RIR Power Electronics Limited (formerly Ruttonsha International Rectifier Ltd) (BSE: 517035) reported stable year-on-year revenue growth in the quarter ended December 31, 2025, while profitability declined due to scheduling changes in customer orders, higher raw material costs and labour code-related impacts, according to its Q3 FY26 earnings release.
For Q3 FY26, standalone revenue stood at ₹20.27 crore, compared with ₹19.87 crore in Q3 FY25, representing a 2.0% year-on-year increase. EBITDA declined to ₹0.86 crore from ₹2.11 crore, while profit after tax (PAT) fell to ₹0.44 crore from ₹1.37 crore in the prior-year quarter.
Business overview
RIR Power Electronics manufactures high-power semiconductor devices, assemblies and energy management solutions used across industrial and energy applications. The company focuses on power semiconductor technologies and is expanding capacity through its upcoming silicon carbide (SiC) semiconductor facility in Odisha.
The company’s operations are reported as a single segment under Ind AS 108, covering power electronics and semiconductor solutions.
Financial performance — Q3 FY26
Revenue in Q3 FY26 declined sequentially from ₹25.64 crore in Q2 FY26 but remained marginally higher year-on-year. EBITDA margin contracted to 4.26%, compared with 17.01% in Q2 FY26 and 10.64% in Q3 FY25.
PAT margin stood at 2.15%, down from 11.97% in the previous quarter and 6.73% in Q3 FY25. Basic earnings per share (EPS) declined to ₹0.06 from ₹0.19 in Q3 FY25.
According to the unaudited results statement, total income for the quarter was ₹20.69 crore and profit before tax was ₹0.62 crore.
Nine-month performance (9M FY26)
For the nine months ended December 31, 2025, revenue increased 12.0% year-on-year to ₹66.92 crore from ₹59.74 crore. EBITDA rose slightly to ₹8.11 crore from ₹7.95 crore, while EBITDA margin declined to 12.12% from 13.31%.
PAT for 9M FY26 stood at ₹5.33 crore compared with ₹5.73 crore in the corresponding period last year. EPS for the period was ₹0.74 versus ₹0.75 in 9M FY25.
Strategic and operational developments
The company appointed Mr. N. Ramesh Kumar as Managing Director and CEO during the quarter as part of leadership restructuring intended to support future growth initiatives.
RIR reported progress on its silicon carbide semiconductor plant in Bhubaneswar, Odisha, stating that clean-room construction was nearing completion and expected to finish by February 2026.
The company also implemented an Employee Stock Ownership Plan (ESOP 2025) following shareholder approval in January 2026.
Management commentary
Management stated that Q3 performance reflected temporary moderation due to realignment of certain customer orders, increased raw material costs and implementation impacts from new labour codes. The company indicated expectations of recovery and stronger momentum in upcoming quarters.
Risks and constraints
Disclosures indicate that profitability remains sensitive to raw material costs, customer scheduling changes, operational execution, and regulatory impacts such as labour code implementation.
Outlook
The company said focus remains on scaling semiconductor capabilities, completing the Odisha facility, expanding product offerings and strengthening leadership execution to drive long-term growth in power semiconductor markets.