Ratnaveer Precision Engineering Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Ratnaveer Precision Engineering Ltd filed with BSE on 21 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Ratnaveer Precision Engineering reported FY26 revenue of 1,078 crores, up from 419 crores three years earlier, and outlined a new copper-clad laminate (CCL) manufacturing project targeting production start in November 2026. Management discussed a planned fundraise of 330 crores for the CCL project alongside an existing warrant issue, and addressed questions on cash flow, receivables, tax rate, and revenue guidance for FY27 and FY28. Management also described ongoing due diligence for a potential acquisition of a European precision-components company.
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Numbers mentioned
Revenue: 1,078 crores (FY26)
p. 8
“So, we have done, 1,078 in, last year.”
Mr. Vijay Sanghavi, page 8 of the filed PDF · View the filing
Revenue: 419 crores (FY23 (three years prior))
p. 15
“you can see the, in the last 3 years, company's top line is from 419 crores to 1,078 crores.”
Mr. Vijay Sanghavi, page 15 of the filed PDF · View the filing
Trade receivables: 175 crores (FY26)
p. 15
“Last year's trade receivables was 65 crores. Now, over last one year, there hasn't been much improvement in the total overall business, but the receivables have increased to around 110 crores to 175 crores.”
Jignesh V, page 15 of the filed PDF · View the filing
Effective tax rate: 15% (FY26)
p. 14
“I was saying our tax rate in FY26 was 15%.”
Darshil Jhaveri, page 14 of the filed PDF · View the filing
CCL project approval amount: 338 crores
p. 5
“Total, we are getting the 338 crores of the approval from the ECMS scheme of Central Government of India”
Mr. Vijay Sanghavi, page 5 of the filed PDF · View the filing
CCL project cost: 351 crores plus 46 crores solar
p. 10
“equally this project cost is a 351 crores, plus solar of 46 crores.”
Mr. Vijay Sanghavi, page 10 of the filed PDF · View the filing
Warrant issue amount: 115 crores
p. 11
“there is in the warrant issued of the 115 crores by the company.”
Mr. Vijay Sanghavi, page 11 of the filed PDF · View the filing
QIP raised: 185 crores (December 2025)
p. 10
“Company has been raised, 185 crores of the QIP.”
Mr. Vijay Sanghavi, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — 1350 crores · FY27
stated firmly by Mr. Vijay Sanghavi
p. 8
“This year, our target line would be at 1350, and, we could be working, towards this.”
Mr. Vijay Sanghavi, page 8 of the filed PDF · View the filing
Revenue (existing business) — 1,800 crores · over next 3 years
stated as an aspiration by Mr. Vijay Sanghavi
p. 8
“Stainless business and existing business will be growing with the 25% CAGR, and in next 3 years, over the 3 years of the time, we can reach to the 1800 crores from the current business line.”
Mr. Vijay Sanghavi, page 8 of the filed PDF · View the filing
CCL revenue — 750 crores · next 2 years / FY28
stated conditionally by Mr. Vijay Sanghavi
p. 8
“That can be given the 750 crores as a top line.”
Mr. Vijay Sanghavi, page 8 of the filed PDF · View the filing
Consolidated revenue — 2,500 crores · next 2-3 years
stated as an aspiration by Mr. Vijay Sanghavi
p. 8
“So, altogether, in a consolidated leader, 1870 to 1800 crores plus 750, that can be reached to 2,500 crores of the top line.”
Mr. Vijay Sanghavi, page 8 of the filed PDF · View the filing
CCL production start — November 2026 · November 2026
stated conditionally by Mr. Vijay Sanghavi
p. 5
“might be that our project, deadline will be coming up for the November’26 to start the production.”
Mr. Vijay Sanghavi, page 5 of the filed PDF · View the filing
CCL EBITDA margin — 20% · for first line
stated as an aspiration by Mr. Vijay Sanghavi
p. 15
“Individual CCL business would be running with the 20% of EBITDA, And 13% of the PAT.”
Mr. Vijay Sanghavi, page 15 of the filed PDF · View the filing
Consolidated EBITDA margin — 13.5% · 3-year target
stated as an aspiration by Mr. Vijay Sanghavi
p. 13
“we can recover up 2,500 crore top line is the estimated and the projected, plus the 13.5% as EBITDA margins”
Mr. Vijay Sanghavi, page 13 of the filed PDF · View the filing
Consolidated PAT margin — 10.5%, or 9.7% · 3-year target
stated as an aspiration by Mr. Vijay Sanghavi
p. 13
“and the consolidatedly 10.5%, or 9.7%, that would be a nearby to the PAT margin for the consolidatedly, both the facilities can be covered up.”
Mr. Vijay Sanghavi, page 13 of the filed PDF · View the filing
Effective tax rate — 13-15% · going forward
stated conditionally by Mr. Vijay Sanghavi
p. 14
“the 13% to 15% can be a tax rate, can be going on into the similar scenario, because we have a capital expenditure over there.”
Mr. Vijay Sanghavi, page 14 of the filed PDF · View the filing
CCL fundraise completion — 330 crores · by September
stated as an aspiration by Mr. Vijay Sanghavi
p. 16
“At this moment, we have a plan to complete by September, looking to the geographical conditions, looking to the interest of the investors, and looking to the meeting with the investors.”
Mr. Vijay Sanghavi, page 16 of the filed PDF · View the filing
CCL machine installation second line — July/August receipt of machine · July-August 2026
stated firmly by Mr. Vijay Sanghavi
p. 17
“we have been very aggressive that in July end or August, we have been receiving the machine.”
Mr. Vijay Sanghavi, page 17 of the filed PDF · View the filing
Capacity utilization — 80-85% · by 2028
stated as an aspiration by Mr. Vijay Sanghavi
p. 20
“yes, 80-85% we can be definitely reached by 2028 for the share.”
Mr. Vijay Sanghavi, page 20 of the filed PDF · View the filing
Promoter holding — 42-43% · post QIP dilution
stated conditionally by Mr. Vijay Sanghavi
p. 11
“after this 2-30 cores of the dilution, it can be reached to the 42-43%, nearby to this.”
Mr. Vijay Sanghavi, page 11 of the filed PDF · View the filing
European acquisition closing — 10 to 12 months
stated conditionally by Mr. Vijay Sanghavi
p. 11
“it will take almost 10 to 12 months more time to acquire the company into all the sense”
Mr. Vijay Sanghavi, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the technology partner is a Chinese company, with civil and PV work in progress, targeting November 2026 production start.
Answered by Mr. Vijay Sanghavi
Asked by Manan Shah: Details on CCL project technology partner and BIS certification timing
p. 5
“we have been tied up with the Chinese company for the technological partner, and tail up to the installation, commissioning, and quality of the product should be coming out.”
Mr. Vijay Sanghavi, page 5 of the filed PDF · View the filing
Management clarified the warrant price was 159, with 25% already paid, and conversion window extending to September 2027.
Answered by Mr. Vijay Sanghavi
Asked by Manan Shah: Status of warrants issued at 196 rupees due for conversion
p. 6
“We have a warrant for the rate of the 159, And we have already paid for the 25%, and partially, partially, we have been already paid up, and that can be converted for the equities.”
Mr. Vijay Sanghavi, page 6 of the filed PDF · View the filing
Management said there is no anti-dumping duty, cited a cost advantage over imports, and government subsidies for local buyers.
Answered by Mr. Vijay Sanghavi
Asked by Sanjay Shah: Rationale for entering CCL business given lack of expertise and competition from China/Korea
p. 6
“There is no any anti-dipping duty on the imports right now. The number tool, the, we have been, competitive of more than, 10% to 13% to the imports.”
Mr. Vijay Sanghavi, page 6 of the filed PDF · View the filing
Management said there is no royalty; the Chinese partner supplies machinery, training, commissioning, and support instead.
Answered by Mr. Vijay Sanghavi
Asked by Sanjay Shah: Terms of the technology tie-up and any royalty payments
p. 7
“there is no, royalty would be that, but yes, we have an internal agreement that we have been buying the machine from them, so they can be… make the complete solution of the entire CCL line to send it.”
Mr. Vijay Sanghavi, page 7 of the filed PDF · View the filing
Management attributed part of the cash position to FDs from QIP funds and said operating cash flows would stabilize once capex and working capital are deployed.
Answered by Mr. Ajay Panchal
Asked by Harsh Shah: Explanation for negative operating cash flow of 48 crore versus 115 crore capex
p. 9
“our operating cash flows are already in place, in the already financials available. However, the current year's net cash flow, which is of 203 CR, This includes the FDs already kept with the banks of from QIP funds.”
Mr. Ajay Panchal, page 9 of the filed PDF · View the filing
Management outlined 185 crore prior QIP for working capital and capex, and a new 330 crore raise planned for CCL capex and working capital.
Answered by Mr. Vijay Sanghavi
Asked by Tanmay Jhaveri: Clarification on QIP and warrant fundraising plans and use of proceeds
p. 10
“company has been, receiving the, 338 crores of the project approval for the capital expenditure, and, equally this project cost is a 351 crores, plus solar of 46 crores.”
Mr. Vijay Sanghavi, page 10 of the filed PDF · View the filing
Management said there are soft confirmations from PCB industries but no formal return confirmations yet.
Answered by Mr. Vijay Sanghavi
Asked by Tanmay Jhaveri: Whether the company has pre-orders or contracts from PCB companies for CCL
p. 12
“We have been approached to all the PCB industries. We get the many of the soft confirmations over there.”
Mr. Vijay Sanghavi, page 12 of the filed PDF · View the filing
Management said the company has not been materially affected, though input costs like oil, gas and freight have risen and are being passed to customers.
Answered by Mr. Vijay Sanghavi
Asked by Darshil Jhaveri: Impact of the ongoing war situation on demand and near-term growth
p. 13
“our company and our products have not been much affected with the any kind of the war situations right now.”
Mr. Vijay Sanghavi, page 13 of the filed PDF · View the filing
Management attributed the rise to new product launches, new customer onboarding, and extended credit periods that should normalize over time.
Answered by Mr. Vijay Sanghavi
Asked by Jignesh V: Reason for sharp increase in trade receivables relative to revenue growth
p. 15
“We have been launching the new product, we are launching the nut bolts in the last two years, one and a half years ago.”
Mr. Vijay Sanghavi, page 15 of the filed PDF · View the filing
Management explained PLI benefits would be claimed progressively per completed capex phase rather than only after full production, with a subsidy of about 50% combined from central and state incentives.
Answered by Mr. Vijay Sanghavi
Asked by Ankur Gulati: Timing and structure of PLI benefits tied to CCL capex
p. 21
“As we undertake the initial capex of ₹70 crore, the moment this phase is completed and our first invoice is generated, we can immediately submit the required documents for claiming the PLI benefit.”
Mr. Vijay Sanghavi, page 21 of the filed PDF · View the filing
Management said they remain on track for 1,500 crores in FY27, with 1,350 crores as an interim figure reflecting 25% growth.
Answered by Mr. Vijay Sanghavi
Asked by Anuj Golchha: Reason for revision in FY27 top-line guidance from earlier 1,500 crore figure
p. 23
“we are still on the line of the 1,500 crores. We have just given the number of 1,350 as a part of the 25% of the growing, but we're still working on to the 1,500 on the top line”
Mr. Vijay Sanghavi, page 23 of the filed PDF · View the filing
Risks flagged
Rising oil, gas and consumables prices due to the war situation affecting input costs
p. 13
“Oil and gas prices have been increasing. So, whatever we have been using the consumables, like dye tools and the oil gas directly, fuels, that price can be shoot up.”
Mr. Vijay Sanghavi, page 13 of the filed PDF · View the filing
Monsoon season could delay CCL project civil and execution work
p. 20
“Only and only the monsoon can be effect for the some days.”
Mr. Vijay Sanghavi, page 20 of the filed PDF · View the filing
Capex delays could affect quarter-to-quarter growth consistency
p. 14
“if some of the capex would be slightly, prolonged, then it could be affected for one quarter to another quarter.”
Mr. Vijay Sanghavi, page 14 of the filed PDF · View the filing
New CCL business establishment carries risk given it is untested, leading to conservative margin assumptions
p. 15
“this is a new business line that is, and the establishment is going on. So, once upon a time, we have been also giving the conservative, numbers right now.”
Mr. Vijay Sanghavi, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.