Rir Power Electronics Ltd(RIR)

NSE: RIRBSE: 517035

₹ 148.85+2.83%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,184 crNext results: 26 Oct 2026Website: www.ruttonsha.comUpdated: 24 Oct 2026

About

RIR Power Electronics Ltd is an Indian manufacturer of power semiconductor devices - primarily Silicon Controlled Rectifiers (SCR/thyristors) and Silicon Carbide (SiC) devices - serving industrial, defence, railway, renewable energy and export markets from its Halol (Gujarat) facility. The company reported FY26 standalone revenue of Rs. 90.87 crores and is building a dedicated SiC epitaxial wafer and device fabrication facility in Bhubaneswar, Odisha, representing a total planned capex of Rs. 618 crores across two phases.^[1][2][3]

Business segments

Halol (Gujarat) facility manufactures High Power Devices (HPD) and Low Power Devices (LPD): HPD is the primary growth driver with significant export demand; LPD has reached peak saturation per management as of Q1FY27.^[4]
Odisha (Bhubaneswar) facility is a new greenfield SiC vertical covering epitaxial wafer growth (Phase 1a), device packaging (Phase 1b), and full device fabrication (Phase 2); pre-revenue as of Q1FY27.^[5][4]
Export orders represented 20% of order intake in FY26; management identified export demand as growing faster than domestic demand.^[1]

Products

Core silicon products include press-pack SCR thyristors up to 125mm / 5kV, used in industrial rectifiers, HVDC, defence pulse-power, and railways.^[1][4]
SiC device portfolio covers 1.2kV and 1.7kV devices (via JV partner) and 3.3kV devices (Korean foundry under evaluation); all currently manufactured via contract fab using RIR IP.^[1]
Optically triggered thyristor under development: functional at 5kV as of Q1FY27, with an 8kV target - described as the practical maximum for silicon power devices.^[4]
Delivered an indigenous 25kV / 120,000A capacitor discharge switch using 125mm advanced SCR for defence pulse-power applications in Q1FY27.^[4]

Operations

Halol facility currently operates on a single shift; management identified shift expansion as a near-term productivity lever to support 2.5x - 3x revenue growth over two to three years.^[1]
Odisha Phase 1 cleanroom construction is complete; 33kV power infrastructure completed and transformer charged as of Q1FY27; plant and machinery installation expected complete by end-August or mid-September 2026.^[4]
Odisha Phase 1 total capex is ~Rs. 225 crores (50% co-funded by Odisha government grant); company has spent ~Rs. 70 crores of its own contribution as of Q1FY27, with Rs. 58 crores of government subsidy received.^[5][4]
Odisha Phase 2 capex outlined at Rs. 395 - 400 crores, also targeted for government co-financing; to be pursued after Phase 1 bank financing is complete.^[5]
R&D spend target is 8% - 10% of revenue per management guidance.^[4]

Key operating numbers

FY26 order intake: Rs. 90.2 crores; closing order backlog: Rs. 17.4 crores at end of FY26, implying book-to-bill near 1x.^[1]
Q1FY27 revenue grew 29.3% year-on-year to Rs. 27.16 crores, with EBITDA of Rs. 3.98 crores.^[4]
FY26 adjusted EBITDA margin: 11.64%, down 158 bps from 13.22% in FY25; Odisha pre-revenue fixed costs were a drag on Halol operations.^[1]
Raw material cost pass-through rate was 80% - 85% in Q1FY27, following Q4FY26 margin pressure from copper, gold and silver price rises.^[4]
Epi wafer EBITDA margin expected at 20% - 25% once Odisha operations commence; SiC device margin expected higher than epi.^[4]

Customers and distribution

Indian Navy received the first domestic SiC device delivery: 10,000 devices in Q2FY26, manufactured via contract fab in Taiwan under RIR IP, valued at approximately USD 95,000.^[3]
Letters of intent and qualification secured from Alpha Omega Semiconductor, ST Micro and Microchip for SiC epi wafers from the Odisha facility.^[3]
Sample order of USD 20,000 shipped to Richardson Electronics (described as one of the largest global distributors) in Q3FY26; volume orders expected upon evaluation.^[5]
Army thyristor module passed full acceptance testing, opening multi-order potential over five years; Navy evaluation of SiC devices was at test stage as of Q4FY26.^[1]
Priority end-markets identified: defence, aerospace, grid and renewables, railways, and mining.^[5]

Expansion and capex

Odisha Phase 1a (epi wafer): epitaxy operations targeted to commence by end of Q2FY27 (end-September / early October 2026); epi wafer revenue of Rs. 12 - 15 crores targeted for H2FY27.^[4]
Odisha Phase 1b (packaging): revenue targeted from Q2FY28.^[4]
Odisha Phase 1 total planned capex for FY27: Rs. 100 - 120 crores; bank loan of Rs. 70 crores for Phase 1 was awaiting final sanction as of the Q1FY27 call.^[4]
Halol facility: Rs. 5 crores capex from internal accruals being deployed for testing facility upgrades and 125mm process equipment.^[1]
At full scale (90% utilisation), the Rs. 618 crore Odisha facility is expected to generate ~Rs. 600 crores revenue; SiC fab margin expected above 40% once utilisation exceeds 60% - 65%.^[3][1]

Recent developments

NSE listing completed; trading commenced July 16, 2026, enhancing liquidity and broadening the investor base.^[4]
First overseas SCR thyristor order secured: 120 units of 125mm 5kV SCR thyristors, reinforcing export presence in power semiconductors.^[4][1]
N. Ramesh Kumar (former CG Power) joined as MD & CEO on February 11, 2026, after a two-year search; stated priorities include sales reorganisation, operational excellence at Halol, and IT infrastructure.^[5]
Company is working on a government semiconductor scheme project (likely India Semiconductor Mission / Semicon 2); formal approach to government planned once the project is ready.^[4]

Market Cap

₹1,184 Cr

High / Low

₹316 / 132

Stock P/E

208.8

Price / Book

8.5

Book Value

₹18

EPS

₹0.8

No. of Shares

7.96 Cr

ROCE

8.0%

ROE

5.2%

OPM

12.2%

Debt / Equity

0.08

Sales

₹91 Cr

Net Profit

₹7 Cr

Promoter holding

57.6%

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