Transcript of Q3 FY 2025-26 Earnings/ Conference Call meeting
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Awaiting price reaction for this filing.
RIR Power Electronics reported Q3 FY26 revenue of INR 20.27 crores with a sharp dip in profitability — EBITDA fell to just INR 0.86 crores and PAT to INR 0.44 crores (EPS INR 0.06), versus nine-month revenue of INR 66.92 crores and PAT of INR 5.33 crores (slightly down YoY). Management blamed the Q3 weakness on customer-driven order rescheduling, higher material costs, and provisions for new labour laws. A new MD & CEO, N. Ramesh Kumar (ex-Crompton Greaves turnaround leader), joined on Feb 11 and outlined priorities around sales expansion, operational excellence, and brand building, though he declined to give FY27/FY28 targets. On the Odisha semiconductor project, the clean room is targeted by end-Feb/mid-March with commercial production ~90 days after power connection; Phase 1 capex is ~INR 225 crores, with INR 52 crores already in escrow and an INR 70 crores bank loan expected to be tied up by early March.
Short-term margins are clearly under pressure — Q3 EBITDA margin compressed to ~4% vs ~12% for nine months — due to cost headwinds and order timing issues, which may weigh on the stock. However, medium-term story remains intact with the new CEO's appointment, near-term bank financing closure, and progress on the flagship Odisha facility, though execution risks around power supply and project timelines remain key overhangs for shareholders.