Ratnaveer Precision Engineering Surges 8% to Record High of Rs 387.80 on Strong Q2 Results
Shares of Ratnaveer Precision Engineering Limited rallied as much as 8% to reach a record high of Rs 387.80 on the BSE during intraday trade on Monday. The sharp buying interest came after the Vadodara-headquartered company posted a strong set of earnings for the quarter ended September 30 (Q2), coupled with updates on its major capacity expansion plans.
With this rally, the stock has surged over 200% from its March lows and has delivered a 154% gain so far in calendar year 2026, vastly outperforming the benchmark BSE Sensex, which declined 11.7% over the same timeframe.
Q2 Financial Performance Highlights
Ratnaveer Precision Engineering reported double-digit growth across revenue, operating profit, and net earnings for the July–September quarter:
- Revenue from Operations: Revenue rose 35.5% year-on-year to Rs 387.24 crore, up from Rs 285.87 crore in the corresponding quarter of the previous financial year.
- EBITDA: Operating profit (earnings before interest, tax, depreciation, and amortisation) grew 38.9% year-on-year to Rs 42.16 crore compared to Rs 30.35 crore a year ago.
- Operating Margins: EBITDA margin widened slightly to 10.89% from 10.62% in the year-ago period.
- Profit After Tax (PAT): Net profit jumped 56.1% year-on-year to Rs 24.10 crore against Rs 15.43 crore in the corresponding period of the previous fiscal.
- PAT Margin: Net margin improved to 6.22% from 5.40% year-on-year.
For the first half of the financial year (H1), the company's revenue from operations increased 27.5% year-on-year to Rs 701.87 crore, while profit after tax expanded 39.4% to Rs 42.33 crore.
Expansion into Import-Substitution Products
Alongside its quarterly numbers, the company highlighted substantial progress on its industrial capital expenditure pipeline. Ratnaveer Precision Engineering recently concluded a Rs 330 crore rights issue that was subscribed 1.11 times.
The proceeds are funding its integrated FR-4 Copper Clad Laminate (CCL) project, which is approximately 75% complete. Machinery for the plant is expected to be delivered by mid-November, supporting a Phase-1 capacity of 1.584 million sheets per annum.
The domestic CCL market is valued at approximately Rs 5,000 crore, with over 90% of current demand satisfied via imports. Increasing uptake across electric vehicles (EVs), electronics, telecom, and defence manufacturing is creating a sizable domestic market. Over the long term, Ratnaveer targets over Rs 750 crore in revenue and Rs 150 crore in EBITDA from the CCL segment by FY31 at full capacity.
Brokerage Perspective
In an analysis of the earnings, ICICI Securities noted that the company delivered a healthy quarterly topline and bottom-line performance, although input cost pressures and costs of goods sold remain monitorables for operating profitability. The brokerage underscored that the timely commissioning and operational ramp-up of the CCL manufacturing facility will be critical catalysts for the company's next phase of growth.
