RTNINDIA
Micro CapRattanIndia Enterprises Limited
Services
RattanIndia Enterprises builds scalable businesses in sunrise sectors: e-commerce (Cocoblu Retail, NeoBrands), electric vehicles (Revolt Motors), and drones (NeoSky). It operates 100% subsidiaries in these segments, focusing on new-age, low-capex, and rapidly scalable ventures.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 35/100Rev +13% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,697 Cr | +12.8% | -15.4% |
| EBITDA | ₹-102 Cr | +72.9% | +34.2% |
| Operating margin | -6.0% | +1900 bps | +200 bps |
| PAT | ₹-110 Cr | NDF | NDF |
| PAT margin | -6.5% | +1737 bps | +160 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 Total Income grew 10% YoY to ₹7,537 Cr, with EBITDA of ₹98 Cr (excl. MtoM loss). Q4 FY26 Cocoblu Retail income rose 13% YoY, driven by Amazon ecosystem integration and vendor expansion.
The company demonstrates consistent revenue growth across its diverse portfolio, with strong operational metrics in e-commerce and EV market leadership. Strategic expansions and government contracts indicate continued momentum, though profitability remains modest relative to revenue.
E-commerce Expansion
Cocoblu Retail's robust Amazon ecosystem integration, vendor expansion, and Middle East launch with Noon.
EV Market Leadership
Revolt's ~70% market share in EV motorcycles, expanding dealer network, and strong EV policy tailwinds.
Gen Z Brand Portfolio
NeoBrands growing at ~21% YoY with 7 Amazon-native brands tapping India's rapidly expanding Gen Z consumer segment.
Defence & Commercial Drone Tech
NeoSky's 6x growth from strategic government contracts and whitespace in tier-2/3 city agricultural and surveillance markets.
Cocoblu Fulfilment Network
Tied up with 520 Amazon fulfilment centres & Quick Commerce dark stores.
Cocoblu Vendor Base
1,500+ active vendors in Q4 FY26, up from 1,200+ in FY25.
Revolt Dealer Network
Expanded to 221 dealer stores, covering 202 cities and 24 states/UTs.
NeoSky Training Locations
FICCI association expanded to 14 new locations for drone demonstration and training.
EV Policy Support
28+ states & UTs have dedicated EV policies, including purchase subsidies, road tax exemptions, and charging infrastructure mandates.
Government Subsidies (EV)
Revolt Motors approved for PM-E Drive subsidy, receiving ₹5,000 per motorcycle from Govt. of India.
Digital India Initiatives
Government's Make in India and Atmanirbhar Bharat initiatives driving domestic procurement for drones.
E-commerce Market Growth
Indian e-commerce market projected to grow from $150B (2025) to $350B (2030), with online shoppers increasing.
Forward-Looking Statements
Actual results may vary significantly from forward-looking statements due to various risks and uncertainties.
Economic & Political Conditions
Effect of economic and political conditions in India and outside India, volatility in interest rates and securities markets.
Regulatory Changes
New regulations and government policies that might impact the business of RattanIndia Enterprises.
Competition
Traditional ICE players now eyeing EV motorcycle segment, validating Revolt's early-mover advantage but indicating future competition.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall business growth and market share in seasonal or developing sectors like e-commerce and EVs. QoQ is relevant for tracking sequential momentum, vendor expansion, and operational execution in the fast-paced e-commerce and EV segments.
Cocoblu Retail FY26 Revenues
₹7,351 Cr, up 13% YoY from ₹6,528 Cr in FY25.
Cocoblu Retail Q4 FY26 Revenues
₹1,644 Cr, up 13% YoY from ₹1,461 Cr in Q4 FY25.
Cocoblu Retail Active Vendors
1,500+ in Q4 FY26, up 30% YoY from 1,200+ in FY25.
Cocoblu Retail Q4 FY26 Orders Served
~3 Cr orders, up from 2.8 Cr in Q4 FY25.
Business Philosophy
Focus on new age, ESG compliant, direct-to-consumer, low capex, clean tech, rapidly scalable businesses aiming for leadership.
E-commerce Ambition
To continue growing at a pace similar to that which we have demonstrated.
Global E-commerce Expansion
Cocoblu Global Retail is a key step in building a modern, technology-enabled retail footprint across global markets.
Drone Vision
NeoSky aims to be a full-line drone player, providing 360-degree solutions (DAAP, DAAS, SAAS) with a vision of 'A Drone in every Indian house'.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Cocoblu Retail Revenue Growth | 13% YoY in FY26 | Sustained double-digit growth and impact of Middle East expansion. |
| Revolt EV Market Share | ~70% in FY25-26 | Maintenance or increase in market share amidst rising competition from traditional players. |
| Revolt Dealer Network Expansion | 221 stores across 202 cities | Continued aggressive expansion of dealer network and global footprint. |
| NeoSky Growth Rate | 6x growth | Continued high growth rates driven by government contracts and new market penetration. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52Neutrallabel neutral
Technical chart
RTNINDIAdaily · 5Y-24.9%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 58. Wait for confirmation.
- SMA20 falling (~1.4% over last month) — short-term momentum negative.
- RSI(14) at 58 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 27% off 52W high · 53% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 10/25 to the score.
- Balance sheet contributes 6/15 to the score.
- Cash flow contributes 1/10 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -3 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 46th percentile of the scored universe and 48th percentile within Services. Main check: results consistency is weak at 29/100.
Healthy Trust Lite: Promoter holding is 74.9%. Key concern: 3 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Services: 48th pctile, median 66 · Micro: 30th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 7.1%.
- ▸7/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸3 recent quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.07.
- ▸ROCE trend is -4.6%.
- ▸1/4 recent quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- —
- P/B
- 6.73
- EV/EBITDA
- —
- Market Cap
- 5163.00Cr
Profitability
- ROE
- -19.60%
- ROCE
- -4.76%
- ROA
- -5.99%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 845.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 1.43
- Interest Coverage
- -1.12×
- Altman Z
- 4.51
- Book Value
- 5.56
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -56.00 Cr
- EPS TTM
- -1.20
Shareholding
- Promoter Hold
- 74.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.