RIR Power Electronics Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript RIR Power Electronics Ltd filed with BSE on 05 Jun 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
RIR Power Electronics reported Q4 FY26 standalone revenue of INR23.95 crores, up 18.16% quarter-on-quarter but down 9.5% year-on-year due to a large one-time order in the year-ago quarter, with EBITDA of INR2.09 crores and PAT of INR1.39 crores. For full-year FY26, revenue rose 5.41% to INR90.87 crores with EBITDA of INR10.21 crores and PAT of INR6.72 crores, while order intake stood at INR90.2 crores and closing order backlog was INR17.4 crores. Management discussed progress on the Odisha Silicon Carbide facility, a first overseas order for SCR thyristors, new product development, and the pending NSE listing approval.
Numbers mentioned
Total revenue from operations: INR23.95 crores (Q4 FY26)
p. 3
“Audited standalone Quarter 4 results, the total revenue from operations stood at INR23.95 crores with a growth of 18.16% over Quarter 3 of FY26 and a degrowth of 9.5%”
N. Ramesh Kumar, page 3 of the filed PDF · View the filing
EBITDA: INR2.09 crores (Q4 FY26)
p. 3
“EBITDA for the quarter came in at INR2.09 crores.”
N. Ramesh Kumar, page 3 of the filed PDF · View the filing
Profit after tax: INR1.39 crores (Q4 FY26)
p. 4
“Consequently, profit after tax stood at INR1.39 crores.”
N. Ramesh Kumar, page 4 of the filed PDF · View the filing
Earnings per share: INR0.17 per share (Q4 FY26)
p. 4
“Earnings per share for the quarter stood at INR0.17 per share.”
N. Ramesh Kumar, page 4 of the filed PDF · View the filing
Total revenue from operations: INR90.87 crores (FY26)
p. 4
“the total revenue from operations stood at INR90.87 crores, which was up by 5.41% over FY25.”
N. Ramesh Kumar, page 4 of the filed PDF · View the filing
EBITDA: INR10.21 crores (FY26)
p. 4
“EBITDA for the year came in at INR10.21 crores.”
N. Ramesh Kumar, page 4 of the filed PDF · View the filing
Profit after tax: INR6.72 crores (FY26)
p. 4
“Consequently, profit after tax stood at INR6.72 crores.”
N. Ramesh Kumar, page 4 of the filed PDF · View the filing
Earnings per share: INR0.86 per share (FY26)
p. 4
“Earnings per share for the year stood at INR0.86 per share.”
N. Ramesh Kumar, page 4 of the filed PDF · View the filing
Order intake: INR90.2 crores (FY26)
p. 4
“The order intake during the year FY26 stood at INR90.2 crores with the closing order backlog of INR17.4 crores at the end of the year.”
N. Ramesh Kumar, page 4 of the filed PDF · View the filing
Overseas order share: 20% (FY26)
p. 4
“20% of the orders received from overseas customers during the year FY26.”
N. Ramesh Kumar, page 4 of the filed PDF · View the filing
Total capex for Odisha project: around INR618-odd crores
p. 6
“So the total capex for the project is around INR618-odd crores.”
Ankit Shah, page 6 of the filed PDF · View the filing
Halol facility upgrade investment: approximately INR5 crores (FY27)
p. 4
“We will be investing approximately INR5 crores out of internal accruals for upgrading of facility to meet the customer expectations on growing high power devices demand and testing facility for defence development in Halol.”
N. Ramesh Kumar, page 4 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.
Epitaxy operations commencement — commence epitaxy operations · Q2 FY27
stated conditionally by N. Ramesh Kumar
p. 4
“We expect to commence epitaxy operations in the second quarter of FY27.”
N. Ramesh Kumar, page 4 of the filed PDF · View the filing
Overseas SCR order completion — complete order execution · end of 2026
stated firmly by N. Ramesh Kumar
p. 4
“The order will be executed in a phased manner with completion expected by end of 2026.”
N. Ramesh Kumar, page 4 of the filed PDF · View the filing
Odisha capex completion timeline — complete entire capex · December 2027 or March 2028
stated firmly by Ankit Shah
p. 6
“So we expect the entire capex to be undertaken by December of '27 or March '28, that is the timeline we are looking at.”
Ankit Shah, page 6 of the filed PDF · View the filing
Asset turnover ratio — around 0.65x of total assets
stated as an aspiration by Ankit Shah
p. 7
“we also expect to be in the same range somewhere around 0.65x of our total assets.”
Ankit Shah, page 7 of the filed PDF · View the filing
Halol plant revenue growth — 2x to 3x · next two to three years
stated as an aspiration by N. Ramesh Kumar
p. 14
“we are also working very hard on increasing the turnover of Halol to at least not definitely not 4x, definitely at 2x to 3x in next two to three years’ time.”
N. Ramesh Kumar, page 14 of the filed PDF · View the filing
RP production start — start production · Q2 FY27 (August-September)
stated conditionally by N. Ramesh Kumar
p. 12
“Yes, that's what I said it will start in second quarter of this financial year. So that is second quarter is maybe August, September, definitely it will start.”
N. Ramesh Kumar, page 12 of the filed PDF · View the filing
Medium and high power market share — about 20%-25% market share
stated as an aspiration by Harshad Mehta
p. 10
“And we expect the market share for medium and high power segment on industrial, data center, railways and so forth, we would at least get probably about 20%-25% market share.”
Harshad Mehta, page 10 of the filed PDF · View the filing
33kV power supply availability — receive power supply · end of June
stated conditionally by Ankit Shah
p. 11
“And so far I think everyone has committed end of June. Hopefully, it will happen soon.”
Ankit Shah, 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 detailed the total capex figure and the split between phases and subsidy expectations from the Odisha government.
Answered by Ankit Shah
Asked by Balasubramanian: What is the capital allocation plan for Phase 1 and Phase 2 capex, and what are clawback terms if milestones are missed?
p. 6
“So the total capex for the project is around INR618-odd crores. Out of which we have undertaken a capex of almost around INR120 crores.”
Ankit Shah, page 6 of the filed PDF · View the filing
Chairman described the company's history, R&D spend, and competitive wins against larger global players.
Answered by Harshad Mehta
Asked by Balasubramanian: What is RIR's technical moat compared to global players like Infineon, Mitsubishi, and Chinese suppliers?
p. 7
“We have been spending about 10% minimum in terms of advanced technology that relates to the all the key value chain of power electronics in terms of device design, in terms of packaging, in terms of control, in terms of reliability”
Harshad Mehta, page 7 of the filed PDF · View the filing
Management explained the fab breakeven threshold and margin expansion above that level.
Answered by Harshad Mehta
Asked by Yogesh Patil: What is the breakeven utilization for the SiC fab and expected margin profile?
p. 9
“Till you get to that breakeven at about 60% or 65% fab capacity, you don't make any money, as a matter of fact you need to get there to breakeven.”
Harshad Mehta, page 9 of the filed PDF · View the filing
Management said the line has not yet been received but officials have committed to end of June, and cited delays due to multiple agencies and personnel changes.
Answered by Ankit Shah
Asked by Sandeep Rao: Has the 33kV electricity line for the Odisha third phase been received as promised in the last call?
p. 11
“It is not received yet. But the Government of Odisha delegation was in the Bay Area, in Silicon Valley last week.”
Ankit Shah, page 11 of the filed PDF · View the filing
Management said these were one-time orders that represent the start of a follow-up cycle, with evaluation processes ongoing for repeat orders.
Answered by Harshad Mehta
Asked by Sandeep Rao: Are there repeat orders from Navy and nuclear power customers following earlier one-time supplies?
p. 12
“So all of these are I think your observation is correct that these are one-time orders, but this is the beginning of next follow up.”
Harshad Mehta, page 12 of the filed PDF · View the filing
Management confirmed ongoing talks with strategic partners and said proper disclosures would follow once finalized.
Answered by Ankit Shah
Asked by Sandeep Rao: Is the company planning to induct a strategic or domestic institutional investor to add shareholder credibility?
p. 13
“Coming to your point, we are in talks with certain strategic partners as we had mentioned in the earlier conference earnings calls.”
Ankit Shah, page 13 of the filed PDF · View the filing
Management said the investment is phased and mainly for upgrading testing facilities and equipment for new orders, not full expansion.
Answered by N. Ramesh Kumar
Asked by Prateek Giri: Will the INR5 crore Halol investment be sufficient to reach 2-3x revenue in two to three years?
p. 14
“But currently this INR5 crores which I am talking about is majorly for upgrading and bringing some new equipment for the testing facilities specially and some processes for 125mm.”
N. Ramesh Kumar, page 14 of the filed PDF · View the filing
Management said existing railway products will continue while new products are being developed as railway specifications change.
Answered by N. Ramesh Kumar
Asked by Vijay: What future potential exists in Railway products and revenue from the Halol facility?
p. 14
“So, the existing product will continue, and at the same time, since we have a good credibility and long-standing supplies with Railways, so we are also evaluating some of the new products now.”
N. Ramesh Kumar, page 14 of the filed PDF · View the filing
Risks flagged
Delays in receiving the 33kV power supply from the Odisha government are holding up commencement of RP production.
p. 11
“Unfortunately, this is even though we manage power, we don't produce power or we don't transmit or distribute power.”
Harshad Mehta, page 11 of the filed PDF · View the filing
Multiple government agencies and changing personnel in Odisha have contributed to delays.
p. 11
“And people at the secretary level keep on changing. So specially the grid people there was a lot of, everyone changed in December.”
Harshad Mehta, page 11 of the filed PDF · View the filing
Transformer supply delays due to high market demand are affecting the power line completion timeline.
p. 11
“Just to add here what Harshad sir is saying is that you know that today transformer supplies have been very, very delayed because of the high demand.”
N. Ramesh Kumar, page 11 of the filed PDF · View the filing
Products risk commoditization over time, pressuring margins.
p. 7
“At some point most of the components will become commodity but it is, what our, my vision has always been to keep on adding value”
Harshad Mehta, page 7 of the filed PDF · View the filing
Unfair competitive glut from China with government subsidies affects the low power segment.
p. 10
“the glut that happens in a way unfairly from China with government subsidies.”
Harshad Mehta, page 10 of the filed PDF · View the filing
Capacity constraints at Halol may arise once turnover crosses 3x.
p. 16
“Maybe when we cross this 3x kind of a turnover maybe there will be an issue of capacity constraint”
N. Ramesh Kumar, page 16 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.