Ratnaveer Precision Engineering LimitedQ2 FY27 Results & Financial Update
Ratnaveer Precision Engineering Limited: Q2 FY27 consolidated results and company financials – revenue ₹387.24 Cr, PAT ₹24.07 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Ratnaveer Precision Engineering Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Ratnaveer Precision Engineering posted strong revenue expansion for the quarter ended September 30, 2026, recording consolidated revenue from operations of INR 387.24 crore compared to INR 285.87 crore in the corresponding period of the previous year.
Total consolidated income reached INR 392.84 crore for Q2 FY27, supported by INR 5.60 crore in other income, marking a steady top-line progression over the INR 318.43 crore reported in the preceding June quarter.
Profitability tracked the higher activity levels, with consolidated profit after tax (PAT) climbing to INR 24.07 crore from INR 15.43 crore in the year-ago period and INR 18.24 crore in Q1 FY27.
Earnings per share (EPS) for the quarter stood at INR 3.24, compared to INR 3.07 in Q2 FY25 and INR 2.58 in the previous quarter of the current fiscal year.
Operational expenses rose in tandem with scale, as cost of materials consumed expanded to INR 352.86 crore, while inventory changes reflected a positive adjustment of INR 28.48 crore representing accretion of finished and semi-finished stock.
Finance costs increased to INR 7.79 crore for the quarter compared to INR 3.88 crore a year earlier, reflecting higher borrowing utilization and interest obligations to support expanding business operations and capital expenditures.
Depreciation and amortization expenses remained stable at INR 6.81 crore, while tax expenses for the quarter totalled INR 3.47 crore, comprising current tax of INR 1.85 crore and deferred tax of INR 1.62 crore.
01 · Business model
What does Ratnaveer Precision Engineering do?
Ratnaveer Precision Engineering Limited manufactures stainless steel (SS) finished and semi-finished products, catering to diverse industrial sectors with a primary manufacturing and operational footprint located at Savli, Vadodara in Gujarat.
The company's product portfolio spans stainless steel sheets, washers, solar mounting structures, tubes, pipes, and customized precision engineering components utilized across automotive, solar energy, engineering, and industrial applications.
Ratnaveer distributes its offerings both domestically within India and across international markets, utilizing a consolidated operational structure that includes its wholly-owned subsidiary Ratnaveer Stainless Inox LLC.
The economic model relies on efficient raw material sourcing, capital-intensive manufacturing facilities, and value-added stainless steel fabrication to serve recurring industrial and infrastructural demand.
02 · Historical context
What shaped the business before this quarter
Previously operating under the name Ratnaveer Metals Limited, the company transitioned its corporate identity to Ratnaveer Precision Engineering Limited prior to its public listing phase.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹387.24 Cr | ₹285.87 Cr | ₹314.64 Cr |
| Total income | ₹392.84 Cr | ₹287.91 Cr | ₹318.43 Cr |
| EBITDA | ₹42.16 Cr | ₹30.35 Cr | — |
| Profit before tax | ₹27.54 Cr | ₹20.10 Cr | ₹21.88 Cr |
| Profit after tax | ₹24.07 Cr | ₹15.43 Cr | ₹18.24 Cr |
| EPS | ₹3.24 | ₹3.07 | ₹2.58 |
| EBITDA margin | 10.89% | 10.62% | — |
Financial interpretation
What the reported numbers mean
Profit after tax represented 6.2% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 7.1% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹5.60 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Domestic revenue from operations formed the overwhelming majority of top-line earnings at INR 371.26 crore, while outside India revenue contributed INR 15.97 crore for the quarter.
The top-line and operating accounts absorbed a positive change in inventories of finished goods and work-in-progress amounting to INR 28.48 crore during the quarter.
What drove margins
The EBITDA margin for Q2 FY27 improved slightly to 10.89% (INR 42.16 crore) compared to 10.62% (INR 30.35 crore) in the corresponding quarter of the previous year.
Cost of materials consumed scaled significantly to INR 352.86 crore, reflecting raw material price movements and higher volume throughput during the quarter.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Domestic segment revenue stood at INR 371.26 crore with a segment profit before tax and interest of INR 353.51 crore, while outside India segment revenue contributed INR 15.97 crore.
Geography and market mix
Domestic markets accounted for INR 371.26 crore of operational revenue, whereas international shipments to buyers outside India generated INR 15.97 crore.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
Capital work-in-progress expanded to INR 148.08 crore as of September 30, 2026, compared to INR 82.38 crore at the end of March 2026, indicating ongoing plant and machinery installations.
07 · Reported developments
What changed operationally
Consolidated revenue from operations grew by 35.46% YoY to INR 387.24 crore, while PAT expanded by 55.97% YoY to INR 24.07 crore.
08 · Pressure points & risks
What is not going smoothly
The statutory auditors highlighted in their review report that tax provisions and deferred tax were calculated and determined as estimated by the management solely.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash used in operating activities for the half year ended September 30, 2026, stood at an outflow of INR 30.41 crore, impacted by working capital changes including increases in trade receivables and inventories.
Net cash used in investing activities was INR 77.40 crore primarily due to property, plant, and equipment purchases, while financing activities generated INR 285.58 crore aided by securities premium proceeds.
Capital allocation & funding
Non-current borrowings stood at INR 74.98 crore as of September 30, 2026, while current borrowings were recorded at INR 189.36 crore.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Subsidiary Financial Contribution
The company's subsidiary, Ratnaveer Stainless Inox LLC, reported total revenues of nil and net profit after tax of nil for the quarter ended September 30, 2026.
11 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations improved from INR 314.64 crore in Q1 FY27 to INR 387.24 crore in Q2 FY27, accompanied by an increase in net profit from INR 18.24 crore to INR 24.07 crore.
12 · Key Q&A
The quarter, answered directly
What does Ratnaveer Precision Engineering do?
Ratnaveer Precision Engineering Limited manufactures stainless steel (SS) finished and semi-finished products, catering to diverse industrial sectors with a primary manufacturing and operational footprint located at Savli, Vadodara in Gujarat.
What is the clearest takeaway from Q2 FY27?
Ratnaveer Precision Engineering posted strong revenue expansion for the quarter ended September 30, 2026, recording consolidated revenue from operations of INR 387.24 crore compared to INR 285.87 crore in the corresponding period of the previous year.
What drove revenue or demand?
Domestic revenue from operations formed the overwhelming majority of top-line earnings at INR 371.26 crore, while outside India revenue contributed INR 15.97 crore for the quarter.
What mattered most for margins or profitability?
The EBITDA margin for Q2 FY27 improved slightly to 10.89% (INR 42.16 crore) compared to 10.62% (INR 30.35 crore) in the corresponding quarter of the previous year.
What changed operationally beyond the headline numbers?
Capital work-in-progress expanded to INR 148.08 crore as of September 30, 2026, compared to INR 82.38 crore at the end of March 2026, indicating ongoing plant and machinery installations.
What are the main pressure points disclosed for the quarter?
The statutory auditors highlighted in their review report that tax provisions and deferred tax were calculated and determined as estimated by the management solely.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Capital Expenditure Execution: Monitor the capitalization of the INR 148.08 crore capital work-in-progress balance into operational property, plant, and equipment.
- 02
Working Capital and Cash Flows: Track the conversion of inventory and trade receivables into positive operating cash flows in subsequent quarters.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.