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.

Raaj Medisafe India Limited has scheduled its 41st Annual General Meeting (AGM) for Monday, September 21, 2026. The meeting will be conducted through video conference or other audio-visual means at 3:00 pm.

The company disclosed this intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Pursuant to Regulation 36(1)(b), electronic copies of the AGM notice and the Annual Report for FY26 are being emailed to shareholders with registered addresses. Those without registered emails have been sent letters containing a weblink to access the documents.

Financial Performance

Raaj Medisafe reported a 28.19% increase in turnover to ₹800,146.42 lakh for FY26, up from ₹624,204.43 lakh in FY25. However, net profit fell sharply to ₹18,097.90 lakh from ₹61,312.44 lakh in the previous year. Earnings per share dropped to ₹1.10 from ₹4.60.

The decline in profitability was primarily driven by a significant deferred tax charge of ₹34,572.00 lakh, compared to a deferred tax credit of ₹18,246.30 lakh in FY25. Profit before tax rose 20.31% to ₹63,223.12 lakh.

Key Dates and Voting Details

Central Depository Services (India) Limited will facilitate e-voting and the video conferencing facility. Shareholders must note the following timeline for participation:

The Register of Members, Beneficial Owners and Share Transfer Books of the Company will remain closed from Tuesday, September 15, 2026 to Monday, September 21, 2026 (both days inclusive).

Board Resolutions and Related Party Transactions

The AGM agenda includes ordinary business items such as the adoption of audited financial statements for the year ended March 31, 2026, and the re-appointment of Shri Arpit Bangur as a Director. He retires by rotation and is eligible for re-appointment.

A special resolution seeks shareholder consent for Smt. Krishna Jajoo to continue as a Non-Executive Non-Independent Director beyond attaining the age of 75 years on March 28, 2027, pursuant to Regulation 17(1A) of the SEBI Listing Regulations.

The Board also seeks approval for material related party transactions during FY27:

• Shriji Polymers (India) Limited: Up to ₹1,800 lakh for the purchase of raw materials and sale of plastic liners. Previous transactions in FY26 totaled ₹1,139.42 lakh.
• Shriniwas Polyfabrics and Packwell Private Limited: Up to ₹2,700 lakh for the purchase of raw materials and sale of extruded poly films. Previous transactions in FY26 totaled ₹1,799.33 lakh.

These transactions are proposed on an arm's length basis in the ordinary course of business.

Accessing Annual Report and KYC Updates

Shareholders whose email addresses are not registered with the Company, Registrar & Transfer Agent (RTA), or Depository Participants can access the FY26 Annual Report and AGM notice on the company’s website under Investor Relations > Annual Reports. The documents are also available on the BSE Limited website.

The company requested members holding shares in physical mode to update their email addresses by writing to investor@ankitonline.com or raajmedisafe@gmail.com . Demat shareholders are advised to update their details with their respective Depository Participants.

Physical share holders are asked to ensure their Folio KYC is compliant by submitting Forms ISR-1, ISR-2, ISR-4, SH-13, and SH-14 along with original Share Certificates and a CML not older than two months to the RTA, Ankit Consultancy Pvt Ltd., in Indore. These forms are available on the company’s website.