RIR Power Electronics Q1 FY27: Revenue Rises 29.3%; Odisha SiC Facility Nears Commercial Production
RIR Power Electronics Limited has started FY27 on a strong note, reporting healthy revenue growth in the first quarter and making significant progress on its upcoming Odisha semiconductor facility. During its Q1 FY27 earnings conference call held on August 13, 2026, the management discussed financial performance, capacity expansion, product development, margins, semiconductor opportunities and the company’s growth strategy.
The company is focused on strengthening its position in India’s power semiconductor ecosystem, with opportunities spanning electric mobility, renewable energy, railways, defence, industrial automation and power infrastructure.
RIR Power Electronics Q1 FY27 Financial Performance
RIR Power Electronics reported revenue of ₹27.16 crore in Q1 FY27, representing a 29.3% year-on-year increase.
EBITDA for the quarter stood at ₹3.98 crore, while earnings per share came in at ₹0.39 per share.
Management attributed the improvement in profitability partly to better cost control, purchasing efficiencies and the ability to pass higher raw-material costs to customers.
The company said it was able to pass on approximately 80–85% of the increase in input costs to customers, particularly for new orders and schedules.
However, management cautioned that margins can continue to be influenced by external factors, including geopolitical developments and commodity prices.
Management Targets ₹30 Crore+ Quarterly Revenue Run Rate
One of the key takeaways from the earnings call was the company’s ambition to increase its revenue run rate from the existing Halol operations.
Management indicated that, excluding the Odisha facility, RIR Power Electronics expects to cross a quarterly revenue run rate of ₹30 crore during FY27.
The management also acknowledged that achieving a ₹50 crore quarterly run rate would require more time, particularly because the company needs to strengthen its backend supply chain and improve productivity at the factory level.
The company is therefore focusing on scaling its existing operations while simultaneously expanding its product portfolio.
High-Power Devices Emerging as a Major Growth Driver
According to management, the company’s existing low-power device business has reached a relatively mature stage, limiting the potential for rapid growth.
The focus is therefore shifting toward:
- High-power devices
- New semiconductor products
- Equipment solutions
- High-voltage applications
- Industrial and grid applications
Management believes that high-power devices (HPD) can become an important growth driver, particularly in the Indian market.
The company is also working on increasing value addition within its products so that more components and solutions can be supplied to customers, potentially improving both revenue realization and profitability.
Odisha Semiconductor Facility Nears Production
The upcoming Odisha facility remains one of the most important developments for RIR Power Electronics.
The project is being developed in phases, with the initial focus on epitaxy and packaging, followed by fabrication.
Management said that the clean-room construction for the epitaxy facility has been completed. Infrastructure for the 33 kV power connection has also been completed, while the transformer has been installed and charged.
The company expects the plant and machinery installation to be completed by the end of August or mid-September 2026.
Epitaxy operations are expected to begin around the end of Q2 FY27, with revenue contribution anticipated from Q3 FY27.
Odisha Plant to Produce 4-Inch, 6-Inch and 8-Inch Epi Wafers
The Odisha facility is expected to manufacture silicon carbide epitaxial wafers.
Management indicated that the two reactors can support production of 4-inch, 6-inch and 8-inch epi wafers.
The company expects:
- 4-inch and 6-inch wafers to primarily address the domestic market.
- 8-inch wafers to have a greater focus on export opportunities.
RIR Power Electronics has already approached customers in the US and Taiwan, while Indian government laboratories have also shown interest in the company’s epitaxy capabilities.
For FY27, the company is targeting approximately ₹12–15 crore of revenue from epi wafer sales during the second half of the financial year.
Odisha Project Requires ₹618 Crore Total CAPEX
The company provided an update on the overall capital expenditure planned for the Odisha project.
The total expected CAPEX for the Odisha facility is approximately ₹618 crore.
The broad phase-wise allocation is:
- Phase 1: Approximately ₹225 crore
- Phase 2: Approximately ₹395–400 crore
For FY27, the company expects to spend around ₹100–120 crore on Phase 1, while the Phase 2 investment plan is still being evaluated.
The company has also received government support for the project. Management said that the Government of Odisha has provided a subsidy of approximately ₹58 crore so far, while the company has made a contribution of around ₹70 crore, including additional expenditure that may not qualify as CAPEX.
Bank Financing for Odisha Project
RIR Power Electronics said it has received in-principle approval from a bank for financing.
The final sanction committee meeting was expected to take place the following week, according to management.
The company has applied for a bank loan of approximately ₹70 crore, which is expected to support the remaining Phase 1 expenditure.
Epi Wafer Business Could Deliver 20–25% EBITDA Margin
Management expects the epi wafer business to generate an EBITDA margin of approximately 20–25%.
However, the company expects its downstream silicon carbide products and devices to offer better margins than the epi wafer business.
This highlights the company’s broader strategy of moving progressively toward higher-value semiconductor products rather than remaining focused only on wafer manufacturing.
RIR Power Electronics Strengthens Silicon Carbide Focus
Silicon carbide is becoming an important part of RIR Power Electronics’ expansion strategy.
The company is working across different areas of the power semiconductor value chain, including:
- Silicon power semiconductors
- Silicon carbide technology
- Epitaxial wafers
- High-power SCR thyristors
- High-voltage modules
- Power electronic equipment
Management said the immediate priority is to develop the silicon carbide opportunity fully before considering major expansion into gallium nitride.
Company Targets 8–10% R&D Investment
RIR Power Electronics highlighted innovation as a key competitive advantage.
Chairman Dr. Harshad Mehta said the company has historically viewed R&D as a long-term investment and aims to spend approximately 8–10% on R&D.
The company is developing products aimed at high-voltage industrial and grid applications.
One example discussed during the call was an optical triggering technology for high-voltage applications, which can reduce the need for individual-level electrical isolation.
The company has already developed the technology around the 5 kV level and is working toward approximately 8 kV.
Indigenous 25 kV, 120,000 Amp Capacitor Discharge Switch
Another significant technology development highlighted by the company is its indigenous 25 kV, 120,000 amp capacitor discharge switch using 125 mm advanced SCR components.
The product is aimed at specialized defence technology and high-energy pulse applications.
According to management, the development supports India’s Make in India and Atmanirbhar Bharat initiatives.
International Order Highlights Export Potential
RIR Power Electronics has also strengthened its international presence with its first overseas order for 120 units of 125 mm, 5 kV SCR thyristors.
The company believes that its high-power semiconductor capabilities can address applications requiring high current and high-voltage handling.
These products have potential applications in:
- Defence
- Pulse power systems
- HVDC infrastructure
- Railways
- Industrial applications
- Power transmission
NSE Listing Adds Visibility
Another important milestone during the quarter was the company’s listing on the National Stock Exchange (NSE).
Trading of RIR Power Electronics shares on NSE commenced on July 16, 2026.
Management expects the NSE listing to improve liquidity, broaden the investor base, strengthen price discovery, and enhance the company’s visibility among capital-market participants.
The company has also strengthened its leadership team with the appointment of Mr. Ankit Shah as Chief Financial Officer, while Mr. Vivek Patel has joined the Board as an Independent Director.
Railways and Defence Remain Key Opportunity Areas
RIR Power Electronics is looking to expand its presence in strategic sectors such as railways and defence.
The company recently showcased its railway power electronics solutions at RailTrans Expo 2026, strengthening its engagement with India’s expanding railway infrastructure ecosystem.
Management also highlighted the company’s high-power semiconductor products for defence and high-energy pulse applications.
These sectors could become important markets as India increases its focus on domestic manufacturing and strategic technology capabilities.
Richardson Electronics Update
During the Q&A, management was asked about the company’s relationship with Richardson Electronics and the evaluation of silicon carbide semiconductor chips.
Management said discussions and follow-ups with Richardson Electronics are continuing, but there was no fresh update available at the time of the conference call.
What Management Said About FY27 Growth
Management stopped short of providing detailed long-term revenue commitments but indicated an ambitious growth objective.
The company is targeting three to four times growth over the previous year’s top line during FY27, while aiming for potentially stronger growth in the bottom line.
The management’s strategy involves increasing market penetration, expanding the product portfolio, improving manufacturing productivity, and leveraging its customer and industry network.
Outlook
RIR Power Electronics enters the next phase of its growth journey with several potential catalysts.
The Halol facility is expected to benefit from new high-power products and equipment solutions, while the Odisha facility could begin contributing revenue from Q3 FY27 through epitaxial wafer sales.
The company’s focus on silicon carbide, high-power semiconductors, defence, railways, renewable energy and power infrastructure provides multiple potential avenues for expansion.
At the same time, investors will be watching the execution of the Odisha project, customer qualification, capacity utilisation, margins, funding requirements and the pace at which new products translate into commercial revenue.
Key Takeaways from RIR Power Electronics Q1 FY27 Concall
- Q1 FY27 revenue stood at ₹27.16 crore, up 29.3% YoY.
- EBITDA stood at ₹3.98 crore.
- EPS was ₹0.39.
- Company targets a ₹30 crore+ quarterly revenue run rate from the existing business during FY27.
- Odisha facility is approaching epitaxy production.
- Odisha project total planned CAPEX is approximately ₹618 crore.
- FY27 Odisha revenue target is ₹12–15 crore from epi wafers.
- Epi wafer EBITDA margin expected at 20–25%.
- R&D investment target is around 8–10%.
- Company is focusing strongly on silicon carbide and high-power semiconductor products.
- First overseas order received for 120 units of 125 mm 5 kV SCR thyristors.
- NSE trading commenced on July 16, 2026.
- Management is targeting 3–4x top-line growth over the previous year during FY27.
- High-power devices, new products, and equipment solutions are expected to drive future growth.
Disclaimer: This article is based on information discussed by RIR Power Electronics Limited management during its Q1 FY27 earnings conference call. It is intended for informational purposes only and should not be considered investment advice or a recommendation to buy or sell the stock.