Ratnaveer Precision Engineering's ₹329.99 Crore Rights Issue Subscribed 1.11x; Eyes ₹5,000 Crore Topline in 5 Years on CCL-Led Growth
Global CCL prices have surged sharply over the past year — by some estimates around 325% over the last 12 months — as major suppliers pushed through repeated price hikes on the back of tight glass-fabric, copper-foil and resin supply.
- Sep 10, 2026,
- Updated Sep 10, 2026 4:00 PM IST
Ratnaveer Precision Engineering Limited today announced that its ₹329.99 crore Rights Issue has closed with an overall subscription of 1.11x times, reflecting [strong/steady] participation from eligible shareholders and Rights Entitlement (RE) holders. The Rights Issue comprised 1,24,99,669 fully paid-up equity shares at ₹264 per share, in the ratio of 7 Rights Equity Shares for every 40 shares held as on the Record Date of August 26, 2026.
Basis of allotment will be finalized on September 10, 2026, with shares credited to demat accounts and listing on the NSE and BSE on September 15, 2026. MUFG Intime India Private Limited is the Registrar to the Issue.
As Ratnaveer advances its Copper Clad Laminate (CCL) project in Vadodara — a key use of the raised capital — the company is positioning itself at the intersection of two powerful tailwinds: India's push for electronics import substitution and a sharp global rally in CCL prices, with management now guiding to a significant jump in scale and profitability by FY28.
The CCL Opportunity: Import Substitution Meets a Price Super-Cycle
Copper Clad Laminate is a critical, high-value input in the PCB manufacturing value chain, and India remains heavily dependent on imports to meet demand. With the domestic electronics and PCB ecosystem expanding rapidly, Ratnaveer's entry into CCL manufacturing — backed by government support under the ECMS scheme — is aimed squarely at import substitution, giving domestic PCB makers a local, reliable supply source.
The timing is notable. Global CCL prices have surged sharply over the past year — by some estimates around 325% over the last 12 months — as major suppliers pushed through repeated price hikes on the back of tight glass-fabric, copper-foil and resin supply. Raw material costs, by comparison, have risen a more modest ~30–35% over the same period. That widening gap between selling prices and input costs is the crux of the opportunity: it creates room for substantial margin expansion for a new, well-timed entrant like Ratnaveer, at a moment when global capacity remains constrained and demand — particularly from AI infrastructure and electronics manufacturing — continues to grow.
FY28 Projections: A Higher-Margin Growth Engine
Management has laid out clear guidance for FY28. The stainless steel business is expected to deliver around ₹750 crore in revenue, with an EBITDA margin of about 13% and a PAT margin of roughly 7%. The CCL business, on a standalone basis, is guided to generate approximately ₹350 crore in revenue — but at a notably richer margin profile, with EBITDA margin guided at around 20% and PAT margin at about 13%. On a consolidated basis, the company is targeting revenue of around ₹2,100 crore for FY28, with blended EBITDA margin of roughly 13.5% and PAT margin of about 10.5%.
The numbers tell a clear story: CCL is expected to run at meaningfully higher margins than the legacy stainless steel business — roughly double the PAT margin. As CCL scales and its share of the revenue mix grows, it should pull consolidated profitability higher over time.
Beyond FY28: The Longer Runway
Management's ambition extends well past FY28. Consolidated revenue is targeted to reach ₹2,500 crore by FY29, with a longer-term goal of ₹5,000 crore in topline over the next five years — implying the CCL business is expected to become an increasingly central pillar of Ratnaveer's growth story, rather than a one-off diversification bet.
Why This Matters
Put together, the story is straightforward: Ratnaveer is entering a structurally undersupplied, import-dependent market at a moment of historic pricing strength, with a business that is guided to run at nearly double the margin of its existing operations. If execution tracks guidance, the combination of import substitution demand, favourable pricing, and a higher-margin product mix could meaningfully re-rate both the growth trajectory and profitability profile of the company over the next several years.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. It contains forward-looking statements, including projections, targets, and guidance relating to future financial performance (such as FY28/FY29 and 5-year revenue, margin, and profitability estimates), which are based on current management expectations, assumptions, and industry conditions as of the date of this article. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those projected, including but not limited to changes in raw material and CCL prices, execution and commissioning timelines, regulatory approvals, competitive dynamics, and macroeconomic conditions. The company does not undertake any obligation to update or revise these forward-looking statements, and they should not be construed as a commitment, assurance, or guarantee of future results. Readers should consult official company filings, disclosures, and their financial advisors before making any investment decisions.
Ratnaveer Precision Engineering Limited today announced that its ₹329.99 crore Rights Issue has closed with an overall subscription of 1.11x times, reflecting [strong/steady] participation from eligible shareholders and Rights Entitlement (RE) holders. The Rights Issue comprised 1,24,99,669 fully paid-up equity shares at ₹264 per share, in the ratio of 7 Rights Equity Shares for every 40 shares held as on the Record Date of August 26, 2026.
Basis of allotment will be finalized on September 10, 2026, with shares credited to demat accounts and listing on the NSE and BSE on September 15, 2026. MUFG Intime India Private Limited is the Registrar to the Issue.
As Ratnaveer advances its Copper Clad Laminate (CCL) project in Vadodara — a key use of the raised capital — the company is positioning itself at the intersection of two powerful tailwinds: India's push for electronics import substitution and a sharp global rally in CCL prices, with management now guiding to a significant jump in scale and profitability by FY28.
The CCL Opportunity: Import Substitution Meets a Price Super-Cycle
Copper Clad Laminate is a critical, high-value input in the PCB manufacturing value chain, and India remains heavily dependent on imports to meet demand. With the domestic electronics and PCB ecosystem expanding rapidly, Ratnaveer's entry into CCL manufacturing — backed by government support under the ECMS scheme — is aimed squarely at import substitution, giving domestic PCB makers a local, reliable supply source.
The timing is notable. Global CCL prices have surged sharply over the past year — by some estimates around 325% over the last 12 months — as major suppliers pushed through repeated price hikes on the back of tight glass-fabric, copper-foil and resin supply. Raw material costs, by comparison, have risen a more modest ~30–35% over the same period. That widening gap between selling prices and input costs is the crux of the opportunity: it creates room for substantial margin expansion for a new, well-timed entrant like Ratnaveer, at a moment when global capacity remains constrained and demand — particularly from AI infrastructure and electronics manufacturing — continues to grow.
FY28 Projections: A Higher-Margin Growth Engine
Management has laid out clear guidance for FY28. The stainless steel business is expected to deliver around ₹750 crore in revenue, with an EBITDA margin of about 13% and a PAT margin of roughly 7%. The CCL business, on a standalone basis, is guided to generate approximately ₹350 crore in revenue — but at a notably richer margin profile, with EBITDA margin guided at around 20% and PAT margin at about 13%. On a consolidated basis, the company is targeting revenue of around ₹2,100 crore for FY28, with blended EBITDA margin of roughly 13.5% and PAT margin of about 10.5%.
The numbers tell a clear story: CCL is expected to run at meaningfully higher margins than the legacy stainless steel business — roughly double the PAT margin. As CCL scales and its share of the revenue mix grows, it should pull consolidated profitability higher over time.
Beyond FY28: The Longer Runway
Management's ambition extends well past FY28. Consolidated revenue is targeted to reach ₹2,500 crore by FY29, with a longer-term goal of ₹5,000 crore in topline over the next five years — implying the CCL business is expected to become an increasingly central pillar of Ratnaveer's growth story, rather than a one-off diversification bet.
Why This Matters
Put together, the story is straightforward: Ratnaveer is entering a structurally undersupplied, import-dependent market at a moment of historic pricing strength, with a business that is guided to run at nearly double the margin of its existing operations. If execution tracks guidance, the combination of import substitution demand, favourable pricing, and a higher-margin product mix could meaningfully re-rate both the growth trajectory and profitability profile of the company over the next several years.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. It contains forward-looking statements, including projections, targets, and guidance relating to future financial performance (such as FY28/FY29 and 5-year revenue, margin, and profitability estimates), which are based on current management expectations, assumptions, and industry conditions as of the date of this article. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those projected, including but not limited to changes in raw material and CCL prices, execution and commissioning timelines, regulatory approvals, competitive dynamics, and macroeconomic conditions. The company does not undertake any obligation to update or revise these forward-looking statements, and they should not be construed as a commitment, assurance, or guarantee of future results. Readers should consult official company filings, disclosures, and their financial advisors before making any investment decisions.