AI-generated · cited to primary sources · not investment advice
Ratnaveer Precis (543978) Nov 2025 Filing Analysis
Does management do what it says?
Management significantly improved working capital efficiency, bringing working capital days down to 89 days for FY26, which is better than the targeted 110-120 days range. (1 exceeded, 1 met across 2 tracked commitments)
“But in coming years it can be maintained in between of 110 to 120 days. 120 days this could be a significant target for the company.”
Management has significantly upgraded their revenue guidance. While the previous target was 1,800 Cr in 3 years, they are now targeting 2,500 Cr consolidated revenue within a 3-year horizon (by FY29). (3 revised, 1 exceeded, 1 met across 5 tracked commitments)
“Company can be look forward to the numbers in the next two years that can be a Rs. 1,500 crore as a topline... And in a three years of the span Company can be looking forward for the 1,800 crore as a topline.”
EBITDA per tonne is showing a steady upward trajectory, reaching 26,011 in FY26 from 25,028 in FY25, moving toward the 30,000 target. (1 in progress across 1 tracked commitment)
“Not 31,000, but it could be nearby to the 28,000 ton in two years of the span and very next year when the quantities of the value additions products can be increasing... it can be definitely crossed to the 30 plus.”
Management has upgraded the long-term consolidated PAT margin guidance to 10.5% (from 8.5%) while maintaining the EBITDA margin guidance at 13.5%. (1 revised across 1 tracked commitment)
“Company can be look forward to the numbers in the next two years that can be a Rs. 1,500 crore as a topline, 8.5 % as a PAT and the 13.5% as a habitat [EBITDA] that can be a projected numbers.”
Launch of a Copper-Cladded Laminates (CCL) project with production starting by September 2026. — target: 108 crores revenue
“And the numbers of 108 crores is revenue. 20% is EBITDA and 12% is the PAT. This could be expected numbers from this line... By September '26 [production start].”
See the full cited Management analysis of Ratnaveer Precis
What could break the thesis?
Management acknowledges that major players like Wipro, Syrma, and Amber Enterprise are also entering this space, increasing domestic competition alongside existing cheap imports. (1 intensifying, 1 stable)
“Wipro is coming, Syrma is also coming or Amber Enterprise also been coming up. So, we are also one of them to set up these facilities.”
The risk is intensifying as the company has finalized plans for a greenfield CCL project, targeting a September 2026 production start. This is a 100% import substitution play in a market where they have no prior experience. (1 intensifying)
“the copper cladded laminates are very energetic process and the first mover advantage to the Ratnaveer. At this moment, the copper cladded laminates is a 100% imports doing and we are the first company who are going to set up the plant in India as well.”
See the full cited Risk analysis of Ratnaveer Precis
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