RIR Power Electr Q4 FY26 Results (NSE: RIR)
Signal: Revenue declined
The read
The key inflection is sequential rather than annual: Q4 revenue recovered 18.16% QoQ and adjusted EBITDA margin expanded 603bps QoQ to 10.29%, but the annual trajectory remains weaker, with FY26 revenue up 5.41% while adjusted EBITDA fell 7.16%, margin contracted 158bps, and PAT declined 18.81%; the ₹17 crore backlog and SiC plant commissioning are the execution tests for a durable FY27 recovery.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹23.95 Cr | -9.50% | +18.16% |
| Net profit | ₹1.39 Cr | -45.54% | |
| EPS | ₹0.17 | -45.54% | |
| EBIT margin | 10.29% |
P&L walk
Q4 revenue declined 9.50% YoY to ₹23.95 crore but rose 18.16% QoQ, while adjusted EBITDA margin recovered to 10.29% from 4.26% QoQ yet remained 272bps below Q4 FY25; FY26 revenue grew 5.41% but adjusted EBITDA and PAT fell 7.16% and 18.81%, respectively.
Key positives
- Q4 adjusted EBITDA rose 185.48% QoQ to ₹2.46 crore and margin recovered 603bps QoQ to 10.29%, indicating a meaningful sequential improvement after the Q3 FY26 trough.
- The company reported an order backlog of approximately ₹17 crore, providing stated revenue visibility over the coming quarters.
- Cleanroom construction at the Odisha SiC facility is complete, with plant and machinery installation under progress and epitaxial wafer production expected to be commissioned in Q2 FY27.
- The first overseas order for 5 kV SCR thyristors is expected to be completed by the end of 2026.
Key concerns
- Q4 revenue declined 9.50% YoY to ₹23.95 crore and adjusted EBITDA declined 28.42% to ₹2.46 crore despite the sequential recovery.
- FY26 adjusted EBITDA margin contracted 158bps to 11.64%, while FY26 PAT declined 18.81% to ₹6.72 crore.
- Q4 PAT declined 45.54% YoY to ₹1.39 crore and Q4 EPS fell 45.54% to ₹0.17, leaving the annual earnings trajectory below the 5.41% revenue growth.
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