, particularly through its "Playwin" brand, is understood to be a significant contributor to the company's overall revenue due to its focused and extensive marketing efforts.
Industry
Rajnish Wellness operates within the highly competitive and growing Indian Ayurvedic and wellness products industry. This industry is characterized by the presence of large, established players (e.g., Dabur, Patanjali, Himalaya), numerous smaller regional brands, and a rising consumer preference for natural and herbal solutions. Rajnish Wellness positions itself as a niche player, specifically targeting segments like sexual wellness and focused pain relief, aiming to carve out market share through aggressive advertising and direct consumer engagement rather than competing across a broad range of general wellness products.
MOAT
Rajnish Wellness possesses a limited competitive moat. Its primary advantages include:
Niche Brand Recognition: Through consistent and prominent advertising, particularly for its "Playwin" brand, the company has built a degree of brand recall and loyalty within its specific sexual wellness segment.
Proprietary Formulations: The company's Ayurvedic formulations, while based on traditional knowledge, are proprietary, offering some product differentiation.
However, these advantages are vulnerable to intense competition from larger players with deeper pockets, the emergence of generic alternatives, and new entrants into similar niche markets.
Growth Drivers
Key factors that can drive growth for Rajnish Wellness over the next 3-5 years include:
Growing Indian Wellness Market: Increasing health consciousness and a rising demand for Ayurvedic and herbal products across India.
Digital Penetration and E-commerce: Expanding reach and direct-to-consumer engagement through online platforms and digital marketing strategies.
New Product Development: Introduction of new products or line extensions into adjacent wellness and personal care categories.
Distribution Expansion: Deepening its retail distribution network in existing markets and exploring opportunities in new geographies.
Continued Brand Building: Sustained investment in advertising and promotional activities to enhance brand loyalty and awareness within its focused segments.
Risks
Intense Competition: Facing significant competition from both well-established domestic and international players, as well as numerous regional and unorganized sector participants.
High Marketing Costs: The company's strategy relies heavily on advertising, leading to substantial and ongoing marketing expenditures that can pressure profitability.
Regulatory Scrutiny: Ayurvedic product claims can be subject to stringent regulatory oversight and potential challenges regarding efficacy, safety, and advertising standards.
Product Efficacy & Perception: Risks related to consumer perception of product effectiveness, potential for negative publicity, or legal challenges regarding product claims.
Raw Material Price Volatility: Fluctuations in the cost and availability of key herbal raw materials can impact production costs and margins.
Brand Dilution: Challenges in maintaining a strong brand identity if the company attempts to diversify too broadly across product categories.
Management & Ownership
The company is promoted by Mr. Rajnish Kumar Singh, who serves as the Chairman & Managing Director, and Mrs. Sanjana Singh. Mr. Rajnish Kumar Singh has been instrumental in the company's strategic direction, particularly its marketing and brand-building initiatives. The promoter group typically holds a significant stake in the company, aligning their interests with the company's performance, alongside public shareholding.
Outlook
Rajnish Wellness operates within a high-growth segment of the Indian wellness market, benefiting from increasing consumer preference for natural products and expanding digital reach. The company's focused brand-building efforts in specific niche segments, particularly sexual wellness, provide a foundation for potential market share gains. However, sustaining growth and profitability will be contingent on its ability to effectively manage intense competition, control significant marketing expenses, and navigate potential regulatory challenges related to product claims and advertising. Its future trajectory will be determined by successful new product development, continued strategic brand investment, and prudent expansion strategies while maintaining compliance and consumer trust.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 27 | 16 | 17 | 9 | 6 | 5 | 12 | 23 | 102 | 31 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 27 | 17 | 17 | 9 | 6 | 5 | 12 | 24 | 102 | 31 |
| Total Expenditure | 26 | 16 | 17 | 9 | 6 | 4 | 12 | 25 | 109 | 31 |
| Operating Profit | 1 | 0 | 0 | 0 | -0 | 0 | 0 | -1 | -7 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -1 | -7 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -2 | 0 |
| Profit After Tax | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -1 | -5 | 0 |
| Adjustments | 0 | 0 | -0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -1 | -5 | 0 |
| Adjusted Earnings Per Share | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 | -0 | 0 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 13 | 25 | 27 | 42 | 14 | 13 | 26 | 26 | 77 | 49 | 142 | 168 |
| Other Income | 0 | 0 | 1 | 0 | 0 | 4 | 1 | 2 | 0 | 1 | 1 | 0 |
| Total Income | 13 | 25 | 29 | 42 | 14 | 17 | 27 | 28 | 77 | 49 | 143 | 169 |
| Total Expenditure | 13 | 24 | 24 | 35 | 14 | 17 | 27 | 27 | 75 | 49 | 151 | 177 |
| Operating Profit | 0 | 1 | 4 | 7 | 0 | 0 | 1 | 1 | 2 | 1 | -8 | -8 |
| Interest | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 1 | 4 | 6 | -1 | 0 | 1 | 1 | 1 | 0 | -8 | -8 |
| Provision for Tax | 0 | 0 | 1 | 2 | -0 | 0 | 0 | 0 | 0 | 0 | -2 | -2 |
| Profit After Tax | 0 | 1 | 2 | 4 | -1 | 0 | 0 | 0 | 1 | 0 | -6 | -6 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 1 | 2 | 4 | -1 | 0 | 0 | 0 | 1 | 0 | -6 | -6 |
| Adjusted Earnings Per Share | 0 | 0.1 | 0.1 | 0.1 | -0 | 0 | 0 | 0 | 0 | 0 | -0.1 | 0 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 190% | 76% | 61% | 27% |
| Operating Profit CAGR | -900% | NAN% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -58% | -69% | -29% | NA% |
| ROE Average | -7% | -2% | -1% | 25% |
| ROCE Average | -9% | -2% | -0% | 17% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 0 | 1 | 6 | 22 | 22 | 22 | 22 | 83 | 84 | 84 | 103 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 1 | 2 | 1 | 6 | 6 | 7 | 10 | 4 | 0 | 0 |
| Other Non-Current Liabilities | -0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | 2 | 2 | 0 |
| Total Current Liabilities | 5 | 6 | 10 | 9 | 6 | 7 | 6 | 6 | 17 | 4 | 3 |
| Total Liabilities | 5 | 8 | 18 | 32 | 33 | 34 | 35 | 99 | 106 | 91 | 106 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 61 | 25 | 16 | 23 |
| Total Current Assets | 5 | 8 | 17 | 31 | 32 | 33 | 34 | 38 | 81 | 75 | 84 |
| Total Assets | 5 | 8 | 18 | 32 | 33 | 34 | 35 | 99 | 106 | 91 | 106 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 1 | 0 | 0 | 2 | 0 | 0 | 1 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 1 | -2 | -3 | -9 | -7 | 0 | -0 | -62 | 2 | -4 | -9 |
| Cash Flow from Investing Activities | -0 | -0 | -0 | -0 | -0 | 0 | -0 | -0 | -0 | 9 | -7 |
| Cash Flow from Financing Activities | 0 | 1 | 3 | 10 | 5 | -0 | 1 | 62 | -2 | -5 | 25 |
| Net Cash Inflow / Outflow | 1 | -0 | -0 | 1 | -1 | 0 | 1 | -1 | -0 | 0 | 9 |
| Closing Cash & Cash Equivalent | 1 | 0 | 0 | 2 | 0 | 0 | 1 | 0 | 0 | 0 | 10 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.05 | 0.1 | 0.11 | 0.14 | -0.02 | 0 | 0.01 | 0.01 | 0.01 | 0 | -0.06 |
| CEPS(Rs) | 0.05 | 0.1 | 0.11 | 0.14 | -0.02 | 0 | 0.01 | 0.01 | 0.01 | 0 | -0.06 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0.06 | 0.15 | 0.27 | 0.72 | 0.7 | 0.7 | 0.72 | 1.1 | 1.11 | 1.12 | 1.01 |
| Core EBITDA Margin(%) | 3.64 | 4.65 | 12 | 15.64 | 0.98 | -23.73 | -0.36 | -4.3 | 2.6 | 0.01 | -6.5 |
| EBIT Margin(%) | 3.62 | 4.61 | 16 | 16.2 | 1.98 | 3.14 | 3.15 | 2.59 | 2.57 | 1.04 | -5.93 |
| Pre Tax Margin(%) | 3.62 | 3.75 | 13.23 | 14.09 | -4.49 | 0.87 | 2.08 | 2.45 | 1.89 | 0.48 | -5.94 |
| PAT Margin (%) | 2.46 | 2.53 | 8.85 | 10.16 | -4.43 | 0.75 | 1.48 | 1.78 | 1.35 | 0.36 | -4.44 |
| Cash Profit Margin (%) | 2.48 | 2.57 | 9.04 | 10.32 | -4.04 | 1.16 | 1.51 | 1.83 | 1.38 | 0.41 | -4.42 |
| ROA(%) | 6.1 | 9.34 | 18.74 | 17.18 | -1.88 | 0.29 | 1.13 | 0.69 | 1.01 | 0.18 | -6.36 |
| ROE(%) | 86.61 | 92.18 | 69.21 | 29.97 | -2.78 | 0.46 | 1.79 | 0.88 | 1.24 | 0.21 | -6.74 |
| ROCE(%) | 42.23 | 47.77 | 64.81 | 36.75 | 0.97 | 1.4 | 2.71 | 1.08 | 2.17 | 0.59 | -9 |
| Receivable days | 57.1 | 44.47 | 118.1 | 141.95 | 407.72 | 393.83 | 227.79 | 257.12 | 128.14 | 226.77 | 59.22 |
| Inventory Days | 69.19 | 43.42 | 37.46 | 22.17 | 52.81 | 29.23 | 22.06 | 41.29 | 30.97 | 71.93 | 29.64 |
| Payable days | 233.31 | 92.75 | 122.38 | 67.79 | 51.68 | 39.84 | 24.5 | 36.48 | 47.74 | 75.48 | 8.58 |
| PER(x) | 0 | 0 | 0 | 16.11 | 0 | 51.68 | 220.44 | 2711.33 | 473.72 | 400 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 3.07 | 0.4 | 0.24 | 3.91 | 15.09 | 5.83 | 0.82 | 0.4 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.02 | 0.1 | 0.26 | 1.75 | 1.19 | 1.03 | 3.64 | 49.78 | 6.56 | 1.45 | 0.22 |
| EV/Core EBITDA(x) | 0.48 | 2.22 | 1.59 | 10.68 | 50.3 | 28.9 | 114.66 | 1884.64 | 252.5 | 132.78 | -3.72 |
| Net Sales Growth(%) | 0 | 92.23 | 8.7 | 51.54 | -67.01 | -2.95 | 98.16 | -2.31 | 196.93 | -36.67 | 191.91 |
| EBIT Growth(%) | 0 | 144.94 | 277.55 | 53.39 | -95.97 | 54.14 | 98.76 | -19.65 | 194.16 | -74.27 | -1758.95 |
| PAT Growth(%) | 0 | 97.43 | 281.07 | 74 | -114.37 | 116.38 | 293.18 | 17.37 | 124.56 | -83.26 | -3734.22 |
| EPS Growth(%) | 0 | 97.43 | 11.67 | 27.04 | -114.37 | 116.38 | 293.18 | -51.71 | 123.77 | -83.21 | -2791.3 |
| Debt/Equity(x) | 2.02 | 2.71 | 0.63 | 0.21 | 0.36 | 0.4 | 0.41 | 0.12 | 0.06 | 0 | 0 |
| Current Ratio(x) | 1.07 | 1.37 | 1.82 | 3.51 | 5.48 | 4.9 | 5.81 | 6.58 | 4.86 | 16.78 | 25.13 |
| Quick Ratio(x) | 0.56 | 0.79 | 1.6 | 3.18 | 5.3 | 4.74 | 5.46 | 5.92 | 4.3 | 14.58 | 21.18 |
| Interest Cover(x) | 0 | 5.4 | 5.77 | 7.69 | 0.31 | 1.38 | 2.93 | 18 | 3.76 | 1.85 | -1828.09 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.07 | 0.89 | 1.64 | 0.1 | 0.01 | 0.01 | 0 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 16.24 | 16.24 | 16.24 | 7.41 | 7.41 | 7.41 | 9.16 | 9.16 | 9.16 | 9.16 |
| FII | 1.09 | 1.2 | 0.2 | 0 | 0.57 | 0.57 | 0.43 | 0.43 | 0.43 | 0.43 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 82.67 | 82.56 | 83.57 | 92.59 | 92.02 | 92.02 | 90.41 | 90.41 | 90.41 | 90.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 12.48 | 12.48 | 12.48 | 5.7 | 5.7 | 5.7 | 9.3 | 9.3 | 9.3 | 9.3 |
| FII | 0.84 | 0.93 | 0.15 | 0 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 63.53 | 63.44 | 64.22 | 71.15 | 70.72 | 70.72 | 91.8 | 91.8 | 91.8 | 91.8 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 76.85 | 76.85 | 76.85 | 76.85 | 76.85 | 76.85 | 101.53 | 101.53 | 101.53 | 101.53 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +190% | +76% | +61% | +27% |
| Operating Profit CAGR | -900% | 0% | — | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | -58% | -69% | -29% | — |
| ROE Average | -7% | -2% | -1% | +25% |
| ROCE Average | -9% | -2% | 0% | +17% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 16.24 | 16.24 | 16.24 | 7.41 | 7.41 | 7.41 | 9.16 | 9.16 | 9.16 | 9.16 |
| FII | 1.09 | 1.2 | 0.2 | 0 | 0.57 | 0.57 | 0.43 | 0.43 | 0.43 | 0.43 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 82.67 | 82.56 | 83.57 | 92.59 | 92.02 | 92.02 | 90.41 | 90.41 | 90.41 | 90.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 12.48 | 12.48 | 12.48 | 5.7 | 5.7 | 5.7 | 9.3 | 9.3 | 9.3 | 9.3 |
| FII | 0.84 | 0.93 | 0.15 | 0 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 63.53 | 63.44 | 64.22 | 71.15 | 70.72 | 70.72 | 91.8 | 91.8 | 91.8 | 91.8 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 76.85 | 76.85 | 76.85 | 76.85 | 76.85 | 76.85 | 101.53 | 101.53 | 101.53 | 101.53 |
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