RattanIndia Enterprises Q4 FY26: Flipping Through Three Businesses, All Burning Cash

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1. At a Glance

RattanIndia Enterprises is a holding company betting on e-commerce, electric vehicles, and drones.

The headline: ₹7,531 crore in revenue but ₹165 crore in losses last year. It’s what happens when you’re growing three startups inside a listed shell—top-line momentum, bottom-line misery.

FY26 saw sales climb 10% year-on-year, driven by Cocoblu’s e-commerce business scaling orders to 13.7 crore. The EV division through Revolt is pushing 70% market share in India’s electric motorcycle segment. NeoSky’s drone business scaled 6× on government contracts and training programmes.

But the group burned cash across all three: e-commerce operates at negative margins, Revolt is in capex-heavy dealer expansion, and drones are pre-revenue on many contracts.

Net profit collapsed from ₹84 crore (FY25) to a ₹165 crore loss. The company is now a balance-sheet holding play, not an earnings machine.

2. Introduction

RattanIndia Enterprises Ltd is the listed flagship of the Rattan Group, a conglomerate that pivoted hard toward “new-age” sectors around 2021.

The company owns 100% of Cocoblu Retail (e-commerce), acquired 100% of Revolt Motors in January 2023, holds 20% strategic stakes in RattanIndia Power (a 1,350 MW thermal plant), and runs NeoSky as a defence-focused drone business. A fintech arm called Wefin also operates inside the group.

Until early 2023, the company was essentially a cash parked in a few power assets. The management narrative shifted: forget utilities, chase the digital India story. So they bought Revolt, scaled Cocoblu, and funded NeoSky’s military contracts.

It’s a portfolio company dressed as an operating business. The market knows this but pays for growth anyway.

3. Business Model: WTF Do They Even Do?

Three businesses, three completely different unit economics.

Cocoblu Retail: An e-commerce seller aggregator and house of own-brands on Amazon. The core model is curated inventory from 1,500+ active vendors, tied to 520 Amazon fulfilment centres, covering 99.9% of pin codes. Orders touched 3 crore in Q4 FY26 alone—a 4-orders-per-second run rate.

They’ve also launched seven Amazon-exclusive Gen Z brands: Fyltr (casual wear), Inkd (denim), Pump’d (athleisure), Kaari and Kalaanj (ethnic), Akkord (musical instruments), Neomate (stationery). Essentially vertical e-commerce for a demographic that shops on Amazon instead of going to malls.

FY26 total income was ₹7,351 crore, up 13% from FY25. The business served 12.7 crore cumulative orders since inception (2021). It’s profitable at the unit level but weighted down by capex in dark stores and infrastructure.

Revolt Motors: 100% owned, positioned as “India’s electric motorcycle leader” with roughly 70% of the EV 2W market. They’ve sold 35,000+ units cumulatively and crossed 72 crore electric kilometres driven by riders.

Product lineup spans five models: RV1 (₹99,999), RV1+ (₹104,990), RV BlazeX (₹119,990), RV400 BRZ (₹129,950), RV400 (₹139,950). All focus on low total cost of ownership versus petrol bikes—electricity costs ₹250/month vs ₹4,500 for fuel.

They’ve expanded to 221 dealerships across 202 cities in 24 states, plus international presence in Sri Lanka and Nepal. Hardik Pandya joined as brand ambassador in 2025.

Revenue contribution to the group is opaque (not separated in filings), but volumes have crossed 50,000 units (June 2025 milestone). Capex on dealer expansion and battery manufacturing is heavy.

NeoSky Drones: A 100% subsidiary (with 60% stakes in Throttle Aerospace). Positioned as “defence-grade drone supplier” with DGCA approvals and DPIIT defence licensing.

FY26 revenue exploded 6× to ₹22.3 crore from ₹3.7 crore (FY25). Delivered drones for Indian Army, Centre for Counter Terrorism, railways, and agriculture programmes. Trained 1,500 students in FY26 (85,000 cumulative training hours). Orders from government contracts are large but lumpy; royalties and service contracts are the aim.

The Group Glue: Management frames all three as riding “digital India” tailwinds. Smartphone penetration at 86%, ₹2.2 billion bank accounts, ₹1.4 billion Aadhaar stack. The pitch is that these businesses are enabling infrastructure for a ₹5 trillion economy.

Reality: It’s a portfolio of three businesses at different maturity stages, funded by the same balance sheet. E-commerce is at scale-or-die phase. Revolt is in dealer buildout. Drones are chasing order wins. None are yet generating sustainable cash.

4. Financials Overview

Figures are consolidated, in ₹ crore.

*Q3 FY26 PAT was -₹162 crore; Q2 FY26 was +₹502 crore (an outlier driven by accounting gains).

FY26 Full Year:

The EBITDA swing is the monster. FY25 had ₹253 crore in operating profit—largely from a one-off: a ₹851 crore gain in Q2 FY25 when Revolt delivered 14,000+ units and recognition spiked.

FY26 was normalized: operating profit fell to ₹-83 crore. Which means the group, at scale, is not yet profitable on operations. The e-commerce segment runs negative margins. Revolt is investing in dealerships faster than it’s generating profit. Drones are early-stage with revenue still lumpy.

Concall Highlights (Management, May 29, 2026):

Management guided that Cocoblu would “continue growing at a pace similar to that which we have demonstrated”—which translates to 13–19% annually. Revolt was celebrated for the 50,000-unit milestone and Hardik Pandya partnership. NeoSky’s 6× growth was attributed to “government contracts and training uptake.”

No guidance on group profitability or timeline to positive net profit.

5. Market Expectations & Historical Multiples

This section describes how the market is currently pricing the company and how that compares with its own history and peer group. It is