Company Overview & History

Founded in 1969 with technical collaboration with International Rectifier Corporation, USA. Went public in 1986 through IPO. In 2000, collaborated with Silicon Power Corporation, USA for manufacturing high-power devices. Management control changed in 2005 with induction of Mr. Harshad Mehta as new promoter. In 2009, merged Orient Semiconductors Pvt. Ltd. into RIR Power Electronics Limited. In 2021, acquired 100% stake in Visicon Power Electronics Private Limited for manufacturing Silicon Carbide (SiC) wafers.

Key Technical Milestones

  • 2014: Developed 30V, 10,000A rectifier for electrolysis commissioned at BARC, Mysore
  • 2019: Developed 12V, 10,000A rectifier for demagnetization at Hindalco's Hirakud Smelter in Sambalpur
  • 2020: Designed and commissioned plasma rectifier at Nuclear Fuel Complex (NFC), Hyderabad
  • 2022: Developed 60V, 2000A rectifier for green hydrogen applications commissioned at 15MW facility in Kadodiya, Ujjain

Management Team

  • Dr. Harshad Mehta: Non-Executive Chairman, PhD in Power Electronics
  • Mr. N Ramesh Kumar: MD & CEO
  • Mr. Ramesh Trasi: Chief Technology Officer

Business Operations

Serves 400+ global customers. First company to make SiC based devices manufacturing in India. Key products for railway & defense sector. Products portfolio includes Si Thyristors & Diodes, Power Modules, IGBTs & IPMs, Systems & Accessories.

Latest Company Updates

SiC Semiconductor Plant at Bhubaneswar, Odisha

Cleanroom construction completed. Plant and machinery installation under progress, estimated completion by July 2026. Epitaxial wafer production expected to be commissioned in 2nd quarter of FY2027 (Q2 FY2027).

New Overseas Order

Won first overseas order to supply 5 kV silicon-controlled rectifier (SCR) thyristors. Order involves supply of 125-mm press-pack SCR devices for high-power and high-current applications. To be executed in phases with completion expected by end of 2026.

Technical Innovation

Developed 25 kV–120 kA capacitor discharge vertically integrated semiconductor switch for high-energy pulse power systems. Applications include defense systems, advanced medical equipment, precision directed energy technologies.

Industry Context

India launched India Semiconductor Mission 2.0 with increased focus on semiconductor equipment, materials, supply chains, R&D, and indigenous chip design capabilities. Indian semiconductor market projected to grow from USD 45-50 billion currently to over USD 100 billion by 2030. India and Netherlands elevated bilateral ties to Strategic Partnership with 17 agreements focused on semiconductors. Under National Quantum Mission, India demonstrated 1,000-km quantum-secure communication network.

Financial Performance - Standalone FY26

(Amount in ₹ Cr except EPS)

  • Revenue: ₹90.87 Cr (FY25: ₹86.21 Cr) - +5.41% YoY
  • Adjusted EBITDA*: ₹10.58 Cr (FY25: ₹11.39 Cr) - -7.16% YoY
  • Adjusted EBITDA Margin: 11.64% (FY25: 13.22%) - -158 bps
  • PAT: ₹6.72 Cr (FY25: ₹8.28 Cr) - -18.81% YoY
  • PAT Margin: 7.20% (FY25: 9.38%) - -218 bps
  • EPS (Basic): ₹0.86 (FY25: ₹1.15) - -25.25% YoY

*Adjusted EBITDA is before considering ESOP expenses of ₹0.37 Cr

Financial Performance - Q4 FY26

(Amount in ₹ Cr except EPS)

  • Revenue: ₹23.95 Cr (Q3 FY26: ₹20.27 Cr, Q4 FY25: ₹26.46 Cr) - +18.16% QoQ, -9.50% YoY
  • Adjusted EBITDA*: ₹2.46 Cr (Q3 FY26: ₹0.86 Cr, Q4 FY25: ₹3.44 Cr) - +185.48% QoQ, -28.42% YoY
  • Adjusted EBITDA Margin: 10.29% (Q3 FY26: 4.26%, Q4 FY25: 13.01%) - +603 bps QoQ, -272 bps YoY
  • PAT: ₹1.39 Cr (Q3 FY26: ₹0.44 Cr, Q4 FY25: ₹2.55 Cr) - +212.53% QoQ, -45.54% YoY
  • PAT Margin: 5.55% (Q3 FY26: 2.15%, Q4 FY25: 9.43%) - +340 bps QoQ, -388 bps YoY
  • EPS (Basic): ₹0.17 (Q3 FY26: ₹0.06, Q4 FY25: ₹0.32) - +190.75% QoQ, -45.54% YoY

*Adjusted EBITDA is before considering ESOP expenses of ₹0.37 Cr

Growth Drivers & Positioning

Current order backlog: ₹17.5 Cr. Export contribution: 35-40%. Focus on defense sector and infrastructure investment, especially Indian Railways. Positioned as India's first vertically integrated silicon carbide facility in Odisha.

Investor Relations Contacts

  • Ankit Shah, Finance Controller: +91 9820051272, ankit@rirpowersemi.com
  • Abhishek Savant, Veritas Reputation PR Pvt. Ltd.: +91 8108848822, abhishek@veritasreputation.com
  • Ketan Netawate, Veritas Reputation PR Pvt. Ltd.: +91 8857092518, ketan.netawate@veritasreputation.com

Disclaimer

Contains forward-looking statements subject to risks including market volatility, competitive environment, regulatory factors, supply chain disruptions, global economic conditions, foreign exchange risks, and technological changes. Investors cautioned not to place undue reliance on forward-looking statements.