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Revenue
₹249 Cr
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EBITDA
Pending
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What the record says.
Ratnaveer Precision Engineering reported a strong finish to FY26, with the existing stainless steel business growing at a 25% CAGR over the past three years. The company is aggressively diversifying into Copper Clad Laminates (CCL), a critical raw material for PCBs, with a ₹338 crore capex approved under the PLI scheme. The first CCL line is expected to commence production by November 2026, targeting a total revenue contribution of ₹750 crore from five lines by FY28. Management reiterated a consolidated revenue target of ₹2,500 crore in 2-3 years, with EBITDA margins of ~13% and PAT margins of ~10.5%. Key risks include execution delays due to monsoon, reliance on a Chinese technology partner, and potential working capital strain from rapid expansion.
Colored figures show movement against the previous available record.
Guidance to track
- First CCL line to commence production by November 2026, with trial runs in October.
- Targeting ₹2,500 crore consolidated revenue in 2-3 years, with ₹1,800 crore from existing business and ₹750 crore from CCL.
- Individual CCL business expected to achieve 20% EBITDA margin and 13% PAT margin.
- Planned fundraising of ₹330 crore through QIP or rights issue to fund CCL capex and working capital.
Risks flagged
- Management acknowledged that monsoon could delay civil work and machine installation, pushing CCL production beyond November 2026.
- The CCL project relies on a Chinese partner for machinery and technical support, posing geopolitical and supply chain risks.
- Trade receivables rose from ₹65 crore to ₹175 crore despite modest revenue growth, indicating potential working capital strain.
- Management admitted only soft confirmations from PCB manufacturers, with no binding contracts for CCL offtake.
Key quotes
- We have been a tie up with the Chinese company for the technology partner and till up to the installation, commissioning and quantity of the product should be coming out.
- Our output of the production cost can be easily beat to the Chinese products as well in terms of the quality, production, and commercial viability.
- We have been very much firm committed and devoted and our integrity would highest integrity would be there to execute this project.
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