Ravindra Energy Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Solar Business: 96.5% • Investment: 3.5%
AI Sector View
AI GENERATEDPower
Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.
PROS
- Company is almost debt free
- Operating margins have improved to 12.9% from -236.9%
- Company comfortably covers its interest (19.1x coverage)
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (41.3% of PBT)
- Promoter holding has decreased over last 2 years: -16.7pp
- Company has a low return on capital employed of 7.1%
- Company has a low return on equity of 9.1% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 207.00 | 28.00 | 399193.18 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 332.60 | 11.62 | 322511.12 | 2.71 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 266.00 | 15.56 | 247396.06 | 3.38 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1300.00 | 120.03 | 214132.90 | 0.00 | 9830.00 | 1092.96 | 44310.00 | 1066.05 | 9.90 | 91.24 |
| ADANIENSOL | 1409.90 | 59.07 | 172424.35 | 0.00 | 1236.56 | 129.44 | 9711.08 | 42.41 | 9.71 | 31.27 |
| TATAPOWER | 368.00 | 30.44 | 117588.50 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 539.00 | 50.24 | 98824.72 | 0.37 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.23 | 20.17 | 76573.30 | 2.11 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 89.39 | 124.10 | 75322.96 | 0.00 | 3048.40 | 1282.62 | 11068.60 | 1527.23 | 3.73 | 91.95 |
| TORNTPOWER | 1296.15 | 28.11 | 65313.46 | 1.54 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 273.00 | 11.80 | 37855.18 | 1.41 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.57 | 32.83 |
| RELTD | 161.30 | 53.66 | 3202.80 | 0.00 | 1.64 | -92.82 | 119.97 | -26.24 | 9.06 | 21.99 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 24 | 17 | 4 | 16 | 4 | 4 | 39 | 142 | 144 | 102 | 102 | 97 | 92 | |
| 20 | 16 | 5 | 11 | 4 | 5 | 34 | 121 | 119 | 72 | 87 | 90 | 83 | |
| Operating Profit | 4 | 1 | -1 | 5 | -1 | -1 | 5 | 20 | 24 | 30 | 15 | 7 | 9 |
| OPM % | 18.26% | 5.21% | -17.04% | 32.24% | -21.37% | -19.66% | 13.74% | 14.46% | 17.05% | 29.18% | 15.16% | 7.25% | 9.63% |
| 0 | 1 | 2 | 2 | 10 | 2 | 2 | -10 | 1 | 3 | 5 | 10 | 5 | |
| Interest | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 4 | 1 | 0 | 6 | 8 | 0 | 7 | 9 | 24 | 32 | 19 | 16 | 14 |
| Tax % | -0.76% | -5.41% | 0.00% | -0.50% | 24.60% | -568.75% | 14.29% | -12.37% | -0.16% | -0.09% | -0.52% | 0.12% | -0.36% |
| Net Profit | 4 | 1 | 0 | 6 | 6 | 2 | 6 | 10 | 24 | 32 | 19 | 16 | 14 |
| 0.29 | 0.06 | 0.01 | 0.41 | 0.40 | 0.14 | 0.37 | 0.63 | 1.43 | 1.74 | 1.08 | 0.90 | 0.77 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 122 | 54 | 47 | 163 | 353 | 114 | 73 | 59 | 61 | 188 | 393 | |
| 123 | 49 | 44 | 160 | 330 | 117 | 262 | 57 | 51 | 164 | 332 | |
| Operating Profit | -1 | 5 | 3 | 3 | 23 | -3 | -189 | 2 | 10 | 24 | 61 |
| OPM % | -0.93% | 8.55% | 7.14% | 1.83% | 6.57% | -2.35% | -259.10% | 2.70% | 16.04% | 12.91% | 15.56% |
| 5 | 6 | 5 | 21 | -2 | 8 | 12 | 5 | 4 | 4 | 23 | |
| Interest | 0 | 1 | 2 | 13 | 20 | 15 | 4 | 1 | 2 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 4 |
| Profit before Tax | 4 | 9 | 6 | 10 | 1 | -10 | -181 | 4 | 11 | 25 | 81 |
| Tax % | 33.31% | 32.62% | 30.61% | 30.31% | 24.02% | -1.16% | -0.04% | -4.40% | -0.87% | -0.06% | -0.20% |
| Net Profit | 2 | 6 | 4 | 7 | 1 | -10 | -181 | 4 | 11 | 25 | 81 |
| EPS | 0.21 | 0.54 | 0.33 | 0.58 | 0.05 | -0.83 | -14.27 | 0.31 | 0.70 | 1.38 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- -12%
- 3 Years:
- 37%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 53%
- 5 Years:
- 109%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 14%
RETURN ON EQUITY
- 10 Years:
- -7%
- 5 Years:
- -16%
- 3 Years:
- 9%
- Last Year:
- 10%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 118 | 118 | 118 | 120 | 120 | 120 | 134 | 137 | 154 | 179 |
| 92 | 98 | 90 | 105 | 106 | 143 | -45 | -89 | -9 | 171 | |
| 5 | 7 | 9 | 180 | 206 | 140 | 62 | 22 | 21 | 5 | |
| Trade Payables | 80 | 5 | 8 | 7 | 58 | 15 | 4 | 9 | 3 | 8 |
| 76 | 214 | 223 | 134 | 14 | 22 | 79 | 87 | 5 | 25 | |
| Total Liabilities | 371 | 442 | 448 | 546 | 504 | 439 | 233 | 166 | 174 | 388 |
| 12 | 16 | 16 | 16 | 17 | 17 | 7 | 12 | 11 | 14 | |
| Capital Work in Progress | 0 | 0 | 2 | 1 | 1 | 1 | 0 | 0 | 0 | 0 |
| 150 | 182 | 207 | 224 | 224 | 230 | 88 | 109 | 102 | 188 | |
| 1 | 3 | 14 | 5 | 9 | 3 | 1 | 1 | 3 | 4 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 45 | |
| Cash & Bank | 5 | 15 | 11 | 9 | 14 | 7 | 4 | 14 | 14 | 36 |
| 203 | 227 | 198 | 292 | 238 | 181 | 134 | 30 | 35 | 102 | |
| Total Assets | 371 | 442 | 448 | 546 | 504 | 439 | 233 | 166 | 174 | 388 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 42 | 40 | -163 | -9 | 27 | -27 | 46 | -26 | -24 | |
| Cash from Investing | 0 | -30 | -39 | -5 | 10 | -2 | 23 | 5 | 4 | -117 |
| Cash from Financing | 3 | -1 | -2 | 168 | 6 | -34 | 1 | -39 | 21 | 162 |
| 4 | 10 | -3 | -2 | 5 | -8 | -3 | 11 | -0 | 22 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 0.20 | 0.54 | 0.33 | 0.57 | 0.05 | -0.83 | -13.49 | 0.31 | 0.70 | 1.38 |
| Book Value (₹) | 17.78 | 18.30 | 17.59 | 18.77 | 18.84 | 21.92 | 6.63 | 3.53 | 9.41 | 19.58 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.21 | 0.55 | 0.36 | 0.61 | 0.11 | -0.76 | -13.17 | 0.41 | 0.80 | 1.46 |
| PROFITABILITY | ||||||||||
| Operating Margin % | -0.93% | 8.55% | 7.14% | 1.83% | 14.04% | 5.10% | -236.86% | 11.40% | 16.04% | 12.91% |
| Net Margin % | 1.97% | 11.71% | 8.29% | 4.18% | 0.18% | -8.75% | -248.50% | 7.18% | 17.88% | 13.08% |
| ROE % | 1.16% | 2.97% | 1.84% | 3.15% | 0.28% | -4.08% | -103.12% | 6.13% | 11.20% | 9.95% |
| ROCE % | 1.90% | 4.79% | 3.67% | 7.47% | 4.98% | 1.23% | -56.42% | 2.93% | 8.35% | 10.01% |
| 0.68% | 1.56% | 0.87% | 1.37% | 0.12% | -2.11% | -53.91% | 2.12% | 6.38% | 8.76% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 5 | 79 | 100 | 69 | 64 | 196 | 209 | 123 | 61 | 53 |
| Inventory Days | 2 | 11 | 64 | 20 | 7 | 19 | 10 | 6 | 12 | 7 |
| Payable Days | 0 | 0 | 0 | 0 | -7423 | 8269 | 0 | 0 | 0 | 0 |
| 7 | 90 | 165 | 89 | 7494 | -8054 | 219 | 130 | 73 | 60 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.03x | 0.03x | 0.04x | 0.80x | 0.91x | 0.53x | 0.69x | 0.39x | 0.13x | 0.01x |
| Interest Coverage (x) | 10.40x | 9.44x | 3.29x | 1.73x | 1.04x | 0.34x | -46.81x | 4.38x | 7.67x | 19.10x |
| 1.27x | 1.07x | 0.93x | 0.95x | 0.94x | 4.63x | 8.83x | 1.28x | 2.46x | 5.78x | |
| GROWTH | ||||||||||
| Revenue Growth % | 57.55% | -55.65% | -13.09% | 247.86% | 116.14% | -67.72% | -35.98% | -19.40% | 3.22% | 210.22% |
| Operating Profit Growth % | 469.04% | 163.60% | -21.64% | 182.21% | 108.29% | -88.28% | -3072.56% | 103.88% | 110.32% | 144.54% |
| Net Profit Growth % | 581.82% | 163.50% | -38.49% | 75.37% | -90.91% | -1705.97% | -1719.10% | 102.33% | 156.91% | 126.99% |
| 560.71% | 163.54% | -38.49% | 72.51% | 0.00% | 0.00% | 0.00% | 0.00% | 128.95% | 96.07% | |
| VALUATION | ||||||||||
| P/E (x) | 103.19x | 51.28x | 109.12x | 78.02x | 0.00x | 0.00x | 0.00x | 0.00x | 104.75x | 92.88x |
| P/B (x) | 1.18x | 1.50x | 2.05x | 2.37x | 0.00x | 0.00x | 0.00x | 0.00x | 7.83x | 6.54x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 60.80x | 29.47x | 50.10x | 29.55x | 0.00x | 0.00x | 0.00x | 0.00x | 81.07x | 65.45x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - Ravindra Energy Limited has informed the Exchange regarding Energy In Motion Limited (Associate Entity) Signs a Strategic MoU with Oil Field Warehouse & Services Limited and Radiance Green Mobility Pvt Ltd for Deployment of 500 Electric Heavy Commercial Vehicles.
2026-08-26 - Ravindra Energy Limited has informed about providing corporate guarantee to Muon India Private Limited.
2026-08-26 - Ravindra Energy Limited has informed the Exchange regarding Allotment of 12500 Shares.
2026-08-22 - Ravindra Energy Limited has informed the Exchange regarding 'submission of disclosure received under Regulation 31(1) of SEBI (SAST) Regulation 2011 for creation of encumbrance on shares by Promoters '.
2026-08-21 - Ravindra Energy Limited has informed the Exchange regarding 'Ravindra Energy Limited has informed the Exchange regarding ''Disclosure under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 Pledge Creation by Promoter '.
2026-08-21 - Ravindra Energy Limited has informed the Exchange regarding ''Disclosure under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 Pledge Creation Khandepar Investments Private Limited'.
2026-08-18 - We are submitting herewith a copy of the newspaper cutting evidencing the publication of the financial results of the Company.
2026-08-14 - Ravindra Energy Limited has informed the Exchange regarding Reappointment of Mr Shantanu Lath, as Whole-time Director designated as Chief Executive Officer of the company w.e.f. August 11, 2026.
2026-08-14 - Ravindra Energy Limited has informed the Exchange regarding 'General Business update for Quarter 1-ended June 30, 2026'.
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