While most Indian midcaps were busy blaming macros, geopolitics, and Mercury in retrograde, RIR Power Electronics casually dropped a quarter that screamed, “Execution matters.” Q2 FY26 wasn’t about PowerPoint optimism—it was about actual numbers showing up, margins expanding, and a semiconductor story inching closer to reality.
Between EBITDA jumping like it had caffeine, PAT doubling without accounting gymnastics, and management talking confidently about Silicon Carbide while others are still Googling it, this concall had substance.
Add government grants landing in the bank, Navy shipments already executed, and a ₹618 crore capex plan that’s no longer just a slide—and suddenly, this sleepy power electronics name is wide awake.
Stick around. The real drama is not in what they achieved—but in what they’re betting the company on next. Things get electrifying from here. ⚡
2. At a Glance
Revenue up 36% YoY – Demand showed up across railways, renewables, defence; excuses stayed home.
QoQ growth of 22% – Sequential momentum says this wasn’t a one-quarter wonder.
EBITDA up 77% YoY – Operating leverage finally clocked in on time.
EBITDA margin at 17% – Product mix behaved, costs listened.
PAT up 105% YoY – Profits didn’t just grow; they doubled down.
EPS at ₹0.47 – Small number, big improvement energy.
3. Management’s Key Commentary
“Q2 FY26 has been a strong quarter marked by healthy revenue growth and meaningful margin expansion.” (Translation: This time, the spreadsheet actually matched reality 😏)
“Revenue grew 36% YoY supported by demand across renewables, railways, defence and power infrastructure.” (Translation: India spent money, and RIR was ready to collect.)
“EBITDA margins improved to 17.01% due to better product mix and disciplined execution.” (Translation: Less low-margin junk, more serious engineering.)
“PAT more than doubled YoY due to tighter operational controls.” (Translation: Costs finally got scared of management.)
“We delivered 10,000 Silicon Carbide devices for the Indian Navy.” (Translation: Not PowerPoint. Actual defence-grade shipments 🇮🇳)
“Our ₹618 crore Silicon Carbide facility will make India self-reliant.” (Translation: This is the real bet—everything else is warm-up.)
4. Numbers Decoded
Metric
Q2 FY26
YoY Change
Revenue
₹25.64 Cr
+36%
EBITDA
₹4.36 Cr
+77%
EBITDA Margin
17.01%
+392 bps
PAT
₹3.15 Cr
+105%
PAT Margin
11.97%
+400 bps
EPS
₹0.47
+124%
Decoded: Revenue grew fast, but profits grew faster—classic operating leverage kicking in. This wasn’t just demand recovery; it was execution improving underneath.
5. Analyst Questions (Decoded)
Q: When does the ₹618 Cr capex go live? A: First EPI reactor operational by Jan 2026; full ecosystem takes ~2.5 years. (Translation: Patience required, but wheels are turning.)
Q: How will this be funded? A: 50% Odisha govt grants, equity already raised, rest via debt. (Translation: Balance sheet won’t get electrocuted.)
