- **lead** - … That changed decisively in FY25, when management began steering the company into stone mining, defence, and real estate, and signed a non-binding MOU for education, training, R&D, and consulting in the nuclear, thermal, and renewable energy and utilities sector, each move following the same playbook: identify a sector with government policy tailwinds, enter through a small acquisition or partnership, and build from there. # Business segments Two engines at opposite ends of the maturity curve - a gold-trading cash cow that still generates roughly half the business, and a collection of early-stage bets in mining, defence, real estate, and energy services, each barely begun. ## 1. Gold bullion and jewellery trading: the legacy cash register **A wholesale middleman that buys gold bars and coins and sells them on to jewellery manufacturers and retailers, earning a margin on every gram moved - no mining, no manufacturing, no retail storefront.** - **A domestic supply-chain link** - the company supplies bullion, plain gold jewellery, coins, and medallions to the Indian trade, with nearly all revenue coming from domestic customers and only a small overseas receivable book outstanding for more than six months. - **Price-taker, not price-maker** - gold prices are set at exchanges in London, New York, and Tokyo, and local Indian prices are an algorithm of those global spot rates and the rupee exchange rate, so the company hedges both gold and currency risk using forward contracts that mature within a year. - **Competing in a crowded bazaar** - the gold trade is fiercely competitive and highly sensitive to government import-duty changes, mandatory hallmarking rules, and a shift in investor preference from physical gold to sovereign gold bonds and gold ETFs. - **India’s appetite is the tide** - the country is the world’s largest gold jewellery consumer, with overall gold demand of approximately 747.5-800 tonnes in 2024, and physical investment demand for coins and bars surging 60% year-on-year to 239 tonnes, making India the second-largest bar-and-coin market after China. ## 2. Stone mining: a quarry bet placed through a subsidiary **A freshly acquired wholly-owned subsidiary holds a majority stake in a quarry operator, aiming to extract granite, marble, and high-silica stone for everything from kitchen countertops to glassmaking.** - **Bought, not built** - in July 2025 the company paid Rs. 1.5 crore in cash to acquire Suryam India Minecorp Private Limited, which in turn owns 51% of Exclusive Quarries Private Limited, an active stone-mining entity, giving RICL its first operating asset outside trading. - **Silica is the strategic filter** - the company is targeting mines with high silica content because processed silica feeds export markets for glass, ceramics, cosmetics, abrasives, and electronics, not just construction. - **Zero-waste ambition** - management believes overburden and waste rock can be crushed into aggregates for roads and building materials, so the quarry would comply with environmental norms while generating a second revenue stream from what others discard. - **A fragmented industry under pressure** - India produces roughly 20% of the world’s natural stone, but the sector faces consolidation as small polishing units in Andhra Pradesh risk closure against large corporates, and Rajasthan’s sandstone quarries face serious scrutiny over child labour and working conditions. ## 3. Defence: an ambition to build drones, electronic warfare kit, and more **The company has appointed two executive directors for defence and amended its charter to cover everything from UAV manufacturing to cybersecurity - but as of the latest filing, it remains in the discussion-and-exploration phase.** - **A wide-open mandate** - the amended objects clause authorises the company to manufacture, assemble, and upgrade defence equipment for the Army, Navy, Air Force, and paramilitary forces, and to set up R&D centres for AI, drone technology, electronic warfare, and cybersecurity. - **Partner-first strategy** - rather than building from scratch, RICL is in talks with global UAV, robotics, and new-age technology firms to form joint ventures, licensing deals, or co-development agreements, aiming to serve both Indian and export markets. - **After-sales as a moat** - the company’s objects include maintenance, repair, and overhaul (MRO) facilities, supply-chain management, and consultancy services for defence procurement and technology integration, suggesting it wants recurring revenue beyond one-time equipment sales. - **Riding a procurement wave** - India’s defence production hit Rs. 1.27 lakh crore in FY24, a 174% jump since 2014-15, and the government has earmarked 25% of the defence R&D budget for private industry and start-ups, while the country remains the world’s second-largest arms importer with critical gaps in jet engines, submarine propulsion, and advanced UAVs. ## 4. Real estate development: a Kalyan plot and a non-binding letter **The company has signed a non-binding letter of intent to buy development rights on a 2.2-acre plot in Kalyan, within the Mumbai Metropolitan Region, and separately agreed to purchase a smaller related-party land parcel - but no definitive agreement has been executed.** - **A project with a name but no contract** - the “Kalyan Marina Project” envisions 5 lakh square feet of luxury residential and commercial space on land owned by a partnership firm, with an estimated gross revenue of Rs. 500 crore, yet the April 2024 letter of intent is explicitly non-binding and no definitive agreement had been signed as of the last disclosure. - **The consideration is part-cash, part-flats** - the proposed deal would cost Rs. 25 crore in cash plus 25% of the built-up area handed over to the landowner in stages, meaning the company would pay with both money and finished apartments. - **A related-party side deal** - in February 2025 the board approved buying a 1,599-square-metre plot in Kalyan from Relifam Infra Private Limited, a firm with a common promoter, for Rs. 3 crore, with plans to develop a luxury residential building through a third-party developer. - **Kalyan’s supply-demand balance** - the suburb added roughly 29,500 new residential units between 2017 and early 2023 and sold about 27,600 of them, a sales-to-supply ratio close to one, driven by improving train, highway, and metro connectivity to Mumbai. ## 5. Nuclear and energy services: a Rosatom MoU and a shelf subsidiary **The company has signed a three-year exclusive memorandum of understanding with a subsidiary of Russia’s Rosatom to jointly develop training, research, and consulting services for the nuclear, thermal, and renewable energy sector - and has incorporated a wholly-owned subsidiary to house the work.** - **A partnership with a state-backed giant** - the MoU with JSC ETC GET, a Rosatom Service subsidiary, covers education, training, innovation, product development, and consulting across nuclear, thermal, and renewable utilities, with no consideration paid by either side and a 3-year term. - **A dedicated subsidiary on standby** - in January 2026 the board approved incorporating Simunergy Terranova Private Limited with an authorised capital of Rs. 5 lakh, to focus exclusively on training, consulting, and R&D for the energy sector, with two directors already named. - **CBRN is part of the pitch** - the company’s objects include becoming a service and solutions provider in chemical, biological, radiological, and nuclear detection, monitoring, protection, and decontamination for military, government, non-government, private corporations, and industry clients, extending the energy-services logic into national security. - **Digital twins and simulation labs** - the planned R&D scope covers digital twins, cybersecurity, AI, robotics, and automation for productivity and capacity building in government and private energy facilities, alongside multilingual e-learning platforms and experimental simulation facilities. # Group structure and partners **A promoter-held trading company that has only just begun building a group - one mining subsidiary acquired in mid-2025, one energy-services subsidiary incorporated in early 2026, and a strategic MoU with a Russian state nuclear services firm.** - As of the FY25 annual report date, the company had no subsidiaries, associates, or joint ventures, but the board approved the acquisition of Suryam India Minecorp Private Limited as a wholly-owned subsidiary on July 18, 2025, for Rs. 1.5 crore in cash. - Suryam India Minecorp in turn holds a 51% stake in Exclusive Quarries Private Limited, an active stone-mining company, giving RICL an indirect operating asset in the quarrying sector. - In January 2026, the board approved incorporating a second wholly-owned subsidiary, Simunergy Terranova Private Limited, to house the nuclear and renewable energy services business, with an initial paid-up capital of Rs. 5 lakh. - The company’s sole disclosed strategic partnership is a three-year exclusive MoU with JSC ETC GET, a subsidiary of Rosatom Service JSC of Russia, covering education, training, R&D, and consulting in the nuclear, thermal, and renewable energy sector. - Promoters held 36.61% of the equity as of March 2025, and the shares are listed on the BSE under ISIN INE510H01015; the company has no manufacturing plants and has historically operated without technology or R&D infrastructure.