RattanIndia Enterprises (534597) Q3 25/26 earnings summary

Executive summary

• 9M FY26 revenue from operations rose 12% year-over-year to Rs. 5,834 Cr (₹58,338.87 million), with Q3 FY26 loss of Rs. 162 Cr (₹1,620.10 million) mainly due to unrealized notional loss from MTM movement in RPL shares; Q3 FY26 PBT was Rs. 13 Cr.

• The group operates in retail e-commerce, electric vehicles, fintech, drones, and related sectors, with a new segment for investments introduced for improved reporting.

• Cocoblu expanded globally via a partnership with Noon and through the incorporation of Neorise Global Trading L.L.C-S.O.C in Dubai, entering the Middle East e-commerce market.

• Revolt maintained a ~70% share in the EV-motorcycle segment for CY2025, expanded its dealer network to 219 stores, and received government EV subsidies.

• NeoSky tripled revenue year-over-year, delivered advanced drones to Indian defense and police, and scaled up drone training initiatives.

Financial highlights

• 9M FY26 revenue from operations: Rs. 5,834 Cr (₹58,338.87 million) vs Rs. 5,198 Cr in 9M FY25 (12% increase).

• Q3 FY26 loss: Rs. 162 Cr (₹1,620.10 million), primarily due to Rs. 189 Cr unrealized notional loss on RPL shares.

• Q3 FY26 PBT: Rs. 13 Cr.

• Cocoblu 9M FY26 revenue: Rs. 5,707 Cr vs Rs. 5,067 Cr in 9M FY25 (13% growth).

• EBITDA positive since inception for Cocoblu; FY25 EBITDA Rs. 180 Cr, up 21% year-over-year.

Outlook and guidance

• Ambition to sustain high growth rates demonstrated in recent years, with continued focus on technology-driven businesses.

• Continued expansion in global e-commerce and EV markets, leveraging government incentives and digital infrastructure, including Middle East entry.

• Management remains confident in the long-term growth of drone and e-commerce businesses despite current legal and regulatory challenges.