NSE: RIR · BSE: 517035
RIR POWER ELECTRONICS L
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
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. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 65,440 | 17.1 | 4.36 | 10.6 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 60,809 | 51.5 | 11.27 | 32.0 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 39,130 | 23.2 | 9.08 | 16.0 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 20,676 | 154.9 | 25.14 | 110.5 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,654 | 89.8 | — | 87.0 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,571 | 12.4 | 4.48 | 9.2 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 14,460 | 108.1 | 20.04 | 72.0 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,156 | 11.4 | 3.68 | 10.4 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.1 | 22.6 | 26 of 52 | 51% |
| P/B | 8.2 | 3.3 | 42 of 49 | 15% |
| ROCE | 5.9 | 12.4 | 41 of 55 | 26% |
| ROE | 5.7 | 12.4 | 38 of 50 | 25% |
| Debt / Equity | 0.1 | 0.3 | 14 of 50 | 74% |
| 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 | 1147 | 576 | 21 of 56 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 FY2026-27 earnings call audio recording shared | investor communications | low | — | — |
| 27 Oct 2026 · Q2 FY27 PAT rises 41%; Odisha SiC facility nears commercial production | compliance | low | — | — |
| 26 Oct 2026 · Q2 and H1 FY27 revenue rises 32.5 percent, profit rises 41.2 percent | results | high | — | — |
| 22 Oct 2026 · Earnings call scheduled for October 2026 quarter | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board meeting on 26 Oct 2026 to consider Q2 standalone results | results | low | — | — |
| 13 Oct 2026 · RTA files routine demat confirmation certificate for Q2 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · 57th AGM outcomes: all 8 resolutions passed, Rs 0.10 dividend declared | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Participation in Bharat Connect Conference Rising Stars investor meeting on Sep 30, 2026 | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 57th AGM held via VC; 8 resolutions passed including dividend and new MD/CEO | board shareholder meetings | low | — | — |
| 16 Sept 2026 · RIR Power Electronics completes SiC epitaxial reactor installation at Odisha facility | capex operations | 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.