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    RIR Power Electr

    517035
    Capital Goods·2 Jun 2026
    Management Summary

    RIR Power Electronics reported a 5.41% YoY revenue growth for FY26, reaching INR90.87 crores, with Q4 FY26 revenue at INR23.95 crores. The company is making steady progress on its INR618 crore Odisha facility, with epitaxy operations expected to commence in Q2 FY27 despite power supply delays. Significant investments are also planned for the Halol facility, and the company secured its first overseas order, reinforcing its strategic focus on high-power semiconductors and Make in India initiatives.

    Highlights

    5

    • FY26 Revenue increased by 5.41% to INR90.87 crores, demonstrating steady growth.

    • Q4 FY26 Revenue showed strong sequential growth of 18.16% to INR23.95 crores.

    • Secured first overseas order for 5kV Silicon Control Rectifier Thyristor, expected to complete by end of 2026.

    • Significant progress on Odisha facility, with clean room construction completed and plant & machinery installation by July end.

    • Development of a 25kV, 120 kiloamps capacitor discharge semiconductor switch and new SiC MOSFETs/MPS diodes.

    Concerns

    3

    • Q4 FY26 revenue experienced a 9.5% degrowth YoY, primarily due to a large one-time order in March 2025 not recurring.

    • Delays in obtaining the 33kV power supply for the Odisha facility, pushing timelines for epitaxy operations.

    • Bank loan tie-up for packaging facility is still in process, awaiting fulfillment of certain conditions for sanction.

    Key financials

    Metrics

    8

    Periods

    2

    Q4 FY26

    4
    • Revenue
      ₹23.95 Cr
      YoY-9.5%QoQ+18.2%
    • EBITDA
      ₹2.09 Cr
    • PAT
      ₹1.39 Cr
    • EPS
      ₹0.17

    FY26

    4
    • Revenue
      ₹90.87 Cr
      YoY+5.4%
    • EBITDA
      ₹10.21 Cr
    • PAT
      ₹6.72 Cr
    • EPS
      ₹0.86

    Order Book

    high confidence

    Total Value

    ₹ 17.4 crores

    as of 2026-03-31

    quantified

    Composition

    Overseas Customers(client type)
    20.0%

    "The company secured its first overseas order for 5kV Silicon Control Rectifier Thyristor, expected to be completed by end of 2026."

    Source:
    Prepared remarks

    Capital allocation

    2
    high confidence
    CategoryHeadline
    Capex

    Capex disclosed

    50% subsidy expected from Government of Odisha for remaining INR500 crores of Odisha capex; Halol investment from internal accruals.

    Debt

    Debt disclosed

    Guidance & targets

    11
    CategoryTargetPriority
    Operations
    Odisha Plant & Machinery Installation Completion
    July end
    		High
    Operations
    Odisha Power Supply Availability
    July end
    		High
    Operations
    Odisha Epitaxy Operations Commencement
    Q2 FY27
    		High
    Operations
    Odisha Power Supply (33kV) Deadline
    June 30th
    		Medium
    Operations
    Odisha Transformer Supply and Erection
    mid-July or end of July max
    		High
    Revenue
    Odisha Epi Wafers Validation and Revenue Generation
    FY27
    		High
    Revenue
    Halol Plant Turnover Growth
    2x to 3x
    		High
    Order Execution
    Overseas Order Completion (5kV SCR Thyristor)
    end of 2026
    		High
    Capex
    Odisha Capex Completion
    December '27 or March '28
    		High
    Profitability
    Asset Turnover Ratio
    0.65x
    		Medium
    Market Share
    Medium and High Power Segment Market Share
    20%-25%
    		Medium

    What to watch in Q1 FY27

    5

    Odisha Power Supply Availability

    Next quarter (July 2026)
    CurrentDelayed, new commitment for June 30th
    TargetAvailable by July end

    Why it matters

    Essential for commencing epitaxy operations and revenue generation from the new Odisha facility.

    And so far I think everyone has committed end of June. Hopefully💬, it will happen soon. ... So the line work is already on, at the same time parallelly our erection is also going on. So both will get completed by end of maybe mid of July or end of July max.

    Risks & concerns

    3
    RiskSeverity

    Odisha Power Supply Delays

    Delays in securing the 33kV power supply for the Odisha plant, initially expected by March end, are impacting project timelines, though a new commitment for June 30th has been made. — Management acknowledged

    high

    One-time nature of defence/nuclear orders

    Analyst concern about past defence/nuclear orders being one-off; management clarified these are initial orders leading to follow-up contracts and long-term engagement. — Analyst downplayed

    medium

    Halol Capacity Constraints

    Potential capacity constraints at the Halol plant if turnover grows beyond 3x, but current investments and productivity improvements are expected to manage near-term growth. — Management acknowledged

    low

    Q&A highlights

    8

    “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. Out of which 50% has been provided by the Government of Odisha. So the remaining INR500 crores is yet to be undertaken, out of which INR100 crores pertains to the first phase and INR400 crores pertains to the second phase for fabrication, wherein for the entire INR500 crores we expect 50% subsidy to come in from the Government of Odisha. ... Yes, globally the asset turnover ratio for the companies in this industry is ranges from around 0.5x to 0.75x of your gross assets. And we also expect to be in the same range somewhere around 0.65x of our total assets.”

    Provided detailed breakdown of the large Odisha capex, funding, and expected asset turnover, crucial for understanding future financial efficiency.

    asked by Balasubramanian

    3 min read7 chapters

    Detailed Narrative

    01

    Q4 FY26 and Full Year FY26 Financial Performance

    RIR Power Electronics reported Q4 FY26 revenue from operations at INR23.95 crores, marking an 18.16% sequential growth over Q3 FY26, though a 9.5% year-on-year decline due to a non-recurring📎 one-time📎 order in March 2025. EBITDA for the quarter stood at INR2.09 crores, with PAT at INR1.39 crores and EPS at INR0.17. For the full FY26, revenue reached INR90.87 crores, up 5.41% from FY25, with EBITDA of INR10.21 crores, PAT of INR6.72 crores, and EPS of INR0.86 per share.

    02

    Odisha Facility Development and Timelines

    The company's new facility in Odisha is progressing, with Phase 1 (epitaxy and packaging) construction completed. Plant and machinery installation is underway and expected to finish by July end, coinciding with the anticipated availability of power supply. Epitaxy operations are projected to commence in Q2 FY27, with epi wafers slated for validation and revenue generation in FY27 through outsourced manufacturing of SiC devices.

    03

    New Product Development and Strategic Orders

    RIR has secured its first overseas order for 120 units of 5kV Silicon Control Rectifier Thyristors, with completion anticipated by the end of 2026. On the R&D front, a significant milestone was achieved with the development of a 25kV, 120 kiloamps capacitor discharge semiconductor switch. The company also expanded its portfolio with new Silicon Carbide MOSFETs and MPS diodes, targeting applications in EVs, industrial systems, and energy infrastructure.

    04

    Halol Facility Upgrades and Growth Outlook

    An investment of approximately INR5 crores from internal accruals is planned for the Halol facility to upgrade capabilities and enhance testing for defence development. Management aims to increase Halol's turnover by 2x to 3x within the next two to three years, driven by productivity improvements and strategic investments. The facility currently operates on a single shift, offering potential for increased output by adding more shifts.

    05

    Capital Allocation for Odisha Project

    The total capex for the Odisha project is estimated at INR618 crores. INR120 crores has already been undertaken, with 50% funded by the Government of Odisha. The remaining INR500 crores (INR100cr for Phase 1, INR400cr for Phase 2 fabrication) is expected to receive a 50% subsidy from the Odisha Government. The entire capex is targeted for completion by December '27 or March '28.

    06

    Odisha Power Supply Challenges and Resolution Efforts

    The 33kV power supply for the Odisha facility, initially expected by March end, has faced delays due to changes in government officials and involvement of multiple agencies. Management expressed frustration but noted a new commitment from officials for the supply by June 30th. Additionally, transformer supply and erection are expected by mid-July or end of July, which is critical for the plant's operational readiness.

    07

    Market Positioning and Long-term Vision

    Chairman Harshad Mehta emphasized RIR's focus on high-power semiconductors for critical Indian sectors like railways, grid, and defence, aligning with 'Make in India' and 'Self-Reliant India' initiatives. The company aims for a 20-25% market share in the medium and high-power segments. Management highlighted RIR's 20-year investment in advanced technology and 10% R&D spend as key differentiators against global competitors.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.