Ravindra Energy Q4 generation surges; EV unit posts loss
Ravindra Energy Limited reported a sharp rise in renewable energy generation in the fourth quarter of FY26, supported by new capacity additions, while its electric vehicle (EV) business continued to incur losses amid ongoing network expansion.
The company’s solar and wind portfolio generated 78.3 million kWh in Q4 FY26, compared to 16.0 million kWh in the corresponding quarter last year. For the full year, total generation reached 228.9 million kWh. The increase was driven by commissioning under the MSKVV Phase-I and Phase-II projects, along with additional Open Access solar capacity.
In the EV segment, the company’s ‘Energy in Motion’ (EIM) platform recorded sales of 277 Electric Heavy Commercial Vehicles during FY26, with a further 34 units deployed on lease. The division reported revenue of €1,805.9 million for the year but posted a net loss of €152.9 million, reflecting continued investment in infrastructure and product development. Q4 revenue stood at €1,011.0 million.
The company’s charging and battery swapping network dispensed a cumulative 2.93 million kWh across Maharashtra, Haryana and Rajasthan. The network currently includes 22 battery swapping stations and 6 chargers, with further expansion in progress in Gujarat and Tamil Nadu.
Ravindra Energy Limited stated that it has achieved Total Cost of Ownership parity between its electric heavy trucks and tractors and diesel equivalents. For FY27, EIM plans to expand corridor-based charging infrastructure along key routes such as Delhi-Mumbai, the Mumbai-Pune Expressway, and port connectivity corridors at Kandla and Mundra.
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