RattanIndia Enterprises
RattanIndia Enterprises
RetailKey Fundamentals
MicrocapEcommerceRetailTapetide Score
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Key Insights
Weaknesses
2- Stock is trading at 4.98 times its book value
- Company has low interest coverage ratio.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoRattanIndia Enterprises Ltd is a diversified new-age conglomerate with subsidiaries in EV (Revolt Motors), e-commerce (Cocoblu), fintech, and drones, trading at a market cap of ~₹4,624 Cr with a negative PE of -28 and a P/B of 6.03. The company posted consolidated revenue of ₹6,866 Cr in FY25 (up ~11% YoY) but reported a net loss of ₹358.5 Cr, with ROE declining to -20% in the last year and a debt-to-equity ratio of 1.38.
- Revenue scaled from near-zero to ₹6,866 Cr in FY25, representing a 5-year compounded sales CAGR of 845%, demonstrating rapid top-line buildout across multiple verticals
- FY25 revenue grew 11% YoY (from ₹6,185 Cr to ₹6,866 Cr), showing continued momentum even on a larger base
- Revolt Motors expanded its dealership network from 100 to 200 outlets within one year (as of April 2025), positioning it as a leading EV two-wheeler brand in India with IPO plans within two years
- Q4 FY25 consolidated loss shrank 69% YoY, indicating operating leverage is beginning to emerge as revenue growth outpaces cost structures
- Diversified portfolio across seven segments (Cocoblu, Revolt, Neobrands, Wefin, NeoSky, TAS, Matternet) reduces single-business concentration risk
- 10-year stock CAGR of 25% reflects long-term value creation from its transformation from a legacy infrastructure entity to a new-age enterprise
- TTM revenue growth of 10% maintained despite macro headwinds, suggesting resilient demand in core segments like e-commerce and EV mobility
- Company reported a consolidated net loss of ₹358.5 Cr in FY25, with TTM profit declining 296% — profitability remains absent
- ROE has deteriorated sharply from +17% (3-year avg) to -20% in the last year, signaling value destruction for equity holders
- Stock is trading at 6.03x book value despite negative earnings, leaving no margin of safety if growth stalls
- Low interest coverage ratio (as flagged) with debt-to-equity at 1.38 raises solvency concerns in a rising-rate or cash-burn scenario
- Stock has fallen 46% over the past 1 year, reflecting significant market skepticism about near-term profitability
- Zero dividend yield with no history of payouts — shareholders depend entirely on capital appreciation with no income cushion
- EBITDA margin is negative at -0.91% on a TTM basis, meaning core operations are not yet self-sustaining
- Significant unrealized investment losses in Q4 FY25 contributed materially to the net loss, highlighting balance-sheet vulnerability to mark-to-market swings
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago- RVX e-bike launch at ₹1.24L Jul 2
Revolt Motors launched the RVX electric bike on Jul 02 priced at ₹1.24 lakh, featuring a 4 kW mid-drive motor, 3.24 kWh battery with 160 km range, and fast charging capability. Celebrity brand campaign with Hardik Pandya signals aggressive marketing push.
- New product in competitive EV space Jul 2
The RVX enters an increasingly crowded electric two-wheeler segment. Pricing at ₹1.24 lakh positions it in the mid-range category with three colour options available at launch.
TL;DR: RattanIndia Enterprises is expanding its EV portfolio through subsidiary Revolt Motors with a competitively specced new electric bike. No negative developments in this period. The RVX launch with celebrity endorsement shows intent to scale, but execution and market reception remain to be seen in coming quarters.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,268 | 1,615 | 1,880 | 1,294 | 2,494 | 1,801 | 1,921 | 1,505 | 2,313 | 2,124 | 2,006 | 1,697 | 1,870 |
| Expenses | 1,266 | 1,393 | 1,630 | 1,349 | 1,463 | 2,038 | 2,086 | 1,882 | 1,704 | 2,560 | 2,162 | 1,799 | 1,830 |
| Operating Profit | 2 | 222 | 250 | -55 | 1,031 | -237 | -165 | -377 | 609 | -436 | -155 | -102 | 40 |
| OPM % | 0.1% | 14% | 13% | -4.2% | 41% | -13% | -9% | -25% | 26% | -21% | -8% | -6% | 2.1% |
| Other Income | 205 | -47 | 0 | 6 | 4 | 0 | 0 | 5 | 4 | 4 | 1 | 2 | 10 |
| Interest | 24 | 29 | 32 | 29 | 26 | 30 | 23 | 16 | 17 | 19 | 18 | 19 | 19 |
| Depreciation | 4 | 4 | 5 | 4 | 4 | 4 | 4 | 4 | 3 | 4 | 4 | 3 | 3 |
| PBT | 179 | 142 | 213 | -81 | 1,005 | -270 | -192 | -391 | 592 | -456 | -176 | -123 | 28 |
| Tax % | 0% | 1% | 12% | 0% | 15% | -11% | -11% | -8% | 15% | -13% | -8% | -10% | 48% |
| Net Profit | 178 | 140 | 187 | -82 | 851 | -242 | -170 | -359 | 502 | -397 | -162 | -110 | 15 |
| EPS in Rs | 1.29 | 1.02 | 1.36 | -0.59 | 6.16 | -1.75 | -1.23 | -2.57 | 3.64 | -2.87 | -1.17 | -0.8 | 0.11 |
Profit & Loss
| Particulars | Mar 2012 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14 | 4,124 | 6,187 | 6,866 | 7,533 | 7,697 |
| Expenses | 42 | 6 | 278 | 663 | 1,309 | 153 | 2 | 36 | 4,083 | 5,558 | 6,614 | 7,613 | 8,351 |
| Operating Profit | -42 | -6 | -278 | -663 | -1,309 | -153 | -2 | -22 | 40 | 629 | 253 | -80 | -654 |
| OPM % | — | — | — | — | — | — | -1670% | -156% | 1% | 10% | 3.7% | -1.1% | -8% |
| Other Income | 168 | -155 | 0 | 0 | 0 | 2 | 2 | 579 | -255 | -46 | 10 | 5 | 17 |
| Interest | 4 | 0 | 0 | 0 | 0 | 1 | 0 | 2 | 49 | 114 | 94 | 74 | 76 |
| Depreciation | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 10 | 17 | 16 | 14 | 14 |
| PBT | 120 | -161 | -278 | -663 | -1,308 | -153 | 0 | 554 | -273 | 453 | 152 | -163 | -726 |
| Tax % | 30% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 5% | 6% | 47% | 2% | — |
| Net Profit | 84 | -161 | -278 | -663 | -1,308 | -153 | 0 | 554 | -286 | 424 | 81 | -166 | -654 |
| EPS in Rs | 0.33 | -1.17 | -2.01 | -4.8 | -9.46 | -1.11 | 0 | 4.01 | -2.06 | 3.08 | 0.61 | -1.2 | -4.73 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2012 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 255 | 276 | 276 | 276 | 276 | 276 | 276 | 276 | 276 | 276 | 276 | 276 |
| Reserves | 2,238 | 2,221 | 1,944 | 1,272 | -39 | -192 | -192 | 422 | 133 | 563 | 645 | 492 |
| Borrowings | 1,963 | 0 | 0 | 0 | 0 | 0 | 0 | 159 | 976 | 1,184 | 923 | 1,101 |
| Other Liabilities | 6,615 | 2 | 1 | 1 | 0 | 0 | 1 | 51 | 805 | 666 | 785 | 888 |
| Total Liabilities | 11,070 | 2,499 | 2,221 | 1,549 | 238 | 85 | 85 | 908 | 2,190 | 2,689 | 2,630 | 2,757 |
| Fixed Assets | 205 | 0 | 0 | 0 | 0 | 0 | 0 | 40 | 273 | 251 | 262 | 256 |
| CWIP | 7,035 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 8 | 6 | 6 |
| Investments | 244 | 2,405 | 2,133 | 1,463 | 153 | 0 | 84 | 812 | 315 | 881 | 1,049 | 893 |
| Other Assets | 3,587 | 94 | 88 | 86 | 85 | 85 | 1 | 56 | 1,596 | 1,549 | 1,313 | 1,602 |
| Total Assets | 11,070 | 2,499 | 2,221 | 1,549 | 238 | 85 | 85 | 908 | 2,190 | 2,689 | 2,630 | 2,757 |
Cash Flow
| Particulars | Mar 2012 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -58 | -96 | -2 | 0 | 14 | -17 | 67 | -14 | -678 | -37 | 306 | -56 |
| Investing | -742 | 7 | 0 | 0 | -15 | 18 | -67 | -102 | -25 | -26 | 30 | -7 |
| Financing | 957 | 32 | 0 | 0 | 0 | -1 | 0 | 117 | 734 | 97 | -373 | 105 |
| Net Cash Flow | 158 | -58 | -2 | 0 | 0 | 0 | 0 | 2 | 30 | 34 | -36 | 43 |
| Free Cash Flow | -1,882 | -96 | -2 | 0 | 14 | -17 | 67 | -14 | -691 | -42 | 297 | -64 |
| CFO/OP | 109 | 1,527 | 1 | 0 | -1 | 11 | -4,014 | 61 | -1,545 | -3 | 137 | 69 |
Ratios
| Particulars | Mar 2012 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | — | — | — | — | — | — | 0 | 48 | 4 | 3 | 3 | 3 |
| Inventory Days | — | — | — | — | — | — | — | — | 114 | 72 | 55 | 63 |
| Days Payable | — | — | — | — | — | — | — | — | 70 | 43 | 43 | 48 |
| Cash Conversion Cycle | — | — | — | — | — | — | 0 | 48 | 48 | 31 | 15 | 18 |
| Working Capital Days | — | — | — | — | — | — | -1,934 | -3,228 | -28 | 41 | 24 | 27 |
| ROCE % | — | — | -12% | -35% | -146% | -94% | -1% | -5% | 3% | 36% | 13% | -5% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY12–FY27.
Documents
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Company Information
RattanIndia Enterprises Limited is the flagship company of Rattanindia Group. RattanIndia Enterprises Limited comprises of tech focussed new age businesses including e-commerce, electric vehicles, and drones.
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