RattanIndia Enterprises Ltd: EV Dreams, Drone Drama & ₹7,540 Cr Sales – But Where’s the Profit?

1. At a Glance

RattanIndia Enterprises is basically the desi version of a tech startup incubator — except it’s listed, has a promoter stake of 74.8%, and still can’t decide if it’s an e-commerce company, an EV maker, or a drone pilot training school. With ₹7,540 Cr in sales, it somehow managed to lose ₹265 Cr last year. The stock trades at 8.7x book value, debt is ₹923 Cr, and promoters still have pledged shares. Investors call it “new age”; auditors probably call it “work in progress.”

2. Introduction

Once upon a time, RattanIndia was a power company. Then someone whispered “tech” and “new age” into the promoter’s ears, and suddenly the group pivoted into e-commerce, fintech, EVs, and drones. Today, it’s like Reliance Jio, Ola Electric, Paytm, and IdeaForge all crammed into one entity — minus the profits.

The company’s four pillars are:

1. Cocoblu & Neobrand (E-commerce) – Selling everything from casual T-shirts to fast-fashion on Amazon.
2. Revolt Motors (EV) – The only part people actually notice; claims 100% localization and expanding dealerships across India.
3. Neotec Fintech – A lending platform that offers personal loans, credit cards, and now insurance too. Basically a digital NBFC with buzzwords.
4. NeoSky (Drones) – Drone-as-a-service, surveillance drones, cargo drones, and even DGCA-approved pilot training.

Sounds futuristic, right? Until you see the numbers.

3. Business Model – WTF Do They Even Do?

Let’s break this circus down:

• E-commerce (Cocoblu & Neobrand):
  Cocoblu tied up with 136 Amazon Fulfillment Centers, which means it’s not exactly running its own Flipkart but piggybacking on Amazon logistics. Neobrands launched D2C fashion labels like Fyltr, Pump’d, and Inkd — names that sound like energy drinks but are actually jeans and T-shirts.
• Electric Vehicles (Revolt):
  Acquired fully in Jan 2023. Revolt claims to have 65 stores in 59 cities, 100% localization, and dealership expansion plans to 400 by FY26. They even entered Nepal and Sri Lanka, because why not export losses too?
• Fintech (Neotec):
  Their platform “Win” claims to offer paperless loans, insurance, and credit cards. With India already drowning in fintechs, this is like opening another chai stall at a tea bazaar.
• Drones (NeoSky):
  From surveillance drones (TACT XL with 90 mins endurance) to cargo drones (L40 with 40kg payload), NeoSky wants to be India’s DJI. They even got DGCA approval for pilot training in Bangalore. Cute.

So, is it a retailer, an EV manufacturer, a fintech, or a drone startup? Answer: Yes. All of the above.

4. Financials Overview

Commentary: Wild swings. One quarter profit, another quarter loss. Annualised EPS makes no sense because consistency is missing. Market is treating it as an “option ticket” — either multibagger or multi-beggar.

5. Valuation – Fair Value