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RattanIndia Enterprises Q2 FY27 results: net loss narrows to ₹24.03 crore, revenue down 2.9%
RattanIndia Enterprises Limited reported a consolidated revenue of ₹2,062 crore for Q2 FY27, down 2.9% from the year-ago quarter, and a net loss of ₹24.03 crore against a net loss of ₹396.56 crore in Q2 FY26. The EBITDA margin improved to -0.4% from -20.5%, though the result fell short of the previous quarter, when revenue was ₹1,870 crore and net profit was ₹14.73 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹2,062 crore, down 2.9% from ₹2,124 crore in Q2 FY26 but up 10.2% from ₹1,870 crore in Q1 FY27.
- The company reported an EBITDA loss of ₹8.55 crore in Q2 FY27, against an EBITDA loss of ₹436.32 crore a year earlier, with the margin at -0.4%.
- Net loss for the quarter was ₹24.03 crore, compared with a net loss of ₹396.56 crore in Q2 FY26 and a net profit of ₹14.73 crore in Q1 FY27.
- Basic EPS was -₹0.18 for the quarter, against -₹2.87 in Q2 FY26 and ₹0.11 in the previous quarter.
- For H1 FY27, revenue was ₹3,932 crore, down 1.2%, and the company posted a net loss of ₹9.29 crore against a net profit of ₹105.76 crore in H1 FY26.
How did RattanIndia Enterprises perform in Q2 FY27?
RattanIndia Enterprises reported consolidated revenue of ₹2,062 crore for the quarter ended 30 September 2026, down 2.9% from ₹2,124 crore in Q2 FY26 and up 10.2% from ₹1,870 crore in Q1 FY27. Total income was ₹2,064 crore for the quarter. On a standalone basis, revenue was ₹5.34 crore, up 14.3%, with a net loss of ₹19.3 crore against a net loss of ₹400.85 crore a year earlier.
EBITDA was a loss of ₹8.55 crore in Q2 FY27, compared with a loss of ₹436.32 crore in the year-ago quarter and a profit of ₹40.06 crore in the previous quarter. The EBITDA margin was -0.4%, up 20.1 percentage points from -20.5% a year earlier and down 2.5 percentage points from 2.1% in Q1 FY27. Loss before tax was ₹30.02 crore, and net loss was ₹24.03 crore against a net loss of ₹396.56 crore in Q2 FY26. Basic EPS was -₹0.18, against -₹2.87 a year earlier and ₹0.11 in the previous quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,062 | 1,870 | 2,124 | −2.9% | +10.2% |
| Other income | 2.48 | 0.81 | 3.57 | −30.5% | +206.2% |
| Total expenses | 2,094 | 1,852 | 2,583 | −18.9% | +13.1% |
| EBITDA | −8.55 | 40.06 | −436.32 | turned to loss | |
| EBITDA margin | -0.4% | 2.1% | -20.5% | +20.1 pp | −2.5 pp |
| Profit before tax | −30.02 | 18.93 | −455.70 | turned to loss | |
| Tax | 1.68 | 13.36 | −59.14 | −87.4% | |
| Net profit | −24.03 | 14.73 | −396.56 | turned to loss | |
| EPS (₹) | −0.18 | 0.11 | −2.87 | turned to loss |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in RattanIndia Enterprises' costs and profit?
Total expenses fell 18.9% to ₹2,094 crore in Q2 FY27 from ₹2,583 crore in Q2 FY26, which was the main change in the reported result. Within that, cost of materials consumed rose 23.7% to ₹54.19 crore, employee cost rose 3.1% to ₹40.24 crore, finance costs rose 7.3% to ₹20.74 crore and other expenses rose 12.4% to ₹35.79 crore. Depreciation and amortisation fell 11.3% to ₹3.22 crore. There was no exceptional item in either quarter.
Other income fell to ₹2.48 crore from ₹3.57 crore, a decline of 30.5%. Tax was ₹1.68 crore in the quarter against a credit of ₹59.14 crore in Q2 FY26, a difference of ₹60.82 crore. The filing does not state a reason for the fall in revenue or the change in the cost lines. Against the previous quarter, total expenses rose 13.1% to ₹2,094 crore, driven by cost of materials consumed rising 134.7% to ₹54.19 crore from ₹23.09 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 54.19 | 43.81 | +10.38 | +23.7% |
| Employee cost | 40.24 | 39.03 | +1.21 | +3.1% |
| Finance costs | 20.74 | 19.33 | +1.41 | +7.3% |
| Depreciation | 3.22 | 3.63 | −0.41 | −11.3% |
| Other expenses | 35.79 | 31.85 | +3.94 | +12.4% |
| Total expenses | 2,094 | 2,583 | −489.02 | −18.9% |
| Other income | 2.48 | 3.57 | −1.09 | −30.5% |
| Tax | 1.68 | −59.14 | +60.82 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue was ₹3,932 crore, down 1.2% from ₹3,980 crore in H1 FY26, and total income was ₹3,935 crore, down 1.3% from ₹3,987 crore. Loss before tax was ₹11.1 crore against a profit before tax of ₹136.22 crore in the year-ago period.
The company reported a net loss of ₹9.29 crore for H1 FY27 against a net profit of ₹105.76 crore in H1 FY26, a difference of ₹115.05 crore. Basic EPS was -₹0.07 for the half year, against ₹0.77 in H1 FY26. Management noted in the investor presentation that H1 FY26 included peak Diwali sales, while Diwali from October 2026 falls in H2 FY27.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,932 | 3,980 | −1.2% |
| Profit before tax | −11.10 | 136.22 | turned to loss |
| Net profit | −9.29 | 105.76 | turned to loss |
| EPS (₹) | −0.07 | 0.77 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
For H1 FY27, net cash used in operating activities was ₹155.8 crore against ₹156.21 crore in H1 FY26. Cash flow from investing activities was ₹2.86 crore compared with ₹8.49 crore, and financing activities provided ₹107.42 crore against ₹150.62 crore. Capital expenditure was ₹1.58 crore in the half year compared with ₹1.01 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,313 | 2,771 |
| Total equity | 763.24 | 769.65 |
| Cash and equivalents | 27.12 | 72.65 |
| Inventories | 1,498 | 1,003 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −155.80 | −156.21 |
| Cash from investing | 2.86 | 8.49 |
| Cash from financing | 107.42 | 150.62 |
| Capital expenditure | 1.58 | 1.01 |
Source: Company's results filing (XBRL).
How has RattanIndia Enterprises done over the last 8 quarters?
Profit for the period moved to a net loss of ₹24.03 crore in Q2 FY27 from a net profit of ₹14.73 crore in Q1 FY27. The highest quarterly profit in the series was ₹502.32 crore in Q1 FY26, while the lowest was a net loss of ₹396.56 crore in Q2 FY26. The margin at -0.4% in the latest quarter was well below the 26.3% peak recorded in Q1 FY26.
Which businesses drove the quarter?
The Retail-E-commerce business reported revenue of ₹2,004 crore for Q2 FY27, down 3.4% from ₹2,074 crore in the year-ago quarter. Segment EBIT was ₹4.26 crore against ₹29.73 crore a year earlier, with an EBIT margin of 0.2%. Management's presentation stated that Cocoblu Retail H1 FY27 total income was ₹3,786 crore versus ₹3,743 crore in H1 FY26, and that 1,550+ active vendors were served in H1 FY27 compared with 1,500+ in H1 FY26.
The EV (E-Motorcycles) segment reported revenue of ₹47.34 crore, up 11.9% from ₹42.29 crore in Q2 FY26, with an EBIT loss of ₹8.66 crore against a loss of ₹4.9 crore and an EBIT margin of -18.3%. The Investment segment reported no revenue and EBIT of ₹7.68 crore against an EBIT loss of ₹457.5 crore in the year-ago quarter. Others reported revenue of ₹15.67 crore, up 34.2% from ₹11.68 crore, with an EBIT loss of ₹4.1 crore and an EBIT margin of -26.2%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Retail- E-commerce business | 2,004 | −3.4% | 4.26 | 0.2% |
| EV (E-Motorcycles) | 47.34 | +11.9% | −8.66 | -18.3% |
| Investment | 0 | 7.68 | ||
| Others | 15.67 | +34.2% | −4.10 | -26.2% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The company filed its un-audited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 3 November 2026, along with the limited review report of the statutory auditor, Walker Chandiok & Co LLP. The board approved the results at a meeting held on 3 November 2026 that commenced at 01:30 P.M. and concluded at 02:30 P.M. The company also filed an investor presentation on the same day under the headline on H1 FY27 growth highlights, EV expansion and drone orders. No dividend, fund raise or appointment was reported in the same-day filings.
What did RattanIndia Enterprises' management say?
Management's investor presentation framed the portfolio as spanning Cocoblu Retail e-commerce, NeoBrands, Revolt Motors, NeoSky and a 20% stake in REL Power. It stated that Cocoblu is the largest revenue contributor, Revolt and NeoSky are positioned as growth platforms, and REL Power is a contracted power associate. The deck gave no formal revenue, margin or earnings guidance.
Management said Revolt sees scope to increase its dealer network multi-fold to cater an expanding customer base, and plans to enter other geographies; Revolt operates in Sri Lanka and Nepal with a 203-store dealer network across 181 cities and 20 states and Union Territories. Management also said NeoSky's FICCI-linked drone-training programme would be extended, with a few more locations likely to be kicked off between Q3 and Q4 FY27, after expansion into Maharashtra, Madhya Pradesh, Gujarat and West Bengal.
Management said Cocoblu has commenced Middle East operations with Noon and plans expansion into GCC through noon.com and other leading marketplaces under the India-UAE free-trade framework. The presentation set out risks including seasonally uneven comparability, inconsistent Revolt store figures of 233 in the highlights against 203 active stores in the dealer-network section, competition from traditional ICE manufacturers, and dependence on continued purchase subsidies and favourable state EV policies.
How did RattanIndia Enterprises shares react?
After the filing appeared, the stock was down 1.2% five minutes later and down 0.6% after 15 minutes, from a base price of ₹25.10 against the previous close of ₹24.35. On the reaction day, the stock closed up 1.9%, and by the next day's close it was up 4.0% from its pre-results close.
The E-Retail/E-Commerce sector's median move was 0.2% on the reaction day and 0.9% by the next day's close, so the stock's excess return was 1.7 percentage points and 3.1 percentage points. Earlier results-day reactions were mixed: the stock rose 0.5% on 5 August 2026, fell 2.0% on 29 May 2026 and fell 5.9% on 12 February 2026, with the largest decline of the listed dates being 5.9%.
| After the filing | Stock | E-Retail/ E-Commerce median |
|---|---|---|
| 5 minutes | −1.2% | |
| 15 minutes | −0.6% | |
| Reaction day | +1.9% | +0.2% |
| Next day | +4.0% | +0.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 5 August 2026 | +0.5% |
| 29 May 2026 | −2.0% |
| 12 February 2026 | −5.9% |
| 11 November 2025 | +1.0% |
| 12 August 2025 | −2.2% |
| 27 May 2025 | −4.8% |
| 4 February 2025 | −4.0% |
| 12 November 2024 | −2.2% |
Source: MarketPing price-reaction measurement.
How did other E-Retail/ E-Commerce companies do?
Eight other E-Retail/E-Commerce companies filed for the quarter, with a median revenue growth of 38.5%, as of 4 November 2026. Six peers grew faster than RattanIndia Enterprises and two grew slower than the company. Of the six peers for which profit was compared, five reported higher profit.
| RattanIndia Enterprises revenue growth (YoY) | −2.9% |
|---|---|
| Median of 8 other E-Retail/ E-Commerce companies | +38.5% |
| Companies with slower revenue growth than RattanIndia Enterprises | 2 of 8 |
| Companies with faster revenue growth than RattanIndia Enterprises | 6 of 8 |
| Companies whose net profit rose | 5 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was RattanIndia Enterprises' revenue in Q2 FY27?
Revenue from operations was ₹2,062 crore, down 2.9% from ₹2,124 crore in Q2 FY26 (consolidated).
Did RattanIndia Enterprises make a profit in Q2 FY27?
No. It reported a net loss of ₹24.03 crore, against a net loss of ₹396.56 crore in Q2 FY26.
What was RattanIndia Enterprises' EPS in Q2 FY27?
Basic loss per share was ₹0.18, against a loss of ₹2.87 in Q2 FY26.
How did RattanIndia Enterprises shares react to the Q2 FY27 results?
On the reaction day the stock moved +1.9% from the previous close; the median E-Retail/ E-Commerce stock moved +0.2%.
When did RattanIndia Enterprises announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of The Un-Audited Financial Results (Standalone And Consolidated) Of The Company, For The Quarter And Half Year Ended September 30, 2026. (BSE, 28 October 2026) · PDF
- Financial Results (BSE, 3 November 2026) · PDF
- The investor presentation (3 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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