RIR Power Electronics Ltd (517035)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, RIR Power's revenue was ₹27.2 Cr (+29.3% year on year, +13.4% on the previous quarter), and net profit ₹3.1 Cr (+80.4% year on year); the operating margin was 14.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹27.2 | +29.3% | +13.4% |
| Operating profit | ₹4.0 | +37.8% | +90.6% |
| Net profit | ₹3.1 | +80.4% | +125.8% |
| EPS (₹) | 0.39 | +69.6% | +129.4% |
| Operating margin | 14.7% | — | — |
📢 Recent Corporate Announcements
RIR Power Electronics reported a 29.3% YoY increase in Q1 FY27 revenue to ₹27.16 crore, with EBITDA reaching ₹3.98 crore and EPS at ₹0.39. The company announced that clean room construction and 33 kV power charging are completed at its upcoming Odisha Silicon Carbide (SiC) epitaxy facility, with operations expected to start by late Q2 FY27. For its core operations (excluding the Odisha facility), management guided towards crossing a ₹30+ crore quarterly revenue run-rate during FY27. Additionally, the company completed its NSE listing on July 16, 2026 and delivered its first export order of 120 units of 125mm 5kV SCR thyristors.
- Q1 FY27 revenue increased 29.3% YoY to ₹27.16 crore with EBITDA of ₹3.98 crore and EPS of ₹0.39
- Odisha Phase 1 (epitaxy) cleanroom completed and transformer charged; operations slated to commence by end of Q2 FY27
- Management targeting core Halol business revenue run-rate to exceed ₹30 crore per quarter in FY27
- Bagged first export order for 120 units of 125 mm 5 kV SCR thyristors and completed NSE listing on July 16, 2026
RIR Power Electronics has granted 1,27,340 stock options to eligible employees under its 2025 ESOP scheme. The options are priced at Rs 2 per share, representing a significant discount to the current market price of Rs 177.1. These options will vest after 12 months (August 2027) and have an exercise period of four years thereafter. The total grant represents a minor dilution of approximately 0.16% of the company's current equity base.
- Grant of 1,27,340 stock options convertible into an equal number of equity shares of Rs 2 face value
- Exercise price fixed at Rs 2 per share, significantly lower than the current market price of Rs 177.1
- Vesting period set at 12 months from the date of grant (August 13, 2026)
- Exercise period of 4 years allowed from the date of completion of vesting
- Total shares covered represent ~0.16% of the estimated 7.93 crore outstanding shares
RIR Power Electronics has disclosed the audio recording link for its Q1 FY2026-27 earnings conference call held on August 13, 2026. This is a procedural filing following the release of quarterly results. The company, which reported a TTM revenue of ‑91 cr and a PAT of ‑8 cr, is currently valued at a high P/E of 176.9. Investors should use the recording to gauge management's progress on its strategic shift toward Silicon Carbide (SiC) components and defense sector orders.
- Earnings conference call for Q1 FY2026-27 held on August 13, 2026
- TTM Revenue stands at ‑91 cr with a PAT of ‑8 cr
- Operating Profit Margin (OPM) reported at 11.2% for the trailing twelve months
- Promoter holding remains stable at 58.6% as of June 2026
- Current Market Cap is ‑1402 cr, reflecting high growth expectations
RIR Power Electronics reported a strong Q1 FY27 with revenue growing 29.3% YoY to ₹27.16 crore. Profitability saw a significant jump, with PAT increasing 80.6% YoY to ₹3.14 crore and Adjusted EBITDA margins expanding by 357 bps to 17.32%. The company achieved a major milestone by listing on the NSE on July 16, 2026, and secured its first overseas order for 120 units of high-power thyristors. Management is aggressively pivoting toward Silicon Carbide (SiC) technology for EV and defense applications.
- Revenue increased 29.28% YoY to ₹27.16 crore, representing nearly 30% of total TTM revenue in a single quarter.
- PAT surged 80.59% YoY to ₹3.14 crore, with PAT margins improving from 8.14% to 11.23%.
- Adjusted EBITDA margin reached 17.32%, a sharp sequential increase of 703 bps from Q4 FY26.
- Secured first international order for 120 units of 125 mm 5kV SCR thyristors.
- Commenced trading on the National Stock Exchange (NSE) on July 16, 2026, to enhance liquidity.
RIR Power Electronics reported a strong start to FY27, with Q1 revenue growing 29.3% YoY to ₹27.16 Cr. Net profit saw a significant jump of 67.9% YoY to ₹3.14 Cr, compared to ₹1.87 Cr in the year-ago period. The company also strengthened its leadership by elevating Ankit Shah to CFO and appointing Vivek Patel as an Independent Director. The quarterly revenue represents approximately 30% of the total TTM revenue, indicating robust growth momentum.
- Revenue from operations increased 29.3% YoY to ₹27.16 Cr from ₹21.01 Cr in June 2025.
- Net Profit (PAT) grew 67.9% YoY to ₹3.14 Cr, up from ₹1.87 Cr in the corresponding quarter.
- Profit Before Tax (PBT) rose to ₹4.15 Cr, a 61.5% increase over the ₹2.57 Cr reported in Q1 FY26.
- Earnings Per Share (EPS) improved to ₹0.39 from ₹0.23 in the previous year's June quarter.
- Appointed Ankit Shah as CFO, who brings 15 years of experience including a tenure as Technical Director at KPMG India.
RIR Power Electronics has scheduled its earnings conference call for August 13, 2026, at 11:00 AM IST to discuss financial results for the quarter ended June 30, 2026. The call will feature top management, including the Chairman and MD/CEO, providing an opportunity to discuss the company's TTM performance (Revenue: Rs 91 Cr, PAT: Rs 8 Cr). Investors will likely seek updates on the company's strategic shift toward Silicon Carbide (SiC) components and its 36% expected growth rate. Given the high P/E ratio of 161.6, management commentary on margin expansion and defense sector orders will be critical.
- Earnings call scheduled for August 13, 2026, to discuss Q1 FY2027 results.
- Management participants include Dr. Harshad Mehta (Chairman) and Mr. N. Ramesh Kumar (MD & CEO).
- Company reported a TTM revenue of Rs 91 Cr and TTM PAT of Rs 8 Cr leading up to this period.
- Operating Profit Margin (OPM) stood at 11.2% for the trailing twelve months.
- The company is currently trading at a high P/E of 161.6 and P/B of 9.2.
RIR Power Electronics has scheduled a board meeting for August 10, 2026, to approve standalone unaudited financial results for the quarter ended June 30, 2026. The company reported a TTM revenue of ₹91 cr and a net profit of ₹8 cr for FY26. Investors will be monitoring if the company can maintain its growth trajectory, given its high P/E ratio of 159.3 and expected growth rate of 36%. The trading window for insiders has been closed since July 1, 2026.
- Board meeting scheduled for August 10, 2026, to approve Q1 results.
- Financial results pertain to the quarter ended June 30, 2026.
- Trading window for designated persons closed from July 1, 2026, until 48 hours post-announcement.
- Company reported TTM revenue of ₹91 cr and OPM of 11.2% as of FY26.
RIR Power Electronics Limited has received approval to list and trade its securities on the National Stock Exchange (NSE) effective July 16, 2026. The company has been listed on the BSE since 1986 and currently holds a market capitalization of approximately ₹1,257 crores. This dual listing is intended to enhance stock liquidity, improve price discovery, and attract a broader base of institutional and retail investors. The company continues to operate its plant in Gujarat while developing a new facility in Odisha to support its semiconductor and power electronics business.
- NSE listing and trading to commence from Thursday, July 16, 2026
- Current market capitalization stands at approximately ₹1,257 crores as of July 14, 2026
- Company maintains a long-standing presence on the BSE since 1986
- Operates one manufacturing plant in Halol, Gujarat, with a second upcoming facility in Bhubaneshwar, Odisha
- Focuses on semiconductor devices for railways, defense, EVs, and power generation sectors
RIR Power Electronics has received formal approval to list its equity shares on the Mainboard platform of the National Stock Exchange (NSE). A total of 7,95,72,400 equity shares, each with a face value of ₹2, will commence trading on July 16, 2026. The company will trade under the symbol 'RIR', expanding its market presence beyond its current BSE listing. This dual listing is expected to enhance stock liquidity and provide access to a broader base of institutional and retail investors.
- Approval received for listing 7,95,72,400 equity shares on the NSE Mainboard.
- Trading is scheduled to commence effective Thursday, July 16, 2026.
- Equity shares have a face value of ₹2/- each and are fully paid up.
- The company has been assigned the trading symbol 'RIR' on the NSE platform.
RIR Power Electronics, in collaboration with Silicon University, Odisha, has had two research papers accepted for the IEEE MWSCAS 2026 symposium in the USA. The research focuses on 3.3 kV Silicon Carbide (SiC) MOSFET technology, demonstrating superior performance over traditional Silicon IGBTs in a 33 kW motor drive model. This milestone validates the company's R&D capabilities in the high-growth wide-bandgap semiconductor space. While technically significant, this is an academic/R&D achievement and does not have an immediate impact on revenue or order books.
- 2 joint research papers selected for presentation at the IEEE MWSCAS 2026 in Cincinnati, USA
- Research demonstrates superior performance of 3.3 kV SiC MOSFET technology for electric mobility
- Testing utilized a 33 kW Permanent Magnet Synchronous Motor (PMSM) drive model for simulation
- Collaboration stems from a strategic Memorandum of Understanding (MoU) signed in November 2025
Financial Performance
Revenue Growth by Segment
The company operates in a single segment: Power Electronics. Total revenue for FY2024-25 grew 26.88% to INR 88.25 Cr from INR 69.55 Cr in the previous year. In Q2 FY26, revenue grew 36% YoY to INR 25.64 Cr, driven by demand for advanced power electronics and semiconductor technologies.
Geographic Revenue Split
The company serves both domestic and international markets, including the USA through its technical collaborator Silicon Power Corporation (SPC). Specific percentage splits are not disclosed, but international marketing is supported by SPC for certain product ranges.
Profitability Margins
Net Profit Margin for FY2024-25 was 9.38% (INR 8.28 Cr profit on INR 88.25 Cr revenue), a slight decrease from 11.44% in FY2023-24. Historical OPBDIT/OI margins were 11.84% in FY2019 and 11.01% in 9M FY2020.
EBITDA Margin
EBITDA margin for FY2024-25 was 12.91% (INR 11.39 Cr), representing a 14.39% YoY increase in absolute EBITDA value from INR 9.96 Cr, though the margin percentage compressed from 14.32% due to rising operational costs.
Capital Expenditure
The company is undergoing a capability build-out in advanced power electronics and semiconductor initiatives. While specific INR Cr figures for future CapEx are not disclosed, the company is implementing ESOP 2025 involving up to 39,78,620 options to support long-term strategic objectives.
Credit Rating & Borrowing
The company held an [ICRA]BB+ (Stable) rating as of February 2020. Borrowing costs are influenced by working capital utilization, which saw average fund-based limit utilization of 41% to 53% in late 2019. Total Debt/TNW was 0.38 times in FY2019.
Operational Drivers
Raw Materials
Key raw materials include silicon wafers/chips (ranging from 28mm to 125mm diameter), copper, and Silicon Carbide (SiC) components. Raw material price fluctuations impact profitability due to high inventory levels.
Import Sources
The company is currently dependent on imports for SiC components but is actively working to reduce this dependency by building a domestic supply chain in India.
Capacity Expansion
Current manufacturing involves processing semiconductor chips from 28mm to 125mm diameter at the Halol, Gujarat facility. Expansion is focused on 'silicon to systems' and 'silicon carbide to systems' capabilities to support the 'Make in India' initiative.
Raw Material Costs
Raw material costs are a significant portion of the cost structure; the company maintains high inventory levels to mitigate supply risks, though this exposes them to price volatility. In FY2019, high inventory contributed to a high net working capital intensity.
Manufacturing Efficiency
The company focuses on cost optimization and operational resilience. Q2 FY26 performance reflected 'sharper profitability' and 'meaningful margin expansion' through disciplined execution.
Strategic Growth
Expected Growth Rate
36%
Growth Strategy
Growth will be achieved through a strategic transition toward advanced power electronics (SiC), expansion into the defense sector under 'Make in India', and increasing supply to Indian Railways. The company is also initiating an NSE listing to enhance visibility and institutional participation.
Products & Services
Low and high power semiconductor devices (diodes, thyristors, bridge rectifiers), and Power Equipment (rectifiers, battery chargers, high power stacks, rectifier panels, inverters, UPS systems).
Brand Portfolio
RIR Power Electronics (formerly Ruttonsha International Rectifier).
New Products/Services
Advanced Silicon Carbide (SiC) components and high-power semiconductor devices for defense and EV applications are expected to be major future revenue contributors.
Market Expansion
Targeting the EV sector and alternative energy markets globally as demand shifts from conventional fuels to eco-friendly electric applications.
Strategic Alliances
Technical and marketing collaboration with Silicon Power Corporation (SPC), USA, which provides advanced technical know-how and US market access.
External Factors
Industry Trends
The industry is shifting toward SiC and GaN technologies for EVs and green energy. The semiconductor sector is currently seeing a 'tailwinds' effect from the electronics manufacturing industry in India, which is expected to continue growing at a high volume.
Competitive Landscape
Faces stiff competition from both domestic players and international semiconductor giants, though its niche focus on high-power equipment for railways and defense provides a specialized market position.
Competitive Moat
The moat is built on a 50-year track record, technical collaboration with SPC (USA), and the high entry barrier of being a 'silicon to systems' manufacturer in India. This is sustainable due to the specialized nature of high-power semiconductor processing.
Macro Economic Sensitivity
Highly sensitive to industrial CAPEX cycles and the global shift toward electric vehicles and renewable energy.
Consumer Behavior
Shift toward EV and alternative energy is creating new demand for the company's core semiconductor products.
Geopolitical Risks
US-China trade tensions and Middle East conflicts are cited as critical risks to the semiconductor technology supply chain and national control over critical technologies.
Regulatory & Governance
Industry Regulations
Operations are governed by SEBI (LODR) Regulations, SEBI (SBEB) Regulations for ESOPs, and the Companies Act 2013. Semiconductor manufacturing is subject to increasing national control over critical technologies.
Environmental Compliance
The company performs CSR functions through the Board as the required spend does not exceed INR 50 Lakhs.
Legal Contingencies
No major pending court cases or case values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Supply chain resilience due to geopolitical conflicts (Ukraine/Middle East) and the ability to successfully scale up SiC manufacturing to meet domestic demand.
Geographic Concentration Risk
Manufacturing is concentrated at a single unit in Halol, Gujarat, posing a localized operational risk.
Third Party Dependencies
Dependency on Silicon Power Corporation (USA) for technical know-how and marketing in the US market.
Technology Obsolescence Risk
Risk of falling behind in the transition from traditional silicon to Silicon Carbide (SiC) and Gallium Nitride (GaN) technologies if R&D targets are not met.
Credit & Counterparty Risk
Receivables are described as 'stretched' due to low bargaining power with certain large customers, impacting the liquidity position.
