RATNAVEER Q2 FY27 Guidance vs Delivery (RATNAVEER Management Mirror)

CCL Line 1 Commissioning Deferred to Jan'27 From Jul'26 Guided in Sep'25 Qtr; Revenue Potential Upgraded

In the Sep'26 Qtr concall, management updated that the Copper Clad Laminate (CCL) project's civil work is 75% complete, with machinery arrival expected in Nov'26 and trial runs scheduled from Dec'26 to Jan'27. This defers the initial timeline guided in the Sep'25 Qtr, which targeted facility completion by Jul'26 and commercial sales by Sep'26, and misses the revised Mar'26 Qtr guidance that anticipated trial runs and commercial production commencing in Nov'26 subject to monsoon effects. Going forward, management guides that commercial capacity for Line 1 will ramp up to 30% in Feb'27, 60% in Mar'27, and 85% by Apr'27, with the remaining four lines commissioned progressively through Apr'28. Based on revised pricing conditions, management has upgraded the peak revenue potential for a single CCL line to Rs 500 crores from the earlier baseline of Rs 150 crores, targeting a domestic market share expansion from 2% to between 7% and 8% over the next five years.