### **Overview** Ravindra Energy Limited (REL) is a vertically integrated clean energy company operating across the solar power and electric mobility value chains in India. The company has evolved from a solar EPC and power generation player into a diversified energy solutions provider, with strategic forays into renewable energy parks, electricity trading, and sustainable freight through its associate venture, **Energy in Motion (EIM)**. REL is backed by experienced promoters with deep roots in agro-processing, power, and infrastructure, including a co-founder of Shree Renuka Sugars, one of the world’s largest sugar manufacturers. The company operates with a hybrid model—developing, building, and monetizing solar assets while expanding into long-term power generation and infrastructure-enabled services. --- ### **Core Business Segments** #### **1. Renewable Energy Power Generation & Project Development** - **Installed Capacity**: 42 MW operational (as of Feb 2025), with 130 MW under construction and 100 MW in pipeline. - **Near-Term Targets**: - Achieve **500 MW** of operational capacity by **March 2027**. - Scale to **1 GW** portfolio by **March 2028**. - **Key Projects**: - **100 MW solar project** under KUSUM C scheme for MSEDCL (commissioned Sept 2025). - **44 MW solar project** under another KUSUM C agreement with MSEDCL (to commission by July 2026). - **Renewable Energy Parks**: - Developed or in development: Solapur (21 MW), Wardha (80 MW), Karnataka (50 MW), Rajasthan (400 MW — already sold). - Parks offer pre-developed, plug-and-play infrastructure for third-party developers or internal use. - **State Focus**: Karnataka and Maharashtra are core development zones with multiple projects underway: - **Belagavi (20 MW)**, **Tikota (50 MW)** — via Ravindra Energy KNSP1 LLP. - Smaller projects (1.58–10 MW) in Solapur, Jalna, Nanded, Parbhani, and Wardha. - **Rooftop Solar**: Projects in pipeline for SMBT Dental College and Baramati Agro Trust. #### **2. Solar Project Development with Farmers (Karnataka Model)** - Developed **15 ground-mounted solar projects** totaling **34 MW** through **LLP-based SPVs** under Karnataka’s Small Farmer Solar Policy. - Projects located in Belgaum district (e.g., Chikkanandi, Tavalageri, Kulagoda), each 1–3 MW. - Grid-synchronized and operational. - Partnership model with local farmers ensures land utilization and rural income generation. - **One additional 3 MW project** pending approval from BESCOM. #### **3. Electricity Trading & O&M Services** - Active member of **Indian Energy Exchange (IEX)**. - Trading volume: **30 MW currently**, scaling to **50 MW by March 2026**. - O&M services provide stable revenue stream; operations managed centrally by the holding company. #### **4. Electric Mobility – Energy in Motion (EIM)** - REL holds **49.5% stake** in **Energy in Motion (EIM)**, an innovative clean mobility venture. - **Business Model**: - Transporters own **e-tractors**; EIM provides **batteries**, **charging/swapping stations**, and **energy supply** via long-term contracts. - Tractors sold **without battery packs**, reducing upfront capex for customers. - **Flagship Product**: **‘Ashwa’** – India’s first **CMVR-compliant, battery-swappable 55-ton electric tractor**, developed in collaboration with **Foton Motors** and certified by **ARAI**. - **Commercial Rollout**: Initiated in May 2025 after trials with 6 vehicles and 1 swap station (from Sept 2024). - **Infrastructure Expansion**: - Commissioned **two battery swap stations** in **Nov 2025**: - Jawaharlal Nehru Port Authority (JNPA), Navi Mumbai. - Sonepat, NCR. - **Sales & Orders**: - **91 e-tractors sold** as of Nov 2025. - **Total order book**: **185 units**. - **Major LOI**: - Received from **India’s largest cement company** for long-term transport of **50,000 MT/month**, requiring **45 e-tractors**. - **Revenue & Margins (H1 FY25–26)**: - Revenue: **₹44.7 crore** - Gross Margin: **₹3.9 crore** - PAT: **Loss of ₹1.7 crore** (early-stage investments in infrastructure and R&D). --- ### **Financial Highlights** - **FY 2024–25 Revenue**: **₹2,504.22 crore** - Solar project contract revenue: ₹1,783.76 crore - Electricity sales: ₹719.21 crore - O&M: Minimal contribution - Up from ₹1,309.67 crore in FY23–24 (more than doubled). - **EIM Performance**: Still in scaling phase; currently loss-making but showing strong traction in orders and infrastructure deployment. --- ### **Leadership & Governance** - **CEO**: **Mr. Shantanu Lath** (appointed Aug 2020) - B.Com, CA; former roles at **CRISIL**, **LANCO**, **Adventity**. - Ex-President-Director at **Renuka Coalindo TBK** (Indonesia). - Expertise in finance, business development, and international markets (Southeast Asia, Middle East). - **Promoter Background**: - Co-founder of **Shree Renuka Sugars** (global agro-processing giant). - 43+ years in trading and agro-processing; instrumental in setting up large-scale manufacturing in India and Brazil. --- ### **Subsidiaries & Structure** - **Five Key LLPs** for solar projects: Tavalageri, Chikkanandi, Kulagoda, Madamageri, Chikkahalli. - **Corporate Subsidiaries**: - Rhibhu Rooftop Solar Solutions Ltd - Agrrventure Trading & Investment Pvt Ltd - Renuka Energy Resource Holdings (FZE) - REL Rural Warehousing Ltd --- ### **Key Milestones & Innovations** | Date | Milestone | |------------|---------| | Aug 2025 | Launch of **‘Ashwa’**, India’s first CMVR-compliant, swappable 55-ton e-tractor | | Aug 2025 | Clarification of EIM’s dual model: **tractor sales (without battery) + battery-as-a-service** | | Feb 2025 | EV operations via **EIM subsidiary**; trials underway ahead of commercial launch | | Sep 2024 | Sale of **400 MW solar park (Rajasthan)** + agreements for **204 MW** more (Solapur, Wardha, Belgaum) | | Sep 2023 | Completion of **34 MW farmer-partnership solar projects in Karnataka** | | Sep 2021 | Launch of **‘Orenj’** brand for residential rooftop solar, with showroom in Belagavi | ---