Ravindra Energy Posts 80% Revenue Growth as EV Arm's Loss Drags Profit Down 22%

Ravindra Energy reported Q2FY27 revenue from operations of ₹1,903.3 million, up 80% from ₹1,055.3 million a year earlier, while profit after tax fell 22% to ₹190.4 million after its EV subsidiary Energy In Motion posted a ₹140.7 million loss. ScanX published the results for the quarter ended September 30, 2026.

Ravindra Energy's Solar and EV Growth

Ravindra Energy is a Karnataka-based solar infrastructure company that also owns an electric vehicle arm. EBITDA rose 59% to ₹531.0 million from ₹334.5 million, which the company said reflected higher volumes and improved operational efficiency in the core business.

Renewable generation reached 65.90 million kWh in Q2FY27, up from 21.83 million kWh a year earlier, after new projects were commissioned under the Mukhyamantri Saur Krushi Vahini Yojana and Open Access segments. The operating portfolio stands at 296.0 MWp across 81 locations, with 226.8 MWp under construction or development, including MSKVY Phase-II at 58.6 MWp and Karnataka-2 at 71.3 MWp.

At Energy In Motion, heavy commercial vehicle sales doubled to 142 units from 70, taking cumulative sales since inception to 477 units. Charging network sales jumped to 5,689 MWh from 58 MWh, with 8 working swap stations and 11 charging locations holding 18 chargers. Closing charging capacity was 549.1 MWh/day.

Ravindra Energy submitted a scheme to stock exchanges to merge with EIM Megaplex Ltd and form Energy In Motion Limited, combining its green energy supply with the EV trucking business. The company inaugurated a Heavy Duty Commercial Vehicle Assembly Complex in Pune on October 14, 2026, built with less than ₹100 crore capex and a capacity of 5,000 vehicles per shift annually, including a 2.4 GWh lithium-ion battery pack line. The first truck assembled in-house from knocked-down parts rolled out on October 30, 2026. Debt rose to ₹7,095.5 million as of September 30, 2026, from ₹5,062.8 million as of March 31, 2026.

Energy In Motion's Path to the Merger

Ravindra Energy's board approved a scheme in September 2026 to merge associate EIM into the company, renaming it Energy In Motion Limited, with J M Baxi Group becoming a co-promoter, The Times of India reported. On September 1, 2026, Energy In Motion signed an MoU with OWS and Radiance Green Mobility to deploy 500 electric heavy commercial vehicles across Indian freight corridors, according to ScanX. In August 2026, Ravindra Energy provided a corporate guarantee of up to ₹41 crore to Energy In Motion, securing lease payment obligations for electric truck batteries supplied by Muon India Private Limited, ScanX reported.

What Comes After the Pune Assembly Complex

The Pune complex's first in-house truck, assembled from knocked-down parts, rolled out on October 30, 2026. The merger scheme with EIM Megaplex Ltd has been submitted to stock exchanges, and the company has not stated a completion date.