NSE: RANEHOLDIN · BSE: 505800
RANE HOLDINGS LIMITED
Functions as a holding company, with FY26 consolidated revenue of Rs 5,883.31 crore pulled in from its operating subsidiaries. One named subsidiary is Rane Steering Systems Private Limited (RSSL), a wholly owned unit that has signed a power purchase agreement with Hexa Energy BH Eleven for renewable electricity and is dealing with GST notices covering FY 2019-20 and FY 2022-23, indicating active manufacturing operations within the group. The consolidated cost mix is materials-heavy at 64.2% of revenue, with employees at 11.6% and other operating expenses at 14.7%, in line with manufacturing. Depreciation runs at 3.6% of revenue and total assets stand at Rs 3,843.2 crore. FY26 EBITDA margin was 8.17%. The board declared a Rs 47 per share dividend, and promoter-group activity included a preferential issue of 3,38,030 convertible warrants at Rs 1,183.32 each and an inter-se transfer of shares within promoter entities. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Subsidiary operations (consolidated). Holding company with manufacturing-led subsidiaries
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,677 | 3,508 | 3,530 | 4,362 | 5,883 |
| EBITDA (ex other income) | 207 | 301 | 212 | 529 | 457 |
| margin % | 7.7 | 8.6 | 6.0 | 12.1 | 7.8 |
| Owners' profit | 24 | 62 | 124 | 207 | 98 |
| EPS, as reported (₹) | 16.91 | 43.61 | 86.67 | 145.13 | 68.54 |
| ROE % · ROCE % | 3.5 · 8.2 | 8.3 · 13.0 | 12.8 · 5.8 | 16.4 · 22.0 | 9.6 · 16.2 |
| Debt / equity (x) | 0.77 | 0.81 | 0.70 | 0.74 | 0.62 |
| Cash from operations | 15 | 186 | 233 | 513 | 280 |
| Capex | (133) | (158) | (209) | (225) | (316) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 917 | 1,241 | 1,374 | 1,341 | 1,399 | 1,535 | 1,609 | 1,587 |
| Profit before tax | 243 | 11 | 11 | 51 | 35 | 44 | 66 | 45 |
| Net profit | 185 | 4 | 12 | 57 | 31 | (40) | 88 | 48 |
| EPS (₹) | 124.44 | 2.27 | 6.58 | 35.57 | 16.45 | (35.41) | 51.93 | 26.17 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINSERV LTD. | 2,64,611 | 26.0 | 1.88 | — | 14.0 | — | 20.0 | 40.8 |
| BAJAJ HOLDINGS & INVS LTD | 1,16,414 | 13.1 | 1.41 | — | 11.9 | — | 21.8 | 92.9 |
| CHOICE INTERNATIONAL LTD | 16,267 | 62.9 | 8.92 | 39.9 | 13.0 | 13.9 | 46.0 | 36.8 |
| EDELWEISS FIN SERV LTD | 11,971 | 16.8 | 2.01 | — | 11.4 | — | 2.2 | 29.3 |
| JM FINANCIAL LIMITED | 10,849 | 10.4 | 0.96 | — | 10.6 | — | 5.1 | 60.3 |
| RANE HOLDINGS LIMITED ◆ | 2,078 | 24.6 | 1.46 | 6.0 | 9.6 | 11.7 | 23.7 | 7.5 |
| BF INVESTMENT LIMITED | 1,486 | 3.8 | 0.17 | — | 3.3 | — | 36.0 | 90.4 |
| BALMER LAWRIE INVSTS. L | 1,384 | 10.7 | 0.62 | — | 12.4 | — | 12.2 | 18.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.6 | 10.7 | 10 of 13 | 25% |
| P/B | 1.5 | 1.4 | 9 of 14 | 39% |
| ROCE | 11.7 | 11.2 | 4 of 8 | 57% |
| ROE | 9.6 | 10.1 | 8 of 14 | 46% |
| Debt / Equity | 0.6 | 0.5 | 6 of 7 | 17% |
| EBITDA margin | 7.5 | 29.6 | 10 of 14 | 31% |
| Revenue growth | 18.4 | 18.6 | 9 of 15 | 43% |
| Profit growth | (16.0) | 18.1 | 10 of 15 | 36% |
| Market cap | 2078 | 1203 | 6 of 16 | 67% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Rane Holdings commits ₹80.85 crore to its ZF automotive joint venture | strategic transactions | medium | — | — |
| 15 Oct 2026 · CRISIL assigns AA-/Stable rating to Rane Holdings debt facilities | credit debt | medium | — | — |
| 9 Oct 2026 · Subsidiary RSSL gets Rs 10.07 Cr GST demand fully dropped | regulatory legal | high | — | — |
| 5 Oct 2026 · Promoter Meenakshi Ganesh acquires 1,348 shares via transmission | ownership changes | low | — | — |
| 5 Oct 2026 · Routine SEBI compliance certificate for dematerialization, Q2 FY26-27 | compliance | minimal | — | — |
| 30 Sept 2026 · Rane Holdings notifies shareholders about physical share transfer window | compliance | minimal | — | — |
| 29 Sept 2026 · Board meeting on Nov 12, 2026 to consider Q2/H1 FY27 results; trading window closed | results | low | — | — |
| 29 Sept 2026 · Board meeting on Nov 12 to consider Q2 and H1 FY27 results | results | low | — | — |
| 28 Sept 2026 · Subsidiary gets GST show cause notice worth Rs 57.12 Cr | regulatory legal | medium | — | — |
| 25 Sept 2026 · Subsidiary RSSL gets GST show cause notice worth Rs 10.07 Cr | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.