1. At a Glance

When you see a company withsales up 672% YoY,profit up 2,099%, and a4,160% TTM profit growth, you either think it’s a tech startup on steroids or a good old Indian turnaround story that went solar and viral. Ravindra Energy Ltd (REL), with a market cap of ₹2,760 crore and a current price of ₹155 (down 3.8% on Nov 4, 2025), falls squarely into the latter. Once a sleepy solar pump seller, now it’s morphing into a renewable powerhouse and EV enabler — and throwing in a 55-ton electric tractor namedAshwafor good measure.

This ₹155-stock trades at a P/E of 33.6x — not cheap — but in a country where solar dreams and electric fantasies drive valuations, that’s practically “grounded.” With debt of ₹224 crore, a current ratio of 2.54, and a book value of ₹19, the scrip commands an eye-popping P/B of 8.14x. The operating profit margin (OPM) has jumped to 20.1%, with PAT margin last year at 10.6%. The story’s heat source? A cocktail of solar parks, feeder-level projects, and a fresh EV venture that’s charging faster than the company’s own ROCE of 9.5%.

Ravindra’s latest quarter — Q2 FY26 — was basically a Diwali firecracker factory: ₹120 crore in sales (up 672%) and ₹30.8 crore in profit (up 2,099%). That’s what happens when your solar lights are finally turned on and your tractors start humming silently.

2. Introduction

Picture this: it’s 1980. India’s renewable energy policy was just “pray for good monsoon.” Enter Ravindra Energy, setting up solar panels before it was cool. Fast forward to 2025, and suddenly, the world’s in love with solar, the government’s dishing out tenders like Diwali sweets, and Ravindra finds itself holding a shiny ticket to the green gold rush.

In the past decade, Ravindra Energy was better known for trading sugar (yes, actual sugar) than for lighting up villages. But 2024–25 marked the transformation — a complete rebranding from“sweet business”to“sun business.”The company shifted focus to solar projects, renewable energy parks, and now, through its associateEnergy In Motion Pvt. Ltd. (EIM), it’s jumping into electric vehicles — heavy trucks and even India’s firstbattery-swappable 55-ton electric tractor. If that doesn’t make you pause, maybe the 187 MW of operating solar capacity will.

And in true desi business style, they’ve got fingers in every sunny pie — rooftop solar, ground-mount plants, and even an 80 MW project waiting to plug in at Wardha, Maharashtra. Throw in a few corporate guarantees worth ₹145 crore, a ₹180 crore preferential issue, and a ₹500 crore planned QIP — and you’ve got yourself a solar-powered finance machine that knows how to make headlines.

So, is Ravindra Energy the next renewable multibagger, or another overcharged inverter that might short-circuit under pressure? Let’s turn the meter on.

3. Business Model – WTF Do They Even Do?

Ravindra Energy Ltd does three things:sells solar pumps,builds solar power projects, andsells electricity. But now, they’ve added a shiny fourth:EV ecosystem through an associate company.

Let’s break it down (because this menu is longer than a government scheme acronym):

• Solar Pumps & Rooftops:The company is anEmpanelled Supplierwith the Ministry of New and Renewable Energy (MNRE). Translation: it’s government-approved to install solar pumps and rooftop systems that come with subsidy sizzle. These pumps and panels are deployed in states like Karnataka, Maharashtra, and Rajasthan.
• Ground-Mount & Grid Projects:Through subsidiaries and LLPs (15 of them, to be exact), Ravindra operates solar generation units totaling34 MW, and has commissioned13.9 MWpin Solapur, with another14 MWcoming up.
• Mega Developments:The company plans an 80 MW solar plant in Wardha and a50 MW solar-wind hybridin North Karnataka. The jewel in the crown? A400 MW solar park in Rajasthan(via Prerak Greentech Solar Pvt Ltd), expected by Jan 2025.
• Power Trading:Its subsidiary,REL Power Trading LLP, holds a Category ‘V’ license to trade power across India. It began operations in June 2023 — small step for electricity, giant leap for margins.
• Electric Vehicles:The associate firm,Energy In Motion Pvt. Ltd. (EIM), has already sold India’s firstbattery-swappable electric tractor“Ashwa,” and signed an exclusive agreement withBeiqi Foton Motor Co. Ltd.to launch electric heavy trucks in India by FY26.

Essentially, Ravindra’s gone from sugar trading to solar selling to electric trucking — because why stick to one renewable cliché when you can have all three?

4. Financials Overview