Raaj Medisafe India Limited disclosed a transfer of equity shares among promoters through an off-market gift transaction. The move consolidates holdings within the promoter group without altering the aggregate stake.

The disclosure was filed with BSE Limited on September 16, 2026, in compliance with Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Vishnu Jajoo, acting as Karta of Vishnu Jajoo HUF, submitted the details regarding the acquisition from immediate relatives.

Transaction Details

Vishnu Jajoo HUF acquired a total of 2,21,693 equity shares, representing 1.35% of the company’s total share capital. The transfers occurred on September 15, 2026, and involved two separate gifts from promoter group members.

Holding Structure

The filing confirms that the aggregate holding of the promoter and promoter group remains unchanged before and after the transaction. This is classified as an inter-se transfer between persons acting in concert (PAC).

Following the acquisition, Vishnu Jajoo HUF holds 2,21,693 shares carrying voting rights. There are no encumbrances, pledges, or warrants associated with these securities. The total equity share capital of Raaj Medisafe India Limited stands at ₹16,42,43,120, comprising 1,64,24,312 equity shares of ₹10 each.

Regulatory Compliance

The acquirer, Vishnu Jajoo HUF, along with PACs Mr. Vishnu Jajoo, Mr. Brahma Swaroop Jajoo, and Mrs. Krishna Jajoo, all belong to the promoter group. The transaction was executed off-market as a gift between immediate relatives, necessitating the statutory disclosure to the stock exchange.

What Happened

Raaj Medisafe has secured a confirmed work order valued at Rs 17.02 crore from Madhya Pradesh Public Health Services Corporation Limited for the supply of baby diapers to various government hospitals. The contract execution period is within 18 months from the date of contract.

Order In Financial Context

This is the first disclosed order win for Raaj Medisafe in the last three fiscal quarters, as no previous order disclosures were found in recent history. The trailing twelve-month revenue stands at Rs 0.0 crore, making the book-to-bill ratio and order book coverage metrics not computable at this stage. The Total Disclosed Order Book figure sums exactly the same last 3 fiscal quarters shown in the order track record table below (sum of the 0 orders disclosed across the last 3 fiscal quarters shown in the table below).

Company Order Track Record

No quarterly order inflow data is available for the last three quarters as no previous orders were disclosed. This current order represents the initial entry into the company's public order disclosure history.

Execution And Revenue Quality

The trailing twelve-month consolidated financials show revenue of Rs 0.0 crore, net profit of Rs 0.0 crore, and operating profit margin of 0.0%. With no recent quarterly revenue data available, it is not possible to assess whether existing backlog is converting to revenue or if there is any execution stress based on current filings.

Working Capital And Execution Capacity

Balance sheet and cashflow data required to assess liquidity, such as current ratio, total liabilities/equity, operating cashflow, and free cashflow, are not provided in the input. Therefore, an assessment of the company's capacity to fund working capital for this new contract cannot be made from the available information.

What To Watch

• Execution rate: Monitor how quickly the Rs 17.02 crore order converts into recognized revenue over the 18-month timeline.
• OPM trajectory: Track the operating profit margin on this government supply contract compared to future averages.
• Client concentration: As this is the first disclosed order, Madhya Pradesh Public Health Services Corporation Limited currently accounts for 100% of the disclosed order book.
• Promoter stake change: Promoter holding dropped from 73.80% to 59.08% between Q4FY26 and Q1FY27, a significant reduction that warrants monitoring for further changes.

Key Observations

• Promoter holding: Moved from 73.80% to 59.08% in Q1FY27, a 14.72 pp change.
• Valuation check (as of 31 Aug 2026): P/E of 64.2x against ROCE of 17.86%. At the time of this article, valuation was pricing in execution improvement not yet visible in return ratios. (P/E is price-derived and will change; ROCE is from audited financials)
• Zero TTM Revenue: Trailing twelve-month revenue is Rs 0.0 crore, indicating either a new listing, seasonal business cycle, or delayed recognition that needs clarification through upcoming filings.