Transcript of Q4 FY 2025-26 Earnings call meeting

RIR Power Electronics reported FY26 revenue of INR 90.87 crores, up 5.41% YoY, with EBITDA of INR 10.21 crores, PAT of INR 6.72 crores, and EPS of INR 0.86. Q4 revenue was INR 23.95 crores, up 18.16% QoQ but down 9.5% YoY due to a one-time INR 3.3 crore order booked in March 2025. FY26 order intake stood at INR 90.2 crores with a closing backlog of INR 17.4 crores, of which 20% came from overseas customers. The company won its first overseas order for 125mm, 5kV press pack SCR thyristors (120 units) for HVDC transmission applications. The Odisha plant's clean room for epitaxy is complete, with equipment installation expected by July-end and epitaxy operations targeted to start in Q2 FY27; total project capex is INR 618 crores, of which INR 120 crores has been spent (50% funded by Odisha government). Management guided for 2.5-3x revenue growth at the Halol plant over the next 2-3 years with INR 5 crores of investment, and highlighted that fab margins can exceed 40% once capacity utilization crosses 60-65%.