Manufactures high-power semiconductor devices, including silicon-controlled rectifier (SCR) thyristors, press-pack SCRs, Silicon Carbide (SiC) MOSFETs, MPS diodes and high-voltage capacitor discharge switches, sold to defence, railway, HVDC transmission, industrial and EV customers. End-uses referenced in management commentary include Indian Army high-power switches and rocket launcher rectifiers, Indian Railways, BHEL, data centres, AI infrastructure and HVDC links. The current operating base is a plant at Halol, Gujarat, supported by a 25kV 120kA capacitor discharge switch development, a 10 MW rocket launcher rectifier and a 10 kV/200 kA Army switch; the company is replacing ABB in Indian defence high-power switch applications. FY26 order intake was Rs 90.2 cr with a closing backlog of Rs 17.4 cr, of which 20% of orders came from overseas customers, and the first overseas order is 120 units of 5kV 125mm press-pack SCR thyristors for a US HVDC customer, to be delivered in phases through end-2026. A new Silicon Carbide (SiC) epitaxy and fabrication facility is being built in Bhubaneswar, Odisha — total project capex Rs 618 cr, of which Rs 120 cr has been spent — with epitaxy operations guided to start in Q2 FY27 once 33kV power is available. The cost shape is materials-heavy (60.2% of revenue) and capex-heavy (29.4% of revenue), reflecting the Odisha SiC build-out. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Defence, Railways and power transmission, Industrial, data centres, EVs and renewables, Overseas exports. Capex-heavy, niche high-power semiconductor manufacturer; transitioning into vertically integrated Silicon Carbide device production.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 42 | 57 | 67 | 86 | 91 |
| EBITDA (ex other income) | 4 | 8 | 10 | 11 | 11 |
| margin % | 8.9 | 14.1 | 14.8 | 13.0 | 12.5 |
| Owners' profit | 0 | 6 | 7 | 0 | 8 |
| EPS, as reported (₹) | 5.62 | 8.69 | 10.14 | 10.58 | 1.01 |
| ROE % · ROCE % | 10.8 · 12.7 | 18.1 · 16.0 | 11.2 · 12.5 | 6.7 · 9.8 | 5.7 · 6.6 |
| Debt / equity (x) | 1.11 | 0.97 | 0.54 | 0.16 | 0.08 |
| Cash from operations | (2) | 1 | 2 | 1 | (22) |
| Capex | (23) | (4) | (4) | (51) | (27) |
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22 | 21 | 19 | 20 | 26 | 21 | 26 | 24 |
| Profit before tax | 4 | 3 | 2 | 2 | 3 | 3 | 5 | 2 |
| Net profit | 3 | 2 | 1 | 1 | 2 | 2 | 4 | 1 |
| EPS (₹) | 4.00 | 3.28 | 2.02 | 1.99 | 3.29 | 2.43 | 0.63 | 0.17 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 75,508 | 19.8 | 5.03 | 12.2 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 70,293 | 59.5 | 13.03 | 36.9 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 44,224 | 26.2 | 10.26 | 18.0 | 35.0 | 25.7 | — | 30.8 |
| EMMVEE PHOTOVOLTAIC PWR L | 23,872 | 17.9 | 6.46 | 13.3 | 29.3 | 31.2 | — | 36.3 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · 57th AGM on September 29, 2026; notice sent to non-registered email shareholders | compliance | minimal | — | — |
| 5 Sept 2026 · Record date fixed for Rs 0.10 final dividend, 57th AGM on 29 Sept 2026 | corporate actions | medium | — | — |
| 5 Sept 2026 · 57th Annual Report FY25-26 and AGM Notice Submitted | board shareholder meetings | low | — | — |
| 18 Aug 2026 · RIR Power Electronics Q1 FY27 Earnings Conference Call Transcript | investor communications | medium | — | — |
| 13 Aug 2026 · RIR Power Electronics grants 1.27 lakh stock options under ESOP 2025 | general | medium | — | — |
| 13 Aug 2026 · Audio recording link shared for Q1 FY2026-27 earnings call | investor communications | low | — | — |
| 11 Aug 2026 · RIR Power Q1 FY27: Revenue up 29%, PAT up 81% | compliance | low | — | — |
| 10 Aug 2026 · Q1 FY27 Results: Revenue Up 27% YoY, New CFO Appointed | results | high | — | — |
| 10 Aug 2026 · Earnings call scheduled for Aug 13 to discuss Q1 FY27 results | board shareholder meetings | low | — | — |
| 5 Aug 2026 · Board meeting on 10 Aug 2026 to approve Q1 FY27 results | results | low | — | — |
| 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 |
| MTAR TECHNOLOGIES LIMITED |
| 22,531 |
| 168.8 |
| 27.39 |
| 120.2 |
| 11.4 |
| 12.4 |
| 28.9 |
| 25.8 |
| DIAMOND POWER INFRA LTD | 19,448 | 98.9 | — | 94.7 | (26.2) | 8.6 | — | 12.3 |
| AVALON TECHNOLOGIES LTD | 15,293 | 114.3 | 21.19 | 76.2 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 9,830 | 13.7 | 4.43 | 12.1 | 26.7 | 22.7 | 50.8 | 22.1 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.6 | 26.2 | 31 of 53 | 42% |
| P/B | 10.3 | 3.6 | 44 of 49 | 10% |
| ROCE | 5.9 | 12.3 | 41 of 56 | 27% |
| ROE | 5.7 | 11.5 | 38 of 53 | 29% |
| Debt / Equity | 0.1 | 0.2 | 17 of 53 | 69% |
| EBITDA margin | 13.2 | 12.6 | 24 of 51 | 54% |
| Revenue growth | 20.5 | 20.7 | 24 of 46 | 49% |
| Profit growth | (6.4) | 37.7 | 29 of 45 | 36% |
| Market cap | 1432 | 641 | 21 of 56 | 64% |
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| 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 |
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