Ravindra Energy posts 25.91% margin, 13.66 points above sector median
Operating profit covered interest and depreciation, while a tax credit lifted net profit above profit before tax.
Filed 04 Nov 2026, 18:43 IST · after market close · Ravindra Energy Ltd (RELTD)
Key takeaways
- Consolidated operating margin reached 25.91%, 13.66 percentage points above the Industrials median across 146 reported peers.
- Net profit of Rs 19.05 cr exceeded profit before tax of Rs 18.97 cr because the tax line was a Rs 0.07 cr credit.
- Revenue rose to Rs 190.33 cr from Rs 140.16 cr in Q4FY26, while operating margin increased from 24.24% to 25.91%.
Price around the results
Operating profit absorbs interest and depreciation
Ravindra Energy reported consolidated revenue of Rs 190.33 cr and operating profit of Rs 49.31 cr in Q2FY27, giving it a 25.91% operating margin. Interest of Rs 15.46 cr and depreciation of Rs 11.70 cr reduced operating profit to profit before tax of Rs 18.97 cr. Other income was negative at Rs 3.19 cr, so it did not support pre-tax earnings.
Margin improves from Q4FY26 and leads Industrials peers
Compared with Q4FY26, revenue increased from Rs 140.16 cr to Rs 190.33 cr, operating profit rose from Rs 33.97 cr to Rs 49.31 cr, and operating margin moved up from 24.24% to 25.91%. Net profit also increased from Rs 11.10 cr to Rs 19.05 cr. The quarter's margin was 13.66 percentage points above the 12.25% median for the 146 Industrials peers that had reported.
Tax credit flatters reported net profit
The tax line was a credit of Rs 0.07 cr, producing a negative tax rate of -0.39% and allowing net profit to slightly exceed profit before tax. This means the quarter's net profit was helped by the tax line, while other income was a drag rather than a source of earnings.
Management outlines battery-swapping and energy initiatives
Management said it targets having battery-swapping stations operational by 31 March 2027 across specified corridors. The company told investors that Maitryi combines trucks, battery packs, energy and software in a single subscription platform, while EIM Megaplex Limited has been created as a wholly owned SPV for the network division. Management also said it plans to procure part of the power used for battery charging through captive solar projects.
Results were filed after market close
The consolidated results were filed after market close on 4 November 2026. There is therefore no post-results market reaction to assess yet.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹190 cr |
| Other income | ₹-3 cr |
| Expenses | ₹141 cr |
| Operating profit | ₹49 cr |
| Operating margin (%) | 25.91% |
| Interest | ₹15 cr |
| Depreciation | ₹12 cr |
| Profit before tax | ₹19 cr |
| Tax | ₹-0 cr |
| Net profit | ₹19 cr |
| EPS (₹) | ₹1.03 |
Operating margin of 25.91% compares with a Industrials sector median of 12.25% across 146 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Guidance & outlook
- The company targets having battery swapping stations operational by 31 March 2027 across specified corridors.
New initiatives
- Maitryi is an integrated subscription platform combining trucks, battery packs, energy and software.
- The company has created EIM Megaplex Limited as a wholly owned SPV for the network division.
- The company plans to procure part of its battery-charging power consumption through captive solar projects.
Competition
- CATL has a 39% global market share in battery packs, according to the presentation.
- EVE is described as one of the top five battery-pack manufacturers in China and globally.
What to watch
- Whether operating margin holds above 25.91% in the next reported quarter.
- Whether interest remains below Rs 15.46 cr and other income recovers from negative Rs 3.19 cr.
- Progress against management's target of operational battery-swapping stations by 31 March 2027.