RTNINDIA - RattanIndia Ent

📊 NSE: RTNINDIA 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 11:40

💰 Financial Performance

Revenue Growth by Segment

Cocoblu Retail (E-commerce) revenue reached INR 3,735 Cr in H1 FY26, growing 17% YoY from INR 3,204 Cr. Total Revenue from Operations for the group grew 17% to INR 3,827 Cr in H1 FY26 compared to INR 3,276 Cr in H1 FY25. Q2 FY26 revenue grew 18% YoY to INR 2,124 Cr.

Geographic Revenue Split

Domestic India accounts for the vast majority of revenue, serving over 20,000 pin codes (>99% of India). International expansion is beginning with electric vehicle exports to Sri Lanka and Nepal in H1 FY26.

Profitability Margins

H1 FY26 PAT stood at INR 106 Cr. However, Q2 FY26 reported a Net Loss of INR 397 Cr, primarily driven by an unrealized notional MTM loss of INR 458 Cr on investments in RattanIndia Power Ltd (RPL).

EBITDA Margin

FY25 EBITDA was INR 180 Cr (approx. 2.75% margin), representing a 21% increase from INR 149 Cr in FY24. The company has remained EBITDA positive since its inception.

Capital Expenditure

The company follows a 'Low Capex' philosophy to ensure rapid scalability. Specific planned INR Cr values for future expansion are not disclosed in the available documents.

Credit Rating & Borrowing

The company maintains a philosophy of staying away from debt-heavy businesses to maintain a lean balance sheet. Specific credit ratings and interest rate percentages are not disclosed.

⚙️ Operational Drivers

Raw Materials

As a retail-heavy business (Cocoblu), the primary 'input' is finished goods from 1,500+ active vendors. For the EV segment, components for electric motorcycles are the primary raw materials.

Import Sources

Not specifically disclosed, though the company utilizes 359 Amazon fulfillment centers across India for distribution.

Key Suppliers

The company partners with 1,500+ active vendors as of H1 FY26, up 36% from 1,100+ vendors in H1 FY25.

Capacity Expansion

Cocoblu Retail reached INR 5,500+ Cr revenue within 2 years. The company currently operates out of a 32,712 sq. ft. office in Bangalore and utilizes 359 fulfillment centers nationwide.

Raw Material Costs

Not disclosed as a percentage of revenue; however, the company focuses on high-volume retail with ~85 lakh unique items offered.

Manufacturing Efficiency

Achieved a 4.7-star review rating on Amazon with 255k reviews, indicating high fulfillment and product quality efficiency.

Logistics & Distribution

Distribution is highly integrated with digital ecosystems, serving 6.9 Cr orders in H1 FY26, an 11% increase over 6.2 Cr orders in H1 FY25.

📈 Strategic Growth

Expected Growth Rate

17%

Growth Strategy

Growth is driven by scaling the e-commerce 'Cocoblu' platform, which achieved INR 5,500+ Cr revenue in just 2 years. Strategy includes expanding vendor base (currently 1,500+), increasing product assortment (85 lakh items), and capitalizing on GST 2.0 rate reductions in Apparel and Shoes to drive volume.

Products & Services

E-commerce retail products including Apparel, Shoes, Books, and Musical Instruments; Electric Motorcycles (Revolt brand); and digital ecosystem services.

Brand Portfolio

Cocoblu Retail, Revolt, RattanIndia.

New Products/Services

Expansion into global markets (Sri Lanka and Nepal) for electric vehicles and continuous addition of new brands under the Cocoblu retail umbrella.

Market Expansion

Targeting 86% smartphone penetration by 2028 to drive digital commerce; currently serving 99% of Indian pin codes.

Market Share & Ranking

Ranked 363rd in the Fortune 500 India list, moving up 25 spots.

Strategic Alliances

Key strategic partnership with Amazon for fulfillment (359 centers) and platform listing.

🌍 External Factors

Industry Trends

The Indian e-commerce market is shifting toward digital ecosystems and high smartphone penetration (86% by 2028). RattanIndia is positioning itself as a 'New Age' business leader in this $1.2 trillion retail landscape.

Competitive Landscape

Competes with other new-age e-commerce players; however, Cocoblu reached INR 5,500 Cr revenue in 2 years, significantly faster than competitors who took 10-15 years.

Competitive Moat

Moat is built on massive scale (85 lakh items), deep tech integration (ML for 4.4 orders/sec), and a 'Great Place to Work' certified workforce. Sustainability is driven by a low-debt, low-capex model that allows rapid pivoting.

Macro Economic Sensitivity

Highly sensitive to Indian retail market growth, projected to reach $1,236 Billion by 2028, and smartphone penetration trends.

Consumer Behavior

Shift toward online shopping and digital payments, with the company serving 38 Cr orders since inception.

Geopolitical Risks

Minimal direct risk mentioned, though export initiatives to Sri Lanka and Nepal introduce minor regional geopolitical exposure.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with SEBI (LODR) Regulations 2015. The Risk Management Committee monitors sectoral and ESG-related risks at least once every two years.

Environmental Compliance

The company maintains an 'ESG compliant' business philosophy and focuses on 'Clean Tech' (Electric Vehicles).

Taxation Policy Impact

Beneficiary of GST 2.0, where reduced rates on Apparel, Shoes, and Books have positively impacted sales volumes.

Legal Contingencies

No securities were suspended during the year. 2,780 shares remain in a demat suspense account for 28 shareholders. No major pending litigation values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Volatility in securities markets impacting MTM valuations of investments (e.g., RPL investment), which can cause large notional losses (INR 458 Cr in Q2 FY26).