/** blogpostTitle: "Ratnavveer FY26: Growth in Core, Big Bet on CCL" blogpostSlug: "ratnavveer-fy26" blogpostCoverImageDescription: "An ultra-realistic corporate finance visual: a clean desk with a large widescreen monitor displaying a professional dashboard. The dashboard shows three line charts trending upward for revenue, EBITDA, and PAT between FY25 and FY26, alongside a pie chart showing FY26 segment revenue mix with finishing line as the largest slice and smaller slices for sheet metal components, washers (domestic and export), tubes and pipes, nut and bolt, scrap sales, and other income. In the background, a subtle industrial factory floor is visible out of focus, and a second small screen shows a timeline bar indicating a major project commissioning target around November 2026. Neutral lighting, no logos, no readable brand text." blogpostShortTitle: "Ratnavveer FY26 growth and CCL push" */

Ratnavveer FY26: Growth in Core, Big Bet on CCL

Ratnavveer Precision Engineering Limited closed FY26 with higher revenue, stronger profitability, and a more diversified segment mix. The investor presentation for FY26 shows revenue of INR 1,078.41 crore, up from INR 895.53 crore in FY25. EBITDA increased to INR 121.88 crore from INR 94.20 crore, while PAT rose to INR 64.30 crore from INR 46.53 crore.

The company positioned this as part of a multi-year compounding story, supported by backward and forward integration, a large stainless steel washer platform, and growing participation across a broader set of engineered products. Alongside the steady progress in the existing stainless and precision engineering operations, management’s commentary in the earnings call placed heavy emphasis on a new diversification initiative: a copper clad laminates (CCL) manufacturing project in Vadodara, Gujarat.

FY26 performance: growth with a shifting revenue mix

The presentation highlights a clear change in how the revenue is distributed across segments. In FY25, the finishing line contributed 66.7% of revenue. In FY26, its share reduced to 52.4%. This does not mean the finishing line business shrank in absolute importance, but it does show faster growth in other segments and a gradual reduction in concentration.

On a year-on-year basis, key segments such as sheet metal components and domestic washers expanded. The company also reported contributions from nut and bolt, tubes and pipes, scrap sales, and other income.

A notable operational theme in the deck is working capital improvement. Working capital days were shown reducing from 204 days in FY23 to 89 days in FY26, with FY27 displayed at 78 days. The topline versus inventory chart in the presentation indicates that inventory in FY26 remained broadly stable versus FY25 even as revenue increased.

Segment revenue: FY26 versus FY25

The segmental revenue table in the presentation provides a detailed view of the company’s revenue composition.

In FY26, finishing line revenue was INR 564.92 crore, while sheet metal components delivered INR 118.92 crore. Washer sales were split between domestic and exports, with domestic washers at INR 103.69 crore and washer exports at INR 55.17 crore. SS tube and pipes generated INR 69.98 crore, and nut and bolt contributed INR 59.26 crore. Scrap sales and other items were INR 96.80 crore. Other income stood at INR 9.67 crore.

The company also highlighted a shift in washer mix. For FY24, the deck shows washer exports at 88% and domestic at 12%. By FY26, this mix moved to 35% export and 65% domestic. This suggests increased domestic market penetration for washers, though the documents do not provide additional detail on pricing, customer wins, or contract structures.

The CCL diversification: what management shared

The core strategic discussion in the earnings call was the copper clad laminates project. The investor presentation states that the project is approved under ECMS and highlights several points: an investment of INR 338 crore over a span of three years, projected annual capacity of 1.6 million CCL sheets, and a focus on FR-4 grade laminates. The deck also describes it as Gujarat’s first CCL manufacturing unit and positions it as a fully integrated, high-volume, automated facility.

In the transcript, management described CCL as a key raw material for PCB manufacturing and linked it to the broader electronics and chip manufacturing ecosystem. Management said the company has tied up with a Chinese technology partner for installation, commissioning, and product quality stabilization, and that orders for machinery have been placed. Civil work was described as being in full swing, with the commissioning timeline dependent partly on monsoon conditions.

The timeline communicated on the call was specific. Management indicated that machinery could arrive around July or August 2026, installation would run through the following months, trial runs would occur around October to November 2026, and initial production is targeted by November 2026.

Management also discussed a revenue roadmap that depends on both the existing stainless business and the future scale-up of CCL. They spoke about a longer-term topline target of around INR 2,500 crore, including around INR 750 crore from CCL and around INR 1,800 crore from the existing business. On profitability, management stated that the CCL business could operate at around 20% EBITDA and around 13% PAT at the individual business level, while consolidated margins were discussed at around 13% EBITDA and around 9.7% to 10.5% PAT.

Capital allocation and funding plans discussed

Fundraising and capital planning came up multiple times in Q&A. Management referred to earlier fundraising and described the need for additional funds to support CCL capex and working capital. On the call, management discussed a fundraise of around INR 330 crore through QIP or an equivalent route, with an intention to complete it around September, depending on market and investor conditions.

Management also responded to questions on warrants, stating that 25% was already paid and that the balance could be converted within the available time window.

Key investor concerns raised in Q&A

Two concerns surfaced in the Q&A that are worth noting because they came directly from participant questions.

First, an investor pointed to negative operating cash flow for FY26 in the company’s filings and asked why operating cash flows fluctuate. The management response in the transcript was general, pointing to capex advances and the impact of capitalization timing, but the transcript does not provide a numerical bridge or a detailed reconciliation.

Second, there were questions on the increase in receivables. A participant cited a sharp rise in receivables and asked for the main reasons. Management attributed this to expansion into new products, broader customer additions, and the need to extend credit during new product launches, with an expectation that it would normalize.

Takeaways

Ratnavveer’s FY26 presentation and earnings call show a business that is growing, becoming less dependent on a single segment, and improving working capital efficiency over time. The more important part of the story is the new CCL project, which management positioned as an import substitution opportunity in a fast-growing electronics supply chain.

For investors tracking execution, the key near-term milestone is the stated target of first production from the CCL line by November 2026. Over the next year, credibility will likely be shaped by whether commissioning timelines hold, whether product quality is accepted by customers, and whether the company can scale lines as planned while maintaining balance sheet discipline.