RattanIndia Enterprises isn’t your typical legacy company—it has morphed from power generation to high-tech innovation. If someone told you ten years ago that a company born out of thermal power would be leading India’s charge into drones, EVs, and e-commerce—you might’ve raised an eyebrow. But here we are in 2025, and RattanIndia Enterprises Ltd (REL) is exactly that story.
In a world where innovation often comes from the garage, RattanIndia has pivoted hard from its fossil-fueled beginnings to become a diversified tech player with ambitions far beyond its power-sector roots. So, if you’re curious whether this story fits your investment lens, let’s dive in—not with assumptions, but with data and perspective.
Where It All Began
RattanIndia Enterprises Ltd was originally part of the Indiabulls Group, focusing on thermal power under the name RattanIndia Power. Incorporated in 2010, the company built large-scale coal-fired projects before deciding to restructure. In 2020, it demerged its energy business to become a tech-centric holding company, relaunching as RattanIndia Enterprises Ltd.
Interestingly, RattanIndia never had a typical IPO moment in its new avatar—it was already listed on the exchanges as RattanIndia Power. The pivot happened post-listing. Investors holding onto power dreams were suddenly looking at a tech-fueled ambition.
What Does RattanIndia Do Today?
Let’s break it down by segments, because this isn’t a single-product story.
1. Cocoblu Retail (E-commerce)
One of the largest online sellers in India, Cocoblu works with over 600 brands and offers 2 million+ products. More on Cocoblu, focusing on supply chain and inventory-led commerce. If you’re picturing a back-end powerhouse, you’re not wrong.
2. Revolt Motors (Electric Mobility)
This one has more visibility. Revolt Motors manufactures electric motorcycles—primarily the RV400, which has developed a cult-like following among urban commuters. With over 100 dealerships across India and a recent expansion into Nepal, this is RattanIndia’s flagship consumer brand. Explore Revolt
3. NeoSky & TAS (Drone Tech)
NeoSky and its acquisition, Throttle Aerospace Systems (TAS), focus on drone hardware and software. From surveillance to delivery drones, they are building both civilian and industrial applications. In April 2025, NeoSky got certification for its DOPO drone, which saw a 10% spike in REL’s stock price. Read more
4. Wefin (Fintech)
Wefin is REL’s financial services platform offering personal and two-wheeler loans. With partnerships across 44 lending institutions, Wefin disbursed over ₹560 crore in FY24. More on Wefin Think of it as a tech-savvy NBFC for millennials.
5. Neobrands (Fashion & Lifestyle)
Under the hood, RattanIndia Enterprises also owns Neobrands, which manages D2C fashion brands across categories like athleisure, casualwear, and basics. It’s still growing, but represents REL’s foray into consumer retail.
Financial Health & Performance
On paper, FY25 looked like a breakout year:
- Q1 FY25 Revenue: ₹2,494 crore (70% YoY growth)
- Q1 PAT: ₹851 crore (up 378%)
- Market Cap: ₹6,295 crore
But here’s the flip side: despite profitability, ROE is at -10.4% and ROCE at 2.89%. This suggests that while some businesses are performing, others are yet to break even or justify the capital invested.
It’s a mixed bag—one that depends on your risk appetite and time horizon.
Peer Comparison
Let’s place RattanIndia in a broader landscape.
| Company | Market Cap (₹ Cr) | P/E Ratio | P/B Ratio | Dividend Yield (%) |
|---|---|---|---|---|
| RattanIndia Enterprises | 6,295 | 14.77 | 7.45 | 0.00 |
| GMR Airports Ltd | 93,932 | — | 45.21 | 0.00 |
| RITES Ltd | 11,493 | 31.14 | 51.59 | 3.76 |
| Indian Renewable Energy Dev | 45,127 | 26.59 | 4.65 | 0.00 |
| OneSource Specialty Pharma | 18,062 | — | 36.20 | 0.00 |
REL’s valuation (P/E ~14.7) is reasonable relative to the tech ecosystem, but its high P/B ratio suggests the market is pricing in future potential more than current earnings. View full financials relative to the tech ecosystem, but its high P/B ratio suggests the market is pricing in future potential more than current earnings.
What Are Analysts Saying?
So far, the brokerage world is quiet. This isn’t yet an institutional darling. Most price targets range around ₹70–₹80 per share, but the lack of consensus coverage is notable. That said, the market reacted positively to the company’s drone certification and Revolt’s overseas expansion.
In a recent update, **Revolt Motors’ entry into Nepal marked REL’s first step into international markets. Analysts tracking consumer EVs called this a “symbolic but strategic move,” noting it validates Revolt as export-worthy.
Investment Thesis: Who Might This Be For?
Let’s be real—this isn’t a stock for the conservative investor hunting blue-chip dividends. REL is:
- High growth
- High risk
- Structurally ambitious
- Operationally uneven (at least for now)
It may interest:
- Tech-focused retail investors betting on India’s startup ecosystem
- Thematic investors interested in EVs, drones, or fintech
- Those okay with a longer time horizon to see monetization play out
It may not be ideal for:
- Dividend-seekers
- Investors needing stable quarterly results
- Risk-averse portfolios
Final Word
RattanIndia Enterprises isn’t trying to be the next Reliance or Tata—yet. But it is trying to be an umbrella under which India’s next-gen companies can scale. From e-bikes to drones and digital credit, it’s touching the right keywords of the future.
The only catch? Execution. And time.
If you’re evaluating REL, don’t just ask where it is today—ask where it could be in 2030. Then ask yourself whether your portfolio has the patience for that journey.
Disclaimer: This blog is purely informational and does not constitute financial advice. Always consult with a certified financial advisor before making investment decisions.
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