Key Financial Figures - Ravindra Energy (Renewable Business)

Q2 FY27 Performance:

  • Turnover from electricity generation: INR 31 crores
  • Revenue from electricity trading: INR 26 crores
  • Revenue from EPC and service concession equipment (consolidated): INR 133 crores
  • Total Revenue for Q2: INR 190 crores
  • EBITDA: INR 53 crores (vs. INR 33.4 crores same quarter last year)
  • PAT before eliminating Energy in Motion losses: INR 26 crores (vs. INR 24.4 crores last year)

H1 FY27 Performance:

  • Total Revenue: INR 310 crores (vs. INR 287 crores for H1 FY26)
  • EBITDA: INR 93.7 crores (vs. INR 67.3 crores last year)
  • PAT before eliminating EIM losses: INR 38.1 crores (vs. INR 47.4 crores last year)

Consolidated Performance (including EIM losses):

  • Q2 PAT: INR 19 crores (vs. INR 24.4 crores last year)
  • H1 PAT: INR 20.7 crores (vs. INR 46.6 crores last year)

The drop in PAT for H1 was primarily attributed to lower EPC and CA revenue book in Q1 FY27 compared to last year and losses at Energy in Motion.

Operational Highlights - Renewable Energy Business

Capacity Targets and Status:

  • Target: Reach 500 MW operating portfolio by March 2027
  • Current operating portfolio: 261.21 MW
  • Projects under construction: 231.10 MW (land acquired and PPA signed for most)
  • Expected capacity additions: 200-220 MW for the full year
  • Projected operating capacity: ~300 MW in Q3 FY27, ~400 MW in Q4 FY27

Generation Performance:

  • Q2 FY27 generation: 66 million units
  • H1 FY27 generation: 145 million units

EPC Revenue Guidance:

  • Full year EPC revenue expected to be around INR 600 crores (INR 200 crores already booked in H1)
  • Electricity generation revenue guidance: INR 141-150 crores for FY27 (vs. INR 89 crores last year)

Energy in Motion (EIM) Business Update

Operational Performance:

  • Q2 vehicle sales: 142 units (vs. 58 in Q1)
  • Network sales: INR 10.7 crores (vs. INR 6.5 crores previous quarter, up 65%)
  • Charging stations: Currently 8 operational
  • Expansion plan: 15 stations by December 2026, 40 stations by March 2027
  • Network focus: Northwest corridor of India (Delhi-Pune, Mundra-Ahmedabad, Kandla-Jaipur)

Manufacturing and Technology:

  • Inaugurated modern truck assembly facility in Pune
  • Battery pack assembly facility commissioning expected next quarter
  • Tie-up with CATL for battery pack assembly in India
  • First India-assembled truck rolled out on October 30, 2026
  • Regular production expected from January 2027
  • Production capacity: 5,000 vehicles per year
  • Initial production run rate: ~200 vehicles per month from January

Financial Position:

  • Paid-up equity: INR 400 crores
  • Additional shareholder funds: INR 100 crores
  • Contribution margin: ~6% (previously 8%, affected by rupee weakness)
  • Target: Turn positive in next financial year (FY28)

Vehicle Economics:

  • Average selling price: ~INR 60 lakhs per vehicle (95% without batteries)
  • Battery-as-a-service packages: INR 14-33 lakhs per year per vehicle (7-year contracts)
  • Customer savings: 5-20% on cost per ton per kilometer compared to diesel

Merger Update

  • Merger between Ravindra Energy and Energy in Motion announced in September 2026
  • Necessary papers filed with exchanges
  • Currently undergoing regulatory review process
  • Expected completion timeline: Q2/Q3 FY28 (September 2027)
  • Post-merger networth: Approximately INR 900 crores

New Subsidiary

  • Incorporated EIM Megaplex as a step-down subsidiary
  • Will hold all charging assets, renewable energy assets supporting charging infrastructure, and batteries provided as service
  • Currently operational

Strategic Initiatives

Solar Asset Monetization:

  • Evaluating strategic options for monetization of existing solar projects (both operating and under construction)
  • Proceeds would fund EIM network expansion without external capital
  • Preference for sooner rather than later monetization

Renewable Integration with Charging Network:

  • New projects likely to be built for providing renewable energy for charging network
  • Typical swapping station: 2.5-3 MVA outdoor consumption
  • Single station can utilize 2-2.5 MW of solar daily
  • Potential for 200-300 MW solar capacity addition for 100 swap stations over 18 months
  • Current electricity trading: 120 MW monthly

Market and Customer Development

Customer Adoption:

  • Sales cycle: ~6 months from engagement to conversion
  • Strong order book for H2 FY27
  • MOUs signed for ~1,500 vehicles to be delivered in phases
  • Significant repeat orders from existing customers
  • Vehicle uptime: 99%+ (vs. 90% for new diesel vehicles)

Financing Ecosystem:

  • More than 10 banks lending to customers for vehicles (without batteries)
  • Active participation from leasing companies and specialized green finance firms
  • Largest NBFCs in country funding customers

Future Outlook

Product Pipeline:

  • Working on two additional products for launch in next 12 months
  • First product: Heavy-duty vehicle well-suited for electric conversion with strong price-performance ratio

Growth Drivers:

  • Rising diesel prices improving electric vehicle economics
  • Annual run rate of 2,000 vehicles expected to make business profitable
  • Network capacity utilization currently <30%, expected to improve with additional trucks

Analyst Engagement

  • Plan to organize analyst and investor day at Pune factory next quarter (Q3 FY27)
  • Will include demonstration of battery plant with CATL's latest battery pack technology