RIR Power Electr Q2 FY27 Earnings Call — Analysis (NSE: RIR)
RIR Power Electronics reports Q2 FY27 standalone revenue growth of 32.5% YoY to ₹33.98 Cr, while its Odisha SiC epitaxy facility awaits final state regulatory clearances for commercial commissioning.
Result quality: stable — Steady quarter. Management sentiment: optimistic.
The take
Q2FY27 Revenue from Operations ₹33.98 Cr ( +32.5% YoY ) . New guidance — H2FY27 sic epitaxy revenue ₹12 Cr to ₹15 Cr . New story: Odisha SiC Vertical Integration .
Results
Revenue stood at ₹33.98 Cr (+32.5% YoY / +25.1% QoQ), EBITDA at ₹5.66 Cr (+29.8% YoY) with margins at 16.6% (-40bps YoY), and PAT at ₹4.45 Cr (+41.2% YoY).
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue from Operations | ₹33.98 Cr | +32.5% | yoy · Q2FY27 |
| Revenue from Operations | ₹33.98 Cr | +25.1% | qoq · Q2FY27 |
| Adjusted Operational EBITDA | ₹5.66 Cr | +29.8% | yoy · Q2FY27 |
| Adjusted Operational EBITDA Margin | 16.6% | -40bps | yoy · Q2FY27 |
| Profit After Tax | ₹4.45 Cr | +41.2% | yoy · Q2FY27 |
| PAT Margin | 12.5% | +53bps | yoy · Q2FY27 |
| Revenue from Operations | ₹61.14 Cr | +31.1% | yoy · H1FY27 |
| Adjusted Operational EBITDA | ₹10.36 Cr | +42.8% | yoy · H1FY27 |
| Adjusted Operational EBITDA Margin | 16.9% | +140bps | yoy · H1FY27 |
| Profit After Tax | ₹7.59 Cr | +55.2% | yoy · H1FY27 |
| Order Backlog | ₹39 Cr | point_in_time · Q2FY27 · Sep-26 |
Guidance
Management expects ₹12-15 Cr revenue from the SiC epitaxy process over the next 4 to 6 months of FY27 once Odisha plant clearances are received.
What management committed to
- [RIR Power Electronics] expects revenue of around ₹12 crores to ₹15 crores from the epitaxy process over the next 4 to 6 months of [FY27]. — Rs. 12 crores to Rs. 15 crores, H2FY27
- [RIR Power Electronics] expects to commence commercial production of SiC epitaxial wafers at [Odisha facility] in November or December 2026 upon statutory clearances. — Q3FY27
- [RIR Power Electronics] will execute and complete Phase 1B packaging facility work in 9 to 12 months post term loan sanction. — Q2FY28
- [RIR Power Electronics] will not have any equity participation for Phase 1B, funding it entirely through bank debt. — FY27
- [RIR Power Electronics] sees at least 70% to 80% growth in its railway business in [FY27] over last year value. — 70% to 80%, FY27
Key themes
Odisha SiC facility commissioning and railway demand
How the narrative shifted
- Odisha SiC Vertical Integration: Positioning RIR as India's pioneer in vertically integrated silicon carbide (SiC) epitaxy, packaging, and fab, moving up the semiconductor value chain.
- Government Clearances and Bureaucratic Hurdles: Facility is mechanically complete but commercialization is delayed pending building and fire clearances from the Odisha state government.
- Railway and Defense Infrastructure Demand: Core high-power device business is surging on the back of Indian Railways modernization (Vande Bharat, freight) and indigenous defense/HVDC opportunities.
- Capacity Constraints and Operational Bottlenecks: The operational bottleneck has shifted from demand generation to plant manufacturing capacity as order book expands.
Operational commentary
- Odisha Phase 1A (Epitaxy): Completed erection and installation of silicon carbide (SiC) epitaxial wafer manufacturing reactors; clean room and 33 kV power infrastructure finished; awaiting building and fire clearances from Odisha government.
- Odisha Phase 1B (Packaging): Bank term loan approvals internally cleared; loan backed by promoter immovable properties/FDs with a 5% government interest subsidy, expected execution timeline of 9-12 months post sanction.
- Bottleneck Debottlenecking: High-power device (HPD) capacity reaching ~90% in certain bottleneck processes, with capex planned to double capacity in these areas.
- Railway Segment Demand: Expecting 70-80% YoY volume/value growth in railways segment, supported by continuous product developments and passenger/freight expansion like Vande Bharat.
- Defense & Power Tenders: Participated in Ministry of Power and MeitY request for indigenous HVDC systems; prototype testing completed for defense electromagnetic aircraft launcher.
Analyst Q&A
Q. What is the status and operational timeline for the SiC epitaxy plant in Odisha?
Equipment installation and internal reactor testing are complete; commercial start awaits building and fire safety clearances from the Odisha government, targeted for Nov-Dec 2026.
Q. Will Phase 1B packaging require additional equity dilution, and what is the debt security structure?
Phase 1B will be funded purely via bank debt backed by promoter immovable properties and FDs without equity dilution, benefiting from a 5% interest subsidy.
Q. What is the per-wafer realization and capacity from the epitaxy reactor setup?
Management could not provide a specific per-wafer price due to varying thickness/voltage specifications, but guided to ₹12-15 Cr revenue across the next 4-6 months.
Q. What is the overall consolidated revenue and EBITDA guidance for FY27/FY28?
Management explicitly declined to give forward-looking consolidated guidance figures, citing policy against forward guidance.
Research and educational content only. Not investment advice.