Ravindra Energy Ltd. · NSE:RELTD
Ravindra Energy — Investor Presentation (January 2026)
35 slides from Ravindra Energy's investor presentation, Jan 27, 2026
Slide 1: Regulation 30 intimation to stock exchanges
January 27, 2026 To, Dept. of Corporate Services, National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, Phiroze Jeejeebhoy Towers, G Block, Bandra-Kurla Complex, Dalal Street, Mumbai- 400001, Bandra (E) Mumbai - 400 051, Maharashtra, India. Maharashtra, India. Scrip Code
Slide 2: Ravindra Energy Limited: Corporate Presentation
Ravindra Energy Limited: Corporate Presentation January 2026 1
Slide 3: Today's Presenters
Today’s Presenters Investment Banking Leadership Investment Banking Leadership Narendra Murkumbi Shantanu Lath Vice Chairman Chief Executive Officer 2
Slide 4: Table of Contents
Table of Contents 1 Company Overview 2 Electric Mobility: Energy in Motion (EIM) 3 Power Generation: Distributed Solar Energy 4 Annexures 3
Slide 5: Company Overview
Established Credentials as Serial Company Overview Disruptor 4
Slide 6: Business Structure: Electric Mobility and Renewable Energy Generation
Business Structure: Electric Mobility and Renewable Energy Generation Promoters, and Public Promoter Group 64.77% 35.23% Ravindra Energy Ltd (Market cap: INR 2,550 Cr*) 49.50% Electric Mobility Company: Power Generation Business: Energy in Motion Limited Distributed Solar Energy E-tractors supply: H
Slide 7: Electric Mobility (EIM Ltd): Snapshot
Electric Mobility (EIM Ltd): Snapshot AN INTEGRATED PLATFORM FOR E-TRACTORS 55 tonne e-tractors (OEM) Charging/swapping stations Power Market Leadership 125 units sold (Dec- Upcoming facility with Captive power 25), and 263 units 5,000 e-Tractor units Operating currently: 2 generation 15% Amongst To
Slide 8: Distributed Solar Energy: Snapshot
Distributed Solar Energy: Snapshot Distributed Renewable Energy Generation: Overview Operational Capacity Capacity post expansion Geographies Tariff** (Dec 25) (FY27E) Rural Feeder Solarization 170 MWp ~2.7x 455 MWp Maharashtra and INR 2.87 to 8.40/unit Karnataka* Open Access & Solar 17 MWp ~1.2x 21
Slide 9: Ravindra Energy: Board of Directors
Ravindra Energy: Board of Directors Leadership Vidya Murkumbi Narendra Murkumbi Shantanu Lath Executive Chairperson Vice Chairman Chief Executive Officer Independent Directors Non-Executive Director Ramesh Abhishek Apurva Chandra Poonam Lahoty Vinay Namjoshi Sidram Kaluti 8
Slide 10: Stock Price and Volume Analysis
Stock Price and Volume Analysis Stock Price and Volume Chart (Last 5 years) 200 15,00,000 143 150 10,00,000 100 5,00,000 50 0 0 Jan-21 Jul-21 Dec-21 Jun-22 Nov-22 May-23 Oct-23 Mar-24 Sep-24 Feb-25 Jul-25 Jan-26 Volume (BSE + NSE) Price Stock Overview Stock delivering positive returns consistently S
Slide 11: Electric Mobility: Energy in Motion
Electric Mobility: Energy in Motion 10
Slide 12: Key Industry Dynamics: Large Addressable Market for EIM
Key Industry Dynamics: There is a Large Addressable Market for EIM 46 to 55-tonnes Tractors: Critical and fast growing within the CV category 1 E- Tractors Beneficial user economics for e-tractors compared ICE tractors 2 Case Study: EV penetration in Tractors (Trucks) category in China 3 Heavy-duty
Slide 13: India Commercial Vehicles Landscape
India Commercial Vehicles Landscape Small Commercial Light Commercial Medium Commercial Tractor Trailers Other HCVs Vehicles Vehicles Vehicles GVW <=3.5T >=3.5T & <=7.5T >=7.5T & <=16.2T >=46T & <=55T >=16.2T & <=49T Pick-up trucks, mini- Pick-up trucks and ultra Intermediate and Multi-axle rigid tr
Slide 14: 46 to 55-tonne Tractors: Significant Expansion Potential
46 to 55-tonne Tractors: Significant Expansion Potential Growth History and Outlook Increasing share of 46 to 55 tonne trucks amongst total HCV sales Units 5-7% CAGR 72,000 - 79,000 22% 56,316 49,465 8% F Y2 3 F Y2 5 F Y3 0 F FY20 FY25 Key Features Applications Growth Drivers All key underlying indu
Slide 15: E-Tractors: Beneficial User Economics compared to ICE Tractors
E-Tractors: Beneficial User Economics compared to ICE Tractors E-tractors with Battery Swapping: Most cost efficient option E-tractors + Swapping: 11% cost savings over ICE Tractors Diesel Tractors E-Tractors Cost savings In-built battery Without battery Battery model -> NA model (Swapping model) Di
Slide 16: Case Study: Significant e-Trucks Penetration in China
Case Study: Significant e-Trucks Penetration in China Sales growing at a robust 46% CAGR (CY20-24) China leads the e-Trucks sales share globally Global 18,000 14,000 33,000 52,000 94,000 China Europe US Rest of World e-trucks sales 6% 6% 6% 4% China e-trucks sales 14% 4% 2% 46% CAGR 76,140 12% 13% 2
Slide 17: EIM: Fast-growing Platform formed with Strategic Drivers
EIM: Fast-growing Platform formed with Strategic Drivers Integrated platform: Cost and Time efficient model 1 Supporting ecosystem: Tie-ups and Vendors 2 Large users and beneficial use cases enabling growth for EIM 3 Swapping stations: A network in the making 4 Talegaon facility: Upcoming manufactur
Slide 18: An Integrated Platform: Cost and Time Efficient Model
An Integrated Platform: Cost and Time Efficient Model Integrated platform for e-Tractors e-Tractor Battery Pack + Charging Cum In-house power supply Telematics supply Swapping Station for battery charging Software Offerings Procurement & supply Providing a subscription-based Strategy for captive pow
Slide 19: Supporting Ecosystem: Tie-ups and Vendors
Supporting Ecosystem: Tie-ups and Vendors • 6 years of exclusivity to assemble, market and distribute CVs with >18 tonne capacity in India (co-branding and localization allowed) • CATL is amongst the largest manufacturers of battery in China and globally • Established a relationship and track record
Slide 20: Gained Multiple Users in 4-months
Gained Multiple Users in 4-months: Highlighting the Solutions and Business Model Capability Focused Underlying Industries for EIM & Growth Outlook Target Use Case for e-Tractors Used in Drayage operations (short haul movements between ships, storage yards and container terminals), more effective vis
Slide 21: Swapping Stations: A Network in the Making
Swapping Stations: A Network in the Making Battery Swapping Facilities (FY26) Swapping Network – Expansion Strategy (i.e. by FY29) Sonipat: 1 Delhi/NCR: 4 JNPT: 2 JNPT: 1 Mumbai-Pune Hwy: 2 Operational (2) Upcoming by FY26E (8)* Total Battery Swaps until 31-Dec-25 EIM has a strategy to set up ~100 s
Slide 22: Upcoming Manufacturing Facility with 5,000 Units p.a. Capacity
Upcoming Manufacturing Facility with 5,000 Units p.a. Capacity • Headquarter: Talegaon, Pune Overview • Area: 35,000+ square meter • Plant Capacity: 5,000+ vehicles p.a. Features • Processing time per unit: 45 mins Talegaon, Pune Current • Civil Construction & Site preparation: In progress, as per s
Slide 23: ESG Standards: EIM's Business Plan Aligns with Customers' ESG Goals
ESG Standards: EIM’s Business Plan Aligns with Customers’ ESG Goals ESG benefits from e-Tractor use Use cases: Reducing carbon emissions Port Terminal Logistics Partners/ Shipping Lines Reduction in Operator Tractor Operators Renewable Carbon Energy Emissions Integration SCOPE 1 SCOPE 1 SCOPE 1 Dire
Slide 24: EIM: Key Strategies
EIM: Key Strategies Market Leadership Swap Stations Network – Expansion • Maintain the market position • Strategic plan to set-up 100 swap stations by FY29 • Integrated offering along with well distributed swapping • Covering the busiest transport corridors: Mumbai to network is EIM’s moat Nagpur, P
Slide 25: Financial Overview (Energy in Motion)
Financial Overview (Energy in Motion) Number of Vehicles Sold Number of Battery Swaps Units Swapping 2 2 1 125 Stations 4,213 Units 3,588 70 55 337 Q2FY26 Q3FY26 Dec-25 (9 months) Q2FY26 Q3FY26 Dec-25 (9 months) Revenue from Operations PAT INR. Mn. INR. Mn. 794.90 0.70 Q2FY26 Q3FY26 Dec-25 (9 months
Slide 26: Experienced Management Team
Experienced Management Team Narendra Murkumbi: Managing Director Munjal Savla: General Manager - Tech • Vice chairman of Ravindra Energy Limited • Ex-Project Manager (Renewable energy projects) at Ravindra Energy Ltd Mahesh Keskar: SVP - Manufacturing Basavaraj Koraddi: Senior Sales Manager – After
Slide 27: Electric Mobility and Distributed Solar Business: Significant Synergies
Electric Mobility and Distributed Solar Business: Significant Synergies Execution of Charging Stations: Experience from Ravindra Energy Renewable Electricity consumption by e-Tractors* MW Ravindra Energy’s experience in setting up small scale solar projects will help EIM to set up battery charging/s
Slide 28: Power Generation: Distributed Solar Energy
Power Generation: Distributed Solar Energy 27
Slide 29: Indian Renewable Energy Industry: Largely Driven by Solar Energy
Indian Renewable Energy Industry: Largely Driven by Solar Energy India’s per capita electricity consumption is …resulting in power demand to grow by 5.5-6.0% in Increasing power demand leading to energy additions, significantly lower than other large economies… next 5 years mainly driven by renewabl
Slide 30: PM KUSUM Scheme: Significant Expansion Potential
PM KUSUM Scheme: Significant Expansion Potential, with Limited Institutional Competition compared to Utility projects PM KUSUM Scheme: Benefiting both DISCOMs and Farmers… Significant part of sanctioned capacity pending to be Installed* • PM Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM KUSUM) sch
Slide 31: Ravindra Energy: Well Diversified Portfolio
Ravindra Energy: Well Diversified Portfolio No. of Net Avg. Tariff Project Name Off taker State Capacity (MWp) COD/SCOD LoA Received? Land Acquired? Locations/Projects (INR/unit) (A) Operating Portfolio MSKVY – 1 19 MSEDCL Maharashtra 135.80 Oct-25 3.07* Karnataka 14 KA DISCOMs Karnataka 34.15 Aug-1
Slide 32: Integrated Platform with Land Aggregation and In-house EPC Capabilities
Integrated Platform, with Demonstrated Track-record of Land Aggregation and In-house EPC Capabilities Integrated platform… …with Land aggregation track record Agri-linked Land Aggregation: Aggregated ~1,790 acres across 33 Solar EPC Solar IPP energy solution locations in the last four years Experien
Slide 33: Financial Overview: Significant Growth and Enhancing Margins
Financial Overview: Significant Growth and Enhancing Margins Rising Operational Capacity… …leading to increasing Revenue …with increasing EBITDA margins MWp INR Mn 5% 25% 17% 24% 79% CAGR 187 INR Mn 19% CAGR 4,101 105% CAGR 974 2,526 2,504 64 1,310 424 331 38 40 135 FY23 FY24 FY25 Dec-25 FY23 FY24 F
Slide 34: Annexure
Established Credentials as Serial Annexure Disruptor 33
Slide 35: Financial Overview (Consolidated)
Financial Overview (Consolidated) INR Mn FY23 FY24 FY25 9MFY26 Income Statement Revenue from Operations 2,526.30 1,309.70 2,504.20 4,101.47 EBITDA 134.70 330.50 424.30 974.04 EBITDA Margin 5.30% 25.20% 16.90% 23.74% Finance Cost 134.70 164.80 99.70 230.63 Depreciation and Amortisation 113.40 133.90
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