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RattanIndia 9M FY26 Revenue Up 12% to ₹5,834 Cr; Cocoblu Expands to Middle East
RattanIndia Enterprises reported a 12% YoY growth in 9M FY26 revenue, reaching ₹5,834 Cr, led by its e-commerce and EV segments. While the company posted a Q3 FY26 net loss of ₹162 Cr, this was primarily due to a ₹189 Cr non-cash notional loss on its investment in RattanIndia Power; the underlying PBT remained positive at ₹13 Cr. The e-commerce arm, Cocoblu, is scaling globally through a partnership with Noon in the Middle East, while the drone division saw a 3X revenue jump. Revolt Motors continues to dominate the EV motorcycle market with a 70% share in CY 2025.
Key Highlights
9M FY26 consolidated revenue from operations rose 12% YoY to ₹5,834 Cr.
Cocoblu Retail achieved ₹5,707 Cr revenue in 9M FY26 and partnered with Noon for Middle East expansion.
Revolt Motors maintained a ~70% market share in the EV-motorcycle segment for CY 2025 with 219 dealer stores.
Drone division (Neosky) reported a 3X revenue increase and delivered specialized weaponized drones to the Indian Army.
Q3 FY26 net loss of ₹162 Cr was driven by a ₹189 Cr MTM notional loss on RattanIndia Power shares.
💼 Action for Investors
Investors should look past the non-cash MTM accounting loss and focus on the strong 12% revenue growth and global expansion of the e-commerce business. The company's leadership in the EV-motorcycle and drone sectors positions it well for long-term growth in sunrise industries.
RattanIndia Enterprises Q3 FY26: Revenue Up 4.4% to ₹2,006 Cr; Net Loss Narrows to ₹162 Cr
RattanIndia Enterprises reported a steady 4.4% YoY growth in consolidated revenue from operations, reaching ₹20,064.43 million for the quarter ended December 31, 2025. The company recorded a consolidated net loss of ₹1,620.10 million, a slight improvement from the ₹1,704.34 million loss in the previous year's corresponding quarter. The bottom line was significantly impacted by a non-cash unrealized loss of ₹1,893.85 million due to mark-to-market changes in its investment in RattanIndia Power Limited. Retail e-commerce remains the dominant business driver, while the company is expanding its footprint into the Middle East through a new Dubai-based subsidiary.
Key Highlights
Consolidated revenue from operations grew 4.4% YoY to ₹20,064.43 million from ₹19,214.92 million.
Net loss for the quarter narrowed to ₹1,620.10 million compared to a loss of ₹1,704.34 million in Q3 FY25.
Recognized a substantial unrealized loss of ₹1,893.85 million on equity investments in RattanIndia Power Ltd.
Retail E-commerce segment contributed ₹19,767.28 million, representing over 98% of total revenue.
Incorporated Neorise Global Trading L.L.C-S.O.C in Dubai to pursue e-commerce opportunities in the Gulf region.
💼 Action for Investors
Investors should focus on the performance of the core e-commerce business which shows stability, while discounting the net loss which is primarily driven by non-cash investment volatility. Monitor the progress of the new Middle East expansion and the resolution of the legal dispute regarding the Throttle Aerospace (Drone) subsidiary.
RattanIndia Partners with noon to Launch E-Commerce Retailing in Gulf Region
RattanIndia Enterprises has launched Cocoblu Global Retail in the UAE to enter the Gulf's digital retail market, which is projected to exceed USD 50 billion by 2030. The company has partnered with noon, the Middle East's largest e-commerce platform, to sell multi-category products including electronics and lifestyle goods. This move leverages India-UAE free trade agreements to provide a scalable route for Indian brands to reach millions of consumers in the GCC. The venture builds on the success of Cocoblu's existing marketplace operations in India and diversifies the company's geographic revenue base.
Key Highlights
Partnership with noon, the leading e-commerce platform in the UAE, Saudi Arabia, and Egypt
Targeting a Gulf e-commerce market projected to surpass USD 50 billion this decade
Establishment of Cocoblu Global Retail (Neorise Global Trading L.L.C) in the UAE
Leveraging India-UAE free trade agreements for streamlined cross-border commerce
RattanIndia is a Fortune India 500 company with a market capitalization over ₹7,000 crore
💼 Action for Investors
Investors should monitor the execution of this international expansion and its contribution to the company's top-line growth over the next few quarters. The partnership with a dominant regional player like noon significantly de-risks the entry into the Middle Eastern market.