1. At a Glance – Zero Sales, Negative Profits, ₹307 Cr Market Cap. Kya Chal Raha Hai?
Rajasthan Securities Ltd (formerly Rajasthan Gases Ltd) is currently priced at ₹39.9, with a market cap of ₹307 crore. The stock is down 11.1% in the last 3 months and down 35.6% over 1 year — but wait — it has delivered 76.3% return over 3 years. Confused? Same here.
Latest Q3 FY26 (December 2025) numbers show:
- Revenue: ₹0 Cr
- PAT: ₹-24 Cr
- EPS: ₹-3.12
- Operating Margin: -1,266%
- P/E: ~15
- Price to Book: 3.95
- ROE: -0.49%
- Debt: ₹20.2 Cr
- Other Income (TTM): ₹56.6 Cr
Yes. Zero sales. Negative profit. But trading at 15 times earnings. Welcome to Indian microcap cinema.
The company has changed its name, objects, website, and business focus. From gas filling… to coal… to trading… to securities. This isn’t diversification. This is identity crisis.
And here’s the real masala: Earnings include other income of ₹56.6 Cr. Without that, the story would look very different.
So the big question: Are we looking at a turnaround story… or a financial engineering workshop?
Let’s investigate.
2. Introduction – From Gas Cylinders to Securities… What a Plot Twist
Incorporated in 1993 as Rajasthan Gases Ltd, the company originally engaged in gas filling, transportation and distribution in Rajasthan.
Fast forward to 2025.
Now it’s called Rajasthan Securities Ltd. The company has officially amended its Memorandum of Association to include:
- Trading
- Investment
- Securities and derivatives
- Borrowing/investment limits raised to ₹500 crore
And yes, they changed their website from rajasthangasesltd.com to rsl.in. Because if you are becoming a “securities” company, the first step is a cooler domain name.
In FY21, all revenue came from sale of coal.
Gas → Coal → Trading → Securities.
This company changes business models like we change IPL teams mid-season.
In 2024, there was an open offer for acquisition of 26% shares by Ravi Omprakash Agrawal. Multiple announcements confirm open offer updates.
And in September 2025, AGM approved:
- Name change
- MOA/AOA amendments
- Borrowings and loans up to ₹500 crore
- MD reappointment
Tell me honestly — does this feel like organic
