RIR Power Electr Q2 FY27 Results (NSE: RIR)
Signal: Growth reaccelerated
The read
The trajectory remains positive on demand, with revenue growth accelerating to +32.51% YoY and +25.10% QoQ from Q1FY27's +29.3% YoY and +13.4% QoQ, but the margin inflected down to 16.65% from 17.5% in Q1FY27 and 17.01% a year earlier; the next thesis test is whether Q3 commercial production at the Odisha SiC facility adds growth without further margin dilution.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹33.98 Cr | +32.51% | +25.10% |
| Net profit | ₹4.45 Cr | +41.2% | |
| EPS | ₹0.56 | +18.92% | |
| EBIT margin | 16.65% |
P&L walk
Revenue accelerated to ₹33.98 crore, +32.51% YoY and +25.10% QoQ, while adjusted EBITDA rose to ₹5.66 crore but grew slower than revenue at +29.67% YoY, taking margin down 36bps to 16.65%; PAT rose faster at ₹4.45 crore, +41.2% YoY, helped by a 53bps PAT-margin expansion, while EPS growth of 18.92% lagged PAT growth.
Key positives
- Revenue reached ₹33.98 crore, +32.51% YoY and +25.10% QoQ, extending the Q1FY27 growth rebound and indicating stronger operating momentum.
- PAT rose 41.2% YoY to ₹4.45 crore and PAT margin expanded 53bps YoY to 12.50%, outperforming revenue growth.
- SiC epitaxial wafer reactors were erected and installed during the quarter, moving the Odisha facility closer to commercial production.
Key concerns
- Adjusted EBITDA margin declined 36bps YoY and 67bps QoQ to 16.65%, while adjusted EBITDA growth of +29.67% YoY trailed revenue growth of +32.51%.
- EPS rose only 18.92% YoY to ₹0.56 versus PAT growth of 41.2%, flagging a material PAT-to-EPS divergence that the filing does not explain.
- Commercial production at the Odisha SiC facility remains dependent on statutory and regulatory formalities and has shifted from the previously expected Q2 FY27 commissioning window to Q3 FY27.
Research and educational content only. Not investment advice.