NSE: RELTD · BSE: 504341
RAVINDRA ENERGY LIMITED
Operates a solar energy business that drove 98.5% of FY26 segment revenue at ₹437.802 crore, with the balance coming from an investment segment (1.5%, ₹6.574 crore). The trading segment reported no revenue for the period. Through its 49.54%-owned associate Energy In Motion Limited (EIM), it is building electric heavy commercial vehicle infrastructure, including battery swap stations and the Ashwa e-tractor. EIM has partnered with HPCL to set up charging and battery swapping hubs across HPCL's 25,000-plus fuel stations, signed a 0.5 GWh LFP cell and battery pack agreement with CATL, and begun deploying around 45 electric tractor-trailers for UltraTech Cement. Materials are the largest cost line at 52.8% of revenue, and capex was 83.8% of revenue, reflecting an asset-heavy build-out. In June 2026, the company completed a rights issue of about ₹200.5 crore, of which ₹150 crore was invested in EIM to fund expansion. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar (99%), Investment (2%), Trading (0%). Asset-heavy solar and electric mobility build-out, with heavy capex spend
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 765 | 253 | 131 | 250 | 543 |
| EBITDA (ex other income) | (11) | 13 | (31) | 37 | 131 |
| margin % | (1.4) | 5.3 | (24.0) | 14.8 | 24.2 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 2.89 | 1.24 | (3.41) | 1.32 | 4.53 |
| ROE % · ROCE % | 17.4 · 15.4 | 8.0 · 11.0 | (30.8) · (9.4) | 6.2 · 6.3 | 18.4 · 11.3 |
| Debt / equity (x) | 0.78 | 0.56 | 0.90 | 0.54 | 1.14 |
| Cash from operations | 19 | 122 | 61 | 72 | 172 |
| Capex | (31) | (37) | (76) | (177) | (455) |
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 | 16 | 53 | 159 | 163 | 120 | 127 | 133 | 120 |
| Profit before tax | 1 | 4 | 14 | 24 | 26 | 18 | 18 | 18 |
| Net profit | 1 | 2 | 13 | 23 | 31 | 15 | 13 | 2 |
| EPS (₹) | 0.07 | 0.14 | 0.74 | 1.33 | 1.69 | 0.80 | 0.71 | 0.09 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Solar | 521 | 96.0 |
| Trading | 22 | 4.0 |
| Total, before eliminations | 543 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.6 | 22.4 | 37 of 52 | 29% |
| P/B | 5.9 | 3.3 | 38 of 49 | 23% |
| ROCE | 8.1 | 12.4 | 37 of 55 | 33% |
| ROE | 18.4 | 12.4 | 17 of 50 | 67% |
| Debt / Equity | 1.1 | 0.3 | 48 of 50 | 4% |
| EBITDA margin | 33.9 | 12.6 | 8 of 51 | 86% |
| Revenue growth | (26.2) | 20.7 | 39 of 46 | 16% |
| Profit growth | (92.8) | 37.7 | 41 of 45 | 9% |
| Market cap | 2591 | 591 | 15 of 56 | 75% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 25 Oct 2026 · 500 shares allotted to employees under Ravindra Energy ESOP 2022 | capital market events | low | — | — |
| 15 Oct 2026 · Joint entity EIM opens electric heavy truck complex in Pune | business updates | high | — | — |
| 15 Oct 2026 · Exchange sought clarification on unusual volume; company confirms no undisclosed info | compliance | low | — | — |
| 14 Oct 2026 · NSE flags unusual trading volume; awaits company response | regulatory legal | medium | — | — |
| 13 Oct 2026 · Routine SEBI Reg 74(5) Certificate for Q2 FY27 - Ravindra Energy | compliance | minimal | — | — |
| 7 Oct 2026 · Insider trade disclosure filed by Ravindra Energy CEO | compliance | minimal | — | — |
| 5 Oct 2026 · Promoters add new pledge on Ravindra Energy shares with Tata Capital | ownership changes | high | — | — |
| 5 Oct 2026 · Promoters pledge additional shares as security for Tata Capital loan | ownership changes | high | — | — |
| 2 Oct 2026 · Promoters create pledge on Ravindra Energy shares worth about Rs 12.69 crore | ownership changes | high | — | — |
| 29 Sept 2026 · Investor presentation on proposed REL-EIM amalgamation for clean energy and EV mobility | investor communications | medium | — | — |
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.