Ravindra Energy Q2: Net Profit Surges To ₹19.04 Cr On 80% Revenue Growth; Electric Truck Sales Jump to 142 Units
Two stories are running side by side in India's energy market. Solar keeps getting built at a record pace, while heavy trucking, long a diesel stronghold, is slowly turning to batteries. Few companies sit where the two meet, and that overlap is what Ravindra Energy is chasing.
The Nifty 50 was trading at 24,412.45, up 1.89%. Meanwhile, Sensex also rose 2.01% to 78,860.75 on Wednesday. Meanwhile, Shares of P I Industries Ltd. were trading at Rs. 142.53, up 0.53 percent from previous close of Rs. 141.78. The stock opened at Rs. 142.99 and reached an intraday high of Rs. 146.00 and low of Rs. 140.00. The company currently has a market capitalization of Rs. 2,879 crores.
What's the news
Ravindra Energy shared its Q2 business update after filing September quarter results with the exchanges. The big item is the proposed merger with Energy In Motion (EIM), the electric truck and charging platform. The scheme has been submitted to the exchanges and is under review. If approved, the company will be renamed Energy In Motion Limited.
On the ground, EIM's heavy commercial vehicle assembly complex at Ambi, Talegaon, near Pune, was inaugurated by Maharashtra's chief minister on 14 October. The first truck assembled in-house from knocked-down parts rolled out on 30 October. EIM also plans 15 charging locations by December and 40 by March 2027.
Financial & Business analysis
Looking at the quarterly results of Ravindra Energy, the company's consolidated revenue from operations increased by 58.66 percent YoY, from Rs. 119.96 crore in Q2 FY26 to Rs. 190.33 crore in Q2 FY27, and increased by 80.36 percent QoQ from Rs. 105.53 crore in Q1 FY27.
In Q2 FY27 Ravindra Energy consolidated net profit increased 1,068.10 percent YoY, reaching Rs. 19.04 crore compared to Rs. 1.63 crore during the same period last year. As compared to Q1 FY27, the net profit decreased by 21.97 percent YoY, from Rs. 24.40 crore.
The basic earnings per share stood at Rs. 1.03 as against Rs. 0.09 recorded in the same quarter in the previous year, FY2026.
Today's mix has three legs: solar EPC and contracting work, electricity generation, and power trading. Truck, battery and charging sales from EIM would join after the merger. Contracting is the largest and lumpiest piece, while generation is the steady one. No EPC order book is disclosed, but the build pipeline is a fair proxy. Thirty-six projects totalling 226.8 MWp are under construction, all with power purchase agreements signed.
This helps in two ways. Signed agreements turn into long-term generation income as projects commission, which cushions the ups and downs of contracting. EIM adds a second growth engine, with a plant that can build 5,000 vehicles a year on one shift and a 2.4 GWh battery-pack line. With trucks, swapping, charging and solar power sold together, the group could offer fleets something rivals would struggle to match.
Industry context
The solar tailwind is strong. India added 35.2 GW of solar between January and September 2026, up 19.5% year on year, taking renewable capacity to about 299.2 GW. Maharashtra, where much of Ravindra's work sits, ranked third among states for solar and wind additions, at roughly 3 GW.
Electric trucking is earlier in its journey. Electric commercial vehicle retail was 2,051 units in February 2026, up 156% from a year earlier. Even so, that is a small slice of the 80,000-90,000 commercial vehicles sold each month. The small base leaves plenty of room to grow, though execution will decide who captures it.
Company overview
Ravindra Energy Limited is a Belgaum-based renewable energy. It builds and runs solar projects for state utilities and private buyers, with about 296 MWp operating across 81 locations and 117 projects, or 522.8 MWp, counting those under construction. It also holds a 51% stake in a small wind asset. The Murkumbi and J M Baxi groups hold 75% as promoters.