At a Glance

Once a thermal power player, RattanIndia Enterprises has fully morphed into a tech-hungry conglomerate with ambitions in electric vehicles, drones, and e-commerce. But while the topline is growing, bottomline losses remain heavy. And yes, the P/E is over 100. Investors love the dream — but is it still a mirage? RattanIndia Enterprises – From Powerhouse to Power Wheels, but Can It Deliver Profits?🚲 Drones, EVs, E-Commerce… And ₹359 Cr Loss in Q4. What’s Cooking, Rajiv Rattan?

🧪 1. The Frankenstein of Tech Dreams

Remember RattanIndia Power? The same group has now repositioned itself as “RattanIndia Enterprises” — a holding company building new-age tech ventures. We’re talking:

• 🛒 Cocoblu – E-commerce seller on Amazon
• ⚡ Revolt Motors – Electric motorcycle manufacturer
• ✈️ NeoSky – Drone business (surveillance, logistics, SaaS)

So from thermal plants to thermal drones. We love a glow-up, but this one might need a hard refresh.

📈 2. The Financials – Rocket or Wreck?

Let’s take a brutal look at the numbers. And no, we won’t sugarcoat it.

👇 FY25 (March-end) Highlights:

Wait, wait. So they grew sales, improved margins, and still tanked profits?

Yes. Because Other Income fell from ₹532 Cr to ₹10 Cr. Welcome to the reality of non-operating profit being your main life-support.

🧨 3. The Q4 FY25 Implosion

If you thought annual numbers were shaky, check this out:

Q4 FY25 Net Loss: ₹359 Cr
Operating Profit: ₹-377 Cr
Operating Margin: -25%

They made ₹1,505 Cr in revenue — and lost money on every rupee. Cocoblu, Revolt, NeoSky — who’s burning the cash faster?

Even Q3 wasn’t a fluke:

• Q3 Net Loss: ₹170 Cr
• Q2 Net Loss: ₹242 Cr
• Only Q2 FY24 was profitable thanks to one-off gains.

Let that sink in.

🛵 4. Business Segment Deep Dive

🛒 Cocoblu Retail (E-Commerce)

• Sells across 136 Amazon fulfillment centers
• Yet margins are razor-thin or negative
• Growth is coming… but profitability? Missing in action

⚡ Revolt Motors (EV)

• India’s 1st AI-enabled electric motorcycle (allegedly)
• Hit 50,000 unit milestone in June 2025
• Planning to double capacity by 2026
• But also… no profits yet. Capex burn continues.

✈️ NeoSky (Drones)

• Commercial + Surveillance drones
• Pitching themselves as a SaaS drone company
• But right now? Early-stage. Revenue negligible.

In short: multiple dreams, zero dividends.

💸 5. Valuation – Wild or Justified?

Let’s break down how the market is pricing this:

This is not your average FMCG compounding machine.

You’re buying into a tech-conglomerate bet — not cash flows. Which means… everything rests on future growth. Not today’s profit.

🤖 6. Promoter Moves, Public Mood

• Promoter Holding: Stable at 74.86%
• FIIs: Dropped from 9.5% to 6.09% in FY25
• DIIs: Almost zero
• Public Holding: Rising to 18.82%
• No. of Retail Shareholders: 4.18 lakh

Translation? The smart money is exiting slowly. Retail money is flocking in. Not a great combo.

📉 7. Verdict: Electrifying Story, Burnt Bottomline

RattanIndia Enterprises wants to be India’s Tesla + Amazon + DJI.
But right now, it’s giving strong “WeWork 2019” vibes:

• ✅ Bold ideas (E-Com, EVs, Drones)
• ✅ Rising sales
• ❌ Weak profitability
• ❌ High P/E, low ROE
• ❌ Dependence on other income

🔍 Fair Value Range

Let’s attempt a SOTP (Sum of the Promises) style range based on current data.

🧮 FV Range = ₹5,500 Cr to ₹6,000 Cr = ₹40–₹44 per share

CMP = ₹58.9
So yes, looks overpriced unless the next few quarters turn black.

🎭 Final Thoughts

• 🧠 This is a “bet-the-jockey” stock. You’re trusting Rajiv Rattan to build a profitable tech empire.
• 🔥 But today, the businesses are burning more cash than they’re earning.
• 💸 For now, it’s a high-risk retail-fav play — not a bottom-up compounder.

✍️ Written by Prashant | 📅 June 24, 2025

Tags: RattanIndia Enterprises, Revolt Motors, Cocoblu, EV stocks, drone stocks, e-commerce India, RattanIndia share analysis, Rajiv Rattan, Nifty 500, EduInvesting