Ravindra Energy in Focus After 400% Power Generation Growth; EV Business Crosses ₹180 Cr

Synopsis:- Ravindra Energy Limited disclosed a near-fourfold rise in annual renewable power generation alongside the full-year performance of its electric heavy-vehicle subsidiary, which crossed Rs. 180 crore in FY26 revenue while remaining loss-making, a combination that will define the near-term investment narrative for the stock.

A Karnataka-based renewable energy and electric mobility company filed a business update with the exchanges on April 29, covering two distinct operations: a solar power generation portfolio that has scaled sharply following new project commissioning, and a commercial electric vehicle unit working through its early-stage investment phase. 

With a market capitalisation of Rs. 2,576.3 crore, the shares of Ravindra Energy Limited were last available at Rs. 144.23 per share, up 0.92 percent from its previous close of Rs.142.91. It is trading at a P/E of 28.81.

The renewable generation business has undergone a structural step-up in output. For the full year ended March 2026, the company generated 194.1 million kWh compared to 53.8 million kWh in FY25, a near-fourfold rise.

The acceleration was almost entirely driven by two MSEDCL-backed projects in Maharashtra: MSKVY Phase I (135.8 MWp, commissioned October 2025, tariff Rs. 3.07 per unit) and MSKVY Phase II (39.4 MWp, commissioned March 2026, tariff Rs. 3.10 per unit), both of which also carry an incentive of Rs. 0.25 per kWh for three years from commercial operation. Q4 FY26 alone logged 78.3 million kWh versus 16.0 million kWh in Q4 FY25, a five-times jump in a single quarter.

The operating portfolio now stands at 228.9 MWp across 70 locations, spanning MSEDCL-tied ground-mount projects, Karnataka FLS plants (34.2 MWp at Rs. 8.40 per unit), rooftop solar installations, open access consumers in Maharashtra, and a 1.3 MWp wind turbine. Two projects totalling 31.2 MWp remain under construction, with expected commissioning by June 2026.

The under-development pipeline carries another 227.3 MWp across 36 locations (MSKVY Phase III (156 MWp, target September 2027) and a Karnataka HESCOM project (71.3 MWp, target January 2027)) bringing the grand total pipeline to 486.3 MWp across 113 locations. Land acquisition for both under-development projects is listed as work-in-progress, which remains the primary execution risk at this stage.

The electric heavy commercial vehicle subsidiary, operating under the Energy In Motion (EIM) brand, delivered 311 units through FY26 ; 277 on an outright sale basis and 34 on lease. Ports and shipping accounted for the bulk of deliveries (219 units), with cement (89 units) and power sector customers (3 units) making up the remainder. Q4 FY26 saw a sharp revenue ramp to Rs. 101.1 crore from Rs. 34.76 crore in Q3 FY25, with the full-year EIM revenue coming in at Rs. 180.6 crore. The assembly plant at Talegaon, Pune, carries a 5,000-units-per-annum nameplate capacity.

Despite the revenue ramp, EIM’s losses are widening. The unit posted a PAT loss of Rs. 9.06 crore in Q4 FY26, up from Rs. 4.56 crore in Q3 meaning quarterly losses nearly doubled even as revenue trebled. The full-year PAT loss stands at Rs. 15.29 crore. The probable drag is swap station infrastructure: the company operates three battery swap stations and six chargers, with seven more stations and eight chargers under installation across Maharashtra, Haryana, Rajasthan, Gujarat, and Tamil Nadu.

Total energy dispensed to date stands at 2.93 million kWh across 11,700 battery swaps and 3,800 charging sessions. An upgraded 350 kWh vehicle is currently undergoing homologation. For FY27, the company has flagged corridor expansion into the NCR region, the Delhi-Mumbai highway, Kandla and Mundra ports, and the Mumbai-Pune Expressway, with work already underway at several locations.

Business Overview

Incorporated in 1980 and listed on BSE (504341) and NSE (RELTD), Ravindra Energy Limited operates across solar power generation, electric heavy commercial vehicles through its EIM subsidiary, and solar pump distribution. 

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