Ravindra Energy Ltd(RELTD)

NSE: RELTDBSE: 504341

₹ 130.7-2.93%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,595 crWebsite: www.ravindraenergy.comUpdated: 24 Oct 2026

About

Ravindra Energy is an energy transition company. It supplies renewable energy to government DISCOMs through rural feeder-level solarization and to commercial and industrial customers through open access and rooftop projects. Through its associate Energy In Motion, it sells electric heavy commercial vehicles and offers Battery-as-a-Service. It reported FY26 revenue of Rs 563.74 Cr, and its operating renewable energy portfolio was 261.21 MWp as of Q1 FY27.^[1][2][3]

Business segments

Solar was 96.1% of segment revenue in FY26 (Rs 541.76 Cr), against Rs 224.63 Cr in FY25.^[4][5]
Trading was 3.9% of segment revenue in FY26 (Rs 21.97 Cr) and posted a segment EBIT loss of Rs 5.0 Cr. Its FY25 revenue was Rs 25.79 Cr.^[4][5]
FY26 consolidated revenue lines: contract revenue under service concession arrangements of Rs 432.2 Cr, sale of electricity of Rs 111.56 Cr and contract revenue from solar projects of Rs 19.53 Cr.^[1]

Products and services

The company sets up distributed solar plants and sells the power long term to government-owned DISCOMs under the rural feeder solarization scheme.^[1]
Through associate EIM, it sells 46 to 55-tonne electric heavy commercial vehicles and provides Battery-as-a-Service.^[1]
EIM has an exclusive agreement with Beiqi FOTON Motor Co. to launch electric heavy commercial vehicles in India.^[1]
Products in the pipeline as of Q1 FY27: a 4x2 rigid e-truck with a fixed battery pack and a heavy e-tipper with a swappable battery.^[3]

Operations and capacity

As of Q1 FY27, the operating renewable energy portfolio was 261.21 MWp, with another 231.1 MWp under construction or development (492.31 MWp in total).^[3]
Operating and under-construction projects are located in Maharashtra and Karnataka.^[1]
The Talegaon complex has a truck assembly plant with capacity of 5,000 vehicles a year and a battery pack plant with capacity of 2.40 GWh a year.^[3]
As of Q1 FY27, 8 battery swapping stations were operating, with capacity of 1,176 swaps a day, plus 40 chargers of 400 kW.^[3]
The total workforce was 208 as of March 31, 2026.^[1]

Key operating numbers

Solar generation was 194.1 million kWh in FY26, against 53.8 million kWh in FY25. Q4 FY26 generation was 78.3 million kWh, against 16.0 million kWh in Q4 FY25.^[6]
452 e-tractors had been invoiced by September 2026. They are used at ports, cement and steel plants, power plants and container freight stations.^[3]
E-HCV sales were 152 units in Q4 FY26, up from 55 in Q3 FY26. FY26 totals were 277 units sold and 34 leased.^[6]
Battery swaps rose to 4,213 in Q3 FY26 from 3,588 in Q2 FY26.^[7]

Customers

The PPA for MSKVY rural feeder projects is with MSEDCL in Maharashtra. Karnataka projects sell to HESCOM.^[6]
Risks the company cites in FY26: dependence on DISCOM tenders and on timely release of central financial assistance, and concentration in Maharashtra and Karnataka.^[1]

Expansion and capex

MSKVY-3 (156 MWp, MSEDCL) has a signed PPA and is targeted for COD in Sep-27. Land acquisition was in progress as of Q4 FY26.^[6]
A PPA with HESCOM covers a 62 MW(AC) build-own-operate solar project across 13 substations in Karnataka, to be commissioned by February 2027.^[1]
EIM Megaplex: network capex of Rs 3,500-4,000 Cr over 3 years to FY30. Targets are 160 swap stations, 6,000 trucks, 7,280 battery packs and 400 MWp solar by FY2029-30.^[3]
Equity of Rs 800-1,000 Cr for EIM Megaplex is to be funded largely by selling existing solar assets over 18-24 months.^[3]

Recent developments

On 23 Sep 2026, the board approved a scheme to merge EIM (REL holds 49.54%) into REL at 209 REL shares for every 100 EIM shares. J M Baxi Group becomes a co-promoter, and the company will be renamed Energy In Motion Limited.^[8]
On June 25, 2026, the company allotted 1,98,54,940 rights shares, raising Rs 200.53 Cr. A QIP of up to Rs 500 Cr has been approved.^[1]
After FY26 year-end, it took a Rs 100 Cr term loan from Tata Capital for solar investments through SPVs.^[1]
On 19 June 2025, it sold its stakes in REL Kumbhari Solar Project 10 and REL Wardha Solar Project 4 to Hexa Climate Solutions. It also divested its 79% stake in Hirehalli Solar Power Project LLP.^[1]
The current phase of the PM-KUSUM scheme concluded in March 2026, and a Phase II is planned.^[1]

Market Cap

₹2,595 Cr

High / Low

₹196 / 111

Stock P/E

44.6

Price / Book

6.3

Book Value

₹23

EPS

₹3.6

No. of Shares

17.86 Cr

ROCE

13.4%

ROE

19.0%

OPM

19.5%

Debt / Equity

1.22

Sales

₹564 Cr

Net Profit

₹71 Cr

Promoter holding

58.3%

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Ravindra Energy Ltd(RELTD)

About

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Products and services

Operations and capacity

Key operating numbers

Customers

Expansion and capex

Recent developments

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