Ravindra Energy504341Periodic business update
Q2 FY27 update: solar portfolio at 522.8 MWp, e-HCV sales at 142 units, EIM merger under review
Q2 FY27 business update for the solar and EV businesses.
By ScoutQuest · · 3 min read
- Solar portfolio
- 296.0 MWp operating + 226.8 MWp under construction = 522.8 MWp across 117 projects
- REL Q2 turnover
- Rs. 1,903.3 million
- REL Q2 PAT
- Rs. 190.4 million
Solar and EV business update
The company has shared a business update covering its renewable energy business and its electric vehicle business for the quarter ended September 30, 2026, together with the status of its merger with Energy In Motion (EIM).
Solar portfolio: 522.8 MWp in total
- Operating portfolio: 81 locations/projects with total capacity of 296.0 MWp, with offtakers including MSEDCL, Karnataka DISCOMs and private consumers.
- Under construction and development: 36 projects with total capacity of 226.8 MWp, where PPAs are signed and land has been acquired.
- Grand total across both: 117 projects, 522.8 MWp.
- Land acquired for 9 out of 20 MSKVY-3 projects and 11 out of 13 Karnataka-2 projects.
Generation
- Quarter ended Sept-26: 65.90 million kWh, against 21.83 million kWh in the quarter ended Sept-25.
- Half year ended Sept-26: 145.58 million kWh, against 35.65 million kWh in the same half last year.
- Year ended Mar-26: 194.50 million kWh.
- The generation table covers 77 locations and 254.0 MWp.
REL financial performance (Rs. in Millions)
- Turnover for the quarter ended Sept-26 was 1,903.3, against 1,055.3 in the same quarter last year; EBITDA was 531.0 against 334.5.
- Profit After Tax was 190.4 for the quarter, against 244.0 a year earlier; for the half year it was 206.8 against 466.1.
- PAT includes the share of loss from Energy in Motion.
- Networth as on 30-09-2026 was 6,326.7, against 4,112.8 as on 31-03-2026; Debt was 7,095.5 against 5,062.8.
EIM operational performance
- E-HCV sales: 142 units in the quarter, against 70 a year earlier; 200 units in the half year and 477 since inception.
- Charging network sales: 5,689 MWh in the quarter, against 58 MWh a year earlier.
- Working swap stations: 8, against 2; charging locations 11 (18 chargers), against 1.
- Closing charging capacity: 549.1 MWh/day, against 19.2.
EIM financial performance
- Total sales including other sales were 1,417.3 in the quarter and 1868.0 in the half year.
- PAT/(Loss) was -140.7 in the quarter and -352.0 in the half year, against -16.7 in the half year last year.
Merger status and network plan
- The scheme has been submitted to the stock exchanges and is currently under review.
- Post merger, the company is to be renamed Energy In Motion Limited; the promoters group, comprising the Murkumbi Group and J M Baxi Group, holds 75% and public shareholders 25%.
- EIM's network plan targets 15 locations by Dec 26 and 40 by March 27.
Assembly complex
- The heavy duty commercial vehicle assembly complex at Ambi, Talegaon (Pune) was inaugurated on 14 October 2026.
- Less than ₹ 100 crore capex, with land and buildings outsourced and the site built in under a year.
- Integrated site: truck assembly of 5,000 vehicles per shift a year, a 2.4 GWh Li-ion battery-pack line and an independent battery testing lab.
How to read this update
- The operational side shows expansion: higher generation, more e-HCV units sold, a larger charging network and a bigger project pipeline.
- On the financial side, REL's quarterly profit is lower than a year earlier even as turnover rose, and the company's share of loss from Energy in Motion is included in that profit figure.
- The EIM business reported a loss for the quarter and half year, so the EV operations are still loss-making at this stage.
- The merger is still at the review stage with the stock exchanges, so the structure described is subject to that process.
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More numbers
- Total solar portfolio, operating plus under construction522.8
- Operating solar portfolio capacity296.0
- Turnover for quarter ended Sept-26 (Rs. in Millions)1,903.3
- EBITDA for quarter ended Sept-26 (Rs. in Millions)531.0
- Profit After Tax for quarter ended Sept-26 (Rs. in Millions)190.4
- E-HCV sales in quarter ended Sept-26142
- EIM PAT/(Loss) for quarter ended Sept-26 (Rs. in Millions)-140.7
- Consolidated networth as on 30-09-2026 (Rs. in Millions)6,326.7
Source: BSE · 5 Nov 2026
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