Ravindra Energy Ltd. (RELTD) AI Stock Analysis

• Market Cap: ₹24.53B
• Dividend Yield: N/A
• Average Volume (3M): 33.45K
• Price to Earnings (P/E): 49.6
• Beta (1Y): 1.83
• Revenue Growth: 483.21%
• EPS Growth: N/A
• Country: IN
• Employees: 96
• Sector: Energy
• Sector Strength: 52
• Industry: Solar
• EPS (TTM): 0.82
• Shares Outstanding: 178,554,460
• 10 Day Avg. Volume: 15,981
• 30 Day Avg. Volume: 33,450
• PEG Ratio: -0.71
• Price to Book (P/B): 6.27
• Price to Sales (P/S): 8.48
• P/FCF Ratio: -20.04
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: ₹147.00 ▼(-7.46% Downside)
• Action: Reiterated Date: 01/14/26
• Date: Action: Reiterated 01/14/26

The score is primarily supported by improved financial performance (strong revenue rebound and profitability, better leverage), but is held back by negative free cash flow sustainability concerns. Technicals are mixed with negative MACD and only modest strength versus moving averages, and valuation is a further drag due to the high P/E with no dividend support.

Positive Factors

Strong Revenue Recovery

Ravindra’s 91.21% revenue growth in the most recent year signals a material recovery and expanding project backlog. Sustained top-line growth improves scale economics, strengthens negotiating leverage for PPAs and suppliers, and enhances ability to fund ongoing project development and maintenance over the medium term.

Improving Profitability

Improved gross margin (27.60%) and a positive net margin (8.65%) indicate better conversion of revenue into operating profit. Durable margin improvement points to stronger project selection, cost control, or fixed-cost absorption, which supports sustained cash generation and resilience through project cycles.

More Balanced Leverage

An improved debt-to-equity ratio of 0.66 and a stable equity base reflect a more balanced capital structure. Lower leverage enhances financial flexibility for new project financing, reduces refinancing pressure, and preserves capacity to pursue growth while maintaining covenant headroom in a capital-intensive renewable business.

Negative Factors

Negative Free Cash Flow

Persistent negative free cash flow despite rising operating cash suggests earnings are not translating into distributable cash. This forces reliance on external financing or asset disposals to fund capex and growth, increasing liquidity and refinancing risk and constraining sustainably self-funded expansion.

Volatile Revenue and Margin History

Historical swings in revenue and prior negative margins highlight execution and demand variability typical of project-driven renewables. This reduces predictability of cash flows, complicates long-term planning and financing, and raises the risk of profit compression if project timelines or price assumptions deteriorate.

Declining ROE & Debt Fluctuations

A declining ROE (now 6.39%) alongside historical fluctuations in debt levels suggests inconsistent capital allocation and returns. Weaker returns limit internal funding for new projects, while variable leverage increases the likelihood of higher borrowing costs or tighter covenants during sector stress, undermining long-term stability.

Ravindra Energy Ltd. Business Overview & Revenue Model

Company Description

Ravindra Energy Ltd. (RELTD) is a leading player in the renewable energy sector, focusing on the development, operation, and maintenance of sustainable energy solutions. The company primarily specializes in solar and wind energy projects, providing innovative and eco-friendly alternatives to traditional energy sources. RELTD's core products and services include solar photovoltaic systems, wind turbine installations, and energy management solutions aimed at reducing carbon footprints and enhancing energy efficiency for both commercial and residential clients.

How the Company Makes Money

Ravindra Energy Ltd. generates revenue through multiple key streams within the renewable energy sector. Primarily, the company earns money by selling electricity generated from its solar and wind energy projects to utility companies and commercial consumers, often through long-term Power Purchase Agreements (PPAs) which provide stable and predictable cash flows. Additionally, RELTD may engage in the sale of renewable energy certificates (RECs) as part of regulatory compliance, further enhancing its revenue. The company's revenue model is also supported by government incentives and subsidies aimed at promoting renewable energy adoption. Significant partnerships with technology providers and government entities enhance its project capabilities and market reach, contributing to its overall financial performance.

Ravindra Energy Ltd. Financial Statement Overview

Summary

Income statement trends are strong (revenue growth 91.21%, gross margin 27.60%, net margin positive at 8.65%), and leverage has improved (debt-to-equity 0.66). However, cash flow quality is a key constraint: free cash flow remains negative and conversion of earnings into free cash is weak, increasing sustainability risk.

Income Statement

Ravindra Energy Ltd. has shown a strong revenue growth rate of 91.21% in the most recent year, indicating a significant recovery from the previous year's decline. The gross profit margin improved to 27.60%, and the net profit margin turned positive at 8.65%, reflecting enhanced profitability. However, the volatility in revenue growth and past negative margins suggest potential risks in maintaining consistent performance.

Balance Sheet

The company's debt-to-equity ratio has improved to 0.66, indicating a more balanced leverage compared to previous years. Return on equity is positive at 6.39%, though it has decreased from earlier levels. The equity ratio remains stable, suggesting a solid capital structure. However, the historical fluctuations in debt levels and ROE highlight potential risks in financial stability.

Cash Flow

Operating cash flow has increased, with a coverage ratio of 1.25, indicating good cash generation relative to net income. However, the free cash flow remains negative, with a significant decline in growth, posing concerns about cash sustainability. The negative free cash flow to net income ratio suggests challenges in converting earnings into free cash.

Breakdown	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	2.50B	1.31B	2.53B	7.65B
Gross Profit	691.22M	573.04M	422.32M	193.16M
EBITDA	479.80M	-169.68M	460.37M	578.93M
Net Income	216.63M	-515.60M	155.26M	326.56M
Balance Sheet
Total Assets	6.51B	4.04B	4.55B	4.53B
Cash, Cash Equivalents and Short-Term Investments	196.17M	40.54M	120.97M	111.27M
Total Debt	2.24B	1.59B	1.20B	1.64B
Total Liabilities	2.97B	2.39B	2.47B	2.42B
Stockholders Equity	3.39B	1.48B	1.93B	2.04B
Cash Flow
Free Cash Flow	-1.06B	-154.92M	844.82M	-120.19M
Operating Cash Flow	708.96M	608.76M	1.22B	189.02M
Investing Cash Flow	-1.59B	-812.42M	-297.55M	-230.48M
Financing Cash Flow	1.47B	224.32M	-851.47M	-130.00M

Ravindra Energy Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 158.85
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RELTD, the sentiment is Negative. The current price of 158.85 is above the 20-day moving average (MA) of 147.33, above the 50-day MA of 150.65, and above the 200-day MA of 148.69, indicating a bearish trend. The MACD of -2.82 indicates Positive momentum. The RSI at 36.04 is Neutral, neither overbought nor oversold. The STOCH value of 14.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:RELTD.

Ravindra Energy Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TDPOWERSYS	70 Outperform	₹139.37B	48.62	―	0.23%	40.14%	53.51%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
ZODIAC	63 Neutral	₹3.60B	22.77	―	0.25%	64.71%	48.65%
RELTD	59 Neutral	₹24.53B	49.64	―	―	483.21%	―
INOXGREEN	55 Neutral	₹57.05B	79.81	―	―	24.33%	66.14%
BORORENEW	46 Neutral	₹61.76B	18.86	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹44.32B	-446.21	―	―	112.24%	-474.43%

Ravindra Energy Ltd. Corporate Events

Ravindra Energy Files Investor Presentation Ahead of Institutional Investor Meet

Ravindra Energy Limited has submitted an investor presentation to the BSE and National Stock Exchange of India in connection with an institutional investor conference and analyst meet scheduled from January 28 to February 13, 2026. The company has also made the presentation available on its website, underscoring its ongoing efforts to enhance transparency and provide timely information to stakeholders and the broader investment community.

Ravindra Energy Corrects EV Swap Station Data in Revised Business Update

Ravindra Energy Limited has issued a revised business update for stakeholders, correcting previously reported figures related to its “Energy in Motion” operations in the renewable energy and electric vehicle business segments. The company clarified that the number of operating swap stations was mistakenly interchanged in earlier communication and should have been reported as one operating swap station in the second quarter and two in the third quarter. The correction has been formally communicated to the stock exchanges and made available on the company’s website, underscoring its emphasis on accurate disclosure and regulatory compliance for investors and other stakeholders.

Ravindra Energy Schedules Global Institutional Investor Meetings From January 28

Ravindra Energy Limited has announced that its management will hold a series of one-on-one meetings with selected institutional investors and analysts from January 28 to February 13, 2026, across Mumbai, New Delhi, Singapore, Hong Kong, as well as via virtual conferences. The company has clarified that no unpublished price-sensitive information will be shared during these interactions, underscoring a focus on regulatory compliance while seeking to deepen engagement with the institutional investor community and potentially broaden its investor base.

Ravindra Energy Publishes Q3 FY26 Unaudited Results in Multiple Newspapers

Ravindra Energy Ltd. has notified the stock exchanges that its unaudited financial results for the third quarter ended 31 December 2025, approved by the board on 15 January 2026, have been published in leading regional newspapers in Marathi, English and Kannada. The company has complied with Regulation 47 of SEBI’s Listing Obligations and Disclosure Requirements by disseminating these results through multiple print outlets and making the advertisements available on its website, enhancing transparency and access to financial information for shareholders and other market participants.

Ravindra Energy Board Clears Q3 FY26 Unaudited Results and Fund Utilisation Report

Ravindra Energy Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter ended 31 December 2025 at its meeting held on 15 January 2026. Alongside the results, the company has released a monitoring agency report from India Ratings and Research, a statement detailing any deviation or variation in the utilisation of funds raised through a preferential issue, and the statutory auditors’ limited review report, with all documents also made available on its website for investors and other stakeholders.

Ravindra Energy Files Q3 FY26 Monitoring Report on Preferential Issue Proceeds

Ravindra Energy Ltd. has submitted to Indian stock exchanges the monitoring agency report for the third quarter of financial year 2025-26, covering the period ended 31 December 2025. The report, prepared by India Ratings and Research Private Limited in accordance with SEBI regulations, details the monitoring of the utilisation of proceeds from the company’s preferential share issue, and has also been made available on the company’s website for stakeholder information and regulatory compliance.

Ravindra Energy Confirms No Deviation in Use of Rs 180 Crore Preferential Issue Proceeds

Ravindra Energy Limited has reported to the stock exchanges that there is no deviation or variation in the use of funds raised through its October 16, 2024 preferential issue of equity shares to public category investors, which totaled approximately Rs 180 crore. For the third quarter ended December 31, 2025, the company confirmed, as reviewed under Regulation 32 disclosure norms and monitored by India Ratings and Research Private Limited, that the proceeds have been utilized in line with the stated objectives, providing assurance to shareholders and other stakeholders regarding the integrity and transparency of its capital deployment.

Ravindra Energy Confirms SEBI-Compliant Dematerialization for December Quarter

Ravindra Energy Limited has reported that, for the quarter ended December 31, 2025, its registrar and share transfer agent KFin Technologies has certified compliance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certification confirms that all securities received for dematerialization during the quarter were duly processed, listed on the appropriate stock exchanges, and that corresponding physical certificates were mutilated, cancelled, and replaced in the company’s register of members with the depositories as registered owners within the prescribed timeframe, underscoring the company’s adherence to securities market regulations and robust share transfer procedures.

Ravindra Energy Extends Rs 135 Crore Corporate Guarantee to Associate Energy in Motion

Ravindra Energy Limited has extended a corporate guarantee and undertaking of up to Rs 135 crore to support credit facilities sanctioned by YES Bank to its associate company, Energy in Motion Limited. The backing, approved by Ravindra Energy’s board and shareholders and structured on an arm’s-length basis despite common directorship through promoter Narendra Murkumbi, will help EIM access a total of Rs 296 crore in various credit lines and a Rs 32 crore hedge facility on competitive terms. Management positions this move as being in Ravindra Energy’s overall interest, enabling EIM to expand operations using its own asset base and financial resources while potentially strengthening the group’s strategic footing in energy-related projects without breaching previously approved shareholder limits.

Ravindra Energy Closes Trading Window Ahead of December-Quarter Results

Ravindra Energy Limited has announced the closure of its trading window for designated persons, connected persons, their immediate relatives and other applicable individuals from January 1, 2026, until 48 hours after the company announces its financial results for the quarter ended December 31, 2025. The move is in line with SEBI’s Prohibition of Insider Trading Regulations and the company’s internal code of conduct, underscoring its compliance with insider trading norms, while the exact date of the board meeting to consider and approve the quarterly results will be communicated to the exchanges in due course.

Ravindra Energy Adds Independent Director, Clears New SPVs and Q2 FY26 Results

Ravindra Energy Ltd.’s board has approved the appointment of Apurva Chandra as an additional non-executive, independent director for a five-year term, subject to shareholder approval, strengthening the company’s governance framework. The board also cleared the incorporation of wholly owned subsidiaries and special purpose vehicle entities to set up renewable energy projects, reviewed a monitoring agency report and a statement of deviation on the use of preferential issue proceeds, took note of the business operations update, and approved the standalone and consolidated unaudited financial results for the second quarter ended 30 September 2025, underscoring continued expansion in renewable assets and formal compliance with regulatory and disclosure requirements.

Ravindra Energy Ltd. Seeks Shareholder Approval for Key Resolutions via Postal Ballot

Ravindra Energy Ltd. has announced a postal ballot to seek shareholder approval for several key resolutions. These include the appointment of Mr. Apurva Chandra as an independent director, the provision of loans or guarantees to subsidiaries or associated entities, and the approval of material related party transactions with Energy In Motion Limited. The e-voting process for these resolutions will be conducted electronically, highlighting the company’s commitment to transparency and stakeholder engagement.