This article first appeared on GuruFocus .
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Q4 Revenue:INR23.95 crore, 18.16% growth over Q3 FY26, 9.5% decline year-over-year due to a large one-time order in March 2025.
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Q4 EBITDA:INR2.09 crore.
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Q4 Profit After Tax:INR1.39 crore.
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Q4 Earnings Per Share:INR0.17 per share.
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FY26 Revenue:INR90.87 crore, 5.41% increase over FY25.
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FY26 EBITDA:INR10.21 crore.
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FY26 Profit After Tax:INR6.72 crore.
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FY26 Earnings Per Share:INR0.86 per share.
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Order Intake FY26:INR90.2 crore.
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Closing Order Backlog:INR17.4 crore at the end of FY26.
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Overseas Orders:20% of orders received from overseas customers in FY26.
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Warning! GuruFocus has detected 5 Warning Signs with BOM:517035.
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Release Date: June 02, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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RIR Power Electronics Ltd ( BOM:517035 ) reported a total revenue of INR23.95 crore for Q4 FY26, marking an 18.16% growth over the previous quarter.
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The company achieved a profit after tax of INR1.39 crore for the quarter, with earnings per share standing at INR0.17.
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RIR Power Electronics Ltd ( BOM:517035 ) has secured its first overseas order for a 5kV silicon-controlled rectifier thyristor, indicating successful international market penetration.
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The company is making significant progress on its new facility in Odisha, with epitaxy operations expected to commence in the second quarter of FY27.
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RIR Power Electronics Ltd ( BOM:517035 ) is investing INR5 crore from internal accruals to upgrade its Halol facility, enhancing its capability to meet growing demand for high-power devices.
Negative Points
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The company's total revenue for Q4 FY26 showed a 9.5% decline compared to the same quarter last year, primarily due to a large one-time order executed in March 2025.
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The completion of the Odisha facility is delayed due to pending power supply, which is now expected by the end of July.
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RIR Power Electronics Ltd ( BOM:517035 ) faces challenges in securing timely bank loans for its packaging facility, which is crucial for its expansion plans.
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The company's asset turnover ratio is expected to be between 0.5x to 0.75x, which may indicate lower efficiency in utilizing its assets.
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There are concerns about the commoditization of products, which could impact margins and competitive positioning in the future.
Q & A Highlights
Q: Could you please talk about our capital allocation over the next few years, especially regarding the phase one and phase two capex? A: Ankit Shah, Finance Controller, explained that the total capex for the project is around INR618 crore. Phase one involves INR120 crore, with 50% funded by the Odisha government. The remaining INR500 crore will be split between phase one and phase two, with an expected 50% subsidy from the government. The capex is expected to be completed by December 2027 or March 2028, with an asset turnover ratio of around 0.65x.
Q: How does RIR Power Electronics compare to global players like Infineon and Mitsubishi in terms of technical capabilities and margins? A: Harshad Mehta, Chairman, highlighted that RIR, despite being smaller, has a strong technical foundation and has competed successfully against major players like ABB and Mitsubishi. The company focuses on adding value and maintaining high quality, which helps in sustaining margins even in a commoditized market.
Q: What is the breakeven utilization for the new SiC power semiconductor operations, and what market share do you expect by FY30? A: Harshad Mehta explained that breakeven is expected at 60-65% capacity utilization, with margins improving significantly beyond that. The company aims for a 20-25% market share in the medium and high-power segments globally by FY30.
Q: Has the electricity line for the third phase been received, and what impact does this have on project timelines? A: Harshad Mehta stated that the electricity line has not yet been received, but the Odisha government is committed to providing it by the end of June. This delay affects the project timeline, but efforts are being made to expedite the process.
Q: Are there any plans to bring in strategic investors or domestic institutions to enhance credibility? A: Ankit Shah mentioned that discussions with strategic partners are ongoing, and any finalized agreements will be disclosed appropriately. The company acknowledges the value of having credible investors on board.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
