Ravindra Energy H1FY27 Results (NSE: RELTD)
Signal: Growth reaccelerated
The read
The operating trajectory improved at the consolidated segment level—revenue rose 8.1%, trading turned profitable at ₹45.59 million and gross margin expanded to approximately 53.1%—but earnings quality deteriorated because finance costs rose 122.3% and Energy In Motion’s JV loss widened to ₹186.98 million, driving a 55.6% PAT decline.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹310.3 Cr | +8.1% | N/A |
| Net profit | ₹20.68 Cr | -55.6% | |
| EPS | ₹1.12 | -57.4% |
P&L walk
Consolidated revenue increased 8.1% to ₹3,103.02 million, gross margin expanded to approximately 53.1% from 51.4% as cost of materials and stock-in-trade purchases grew slower than revenue, but PAT fell 55.6% to ₹206.80 million because finance costs rose 122.3% and the JV contributed a ₹186.98 million loss.
Segments
Solar remained the main driver with ₹2,745.05 million revenue and ₹748.89 million segment result, while trading turned profitable at ₹45.59 million from a ₹48.18 million loss; the consolidated result was dragged by Energy In Motion’s ₹186.98 million JV loss, explaining the ₹206.80 million group PAT versus ₹427.66 million standalone PAT.
Key positives
- Consolidated revenue increased 8.1% to ₹3,103.02 million, led by trading revenue growth of 158.4% to ₹357.98 million.
- Trading segment turned profitable at ₹45.59 million versus a ₹48.18 million loss in the year-ago half-year.
- Solar segment result rose 9.5% to ₹748.89 million despite solar revenue growth of only 0.4% to ₹2,745.05 million.
- Gross margin expanded approximately 165bps to 53.1% as cost of materials consumed fell to 37.4% of revenue from 44.0%.
Key concerns
- Consolidated PAT fell 55.6% to ₹206.80 million despite 8.1% revenue growth because the JV loss widened to ₹186.98 million from ₹8.26 million.
- Finance costs rose 122.3% to ₹277.37 million, substantially outpacing the 8.1% revenue growth.
- Standalone gross margin compressed approximately 516bps to 34.5% as revenue declined 11.2% to ₹2,180.58 million.
- Consolidated depreciation increased 98.6% to ₹223.53 million, increasing the fixed-cost burden as the asset base expands.
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