517035
RIR Power Electr share price & financials
- Price
- ₹165.65
- Market cap
- ₹1.4k Cr
- Sector
- Capital Goods
- Calls analysed
- 4
RIR Power Electr Q4 FY26
What went well
- 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.
What to watch
- 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.
What RIR Power Electr does
RIR Power Electronics designs and manufactures power semiconductor devices (diodes, thyristors, SiC devices), semiconductor modules (IGBT/diode-bridge modules) and power equipment (rectifiers, battery chargers, high-power stacks) from its Halol, Gujarat facility. Its products go into rectification, control and switching applications used by the railways, defence, nuclear, renewables, oil & gas, mining and electric-mobility sectors, with rectifiers also supplied for green-hydrogen electrolysis. The company earns by selling these devices/equipment to industrial and infrastructure customers in India and overseas, and is building a new vertically-integrated Silicon Carbide (SiC) wafer and device manufacturing plant in Bhubaneswar, Odisha to expand into next-generation semiconductor technology.
Segments
- Semiconductor Devices
- Semiconductor Modules
- Power Equipment
- Green Hydrogen & Silicon Carbide (SiC)
- Manufacturing facility
- 12,000 sq. mt. plant at Halol, Gujarat
- New facility under construction
- Silicon Carbide wafer/device fab at Bhubaneswar, Odisha — India's first vertically integrated SiC manufacturing plant
- Global customers served
- 400+
- Countries served
- 10+
- Semiconductor device sizes manufactured
- 28mm to 125mm (SCRs, diodes, thyristors)
- Quality & regulatory certifications
- ISO 9001:2015, UL Approval, CE Mark, RDSO-approved Part One Supplier to Indian Railways
Guidance record · Q4 FY26
what the last two calls moved 16 tracked 2 delivered 2 missed 12 open- Odisha Government Subsidy Receipt delivered said Q4 FY25 Promised: Expect something before end of June. Q4 FY26: Confirmed that 50% of the INR 120 cr capex undertaken was provided by the Government of Odisha.
- Odisha Plant Revenue (Q4 FY26) missed said Q4 FY25 Promised: We expect it to be around INR10 crores to INR12 crores. Q4 FY26: Commercial production delayed to Q2 FY27, making any significant revenue contribution in Q4 FY26 impossible.
- Odisha Plant Phase 1 Operation Start delayed said Q4 FY25 Promised: First phase is expected to start somewhere in Q4 of FY26. Q4 FY26: Epitaxy operations now expected to commence in Q2 FY27.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 29.3%, net profit up 80.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19 | 20 | 26 | 21 | 26 +36% | 20 +2% | 24 −9% | 27 +29% |
| EBITDA | 2 | 2 | 3 | 3 | 4 +78% | 1 −59% | 2 −39% | 4 +38% |
| Net profit | 2 | 1 | 3 | 2 | 3 +106% | 0 −68% | 1 −45% | 3 +80% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −41.2% 1Y
1Y: ₹304.25 on 10 Sept 2025 → ₹179.05. High ₹373.95 (25 Sept 2025), low ₹132.2 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −0.6%
- 2 Jun
- Q3 FY26
- −1.0%
- 17 Feb
- Q2 FY26
- −5.0%
- 18 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 16.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 11.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹57 Cr | ₹67 Cr | ₹86 Cr | ₹91 Cr |
| Operating profit | ₹8 Cr | ₹10 Cr | ₹11 Cr | ₹10 Cr |
| Operating margin | 14.3% | 14.9% | 13.2% | 11.2% |
| Interest | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Depreciation | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Net profit | ₹7 Cr | ₹8 Cr | ₹8 Cr | ₹7 Cr |
| Net margin | 11.6% | 11.9% | 9.6% | 7.4% |
| Cash from operations | ₹-3 Cr | ₹2 Cr | ₹4 Cr | ₹-30 Cr |
| Free cash flow | ₹-3 Cr | ₹0 Cr | ₹-74 Cr | ₹-58 Cr |
| ROCE | 25.3% | 19.5% | 12.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹7 Cr | ₹16 Cr | ₹16 Cr |
| Reserves | ₹15 Cr | ₹19 Cr | ₹27 Cr | ₹58 Cr | ₹124 Cr | ₹125 Cr |
| Borrowings | ₹3 Cr | ₹7 Cr | ₹10 Cr | ₹12 Cr | ₹14 Cr | ₹14 Cr |
| Other liabilities | ₹8 Cr | ₹9 Cr | ₹9 Cr | ₹11 Cr | ₹57 Cr | ₹63 Cr |
| Total liabilities | ₹34 Cr | ₹42 Cr | ₹53 Cr | ₹88 Cr | ₹211 Cr | ₹218 Cr |
| Fixed assets | ₹6 Cr | ₹8 Cr | ₹6 Cr | ₹7 Cr | ₹56 Cr | ₹64 Cr |
| Capital work in progress | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹39 Cr | ₹47 Cr |
| Investments | ₹0 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹27 Cr | ₹32 Cr | ₹44 Cr | ₹78 Cr | ₹116 Cr | ₹107 Cr |
| Total assets | ₹34 Cr | ₹42 Cr | ₹53 Cr | ₹88 Cr | ₹211 Cr | ₹218 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jul 2026
Since Jun 2025, the public added +3.32 pp while promoters trimmed −2.89 pp. The shareholder count grew 90% to 53,212.
- Promoters
- 58.6%
- FIIs
- 8.2%
- DIIs
- 0.0%
- Public
- 33.2%
Since Jun 2025
- Public +3.32 pp
- Promoters −2.89 pp
- FIIs −0.42 pp
How it drifted, 12 quarters
Over this window promoters fell from 70.5% to 58.6% — −11.9 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 70.5%, DIIs 0.0%, Public 29.5%.Mar '24: Promoters 69.7%, DIIs 0.0%, Public 30.3%.Jun '24: Promoters 69.0%, FIIs 0.0%, DIIs 0.0%, Public 31.0%.Sep '24: Promoters 64.5%, FIIs 5.5%, DIIs 0.0%, Public 30.0%.Dec '24: Promoters 61.9%, FIIs 9.3%, DIIs 0.0%, Public 28.8%.Mar '25: Promoters 61.7%, FIIs 9.6%, DIIs 0.0%, Public 28.7%.Jun '25: Promoters 61.5%, FIIs 8.6%, DIIs 0.0%, Public 29.9%.Sep '25: Promoters 59.3%, FIIs 9.5%, DIIs 0.0%, Public 31.2%.Dec '25: Promoters 58.7%, FIIs 9.9%, DIIs 0.0%, Public 31.3%.Mar '26: Promoters 58.6%, FIIs 9.8%, DIIs 0.0%, Public 31.5%.Jun '26: Promoters 58.6%, FIIs 8.5%, DIIs 0.0%, Public 32.9%.Jul '26: Promoters 58.6%, FIIs 8.2%, DIIs 0.0%, Public 33.2%.
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Unclaimed or Suspense or Escrow Account newly disclosed 2.59% held
- NBFCs registered with RBI NBFC / DFI newly disclosed 0.00% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jul 2026 filing
Every holder of RIR Power Electr above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Bhavna Harshad Mehta | 56.25% | unchanged |
| Multitude Growth Funds Limited FPI fund | 5.82% | −0.30 pp |
| Rir Power Electronics Limited Unclaimed Bonus Suspense Escrow Account | 2.59% | unchanged |
| Unclaimed or Suspense or Escrow Account | 2.59% | newly disclosed |
| Eminence Global Fund Pcc- Eubilia Capital Partners Fund I FPI fund | 1.81% | unchanged |
| Jitendra U Mehta | 1.27% | unchanged |
| Param Utpal Mehta | 1.10% | unchanged |
| Ila J Mehta | 1.05% | unchanged |
| Naina Bakulesh Shah | 0.03% | unchanged |
| NBFCs registered with RBI NBFC / DFI | 0.00% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
Growth trapTo justify its price of ₹179, this stock must grow earnings at 62% every year for 7 years. Our analysis caps realistic growth at ~-4%. At that growth it is worth ₹7 — downside of 96%.
- Growth the price implies
- 62.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 0.2% a year
- net profit, FY23–FY26 · EPS -3.9%
- The gap
- 0.7 pp
- -96% downside if it only repeats history
All earnings calls (4)
Read the Q4 FY26 call →Learn to analyse RIR Power Electr
Guides on how to read this kind of business and the numbers that matter.