Ravindra Energy Limited – Investor Presentation Summary

Key Operational Highlights

  • Ravindra Energy Limited operates 77 solar projects with 261.21 MWp capacity across Maharashtra and Karnataka
  • Energy in Motion Limited operates India's most complete EV trucking ecosystem with electric trucks, swappable battery packs, swap stations and charging points
  • EIM has manufacturing facilities with 5,000 vehicles/year truck assembly capacity and 2.40 GWh/year battery pack assembly capacity
  • EIM focuses on 2,15,000 vehicles/year market segment within India's 3,40,000 trucks/year Medium and Heavy-Duty Truck Market

Segment-wise Performance

  • REL Operating Portfolio: 135.82 MWp with MSEDCL, 58.71 MWp with MSEDCL, 34.15 MWp with Karnataka DISCOMs, 5.08 MWp rooftop, 1.25 MWp wind asset (51% stake), 26.19 MWp open access
  • REL Under Construction & Development: 3.80 MWp open access (Sep-26 COD), 156.00 MWp MSKVY-3 (Sep-27 COD), 71.30 MWp Karnataka-2 (Jan-27 COD)
  • Total Portfolio: 492.31 MWp across 114 locations/projects

Financial Highlights

Not Specified

Geographical Revenue Split

  • Projects located in Maharashtra and Karnataka states
  • Offtakers include MSEDCL, Karnataka DISCOMs, HESCOM, and private consumers

Balance Sheet Snapshot

Not Specified

Capex & Cash Flow Health

  • EIM Megaplex Limited plans ₹3,500-4,000 Cr total capex over 3 years
  • Equity requirement of ₹800-1,000 Cr over 3 years
  • Monetization of existing solar assets will substantially fund equity requirement for next 18-24 months
  • Deployment target by FY2029-30: 160 swap stations, 6,000 trucks, 7,280 battery packs, 400 MWp solar

Strategic & R&D Initiatives

  • Creating integrated clean energy and electric mobility platform from "sunshine to wheel"
  • Combines REL's solar generation with EIM's EV trucking ecosystem
  • EIM Megaplex Limited established as 100% SPV for network division to segregate OEM and network business
  • Technology partnerships with EVE (top 5 battery manufacturer) and CATL (largest battery manufacturer with 39% global share)
  • Subscription-based transportation model "Maitryi" integrating trucks, battery packs, energy and software

Industry Trends & Business Environment

  • Solar, storage and electrification driving sixth energy revolution according to Ember's "The Age of Electrotech" (2026)
  • China's heavy EV volume approximately equals India's diesel Medium & Heavy Trucks volume at ~3 lakh units
  • EV penetration in 3-wheelers reached 56% in 2026 while heavy commercial vehicles remain at early stage
  • Each diesel heavy truck imports approximately ₹6.5 Cr worth of crude oil over 15-year lifecycle

Management Commentary & Growth Outlook

  • Business rationale: Captive green energy from REL directly supplies EIM's swap stations and charging points
  • Margin & cost capture through internalized energy eliminating retail tariff exposure
  • Faster scale up leveraging Ravindra Energy's execution expertise across distributed solar plants (3-10 MW across 90+ locations)
  • Network plan covers 15,000 km of key arterial highways targeting 70% of e-heavy commercial vehicle traffic
  • Phase 1 clusters around freight density and anchor customers: Mumbai/JNPA/Pune port, NCR/DICT Sonipat hub, Kandla & Mundra port drayage, NH-48 corridor anchor, Mundra/Kandla/Ahmedabad