Market Cap
₹2,427 Cr
Small Cap
P/E (TTM)
~35x
EPS ₹4.41 TTM
Revenue TTM
₹569 Cr
Apr–Dec 2025 LTM
PAT TTM
₹82 Cr
+YoY turnaround
Debt / Equity
0.34x
FY25 BS
Promoter %
63.66%
Mar 2026 (↓ from 75%)
EBITDA Margin
18%
FY25 · Rising in FY26
PART A
Fundamentals
Earnings triggers · Growth positioning · Opportunity sizing
Ravindra Energy Limited (REL), incorporated in 1980 and headquartered in Belagavi, Karnataka, has undergone a fundamental business transformation over the past five years — from a diversified trading and services entity (coal, sugar, solar pumps) into a focused solar Independent Power Producer (IPP) and EPC contractor. The company is empanelled by India's Ministry of New and Renewable Energy (MNRE) as an authorised solar pump supplier and roof channel partner, giving it privileged access to government scheme tenders. Promoted by the Murkumbi family (Chairperson: Vidya M. Murkumbi; Director: Narendra Madhusudan Murkumbi), REL has built 187 MW of operational solar capacity as of Q3FY26 and is targeting 476 MWp by FY27.
The company's revenue model is bifurcating into two streams: (1) recurring tariff revenue from long-term PPAs (25-year HESCOM, MSEDCL, KUSUM C contracts) — the high-quality, annuity-style component that is building as more MW are commissioned; and (2) lumpy EPC project revenue from KUSUM A/B/C and commercial solar installations. This transition explains the volatile revenue history: FY22 peaked at ₹766Cr (heavy EPC execution), FY24 troughed at ₹139Cr (EPC pipeline dried up), and the recovery is now IPP-led. An associate entity, Energy in Motion (EIM — 49.5% stake), adds an optionality play in electric heavy-duty trucks (the "Ashwa" 55-tonne battery-swappable tractor).
Value Chain Position
Solar Equipment Mfrs
(Waaree, Vikram, Adani Solar)
→
Ravindra Energy Ltd ★
EPC + IPP Development
→
Utilities / DISCOMs
(MSEDCL, HESCOM, KUSUM)
→
Farmers / Industrial Consumers
End Users
Moat Summary: (1) MNRE empanelment creates a regulatory gating advantage for government solar schemes — competitors must qualify separately. (2) Established PPA relationships with MSEDCL and HESCOM (Karnataka's discom) provide long-duration, government-backed cash flow visibility. (3) First-mover positioning in the battery-swappable electric truck segment via EIM/Ashwa in Indian ports and logistics.
Revenue Segment Mix (FY26 Approximate)
Solar Power Generation (IPP Tariff)~35%
Solar EPC + KUSUM Projects~55%
Q3FY26 solar segment was 97% of total revenue (₹123.51 Cr of ₹127 Cr total), confirming the dominance of the solar franchise. IPP mix is rising each quarter as more MW get commissioned, structurally improving margin quality.
☀️
Solar IPP Development
End-to-end capability: land acquisition, connectivity approval, PPA negotiation, plant construction, O&M. 187 MW operational; 60 MW under construction. Expertise in MSEDCL and HESCOM RESCO/FiT frameworks.
⚙️
EPC + KUSUM Execution
MNRE-empanelled for Components A, B, C of PM-KUSUM. Executed 130 MWp KUSUM-C project (Maharashtra, Mar 2025) and 40 MWp Dudhgaon (MSEDCL, Feb 2025). Track record across Karnataka, Maharashtra, Rajasthan.
🔋
Solar Pump Supply
MNRE-accredited supplier of solar water pumps; Roof Channel Partner. Products comply with ministry standards, enabling customers to access full subsidy stack. Serves irrigation and agri-pump markets.
🚛
Electric Mobility (Associate)
49.5% stake in Energy in Motion (EIM). Commercially launched Aug 2025 with EIM-Foton "Ashwa" — 55-tonne battery-swappable electric tractor. 66 units deployed with Transvolt (ports); 1,000-unit target. ₹1,000 Cr Pune manufacturing MoU.
Installed Capacity vs. Target (MWp)
Operational (Q3FY26)187 MW
FY27 Target (476 MWp)476 MW
Gap to FY27 target: ~229 MW (~48% still to commission). Funding execution risk: QIP on hold.
Strategic Priorities (FY26–FY27)
1. Accelerate IPP Commissioning
Commission 60 MW under construction + add 120 MW Maharashtra project. Progress to 476 MWp by FY27. The tariff revenue from each commissioned MW is immediately recurring (25-yr PPA).
2. Scale EIM to Commercial Viability
Drive EIM from 55 units/quarter to 250+ units/quarter. ₹1,000 Cr Pune manufacturing MoU with Maharashtra government — if executed, transforms the associate into a significant value driver.
3. Capital Allocation Discipline
96% of ₹180 Cr preferential proceeds already deployed into renewables. QIP is on hold — management must resolve the funding gap for remaining 229 MW without excessive dilution or leverage.
Market Opportunity
| Segment | Market Size | CAGR |
|---|
| India Solar Capacity (Total) | 700+ GW target by 2030 | ~25% pa |
| PM-KUSUM Scheme (Total) | 30,800 MW (Components A+B+C) | Policy-driven |
| Solar IPP (C&I + Utility) | ₹5+ Lakh Cr addressable | 22%+ pa |
| India EV HCV Market | ₹50,000 Cr+ by FY30E | 60%+ pa |
Sources: MNRE, IBEF, Industry estimates. Research framing only.
Key Tailwinds
| # | Tailwind | Impact on RELTD |
|---|
| 1 | PM-KUSUM extended to Mar 2026 | Direct revenue pipeline (MNRE empanelled) |
| 2 | India adding 28.3 GW solar in FY26 | HESCOM + MSEDCL PPAs — ongoing demand |
| 3 | DISCOM tariff reforms | ₹2.95/unit HESCOM 25-yr PPA locked |
| 4 | EV commercial vehicle push (FAME III) | EIM Ashwa — ports + logistics fleet |
| 5 | Import substitution in solar modules | ALMM compliance → domestic sourcing |
Opportunity Timeframe
Near-Term (0–12M)
Q4FY26 Earnings Catalyst
→ Q4FY26 results due Apr 30, 2026
→ 60 MW under-construction to be commissioned
→ EIM Ashwa deliveries to Transvolt (66 units)
→ HESCOM 62 MW project ramp-up
→ Resolution of QIP / capital structure clarity
Medium-Term (1–3Y)
IPP Scale + EIM Optionality
→ 476 MWp by FY27 (management guidance)
→ Recurring tariff revenue: est. ₹250+ Cr pa at 476 MW
→ EIM scales to 500+ trucks commercially
→ ₹1,000 Cr EIM manufacturing plant (MoU stage)
→ Possible re-rating from EPC → IPP multiples
Long-Term (3Y+)
Clean Energy Platform
→ Integrated solar IPP + EV mobility platform
→ Potential for BOOT / RESCO model expansion
→ RE100 corporate demand (C&I solar PPAs)
→ EIM could be independently listed or monetised
→ India's 2030 RE target: 500 GW — secular runway
Current Project Pipeline
| Project | Location | Capacity | Off-taker / Tariff | Status |
|---|
| Dudhgaon Solar | Maharashtra | 40 MWp | MSEDCL PPA | ✓ Commissioned Feb 2025 |
| KUSUM-C Phase | Maharashtra | 130 MWp | KUSUM Component C | ✓ Commissioned Mar 2025 |
| HESCOM Solar | Karnataka (13 sub-stn) | 62 MW | 25-yr PPA · ₹2.95/unit | ⚙ Under Execution |
| Wardha Solar | Wardha, Maharashtra | 80 MW | Connectivity approved | ⚙ Development Stage |
| Solar-Wind Hybrid | North Karnataka | 50 MW | Connectivity approved | ⚙ Development Stage |
| Maharashtra Solar | Maharashtra | 120 MW | Secured — details pending | 📋 Recently Secured |
| Remaining Pipeline | Various (KA/MH/RJ) | ~134 MW | To be bid/won | Pipeline (to reach 476 MWp) |
60 MW under construction as of Q3FY26. Once commissioned, incremental annual tariff revenue at avg ₹3.0/unit and 22% CUF ≈ ₹35–38 Cr/year recurring. Every 100 MW commissioned adds ~₹58 Cr annual IPP revenue.
Energy in Motion (EIM) — Associate Operations
| Item | Detail |
|---|
| REL Stake | 49.5% |
| Product | EIM-Foton "Ashwa" — 55-tonne battery-swappable electric tractor |
| Commercial Launch | August 1, 2025 |
| Q3FY26 Units Sold | 55 units |
| Transvolt Order | 66 units (port deployment, delivery Mar–Apr 2026) |
| Target | 1,000 units (medium-term) |
| Manufacturing MoU | ₹1,000 Cr plant in Pune (MoU with Maharashtra Govt — not executed) |
| Balance Sheet Risk | REL extended ₹296 Cr corporate guarantee for EIM banking facilities |
⚠ Corporate Guarantee Risk: ₹296 Cr guarantee extended to EIM against REL's FY25 total equity of ~₹339 Cr. This represents ~87% of book equity as contingent liability. If EIM defaults, material adverse impact on REL's balance sheet. Flag as HIGH RISK — monitor EIM's operating metrics closely.
Revenue (₹ Cr) + YoY Growth %
EBITDA (₹ Cr) + EBITDA Margin %
PAT (₹ Cr) + PAT Margin %
Key Inflection: Revenue collapsed from ₹766 Cr (FY22, EPC-heavy) to ₹139 Cr (FY24, project drought) before recovering to ₹251 Cr (FY25) and ₹569 Cr (TTM LTM Dec 2025). The IPP commissioning wave of FY25 (170 MWp added) is now the revenue engine. EBITDA margins have structurally improved: from 5.8% (FY22 pure EPC) to 18% (FY25 mixed), with continued expansion as IPP mix grows.
Source: Screener.in, StockAnalysis.com. FY = April–March. TTM = Apr 2025–Dec 2025 (LTM). Data unavailable entries marked separately. Verify at screener.in/company/RELTD
5-Year Summary Table
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | TTM (Dec 25) |
|---|
| Revenue (₹ Cr) | 304 | 766 | 253 | 139 | 251 | 569 |
| EBITDA (₹ Cr) | 19 | 45 | 28 | 43 | 45 | ~130–145 est. |
| EBITDA Margin | 6.3% | 5.8% | 11.1% | 31.2% | 18.0% | ~23–25% est. |
| PAT (₹ Cr) | 7 | 37 | 17 | -51 | 22 | 82 |
| PAT Margin | 2.3% | 4.8% | 6.6% | -36.6% | 8.7% | 14.4% |
| EPS (₹) | 0.58 | 2.89 | 1.24 | -3.48 | 1.32 | 4.41 |
| Shares (Cr) | 12.0 | 12.7 | 13.5 | 14.6 | 16.5 | 17.86 |
| ROCE | ~7% | ~11% | ~8% | ~10% | 10% | Est. 12–14% |
Equity Dilution Note: Shares outstanding grew from 12.0 Cr (FY21) to 17.86 Cr (FY26) — a 49% increase in 5 years. The most recent event was a ₹180 Cr preferential allotment at ₹74/share (Oct 2024), adding ~2.43 Cr new shares. A proposed QIP was subsequently put on hold. EPS CAGR must be assessed on a per-share basis — headline PAT growth is partially dilution-driven.
| Scheme / Regulation | Benefit to RELTD | Status | Est. Impact |
|---|
| PM-KUSUM (Components A, B, C) | Primary revenue source for solar pumps + ground mount. MNRE empanelled. Subsidised demand. | Extended to Mar 2026. 667 MW installed nationally. | ₹100–200 Cr/yr EPC pipeline |
| HESCOM 25-yr PPA | 62 MW Karnataka; ₹2.95/unit fixed tariff for 25 years. Government-backed off-take. | PPA signed; execution underway | ~₹36 Cr/yr recurring (at commissioning) |
| MSEDCL PPA | Dudhgaon 40 MWp commissioned. State utility off-take. | Live, generating revenue | ~₹23 Cr/yr recurring |
| ALMM (Approved List of Models) | Mandates domestic solar module procurement for govt schemes. Raises barrier for importers. | Enforced in 2024; tightening | Neutral–Positive: REL sources domestically |
| FAME III / EV Policy | Demand-side incentives for commercial EVs. Directly benefits EIM Ashwa (port/logistics fleet). | Policy under development | Material if EIM scales to 500+ units |
| RPO (Renewable Purchase Obligation) | DISCOMs must buy RE — structural tailwind for solar IPP PPAs. | Mandatory, state-enforced | Long-term PPA security |
Upcoming Regulatory Triggers (Next 12M)
| Event | Timeline | Nature | RELTD Impact |
|---|
| PM-KUSUM renewal / extension beyond Mar 2026 | Q1 FY27 (Apr–Jun 2026) | Positive if extended | New EPC pipeline; MNRE empanelment remains relevant |
| Maharashtra solar bid pipeline | FY26–FY27 | Positive | 120 MW secured; more bids likely given state capacity addition targets |
| FAME III EV incentive announcement | FY27 Budget | Positive | EIM demand pull for Ashwa in logistics sector |
| DISCOM payment security reform | Ongoing | Watch | Improves PPA credibility; reduces receivable risk |
| ALMM list expansion | Quarterly | Watch | Input cost risk if preferred suppliers face capacity constraints |
Coverage Status: RELTD is a small-cap with limited dedicated institutional coverage. No dedicated buy-side or sell-side price target reports were identified from major brokerages (Motilal, Kotak, ICICI, Axis). Exencial Research Partners issued a Q3FY26 earnings update. Most available data is from aggregator platforms (Screener, Trendlyne, TipRanks, MarketsMojo).
Source: Public analyst reports — research framing only. Not investment advice.
| Source | Key Observation | Period |
|---|
| Exencial Research Partners | Q3FY26: Revenue +139.3% YoY; PAT +572.8% YoY. "Strong execution in fund deployment." QoQ profitability moderation due to rising finance costs. Operating margin 25.4% — well above Q3 average of 15.6%. | Q3 FY26 (Dec 2025) |
| Screener.in | Debtor days improved dramatically: 186 → 25 days. High promoter stake reduction flagged as concern. Working capital efficiency turnaround visible. | FY25 / Q3FY26 |
| TipRanks / Globe & Mail | 120 MW Maharashtra project secured. Q3FY26 results published in regional newspapers; board approval Jan 15, 2026. | Q3 FY26 / Jan 2026 |
| Electrive / EVReporter | EIM partners with Transvolt for 66 EV trucks (ports deployment). EIM-Foton Ashwa launched in Indian market from Q2FY25-26. | Apr 2026 |
| ScanX | EIM proposed ₹1,000 Cr manufacturing investment in Pune (MoU with Maharashtra government — execution pending). Pledge revocation of 60L shares (JM Financial, Mar 27, 2026). | Mar–Apr 2026 |
Common Research Themes
EPC → IPP Transition
All sources agree the company is evolving from project-based EPC to recurring-tariff IPP. The margin expansion narrative is contingent on successful commissioning of 476 MWp.
EIM Optionality
The EV truck associate (EIM) is seen as a high-risk, high-upside optionality play. Early-stage commercial traction (55–66 units) is positive but scale remains unproven.
Capital Structure Watch
QIP on hold + ₹296 Cr corporate guarantee + promoter selling = governance and capital concerns that all research sources flag. Funding path for 229 MW gap is the key execution risk.
Balance Sheet Snapshot (FY25 Annual)
| Item | FY25 (₹ Cr) | FY24 (₹ Cr) |
|---|
| Equity Capital | ~18 | ~15 |
| Reserves & Surplus | ~160 | ~138 |
| Net Worth | ~339 | ~300 |
| Borrowings (Debt) | 224 | ~180 |
| Total Liabilities | 651 | ~580 |
| Fixed Assets (Net) | ~380 | ~320 |
| Cash & Equivalents | ~40–60 est. | ~30 est. |
| Trade Receivables | Improved sharply (debtor days: 186→25) | High |
| Book Value / Share | ₹22.1 | ~₹18 |
| D/E Ratio | 0.34x | ~0.60x |
Source: Screener.in, StockAnalysis.com. Verify detailed line items at Screener.in/company/RELTD
Cash Flow Notes (Qualitative)
Operating Cash Flow: FY24 was negative PAT (-₹51 Cr) but the company had positive EBITDA (₹43 Cr), indicating cash generation from operations was impacted by large capex and working capital cycles. The sharp improvement in debtor days (186→25 days) by FY25 signals meaningful working capital release — government-backed PPAs are collecting faster than EPC receivables.
Investing Cash Flow: Significant capex — 187 MW built over FY24–FY25 at ₹4–5 Cr/MW implies ₹750–935 Cr total invested. ₹180 Cr preferential allotment (Oct 2024) funded much of the recent build-out. Net capex is likely negative cash territory each year. Free cash flow is structurally negative during the build-out phase — typical for IPP development companies.
Financing Cash Flow: Debt raised to fund asset base (₹224 Cr outstanding). Corporate guarantee (₹296 Cr) to EIM creates off-balance-sheet risk. ₹180 Cr equity raised (preferential) — significant non-dilutive to existing shareholders if EPS grows.
Fraud Filter Checklist
✅
Receivable Days trending up sharply? — CLEAN. Debtor days improved dramatically from 186 → 25 days. Government PPA payments (MSEDCL/HESCOM) are more reliable than EPC project receivables.
✅
Inventory Days diverging from revenue growth? — CLEAN. Solar IPP business has minimal inventory. EPC procurement is project-tied. No divergence noted.
⚠️
CFO / PAT ratio < 0.7 for 2+ years? — WATCH. FY24 PAT was negative (-₹51 Cr) despite positive EBITDA. High depreciation on solar assets + interest. Detailed CFO figures not available from public sources — verify at Screener.in annual statements.
⚠️
Pledged promoter shares > 20%? — PARTIALLY RESOLVED. 60 lakh shares pledged to JM Financial were released Mar 27, 2026 (pledge revocation announced). Prior pledge level not confirmed. Monitor for any new pledges.
🔴
Related Party / Corporate Guarantee > 15% of revenue? — FLAG. ₹296 Cr corporate guarantee extended to associate EIM — equivalent to ~52% of TTM revenue (₹569 Cr) and ~87% of FY25 net worth (₹339 Cr). This is a significant contingent liability. MNRE-related party transactions should be verified in annual report notes.
✅
Auditor change in last 3 years? — Data not publicly confirmed. Verify in latest annual report. No reports of auditor qualification or change found in research.
✅
Contingent liabilities > 20% of net worth? — PARTIALLY FLAGGED (overlaps with corporate guarantee above). ₹296 Cr guarantee vs ~₹339 Cr net worth = 87%. Already flagged as High Risk in A4. Verify total contingent liabilities in annual notes.
⚠️
Promoter stake declining >5pp in 12M? — FLAG. Promoter holding declined from ~74.99% to 63.66% (Mar 2026) — a reduction of ~11 percentage points. March 30, 2026: one promoter sold 1.96M shares (₹24.47 Cr). Promoter group member bought 15,000 shares (minimal offset). Net direction: selling.
| Quarter | Revenue (₹Cr) | QoQ% | YoY% | PAT (₹Cr) | PAT Margin% | EPS (₹) |
| Sep 2024 (Q2FY25) | 16 |
— |
— |
1 | 6.3% | 0.07 |
| Dec 2024 (Q3FY25) | 53 |
+231% |
— |
2 | 3.8% | 0.12 |
| Mar 2025 (Q4FY25) | 159 |
+200% |
Base low |
13 | 8.2% | 0.72 |
| Jun 2025 (Q1FY26) | 163 |
+3% |
+672% YoY |
23 | 14.1% | 1.28 |
| Sep 2025 (Q2FY26) | 120 |
-26% |
+650% YoY |
31 | 25.8% | 1.72 |
| Dec 2025 (Q3FY26) | 127 |
+5.7% |
+139% YoY |
15 | 11.8% | 0.82 |
Revenue — Last 6 Quarters (₹ Cr)
PAT Margin % — Last 6 Quarters
Q3FY26 PAT Moderation — Key Alert: Despite revenue growing 5.7% QoQ (₹120→₹127 Cr), PAT fell from ₹31 Cr (Q2) to ₹15 Cr (Q3) — a 51% QoQ decline. Exencial Research attributed this to rising finance costs. This is consistent with higher debt drawn for new project construction (60 MW pipeline). If debt servicing costs continue to rise faster than tariff revenue, margin recovery could be delayed. Monitor Q4FY26 (Apr 30) for reversal or continuation of this trend.
Concall / Management Commentary Highlights
Q3FY26 Business Update (Jan 15, 2026): Board confirmed 187 MW operational renewable capacity as of Dec 2025. EV operations: 55 Ashwa units sold in Q3FY26. ₹180 Cr preferential allotment proceeds: 96% deployed into renewable energy assets by Q3FY26. Solar segment contributed 97% of total consolidated revenue (₹123.51 Cr of ₹127 Cr). Operating margin of 25.4% on solar standalone segment — well above the Q3 historical average of 15.6%.
Capital Raise Update: Company proposed a QIP (Qualified Institutional Placement) for further expansion capital but put it on hold citing market volatility. This leaves a funding gap for the remaining ~229 MW needed to reach 476 MWp by FY27. Resolution of this capital raise (or alternative — project finance, green bonds) is a key management execution metric.
Pledge Resolution (Mar 2026): 60 lakh promoter shares pledged to JM Financial Products Limited were de-pledged on Mar 27, 2026, following full repayment. This is a positive corporate governance signal — promoter debt burden on shares has been resolved.
Management-Guided Forward Estimates (Baked into Valuation)
Methodology: Forward estimates are derived from: (a) management's 476 MWp by FY27 target, (b) commissioned capacity economics (avg tariff ₹3.0/unit, 22% CUF), (c) observed quarterly run-rate (₹120–163 Cr/quarter in FY26), and (d) management commentary on rising finance costs. No formal guidance or price targets have been issued by the company. These estimates are for research tracking purposes only.
FY26E (Full Year)
Revenue Estimate
₹560–590 Cr
Q1–Q3 actual: ₹410 Cr. Q4 est: ₹150–180 Cr. Results Apr 30, 2026.
FY26E (Full Year)
PAT Estimate
₹90–110 Cr
Q1–Q3 actual: ₹69 Cr. Q4 est: ₹20–40 Cr. Finance cost headwind watch.
FY27E (Mgmt Target Year)
Revenue Estimate
₹450–620 Cr
476 MWp: ~₹275 Cr IPP + ₹175–345 Cr EPC. EIM minimal consolidation.
FY27E (Mgmt Target Year)
PAT Estimate
₹110–160 Cr
Higher D&A on new assets offsets margin improvement. Depends on funding path.
FY27E IPP Revenue
At 476 MW, 22% CUF, ₹3.0/unit
~₹275 Cr/yr
Annual recurring if all 476 MW commissioned. High-quality annuity revenue.
FY27E EPS Range
Assuming 18–19 Cr diluted shares
₹6.0–8.5
Depends on: (a) execution of 476 MWp, (b) QIP dilution quantum, (c) finance costs.
Valuation Matrix — CMP ₹154
| Scenario | FY27E Revenue | FY27E PAT | FY27E EPS | P/E at CMP | Comment |
|---|
| Bear | ₹350 Cr | ₹90 Cr | ₹5.0 | 30.8x | 476 MW target missed; QIP delay; EIM stalls |
| Base | ₹480 Cr | ₹130 Cr | ₹7.3 | 21.1x | ~350 MW commissioned by FY27; EIM marginal |
| Bull | ₹620 Cr | ₹165 Cr | ₹9.2 | 16.7x | Full 476 MWp + EIM scales; QIP executed cleanly |
Own History Valuation (Current vs. Historical)
P/E (TTM)
~35x
Premium to History
P/B Ratio
6.97x
Expensive for 11% ROE
EV/EBITDA (FY26E)
~16–18x
Fair for solar IPP
P/E (FY27E Base)
21x
Reasonable if delivered
Peer Comparison
| Company | Mkt Cap (₹Cr) | Segment | P/E (approx) | ROCE% | TV TA Signal (1W) |
|---|
| Ravindra Energy (RELTD) ★ | 2,427 | Solar IPP + EPC | ~35x TTM | 10% | Strong Buy |
| Waaree Energies (WAAREEENER) | ~42,000 | Solar Modules + EPC | ~35–40x | ~25% | Buy |
| KPI Green Energy (KPIGREEN) | ~3,500 | Solar IPP (C&I) | ~28–32x | ~15% | Buy |
| Acme Solar (ACMESOLAR) | ~6,500 | Utility Solar IPP | ~40x+ | ~8% | Buy |
| Inox Wind (INOXWIND) | ~9,000 | Wind Energy EPC/IPP | ~60x+ | ~5% | Sell |
Peer metrics approximate; sourced from public data. TA signals from TradingView Screener MCP (Apr 21, 2026, 1W timeframe). Research framing only — not investment advice.
Valuation Verdict: At TTM P/E of ~35x and P/B of ~7x, RELTD is pricing in significant execution of the 476 MWp target. The base-case FY27E P/E of 21x is reasonable for a solar IPP franchise IF management delivers. The premium over ROCE (10%) and ROE (11%) is only justified by the forward earnings growth trajectory — making this a growth-at-reasonable-price story contingent on flawless execution. The bear case (30x+ FY27 P/E) is expensive. Key upside catalyst: Q4FY26 results (Apr 30) showing continued margin recovery.
Known Project Pipeline (As of Apr 2026)
| Project | MW | Status |
|---|
| Operational (as of Q3FY26) | 187 MW | ✓ Live |
| Under Construction | 60 MW | ⚙ In Progress |
| 120 MW Maharashtra (secured) | 120 MW | 📋 Secured |
| Wardha 80 MW (connectivity approved) | 80 MW | 📡 Connectivity OK |
| Solar-Wind Hybrid N. Karnataka 50 MW | 50 MW | 📡 Connectivity OK |
| HESCOM 62 MW Karnataka (PPA signed) | 62 MW | ⚙ Execution |
| Identified Pipeline Total | ~559 MW | Incl. operational |
| FY27 Target | 476 MWp | Mgmt Guidance |
Book-to-Bill Insight: The identified pipeline (559 MW including operational) exceeds the FY27 target of 476 MWp — suggesting management has line-of-sight on project completion, subject to: (a) funding availability (QIP on hold), (b) grid connectivity approvals being converted to PPAs, and (c) EPC execution timelines.
HESCOM 62 MW Economics: 25-year PPA at ₹2.95/unit avg tariff across 13 sub-stations. At 22% CUF: 62 MW × 8,760 hrs × 22% × ₹2.95 = ~₹35.2 Cr/yr recurring revenue for 25 years. NPV of this single project (at 10% discount rate) ≈ ₹326 Cr — representing ~13% of current market cap. Power of long-duration PPAs.
⚠ Formal order book size in ₹ Cr not publicly disclosed. Monitor BSE filings and quarterly updates. Concentrate risk: check for single-customer revenue >20%.
Guidance vs. Actual (Available Data)
| Year / Event | Management Guidance / Statement | Actual Outcome | Assessment |
|---|
| FY25 Capacity Build | Commission Dudhgaon + KUSUM-C projects | ✓ 40 MWp + 130 MWp commissioned. On time. | Delivered |
| ₹180 Cr Preferential Deploy | Deploy into renewable assets | ✓ 96% deployed by Q3FY26 | Delivered |
| EIM Commercial Launch | Commercial operations from Q2FY25-26 | ✓ Launched Aug 1, 2025. 55 units sold Q3FY26. | Delivered (early scale uncertain) |
| QIP Fundraise (2025) | Raise capital via QIP for expansion | ✗ QIP proposed but placed on hold — market volatility cited | Not Delivered |
| 476 MWp by FY27 | Investor presentation target | 187 MW operational + 60 MW u/c = 247 MW. 229 MW gap. | In Progress — execution risk |
Key Management & Promoters
| Name | Role | Note |
|---|
| Vidya M. Murkumbi | Chairperson | Murkumbi family — established Maharashtra sugar and industrial group. Solar pivot led by this generation. |
| Narendra Madhusudan Murkumbi | Director / Promoter | Signs regulatory disclosures on behalf of Khandepar Investments Pvt Ltd (promoter entity). Active in EIM strategy. |
| Anuradha Ravindra Kulkarni | Promoter Group | Bought 15,000 shares (₹18.5 L) on Mar 30, 2026 — a small but positive gesture amid broader promoter selling. |
Promoter Selling — Governance Flag: Promoter holding declined from ~74.99% to 63.66% — an 11pp reduction. A specific promoter sold 1.96M shares at market (₹24.47 Cr) on March 30, 2026 — the final day of the financial year. The timing (FY end, just after pledge release) warrants attention. No insider buying at scale. Concall language on this specific topic is not available from public sources.
Capital Allocation History
| Event | Year | Details | Assessment |
|---|
| Preferential Allotment | Oct 2024 | ₹180 Cr at ₹74/share. Dilutive (below current ₹154 CMP) but enabled 170 MWp build-out. | Value-accretive in hindsight |
| EIM Corporate Guarantee | FY25–26 | ₹296 Cr guarantee for associate's banking facilities. Off-balance sheet risk. | Significant contingent risk |
| QIP Proposal | 2025 | Proposed to fund 476 MWp gap. Placed on hold — market conditions cited. | Execution deferred |
| Dividend | FY21–FY26 | No dividend declared (growth-stage — all cash reinvested in capex). | Expected at this stage |
HIGH
Corporate Guarantee Exposure (EIM)
₹296 Cr guarantee extended to associate EIM for banking facilities — equivalent to ~87% of FY25 net worth. If EIM defaults on its banking obligations, REL must pay. EIM is a 14-month-old commercial operation with 55 units sold.
Mitigant: EIM's 66-unit Transvolt order + ₹1,000 Cr Pune MoU suggests pipeline. Monitor EIM's quarterly truck deliveries and revenue per unit.
HIGH
Promoter Stake Reduction
74.99% → 63.66% promoter holding (-11pp) with one promoter selling ₹24.47 Cr on Mar 30, 2026. No public explanation. Pledge resolved but sustained selling creates governance concern and potential overhang.
Mitigant: Pledge fully resolved. Small promoter group purchase (15K shares). Watch for promoter buying at current levels as a confidence signal.
HIGH
Funding Gap for 476 MWp Target
229 MW still required to reach FY27 target. At ₹4–5 Cr/MW, this needs ₹916–1,145 Cr of capital. QIP is on hold. Debt-only funding would push D/E from 0.34x to 3–4x — unsustainable.
Mitigant: Project finance (non-recourse) is standard for IPP — if PPAs are signed, banks lend against the PPA cash flows. QIP resumption or project-level debt could bridge the gap.
MEDIUM
Rising Finance Costs
Q3FY26: PAT fell 51% QoQ (₹31→₹15 Cr) despite stable revenue — Exencial Research explicitly cited rising finance costs. Higher debt for new project construction will compound this. EBITDA-PAT conversion is under pressure.
Mitigant: As commissioned plants start generating tariff revenue, interest is capitalised vs. expensed. Once operational, DSCR should normalise. Monitor interest coverage ratio quarterly.
MEDIUM
EPC Revenue Lumpiness
Historical revenue swings (FY22: ₹766 Cr → FY24: ₹139 Cr) demonstrate extreme cyclicality from project-based EPC. If KUSUM scheme lapses and new projects are delayed, EPC revenue could dry up again even as IPP ramps.
Mitigant: HESCOM 62 MW + 120 MW Maharashtra + KUSUM extension = pipeline visibility. IPP revenue becoming the dominant stream structurally reduces this risk over time.
MEDIUM
DISCOM / Government Off-taker Risk
Revenue depends heavily on MSEDCL and HESCOM paying on time. DISCOMs in India have a history of payment delays. If receivable cycle extends, working capital pressure increases despite the improved debtor days metric.
Mitigant: Recent improvement (debtor days 186→25) shows PPAs are collecting faster. RPO mandates ensure DISCOMs must buy RE. HESCOM 25-yr PPA has government backing.
MEDIUM
Equity Dilution Risk
Shares grew 49% in 5 years. A QIP at current or lower prices would further dilute. Per-share metrics (EPS, book value) must be tracked on diluted basis. Promoter selling adds to the dilution sentiment.
Mitigant: If capital is raised at accretive multiples (i.e., EPS-accretive projects), dilution is value-neutral. Preferential at ₹74 vs. current ₹154 was accretive in EPS terms — new QIP at ₹150+ would be cleaner.
LOW
Solar Module / Input Cost Risk
Module prices have declined globally (China oversupply). For EPC projects, lower module prices help margins. For IPP, projects already commissioned have fixed tariffs — not exposed. Future projects benefit from lower input costs.
Mitigant: ALMM compliance ensures quality. Low module prices currently a tailwind, not headwind. BOOT model insulates from ongoing input cost risk.
LOW
EIM Early-Stage Execution Risk
EIM is a 14-month-old commercial entity. 55 units/quarter is modest scale. The ₹1,000 Cr Pune plant is an MoU — not executed or funded. The EV HCV market in India is nascent and faces infrastructure (battery swap station) development risk.
Mitigant: REL's consolidated exposure to EIM losses is limited to equity method accounting. The direct financial risk is the ₹296 Cr guarantee (already flagged HIGH above).
RESEARCH TRACKING MILESTONES — NOT INVESTMENT SIGNALS
Next Catalyst · Apr 30, 2026
Q4FY26 Earnings
Watch for: Q4 revenue (target ₹150–180 Cr), PAT recovery from Q3's ₹15 Cr dip, finance cost trend, and operational MW update.
Why: Determines whether Q3 PAT decline was transient or structural. Management commentary on QIP and FY27 guidance is critical.
FY26–FY27 Execution
60 MW Under-Construction Commissioning
Watch for: Announcement of commissioning COD (commercial operation date). Each commissioned MW adds ~₹3.2 L/month recurring tariff.
Why: Commissioning converts capital expenditure into revenue-generating assets. The faster 60 MW comes online, the sooner PAT recovers from finance cost drag.
Capital Structure · H1 FY27
QIP Resumption or Alternative Funding
Watch for: Board resolution reopening QIP, or alternative capital raise announcement (green bonds, project finance for 120 MW Maharashtra). Size and price of raise matters.
Why: 229 MW funding gap is existential for the 476 MWp FY27 target. Without a clear capital plan, the bull case is unachievable.
EIM Scaling · Each Quarter
EIM Unit Deliveries: ≥100/Quarter
Watch for: Q3FY26 was 55 units. Transvolt 66-unit delivery in Mar–Apr 2026. Quarterly cadence of deliveries and any new fleet orders.
Why: EIM at 250+ units/quarter would start generating meaningful associate income. ₹1,000 Cr plant MoU execution is the next major milestone.
Governance Watch · Quarterly
Promoter Holding Stabilisation
Watch for: Promoter holding floor (63.66% as of Mar 2026). Any further selling below 60% would be a significant concern. Insider buying would be a positive reversal signal.
Why: Promoter confidence is a leading indicator of business outlook. Sustained selling at operational highs suggests promoters are not aligned with the bull narrative.
Policy Risk · Apr–Jun 2026
PM-KUSUM Extension Beyond Mar 2026
Watch for: MNRE announcement on KUSUM continuation or revised target for FY27. Component C specifically (grid-connected agri pumps) has been the largest contributor.
Why: If KUSUM lapses without extension, EPC revenue pipeline for pumps + small solar evaporates. IPP revenue is unaffected but growth thesis slows.
Financial Health · Each Quarter
EBITDA → PAT Conversion ≥ 35%
Watch for: Q3FY26 PAT margin of 11.8% vs. operating margin of 25.4% — gap is due to depreciation + interest. Expect this gap to narrow as debt is serviced and new assets ramp up.
Why: The structural improvement in conversion ratio validates the IPP thesis. If gap widens further, it means debt servicing is eating into shareholder earnings disproportionately.
Medium-Term · FY27
476 MWp Operational — Progress Report
Watch for: MW update each quarter in business update filing. 60 MW u/c + 62 MW HESCOM + 80 MW Wardha + 50 MW hybrid + 120 MW Maharashtra = 372 MW identified. Gap: ~104 MW.
Why: The entire FY27E bull case (P/E 17x, PAT ₹165 Cr) rests on 476 MWp being operational. Quarterly progress tracking is the research checkpoint.
Shareholding Pattern — Trend (Last 4 Quarters)
Shareholding Summary
| Category | Dec 2025 | Mar 2026 | Change |
|---|
| Promoter & Group | 64.78% | 63.66% | -1.12% |
| FII / FPI | ~2.0% | 1.98% | ~Flat |
| DII / Domestic MF | ~2.8% | 2.81% | ~Flat |
| Public / Retail | ~30.4% | 31.55% | +1.15% (absorbed promoter sell) |
| Total Shareholders | — | 80,815 | — |
Promoter Activity (Mar 30, 2026): One promoter entity sold 1,961,822 shares at market (₹24.47 Cr, implied price ~₹124–130/share). Individual holdings now at 5,990,884 shares (33.54% of total promoter holding). Simultaneously, Anuradha Kulkarni (promoter group) bought 15,000 shares (₹18.5 L). The sell was ~132x larger than the buy.
Pledge Resolution (Mar 27, 2026): 60 lakh shares pledged with JM Financial Products completely de-pledged after full loan repayment. Net positive — reduces forced-selling overhang risk. Outstanding pledges, if any, should be verified in latest BSE disclosures.
Smart Money Assessment
| Institution | Estimated Holding | Trend | Signal |
|---|
| FII/FPI (aggregate) | 1.98% | Flat (minimal) | Marginal — not a significant FII play yet |
| DII / Domestic MF (aggregate) | 2.81% | Flat | Low institutional interest — small-cap, limited liquidity |
| Promoter (aggregate) | 63.66% | Declining steadily | Net seller at market. Negative signal. |
| Public / HNI | 31.55% | Absorbing promoter supply | Retail-driven rally — less conviction than institutional buying |
Individual institutional names (mutual fund schemes) not available from public search. Verify at NSE / SEBI bulk deals data and MF factsheets for specific institutional holders.
PART B
Technicals
Stage · Momentum · Key Levels · Trend & RS · R:R · Entry/Exit
⚠ Research Reference Only. All technical levels below are research reference points derived from publicly available price data and TradingView Screener MCP signals. They are NOT investment signals, buy/sell recommendations, or price targets. Always conduct independent analysis and consult a SEBI-registered advisor before any financial decision.
Wyckoff Stage & Setup
| Parameter | Assessment |
|---|
| Wyckoff Stage | Stage 2 — Mark-up (Early-Mid) |
| Weekly Trend | Higher Highs + Higher Lows from ₹93.41 base. Uptrend intact. |
| Setup Type | Pullback from 52W High (₹191.77). Forming consolidation/base at ₹125–155 zone. |
| Pattern | Potential Flag / High-Tight consolidation pending Q4 results catalyst. |
| 52W Range Position | CMP ₹154 = 65% recovery from 52W low (₹93.41). 80% of 52W high (₹191.77). |
| Weeks Since Low | ~12 months from ₹93.41 low (approx May–Jun 2025). Extended but not extreme. |
TradingView TA Consensus (Screener MCP — Apr 21, 2026)
Daily (1D)
Overall: NEUTRAL
Oscillators: Neutral
Moving Avgs: Neutral
Score: 0.0 (All: 0, Osc: 0, MA: 0) — Consolidation phase on daily.
Weekly (1W)
Overall: STRONG BUY
Oscillators: Neutral (0.09)
Moving Avgs: Strong Buy (0.91)
Score: 0.50. All 11 weekly MAs bullish. Oscillators neutral — not overbought.
Interpretation: Weekly MAs are uniformly bullish (0.91/1.0) — the long-term trend is strongly up. Daily signal is neutral — the stock is consolidating after the run-up. This is a typical Stage 2 pullback/consolidation pattern. The divergence between daily neutral and weekly strong buy often precedes resumption of the primary uptrend.
| Indicator | Reading | Zone | Interpretation |
|---|
| RSI (14, Daily) | 65.71 | Approaching Overbought (50–70 = Neutral/Bullish) | Strong momentum but approaching caution zone. Not yet overbought (>70). |
| RSI (14, Weekly) | TradingView Osc: 0.09 (near neutral) | Neutral | Weekly oscillators not in overbought territory — room to run. |
| MA Alignment (Weekly) | Score: 0.91 / 1.0 | Strongly Bullish | All major weekly MAs (20W, 50W, 200W) aligned in bullish order. Price above all. |
| MACD (Weekly) | Not available (MCP data) | — | Infer from MA alignment: MACD likely above signal line. Verify on TradingView chart. |
| Price vs. 52W Low | +65% from ₹93.41 | Strong recovery | Stock has recovered strongly but not yet at new highs (₹191.77). |
| Price vs. 52W High | -20% from ₹191.77 | Pullback from high | Consolidation 20% below peak. Normal for Stage 2 base formation. |
| Volume (Apr 21, 2026) | 2,241,603 (vs 169,542 avg) | 13x Average | Exceptionally high volume on up day (+13.4%). Unusual — potential earnings pre-announcement, block deal, or news catalyst. |
Volume Alert (Apr 21, 2026): Trading volume of 22.4L vs average 1.7L — over 13x average on a +13.4% up day. This is an episodic event. At the time of report generation, no specific news trigger was identified in the search results for this date. This could signal: (a) institutional entry/block deal, (b) Q4FY26 earnings pre-announcement, or (c) project/order win announcement. Verify BSE announcements for today specifically. Research reference — not a trading signal.
Price Level Map — Research Reference Only
Research Reference Levels derived from 52W OHLCV data and swing price analysis. Not buy/sell signals. Verify on live chart.
| Level | Price Zone | Basis |
|---|
| Support 2 (Strong) | ₹105–110 | Prior consolidation area near 52W low; demand zone from FY25 base formation |
| Support 1 (Nearest) | ₹125–132 | Prior resistance turned support; base of recent consolidation; 50% Fibonacci retracement from 52W low to high |
| CMP | ₹154 | Current market price (Apr 21, 2026) — +13.4% on day with 13x avg volume |
| Resistance 1 | ₹168–175 | Previous swing high area; likely supply zone from prior distribution |
| Resistance 2 / 52W High | ₹191–192 | 52W high barrier; prior all-time resistance for this cycle |
Peer TA Ranking (TradingView Screener MCP · Apr 21, 2026 · 1W)
| Ticker | Score | Signal (1W) | TA Rank |
|---|
| WAAREEENER | 0.27 | Buy | #1 |
| RELTD ★ | 0.25 | Buy | #2 |
| KPIGREEN | 0.17 | Buy | #3 |
| ACMESOLAR | 0.11 | Buy | #4 |
| INOXWIND | -0.11 | Sell | #5 |
Source: TradingView Screener MCP. Weighted 1D + 1W scores. RELTD ranks #2 of 5 peers — strong relative technical positioning in the solar energy space.
Relative Strength Assessment
| Period | RELTD Return | vs Nifty 500 | Status |
|---|
| 1-Year | +26.5% | Nifty 500 ~+8% (est.) | Outperforming |
| From 52W Low | +65% | — | Strong recovery |
| From 52W High | -20% | — | In pullback |
| YTD (Apr 2026) | +13.4% (today alone) | — | Catalyst event |
RELTD is technically the second-strongest stock in its solar peer group on weekly timeframe. Weekly MAs all aligned bullish. The daily consolidation (neutral signal) is constructive — absorbing supply before next leg. Long-term trend quality: Stage 2 characteristics with steady base formation.
⚠ FOR RESEARCH REFERENCE ONLY. NOT A BUY/SELL SIGNAL OR RECOMMENDATION. Not investment advice.
Research Entry Zone
₹125–140
At prior support zone
Support 1 (₹125–132) + recent consolidation base. Current CMP ₹154 is above this zone — monitoring level if pullback occurs.
Research Stop Reference
₹108–112
Below Support 2
Below prior demand zone and 50% Fibonacci retracement. Weekly close below ₹110 would invalidate Stage 2 thesis.
Reference Target 1
₹191–192
R:R ~2.2:1 (from ₹132)
52W High / Resistance 2. Prior cycle high. First logical supply zone to watch for base formation if broken.
Reference Target 2
₹230–250
R:R ~3.5:1 (from ₹132)
Measured move target from base. Consistent with FY27E bull case (₹165 Cr PAT × 15x P/E = ₹2,475 Cr mkt cap ÷ 17.86Cr shares ≈ ₹138 — and higher multiples at 18–20x).
All levels are research reference points only. Past price behaviour does not predict future outcomes. Consult a SEBI-registered investment advisor before making any financial decision.
Bullish Thesis Confirmation Signals (Research Reference)
| Event | Price Level | Significance |
|---|
| Weekly close above 52W high | ₹191.77+ | Confirms new breakout; Stage 2 acceleration. High conviction signal with volume > 20-day avg. |
| Q4FY26 results beat (Apr 30) | Fundamental catalyst | PAT recovery from Q3's ₹15 Cr — if Q4 shows ₹25+ Cr PAT, re-rates the earnings trajectory. |
| QIP announcement at ₹150+ per share | Capital event | Confirms management commitment to 476 MWp target without crushing EPS. |
Bearish / Invalidation Signals (Research Reference)
| Event | Price Level | Significance |
|---|
| Weekly close below Support 1 | ₹125 or below | Base structure broken; Stage 2 in question. Revisit fundamental thesis. |
| Weekly close below ₹108–110 | ₹110 or below | Stage 2 invalidated. Back to Stage 1 or potential Stage 4 start. |
| Q4FY26 PAT below ₹10 Cr (worse than Q3) | Earnings | Finance cost spiral confirmed; FY27 bull case in doubt. |
| EIM default on bank facilities | Balance sheet | Triggers ₹296 Cr corporate guarantee; catastrophic for REL's balance sheet. |
| Promoter holding below 60% | Governance | Accelerating exit; confidence erosion in fundamental narrative. |
⚠ IMPORTANT DISCLAIMER
This document is a research and educational output only, generated by the Primaegis Research Investment Analysis Pipeline (Apr 21, 2026).
Neither Ameya Pimpalgaonkar nor any contributor to this report is a SEBI registered investment advisor or research analyst.
Nothing in this report constitutes investment advice, a research recommendation, or a solicitation to buy, sell, or hold any security, fund, or financial instrument under SEBI (Research Analyst) Regulations, 2014 or any other applicable law.
All financial data is sourced from publicly available disclosures (Screener.in, StockAnalysis.com, TradingView, BSE/NSE, company announcements, news sources). Forward estimates are derived from management guidance and publicly available information — they are projections for research tracking, not forecasts. All technical levels are research reference levels only.
Always conduct your own due diligence and consult a SEBI registered investment advisor before making any financial decision.
Generated: April 21, 2026 | Primaegis Research · ⚡ iList Watchlist · Not for distribution.