Ratnaveer Precision Engineering LtdQ1 FY26Industrial Products

Ratnaveer Precision Engineering Ltd

Q1 FY26 Earnings Call Analysis

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Revenue guidance

Category 2

→Target top-line revenue of ₹2,500 crores within the next 2.5 to 3 years, combining stainless steel and CCL businesses.
→Existing stainless steel business expected to grow at a 25% CAGR, reaching about ₹1,800 crores in 3 years.
→CCL business projected to contribute ₹750 crores in revenue by FY28, with 5 production lines expected to be operational.
→Consolidated EBITDA margin targeted at around 13.5% and PAT margin near 10.5% for combined businesses.
→Individual CCL business aims for 20% EBITDA and 13% PAT margins initially.
→Consistent quarterly and annual growth is expected, with no major adverse impact from recent global geopolitical events.
→Company focuses on volume to value growth through diversified product lines, improved margins, and cost structures.
→Continuous capital expenditure supporting steady growth and improved cash flows once assets are fully operational.

Category 3

→Financial Year 2026 marked purposeful growth with better margins, diversified revenue base, and leaner cost structure.
→Company targets a top line of ₹2,500 crore within 2.5 to 3 years.
→Projected EBITDA margin of approximately 13-13.5% consolidated.
→Expected PAT margin around 10.5% consolidated.
→Individual CCL business expected to run at ~20% EBITDA and ~13% PAT.
→Consistent 25-28% year-on-year revenue growth anticipated, with no expected demand decline despite global uncertainties.
→Operating cash flows expected to stabilize post completion of ongoing capex and working capital deployment.
→Tax rate guidance maintained in the 13-15% range considering depreciation and capital expenditure benefits.
→Overall growth driven by volume-to-value strategy, diversified electronics and stainless steel business, and strong commitment to consistent, balanced, and skillful execution.

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Yes

→The company is currently planning to raise ₹330 crores through QIP, rights issue, or equivalent methods to fund the CCL project capital expenditure and working capital requirements.
→This ₹330 crore fundraise is in addition to a previous QIP of ₹185 crores completed in December 2025.
→Promoter infusion of around ₹120 crores through warrant conversion is also planned.
→The total estimated requirement for the CCL project is about ₹650 crores, including capital expenditure (~₹351 crores plus ₹46 crores for solar) and ₹250 crores working capital.
→There is no mention of new debt fundraising beyond the interest subsidy on existing or project debt, where the effective interest cost is reduced due to a 7% interest exemption on a 9% rate.
→The company aims to complete the ₹330 crore fundraising by September 2026, considering investor interest and geographic factors.

Yes

→The company has a strong order book position as of May 14th, 2026, with no significant impact seen from recent war situations.
→Orders are robust across product lines, supporting consistent growth guidance of 25-30% CAGR.
→For the new CCL business, there are multiple soft confirmations and expressions of interest from PCB companies, though no firm contracts yet as production lines are being established.
→CCL revenue guidance for FY28 is around ₹750 crores, combining output from five production lines expected to be commissioned by November 2026 and in the following two years.
→The company is confident of maintaining growth with a stable and growing order book even amidst volatile external conditions.

Yes

→The company is undertaking a significant CAPEX project for the CCL (Copper Clad Laminate) business, with a total project cost of around ₹350-400 crores plus ₹46 crores for solar, totaling approximately ₹400 crores.
→A new fundraise of ₹330 crores through QIP or equivalent is planned to meet capital expenditure and working capital needs for the CCL project.
→The CCL project involves setting up five production lines, with the first expected to commence production by November 2026, and the remaining lines over the next two years.
→The CAPEX breakdown: 70% for plant, machinery, equipment; 80% for building (likely of the portion); 12% for miscellaneous and filling costs; land is already owned.
→The company is investing in solar power with 40% depreciation benefits.
→There is ongoing evaluation and due diligence for acquiring a European precision components company to gain entry into large automobile customer segments, with the deal expected in 10-12 months.
→The company raised ₹185 crores in December 2025 for current business capex and working capital.

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