RIR Power Electronics Reports Q3 FY26 Results, Appoints New MD & CEO
RIR Power Electronics reported Q3 FY26 revenue of INR20.27 crores with EBITDA of INR0.86 crores and PAT of INR0.44 crores. Nine-month revenue grew to INR66.92 crores from INR59.74 crores year-over-year. The company appointed N. Ramesh Kumar as MD & CEO effective February 11, 2026, bringing extensive industry experience. The Odisha semiconductor facility progresses with clean room completion expected by February end and commercial production within 90 days of power connectivity. Total Phase 1 capex is INR225 crores with INR52 crores government funding received.
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RIR Power Electronics Limited held its Q3 FY26 earnings conference call on February 17, 2026, announcing financial results and key leadership changes. The company reported mixed performance for the quarter while making significant progress on its strategic initiatives.
Financial Performance Overview
The company's Q3 FY26 results reflected temporary moderation due to operational challenges and market dynamics.
| Metric | Q3 FY26 | Amount |
|---|---|---|
| Revenue | Q3 FY26 | INR20.27 crores |
| EBITDA | Q3 FY26 | INR0.86 crores |
| PAT | Q3 FY26 | INR0.44 crores |
| Earnings Per Share | Q3 FY26 | INR0.06 per share |
For the nine-month period ending December 31, 2025, the company showed improved performance:
| Parameter | Nine-Month FY26 | Nine-Month FY25 | Change |
|---|---|---|---|
| Revenue | INR66.92 crores | INR59.74 crores | Growth |
| EBITDA | INR8.11 crores | INR7.95 crores | Improvement |
| PAT | INR5.33 crores | INR5.73 crores | Decline |
| EPS | INR0.74 per share | INR0.75 per share | Marginal decline |
According to Financial Controller Ankit Shah, the Q3 numbers reflected temporary moderation arising from realignment of certain orders due to customer-driven scheduling changes, increase in material consumption cost, and provision for cost due to introduction of New Labour Laws.
Leadership Transition
The company announced the appointment of N. Ramesh Kumar as Managing Director and CEO effective February 11, 2026. Kumar brings extensive industry experience, having started his career as Graduate Engineer Trainee at GEC of India Limited in 1984 after graduating from MNIT Allahabad.
Key Background Highlights:
- 20 years in sales and marketing at Crompton Greaves Limited starting from 1990
- P&L responsibility for various product lines including pumps, lighting, and motors from 2010 onwards
- Crisis management experience during Crompton Greaves' challenging period in 2019
- Recent stint at Diffusion Engineers Limited before joining RIR Power
Kumar outlined his immediate priorities focusing on three external and three internal objectives. External priorities include strengthening sales organization, enhancing market reach, and brand building. Internal priorities encompass operational excellence, capacity mapping, and IT infrastructure improvements.
Odisha Project Progress
The company's semiconductor facility in Odisha continues to advance despite power connectivity challenges. Non-Executive Chairman Harshad Mehta provided detailed updates on the project timeline and funding status.
| Project Parameter | Status/Details |
|---|---|
| Clean Room Completion | February end or mid-March 2026 |
| Commercial Production Timeline | 90 days post power connectivity |
| Total Phase 1 Capex | INR225 crores |
| Government Funding Received | INR52 crores |
| Funds Utilized | INR43-45 crores |
| Phase 2 Capex Estimate | INR395-400 crores |
The company has already generated INR1 crores of revenue through contract manufacturing arrangements in Taiwan and Korea under RIR's intellectual property. The first international shipment worth $20,000 was completed to Richardson Electronics, a global distributor, with volume orders expected upon evaluation.
Operational Achievements
RIR Power demonstrated its technical capabilities through several significant projects:
- 10 megawatt rectifier testing for rocket launcher base power applications
- High voltage capacitor discharge switch development for Indian Army (10,000 volts and 200,000 amps)
- International market entry with shipments to Indian Navy and global distributors
- Technology leadership in replacing established players like ABB in specialized applications
Financial Strategy and Banking Arrangements
The company is finalizing banking partnerships for project financing. Ankit Shah confirmed that negotiations for INR70 crores debt financing are at an advanced stage, with in-principle approval expected within the week and committee approval anticipated by first or second week of March 2026.
The debt financing will enable completion of Phase 1 operations, with the government providing matching contributions under the established funding framework. All project funds are maintained in an escrow account monitored by government authorities and utilized exclusively for capital expenditure purposes.
Market Positioning and Future Outlook
Chairman Harshad Mehta emphasized the company's focus on infrastructure-intensive projects aligned with self-reliant India initiatives. The strategic priorities include:
- Defense and aerospace applications leveraging high-power expertise
- Grid and renewable energy solutions for power-sensitive applications
- Mining sector partnerships as OEM supplier with established players
- Railway infrastructure continuing core business relationships
- Industrial power quality solutions for steel and manufacturing sectors
The company's technical capabilities in medium and high-power applications position it as a specialized provider for reliability-sensitive industries, with ongoing projects demonstrating its ability to meet global standards and replace international competitors in niche applications.
