1. At a Glance
RattanIndia Enterprises is the RattanIndia Group’s tech playground — part Amazon partner, part electric bike showroom, part drone pilot school. FY25 brought in ₹7,540 Cr revenue but ended with a ₹268 Cr loss. Q1 FY26 looked much better on paper with ₹2,313 Cr revenue and ₹502 Cr PAT — but before you pop champagne, remember last year’s quarters have swung from triple-digit profits to bigger triple-digit losses. Promoters hold a chunky 74.86%, the stock trades at 7.58x book, and the valuation is built more on “future cool factor” than present earnings stability.
2. Introduction
If RattanIndia Enterprises were a Netflix genre, it would be “Techno-Drama”: multiple business models, plot twists every quarter, and occasional cliffhanger earnings. The company went from legacy infrastructure into full-blown “new-age” mode — now chasing growth ine-commerce (Cocoblu Retail),electric motorcycles (Revolt Motors), anddrones (Neosky).
In theory, it’s a diversified tech story with huge TAMs (Total Addressable Markets) and a promoter group that doesn’t shy away from bold bets. In practice, the P&L still looks like it’s in start-up adolescence — rapid top-line growth punctuated by periods of red ink that could fill a small swimming pool.
Q1 FY26’s big profit number (₹502 Cr) is impressive, but the swings in OPM — from -25% last quarter to +26% now — mean we can’t call this a stable trend yet.
3. Business Model (WTF Do They Even Do?)
RattanIndia Enterprises operates three main verticals:
- E-Commerce (Cocoblu Retail)
- Tie-up with ~136 Amazon Fulfilment Centres.
- Acts as a seller partner, aggregating big & small brands for online retail.
- Revenues here are high-volume, low-margin — Amazon sets the rules.
- Electric Vehicles (Revolt Motors)
- Manufactures & sells AI-enabled electric motorcycles.
- Competes with Ola Electric, Ather, and a dozen other two-wheeler EV hopefuls.
- Runs on the “future mobility” buzz, but still finding mass adoption sweet spot.
- Drones (Neosky)
- Plans for consumer and industrial drones in logistics, mapping, and defence-adjacent
- use cases.
- Early-stage, regulatory-dependent segment.
They’ve positioned themselves as a holding company for multiple tech plays — think of it as a small-cap Reliance Jio Platform experiment.
4. Financials Overview
FY25 (Consolidated):
- Revenue: ₹7,540 Cr (↑10% YoY)
- EBITDA: -₹170 Cr (margin -2%)
- PAT: -₹268 Cr
- ROE: 9.17% (last year) but negative in 3-year average.
- Book Value: ₹6.67
Q1 FY26:
- Revenue: ₹2,313 Cr (-7% YoY)
- EBITDA: ₹609 Cr (margin 26%) — huge swing from -25% margin last quarter.
- PAT: ₹502 Cr (vs ₹851 Cr in Jun’24, -41% YoY)
- EPS (quarter): ₹3.64
Caution: The wild swings in profit are partly from non-operational items. Sustained profitability is not yet visible over multiple quarters.
5. Valuation (Fair Value RANGE only)
| Method | Metric Used | Multiple Applied | FV (₹/share) |
|---|---|---|---|
| P/S | Sales FY25 ₹7,540 Cr | 0.6x – 0.8x | ₹28 – ₹38 |
| EV/Sales | EV ₹7,200 Cr est. | 1.0x – 1.2x | ₹35 – ₹42 |
| Sum of Parts | E-Com + EV + Drone EVAs | ₹30 – ₹44 |
Fair Value Range:₹28 – ₹44
This FV range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 Results:₹502 Cr PAT, but YoY decline from ₹851 Cr in Jun’24.
- Revolt Motors Offer:₹20,000 Independence Day discount on electric
