Ratnaveer CCL Facility Reaches 75% Completion Before Installation

Ratnaveer Precision Engineering has completed 75% of its copper clad laminate, or CCL, facility and expects machinery by mid-November 2026, followed by installation and trial runs. Ratnaveer’s disclosed scaled case targets more than Rs 750 crore of FY31 revenue from five lines producing 79,20,000 CCL sheets annually.

What is Ratnaveer building at the CCL facility?

Ratnaveer is building a facility to manufacture FR-4 grade CCL, the material it describes as epoxy-resin-impregnated glass fabric laminated with copper foil. CCL is used as a substrate in printed circuit boards, or PCBs, serving electronics, automotive, telecom and defence manufacturing.

Ratnaveer has outlined a seven-stage manufacturing flow: mixing, impregnation, treating, build-up, pressing, inspection and dispatch. The product therefore differs from the company’s four established verticals of washers and sheet metal, fasteners, tubes and pipes, and finishing lines, which operate across five facilities.

The company’s existing manufacturing footprint includes four integrated facilities in Vadodara and one in Ahmedabad. Its finishing-line division reports monthly output of 2,00,000 pieces, or about 200 metric tonnes, while the CCL project introduces an electronics-materials product with a planned annual output measured in sheets.

How far has Ratnaveer progressed with the CCL project?

Ratnaveer reported 75% completion of the CCL facility in its Q2 FY27 business update, with machinery expected by mid-November 2026 before installation and trial runs. The presentation does not specify a commercial-production start date or the date when the first line will reach its stated annual capacity.

Line 1 machinery has been ordered and inspected at the vendor’s works, and Ratnaveer says shipment and installation are underway. The company describes commissioning as on track, while saying the remaining four lines of the five-line plan will be introduced in phases.

Ratnaveer’s technical collaboration covers equipment, installation, operating procedures, training and quality management. The collaborator has committed support through customer approvals for 18 to 24 months after commissioning, which places customer qualification after the installation and trial-run stages disclosed for mid-November 2026 machinery delivery.

The presentation does not name CCL customers, disclose binding orders, or give selling prices for the material. It also does not state the construction schedule for lines 2 through 5, making delivery, installation, commissioning and customer approvals the identified near-term execution steps.

What revenue and capacity does Ratnaveer target from CCL?

Ratnaveer’s Phase 1 financial case targets revenue of Rs 108 crore, earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 22 crore, and profit after tax, or PAT, of Rs 12 crore. The company states a 20% EBITDA margin, an 11% PAT margin and a 29% return on investment, or ROI, for this phase.

Phase 1 capacity is planned at 15,84,000 sheets annually. Ratnaveer’s scaled FY31 case raises annual capacity to 79,20,000 sheets across five lines, alongside revenue of more than Rs 750 crore, EBITDA of Rs 150 crore and PAT of Rs 83 crore.

The scaled case would lift capacity fivefold from 15,84,000 sheets to 79,20,000 sheets annually. Its stated revenue case is at least Rs 642 crore above Phase 1, while Ratnaveer retains the same 20% EBITDA margin, 11% PAT margin and 29% ROI assumptions in both cases.

Ratnaveer says the five-line FY31 capacity would represent only about 1.8% of the Indian CCL market. That figure is based on the company’s market framing and does not establish the timing of demand capture, customer approvals or output ramp-up from each of the five lines.

What market and policy case does Ratnaveer cite for CCL?

Ratnaveer cites current domestic CCL demand of Rs 5,000 crore, with more than 90% of demand imported and consumption exceeding 3,00,000 sheets a month. It identifies electric vehicles, 5G, consumer electronics, defence and aerospace as the demand categories for the material.

The presentation puts the Indian PCB market at Rs 1,76,790 crore by 2032, based on a stated compound annual growth rate, or CAGR, of 16.4%. It separately estimates the Indian CCL market at Rs 29,880 crore by 2031, though it labels that market calculation as estimated rather than citing an external source for it.

Ratnaveer discloses Rs 338 crore of planned investment over three years, facilitated under the Electronics Component Manufacturing Scheme, or ECMS, approved on 30 March 2026. It links the project to the Production Linked Incentive scheme, Make in India, Atmanirbhar Bharat and the India Semiconductor Mission, but does not disclose an ECMS support amount or annual investment split.

How does the CCL plan compare with Ratnaveer’s reported financial results?

Ratnaveer completed a Rs 329.99 crore rights issue that was subscribed 1.11 times, allotting 1,24,99,669 equity shares at Rs 264 each. The company disclosed the capital raising in the same Q2 FY27 update as the 75% CCL facility-completion milestone.

For Q2 FY27, Ratnaveer reported consolidated revenue of Rs 387.237 crore, up 35.46% from Rs 285.868 crore in Q2 FY26. EBITDA, including other income, rose 38.85% to Rs 42.136 crore, while PAT increased 55.97% to Rs 24.071 crore.

For H1 FY27, revenue reached Rs 701.872 crore, compared with Rs 550.491 crore in H1 FY26, a 27.50% increase. H1 EBITDA rose 35.48% to Rs 78.111 crore and the EBITDA margin increased by 66 basis points to 11.13%; these reported consolidated figures do not include disclosed CCL sales.

H1 PAT rose 39.24% to Rs 42.308 crore from Rs 30.386 crore, and the PAT margin increased by 51 basis points to 6.03%. Ratnaveer also reported annualised return on equity of 9.66% and annualised return on capital employed of 13.31% in Q2 FY27, compared with 10.01% and 15.71%, respectively, as on 31 March 2026.

Conclusion

Ratnaveer has advanced the CCL initiative from a plan to a partly completed facility, with 75% construction completion and machinery expected by mid-November 2026. The proposed five-line FY31 configuration would raise capacity from Phase 1’s 15,84,000 sheets to 79,20,000 sheets annually, alongside a revenue case of more than Rs 750 crore.

The next disclosed milestones are machinery arrival, installation and trial runs, followed by commissioning and customer approvals supported for 18 to 24 months. Ratnaveer’s plan also calls for Rs 338 crore of investment over three years and phased deployment of the four lines after Line 1, but the presentation leaves their timing unresolved.