Ratnaveer: stainless steel today, circuit boards tomorrow

Ratnaveer Precision Engineering Limited (NSE: RATNAVEER) grew Q1 FY27 revenue 19% to ₹314.6 crore. Profit rose 22% to ₹18.2 crore. The stock hit an all time high of ₹282.50 in August and listed rights issue shares at ₹264 on 15 September. What happened EBITDA rose 31.7% to ₹36 crore, at 11.3% margin, up from 10% a year ago. Stainless steel sheets are 53% of revenue, with washers, solar hooks, pipes and tubes making up the rest. The ₹472 crore Copper Clad Laminate plant in Vadodara is 60% complete, with the first line targeting production in November 2026. The company raised ₹330 crore through a rights issue subscribed 1.11 times, with the broader funding package totalling ₹650 crore. Why it matters Copper Clad Laminates are the base for printed circuit boards. India imports nearly all of it. Ratnaveer and Wipro are the only two ECMS-approved domestic makers. My view The numbers are fine, not spectacular. Revenue grew 19%, profit 22%. Exports were only ₹9.96 crore of ₹314.6 crore. This is a domestic stainless steel company with a big electronics bet inside it. Before the rights issue the market value was near ₹1,300 crore, roughly 70 times trailing profit. That multiple makes sense only if the CCL plant works. The CCL opportunity is real. If targets are met, revenue could roughly double in three years. November 2026 is the first test, not proof. What I am watching CCL production due in November, Q2 FY27 results and margins, and how the post rights issue price settles. On the chart, ₹264 is the rights price and effective cost for new shareholders. My stance: Buy on dips near ₹240. The CCL bet needs to be watched, not chased. Disclosure: I do not hold a position in Ratnaveer Precision Engineering Limited at the time of writing. This is not investment advice.