Ravindra Energy Q2 FY27 Results: Consolidated Net Profit ₹19.04 Crore on Total Income of ₹194 Crore
- Earnings
- Solar power generation
Reviewed byKeshav SehgalBlacklitt Research
Ravindra Energy (NSE: RELTD) said in a filing on 04 Nov 2026 that, for the quarter ended 30 Sep 2026, consolidated total income was ₹194.12 crore and net profit was ₹19.04 crore. Standalone total income was ₹137.88 crore and net profit was ₹29.01 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹194.12 crore, up 81.2% YoY and 58.5% QoQ
- Net profit and EPS: ₹19.04 crore, down 22.0% YoY; basic EPS ₹1.03 against ₹1.33
- Profit before tax: ₹25.94 crore, up 34.3% YoY
- Finance costs: ₹15.46 crore, up 101.2% YoY
Standalone
The company on its own, without its subsidiaries
- Total income: ₹137.88 crore, up 31.7% YoY and 42.6% QoQ
- Net profit and EPS: ₹29.01 crore, down 8.5% YoY; basic EPS ₹1.58 against ₹1.79
- Other income: ₹11.66 crore, up 321.7% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 194.12 | 107.14 | +81.2% | 122.50 | +58.5% | |
| Revenue from operations | 190.33 | 105.53 | +80.4% | 119.97 | +58.7% |
| Other income | 3.78 | 1.61 | +134.9% | 2.54 | +49.2% |
| 19.04 | 24.40 | -22.0% | 1.64 | n/a | |
| Profit before tax | 25.94 | 19.32 | +34.3% | 17.71 | +46.5% |
| Finance costs | 15.46 | 7.68 | +101.2% | 12.28 | +25.9% |
| Depreciation | 11.70 | 6.46 | +81.2% | 10.65 | +9.8% |
| Tax expense | -0.07 | -5.05 | +98.6% | 4.35 | n/a |
| Net profit margin | 9.81% | 22.78% | -12.96 pp | 1.33% | +8.48 pp |
| EPS, basic (₹) | 1.03 | 1.33 | -22.6% | 0.09 | n/a |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated total income rose 81.2% to ₹194.12 crore, while net profit fell 22.0% to ₹19.04 crore. Profit before tax rose 34.3%, to ₹25.94 crore from ₹19.32 crore. The tax line is a credit of ₹0.07 crore, against a credit of ₹5.05 crore a year earlier, and the profit for the period is stated after a share of joint venture loss of ₹6.97 crore; a year earlier that share was a small profit.
The year-earlier quarter is restated. Consolidated revenue from operations for the quarter ended 30 Sep 2025 was ₹120.33 crore before restatement and ₹105.53 crore after it, and profit for that period was ₹30.79 crore before and ₹24.40 crore after. The notes say the restatement follows a change in accounting policy: the solar power plants are now accounted for under Appendix D to Ind AS 115 as intangible assets rather than property, plant and equipment. The auditor's limited review draws attention to the restated comparatives and states that its conclusion is not modified.
Finance costs rose to ₹15.46 crore from ₹7.68 crore, and depreciation to ₹11.70 crore from ₹6.46 crore. Finance costs are 8.0% of total income this quarter, and other income of ₹3.78 crore is 1.9% of it.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 137.88 | 104.70 | +31.7% | 96.70 | +42.6% | |
| Revenue from operations | 126.22 | 101.94 | +23.8% | 91.84 | +37.4% |
| Other income | 11.66 | 2.76 | +321.7% | 4.87 | +139.6% |
| 29.01 | 31.72 | -8.5% | 13.76 | +110.9% | |
| Profit before tax | 28.95 | 31.69 | -8.6% | 13.71 | +111.2% |
| Finance costs | 1.80 | 0.24 | +658.6% | 0.38 | +368.2% |
| Depreciation | 1.09 | 0.59 | +86.2% | 1.12 | -2.1% |
| Tax expense | -0.06 | -0.03 | -79.4% | -0.05 | -22.0% |
| Net profit margin | 21.04% | 30.30% | -9.26 pp | 14.22% | +6.82 pp |
| EPS, basic (₹) | 1.58 | 1.79 | -11.7% | 0.77 | +105.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income rose 31.7% to ₹137.88 crore, but net profit fell 8.5% to ₹29.01 crore. Revenue from operations rose 23.8% to ₹126.22 crore, and other income rose 321.7% to ₹11.66 crore, which is 8.5% of total income.
Profit before tax fell 8.6% to ₹28.95 crore from ₹31.69 crore, and the tax line is a credit of ₹0.06 crore, against ₹0.03 crore a year earlier. Other income is 40.3% of profit before tax. Finance costs rose to ₹1.80 crore from ₹0.24 crore, up 658.6%.
The standalone limited review report draws attention to Note 7, which sets out the grant of 10,67,301 employee stock options under the Ravindra Energy Employees Stock Option Scheme 2022 with a grant date of 15 Jan 2025. The options vest 25% after one year and 75% after two years. The auditor states that its opinion is not modified.
Inference
The rights issue was of 1,98,54,940 equity shares at a premium of ₹91 a share, within an issue of ₹200.53 crore with an issue period of 16 to 24 Jun 2026. The gross amount received in the period from the rights issue and employee stock options was ₹201.36 crore, and the monitoring agency, CARE Ratings Limited, reports no deviation from the objects of the issue for the quarter ended 30 Sep 2026.
The monitoring agency reports ₹150.00 crore allocated to an investment in Energy In Motion Limited for repaying an inter-corporate deposit that company borrowed from a promoter, with nil utilisation in the quarter, and ₹20.32 crore of inter-corporate deposits extended to several SPVs from general corporate purposes funds. A press release dated 23 Sep 2026 announced a proposed merger of Energy In Motion Limited and Ravindra Energy Limited. Consolidated total assets were ₹1,603.33 crore at 30 Sep 2026, against ₹1,118.87 crore at 31 Mar 2026.
In the half year, consolidated net cash from operating activities was ₹36.91 crore against ₹54.14 crore a year earlier, net cash used in investing activities was ₹381.84 crore, and securities premium received on the issue of shares was ₹179.88 crore. The reason for the rise in finance costs and for the joint venture loss, and the terms and timing of the proposed merger, are not stated.
Filed with BSE on . Reference: Original filing (PDF)
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