REL posts Rs 24.029 crore quarterly loss as e-commerce profit falls

RattanIndia Enterprises Limited reported a consolidated loss of Rs 24.029 crore for the quarter ended September 30, 2026, after a Rs 14.735 crore profit in the preceding quarter, as its retail e-commerce segment result declined to Rs 4.258 crore from Rs 52.816 crore. Revenue from operations was Rs 2,061.665 crore.

How did REL's September-quarter consolidated result change?

REL recorded a Rs 24.029 crore consolidated loss for the quarter ended September 30, 2026, compared with a Rs 14.735 crore profit in the quarter ended June 30, 2026 and a Rs 396.557 crore loss a year earlier. Loss attributable to equity holders was Rs 24.363 crore, while basic and diluted earnings per share were both negative Rs 0.18.

Revenue from operations rose sequentially by Rs 191.189 crore to Rs 2,061.665 crore, but was Rs 62.253 crore below the Rs 2,123.918 crore reported in the quarter ended September 30, 2025. Total expenses increased to Rs 2,094.168 crore from Rs 1,852.359 crore in the June quarter, exceeding total income of Rs 2,064.144 crore.

The September-quarter loss before tax was Rs 22.346 crore, following a Rs 30.024 crore loss before the Rs 7.678 crore share of profit from an associate. Finance costs were Rs 20.738 crore, up from Rs 18.772 crore in the preceding quarter and Rs 19.327 crore a year earlier, while fees and commission expense was Rs 361.243 crore.

Why did REL's retail e-commerce segment profit decline?

REL's retail e-commerce segment result fell to Rs 4.258 crore in the September 2026 quarter from Rs 52.816 crore in the June 2026 quarter and Rs 29.735 crore in the September 2025 quarter. Segment income increased sequentially to Rs 2,004.253 crore from Rs 1,840.192 crore, but remained below Rs 2,074.360 crore a year earlier.

The filing does not identify a specific operational reason for the lower segment result. In the consolidated income statement, purchases of stock-in-trade were Rs 1,809.798 crore in the September quarter, fees and commission expense was Rs 361.243 crore and employee benefits expense was Rs 40.239 crore.

Retail e-commerce assets were Rs 2,002.206 crore at September 30, 2026, compared with Rs 1,784.554 crore at March 31, 2026. Segment liabilities increased over the same period to Rs 1,367.735 crore from Rs 1,174.660 crore.

What did REL's EV and investment segments contribute?

REL's electric vehicle, or EV, e-motorcycles segment reported a Rs 8.659 crore loss in the September 2026 quarter, broadly unchanged from a Rs 8.656 crore loss in the June quarter and wider than the Rs 4.901 crore loss a year earlier. EV segment income rose to Rs 47.340 crore from Rs 26.914 crore sequentially and Rs 42.291 crore year on year.

The investment segment contributed Rs 7.678 crore in the September 2026 quarter, compared with Rs 9.171 crore in the preceding quarter and a Rs 457.503 crore loss a year earlier. The current-quarter amount was REL's share of profit from RattanIndia Power Limited, which the group accounts for as an associate using the equity method.

The year-on-year investment comparison is affected by an accounting change disclosed in the filing. Until March 24, 2026, REL's investment in RattanIndia Power Limited was accounted for as a financial asset measured at fair value through profit or loss; subsequent market-value movements are no longer recognised through profit or loss after it became an associate.

What changed in REL's cash flow and balance sheet?

REL reported profit before tax of Rs 5.753 crore for the half year ended September 30, 2026, down from Rs 136.218 crore in the corresponding 2025 half year. Net cash used in operating activities was Rs 155.797 crore, close to the Rs 156.214 crore outflow in the prior-year half year.

Cash and cash equivalents fell to Rs 27.125 crore at September 30, 2026 from Rs 72.646 crore at March 31, 2026, a decrease of Rs 45.521 crore during the half year. Net cash generated from financing activities was Rs 107.419 crore, while net cash generated from investing activities was Rs 2.857 crore.

Consolidated total assets rose to Rs 3,313.152 crore at September 30, 2026 from Rs 2,770.888 crore at March 31, 2026. Total liabilities increased to Rs 2,549.909 crore from Rs 2,001.235 crore, while equity decreased to Rs 762.607 crore from Rs 768.470 crore.

What unresolved matters could affect REL's reported position?

REL said it cannot reliably estimate the financial effect of Extended Producer Responsibility obligations under the End-of-Life Vehicles Rules, 2025, effective from April 1, 2025. The filing says the certificate-pricing mechanism and measurement framework have not yet been made available through the centralised online portal.

Revolt Intellicorp Private Limited, a wholly owned subsidiary, is also subject to battery-waste obligations under the Battery Waste Management Rules, 2022, notified on February 24, 2025. REL said sufficient guidance on waste-collection mechanisms and associated costs was not available, and it will evaluate the implications once a reliable estimation framework is established.

REL also disclosed disputes involving Throttle Aerospace Systems Private Limited, or TAS, where its indirect equity ownership increased from 60% to 90% through a rights issue during the September quarter. The National Company Law Tribunal directed that the rights issue would remain subject to further orders, arbitration proceedings had not started, and management concluded that no impairment was required at September 30, 2026.

Conclusion

REL's September-quarter loss followed a sequential decline of Rs 48.558 crore in retail e-commerce segment profit, despite segment income rising by Rs 164.061 crore from the June quarter. The EV segment remained loss-making at Rs 8.659 crore, while the Rs 7.678 crore share of profit from the associate partly offset the group’s loss before tax.

Next, the filing points to the unresolved implementation frameworks for vehicle and battery-waste obligations, whose financial effects REL cannot yet estimate. REL also disclosed that Cocoblu Retail Limited authorised 9,300 employee stock options during the half year, with vesting graded over four years from the grant date, while the TAS rights-issue dispute remains subject to further orders.