01 — At a Glance
From Boring Solar to E-Tractor Chaos: The Ravindra Energy Redemption Arc
- 52-Week High / Low₹192 / ₹93
- Q3 FY26 Revenue₹127 Cr
- Q3 FY26 PAT₹15 Cr
- TTM EPS₹4.54
- Annualised EPS (Q3 Avg × 4)₹4.52
- Book Value / Share₹22.1
- Price to Book5.99x
- Operational Solar Capacity (Dec 2025)187 MWp
- E-Tractors Sold (9M FY26)125 units
- Debt / Equity0.98x
Flash Summary: Ravindra Energy is the company that couldn’t decide between being a solar utility and an EV startup, so it became both. Q3 FY26 revenue was ₹127 crore (up 139% YoY) and PAT came in at ₹15 crore. The stock has crashed 20.5% in three months, trades at 5.99x book value, and is betting its future on a startup called Energy In Motion (49.5% owned) that’s building electric tractor swapping stations. Yes, you read that right. Battery swapping. For trucks. In India. It’s either the most contrarian bet in power sector history or the most expensive experiment ever. Let’s find out which.
02 — Introduction
44 Years of Solar Pump Sales, Then: “What If We Built E-Tractors?”
Ravindra Energy Limited was incorporated in 1980 when electric tractors existed only in the fever dreams of science fiction authors and nobody had heard of battery swapping stations. For 44 years, they did what they were supposed to do: sell solar water pumps, set up solar power plants, and trade in sugar and coal (yes, actually). The business was boring. Revenue was flat. Margins ranged from “meh” to “please explain this to shareholders.”
Then, in 2023, the company decided to get weird.
They birthed Energy In Motion Limited (EIM), a 49.5% stake joint venture with J M Baxi group to build electric tractors with battery swapping technology. The idea: heavy-duty e-tractors (46–55 tonnes) for logistics, cement, steel, and port operations. The execution: partner with CATL (the world’s largest EV battery company), set up swapping stations across India’s transport corridors, and deploy 5,000+ e-tractor manufacturing capacity in Pune by June 2026. The problem: they’re funding this ₹296 crore corporate guarantee to EIM’s YES Bank facilities while their core solar business is growing at a reasonable 368% (TTM sales growth) but from a low base. The stock has tanked 20.5% in three months because investors are wondering: Is this the next Ola Electric, or will this turn out like every other PSU venture into sexy new tech?
Concall Insights (Jan 2026): During investor presentations, CEO Shantanu Lath was crystal clear: “We’re not building e-tractors for the sake of it. The market in India is moving 56,316 tractors annually in the 46–55 tonne segment. That’s growing 45% CAGR. Our economics show e-tractors with battery swapping are 11% cheaper than diesel. We’ve sold 125 units in 9 months. We have a 263-unit order book. The first two swap stations are operational in Mumbai and Sonipat. By FY29, we want 100 swap stations.” Translation: This is not a sideline. This is the future. And they’re already doing it.
03 — Business Model: Two Companies Living in One Stock
One Solar Utility. One EV Startup. One Very Confused Stock Price.
Ravindra Energy operates in two universes that have almost nothing to do with each other. On one side: Solar Energy Generation — 187 MW operational capacity in rural feeder solarization (KUSUM scheme), open access C&I projects, and rooftop installations. They have PPAs with Maharashtra and Karnataka distribution companies at ₹2.87 to ₹8.40 per unit. This is steady, boring, and profitable. On the other side: Energy In Motion — a startup they co-own that manufactures 55-tonne electric tractors and operates battery swapping stations. This is chaotic, ambitious, and bleeding cash.
The solar business is the cash cow. FY25 revenue was ₹250 crore with a 17% PAT margin. TTM revenue is ₹569 crore (368% growth, but from a low FY25 base). The company has become an EPC contractor, land aggregator, and power plant operator — they own the full stack. They’ve aggregated 1,790 acres across 33 locations in Maharashtra and Karnataka. They’re executing 12 projects in parallel. In the Jan 2026 investor update, they announced 13 new LOAs for 62 MW at ₹2.95 per unit. This business model works. It’s profitable. It’s boring as hell.
Energy In Motion is the moonshot. They’ve sold 125 e-tractors in 9 months. They’re running 4,213 battery swaps across two stations (Mumbai: 2,631 swaps, Sonipat: 1,582 swaps). They’re expanding to 10 operational stations by FY27E. Their manufacturing facility in Pune is under construction with 5,000 units/year capacity commissioning by June 2026. The economics work — e-tractors with battery swapping offer 11% cost savings vs diesel. But the business model is unproven, capital-intensive, and dependent on India’s logistics market staying healthy.
Solar Cap187 MWpoperational
Pipeline (FY27)289 MWpunder dev
E-Tractors Sold125 units9M FY26
Swap Stations2 active10 by FY27
The Ticking Time Bomb: Ravindra Energy’s promoter holding is 64.77%, down from 74.99% in Q3 FY25. Someone sold 10% of the company in one year. The CFO and CEO have been exercising ESOPs aggressively (CEO exercised 50,000 shares on Mar 9, 2026). This screams: “We’re diluting because we need to raise money for EIM’s burn.” And indeed, in the Jan 2026 concall, management hinted at a potential QIP (Qualified Institutional Placement) up to ₹500 crore. Translation: expect dilution.
04 — Financials Overview
Q3 FY26: Revenue Booming, Profit Messy, Margins All Over the Place
Result type: Quarterly Results (Q3 Dec 2025) | Latest quarterly EPS: ₹0.82 | Average Q1-Q3 EPS (₹0.72 + ₹1.28 + ₹0.82)/3 = ₹0.94 | Annualised: ₹3.76 | TTM EPS: ₹4.54
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 127 | 53 | 120 | +139% | +6% |
| Operating Profit | 32 | 7 | 37 | +357% | -13% |
| OPM % | 25% | 13% | 31% | +1200 bps | -600 bps |
| PAT | 15 | 2 | 31 | +572% | -52% |
| EPS (₹) | 0.82 | 0.12 | 1.72 | +572% | -52% |
The Volatility Story: Look at those swings. Revenue +139% YoY, but Operating Profit +357% YoY. That’s because Q3 FY25 was absolute trash (₹7 crore operating profit on ₹53 crore revenue = 13% margin). Q3 FY26 saw better project execution, higher renewable energy tariffs, and possibly one-time gains. But then QoQ, everything compressed — revenue +6%, profit -52%. This is not the sign of a stable business. This is the sign of a project-based revenue model where quarterly results depend entirely on which projects got commissioned when. Energy In Motion continues to hemorrhage money (₹45 crore PAT loss in Q3, though revenue rose to ₹350 crore). The parent company is propping it up with guarantees.
💬 If solar revenue is booming but volatile, and EIM is a cash drain with promising unit economics, what’s the real earnings power of Ravindra Energy in FY27? Vote in the comments: “Stable ₹200 crore PAT” vs “Volatile ₹100-300 crore range”?
05 — Valuation Discussion – Fair Value Range
What Is This Messy Company Actually Worth?
