RIR Power Q2 PAT up 41% YoY to ₹4.45 Cr; OPM slips to 13.6%, below 15-17% guidance

RIR Power Electronics posted standalone revenue of ₹33.98 Cr for Q2 FY27, up 32.5% YoY and 25.1% QoQ, comfortably clearing the ₹30+ Cr quarterly target management set out on the Q1 FY27 call. Standalone PAT came in at ₹4.45 Cr, up 41.2% YoY and 41.7% QoQ, with basic EPS at ₹0.56 versus ₹0.47 a year ago. This is a standalone-only filer — RIR has no consolidated statement in this or prior filings, so standalone is the only basis available. The bottom-line growth masks a core-margin miss. Operating margin (EBITDA/revenue) compressed to 13.62% from 17.01% a year ago and 14.66% last quarter — a third straight quarter of decline, and below management's own 15-17% "sustainable EBITDA margin" guidance from the Q1 call. Net margin held essentially flat YoY (12.50% vs 11.97%) only because other income more than doubled to ₹1.61 Cr (from ₹0.66 Cr) — likely interest income on the ₹9.24 Cr government grant and higher bank balances received this half — and the effective tax rate fell to ~19.7% from ~27.7% a year ago. Strip those two tailwinds out and the underlying operating print is weaker than the headline PAT growth suggests. No formal street estimates for this quarter turned up in search, so vs-street is unknown — RIR is a small-cap with no visible brokerage coverage. On guidance, the company beat its own revenue target but missed its own margin target, a mixed scorecard. The September SiC wafer reactor installation at the Odisha unit ties to the capex buildout: H1 FY27 capex on PP&E ran ~₹35.5 Cr per the cash flow statement, and capital work-in-progress rose to ₹79.75 Cr from ₹46.88 Cr at FY26-end, tracking toward the ₹100-120 Cr FY27 Phase-1 capex management guided. No management press release/commentary was available with this filing to cross-check against the numbers. The next checkpoint is Q3 FY27, when management guided Odisha epitaxy wafer production would commence, targeting ₹12-15 Cr of incremental H2 FY27 revenue — neither had started as of this quarter. Whether OPM stabilizes toward the 15-17% guided band, or continues its three-quarter slide, is the open question into that print.