Ravindra Energy

Listed EPC / O&M — per-stock model.

As of 21 Aug 2026

EPC / O&M—

CMP ₹168NSE: RELTD

Latest concall

Q4 FY26 · 29 Apr 2026

EIM EV arm signed MoU with Drivn to deploy ~1,000 electric heavy trucks over two years.
FY26 revenue Rs543cr; Q4 consol PAT Rs12.6cr; EBITDA margin improved to ~24%.
Renewable IPP portfolio 486.3MWp across 113 sites (228.9MWp operational); Q4 generation surged.
EV/battery-swap unit (EIM) still loss-making, dragging consolidated profit; rights issue underway.

Order-book execution

Business is IPP asset-ownership plus EV/battery-swapping rather than EPC, so there is no classic order book; growth is via capacity and station roll-out.

Management guidance

FY27 EV battery-swap expansion across four corridors: NCR, Delhi-Mumbai, Kandla/Mundra ports, Mumbai-Pune.
Continued solar/wind IPP capacity additions from the 486MWp pipeline.
Rights issue to fund EV network build-out and renewable growth.

Q4/FY26 concall & business update (board 29-Apr-2026, screener shows Apr-2026 transcript); scanx.trade, trendlyne, powerpeakdigest, TipRanks

Revenue FY26E

543₹ cr

EBITDA margin

24%

P/E

55.8×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY15	555	15	2.8%	8	—	—	—	—	—	0.6	—
FY16	493	-4	-0.8%	-9	—	—	—	—	—	-0.7	—
FY17	621	4	0.7%	-2	—	—	—	—	—	-0.1	—
FY18	417	-30	-7.0%	-140	—	—	—	—	—	-10.3	—
FY19	518	-200	-39.0%	-213	—	—	—	—	—	-16.1	—
FY20	719	26	3.6%	6	—	—	—	—	—	0.4	—
FY21	304	15	4.9%	7	—	—	—	—	—	0.4	—
FY22	765	-6	-0.8%	37	—	—	—	—	—	2.2	—
FY23	253	14	6.0%	17	—	—	—	—	—	1.0	—
FY24	131	34	26.0%	-51	—	—	—	—	—	-3.0	—
FY25	250	43	17.0%	22	—	—	—	—	—	1.1	—
FY26	543	131	24.0%	81	—	—	—	—	—	4.1	—

Source Market data (mid-2026)· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026)· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q4FY23	114	3	2.4%	9	7.9%
Q1FY24	58	11	19.0%	3	5.2%
Q2FY24	27	6	24.0%	9	33.3%
Q3FY24	16	7	45.0%	0	0.0%
Q4FY24	30	9	28.0%	-63	-210.0%
Q1FY25	23	7	32.0%	6	26.1%
Q2FY25	16	1	3.8%	1	6.3%
Q3FY25	53	7	13.0%	2	3.8%
Q4FY25	159	27	17.0%	13	8.2%
Q1FY26	163	28	17.0%	23	14.1%
Q2FY26	120	37	31.0%	31	25.8%
Q3FY26	127	32	25.0%	15	11.8%
Q4FY26	133	34	25.0%	13	9.8%

Source Market data (mid-2026)· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026)· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

55.8×

EV / EBITDA

27.2×

P/B

7.9×

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source Market data (mid-2026)· As of 21 Aug 2026