Q1 2027 RIR Power Electronics Ltd Earnings Call Transcript
Key Points
- Revenue grew 29.3% YoY to INR27.16 crore in Q1 FY27, with PAT up 80.6%, reflecting strong operational performance.
- EBITDA margin improved significantly, driven by better cost control and successful price pass-through of 80-85% of input cost increases.
- Odisha facility is on track: power connection secured, cleanroom completed, and epitaxial operations expected to commence by end of Q2 FY27, with revenue from Epi wafers targeted at INR12-15 crore in H2 FY27.
- Successful listing on NSE (July 16, 2026) is expected to enhance liquidity, broaden investor base, and improve price discovery.
- Strengthened leadership with new independent director and CFO, and secured first overseas order for 125mm 5kV SCR thyristors, expanding international footprint.
- Developed and delivered indigenous 25kV, 120,000 amps capacitor discharge trigger for defense applications, supporting Make in India initiatives.
- Management targets 3-4x growth in top line and even higher bottom line growth for FY27, with a clear strategy to penetrate high-power devices in India and expand equipment division.
- Epi wafer business is expected to have higher EBITDA margins (20-25%) compared to existing products, improving overall profitability.
- Company is actively engaging with international customers in US and Taiwan for Epi wafers, with 8-inch wafers for export and 4/6-inch for domestic market.
- R&D investment of 8-10% of revenue is maintained, with ongoing development of optical triggering thyristors up to 8kV, enhancing product portfolio.
- Management refrained from providing long-term revenue targets, citing forward-looking statement policies, which may leave investors without clear guidance.
- The company faces challenges in passing on full cost increases due to West Asia geopolitical disturbances, with only 80-85% of input cost increases passed on to customers.
- Low-power devices (LPD) have reached saturation, limiting growth potential in that segment, requiring a shift to high-power devices and new products.
- Odisha plant revenue contribution in FY27 will be limited to Epi wafers, which is not expected to match Halol's revenue scale in the near term.
- Bank loan approval for Odisha phase one is still pending, with final sanction committee meeting delayed to next week, creating uncertainty in funding.
- The company has not yet received an update from Richard Electronics on the 20,000 silicon carbide chips supplied, indicating potential delays in customer validation.
- Management acknowledged that EBITDA margin sustainability is uncertain due to external geopolitical factors, making it difficult to guarantee long-term margin levels.
- Phase two of Odisha (fabrication) is still under discussion, with no clear timeline for commercialization, likely beyond FY28.
- The company's growth targets are ambitious (3-4x) but may be constrained by supply chain ecosystem and productivity improvements needed at the factory level.
- No clear update on participation in Semicon 2 or other government initiatives, with management only stating they are working on a project without specifics.
Ladies and gentlemen, good day and welcome to RIR Power Electronics Ltd Q1 FY27 Earnings Conference Call hosted by Veritas Reputation.
(Operator Instructions)
Please note that this conference is being recorded. I now hand the conference over to Mr. Abhishek Savant from Veritas Reputation. Thank you, and over to you, sir.
Thank you, Nirav, and good morning, everyone. On behalf of RIR Power Electronics, I extend a warm welcome to all participants joining us for the Q1 FY27 earnings conference call. We appreciate your time and interest in joining us today to discuss the companyâs performance for the quarter ended June 30th, 2026. We truly value your continued interest and support.
As you are aware, the financial results for Q1 FY27 have already been disclosed through the stock exchanges and are also available on our website. Accordingly, todayâs session is designed to provide deeper insights into our operational progress industry outlook, and the companyâs long-term
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