Key highlights from the RIR Power Electronics Analyst Conference Call held on August 30, 2025:

Business & Strategic Updates
• Odisha Silicon Carbide Project
o Total project outlay: ₹618 crore (across two phases).
o Government of Odisha has approved 50% capex subsidy; ₹32 crore subsidy already sanctioned against ₹65 crore capex spent so far.
o Project aligned with PM Modi’s Independence Day vision of building India’s semiconductor ecosystem.
o First orders already received and shipments underway — to the Indian Navy and global distributor Richardson Electronics.
• Capital Structuring & Market Accessibility
o 1:1 Bonus issue completed (shares traded ex-bonus from July 11, 2025).
o Stock split: Face value reduced from ₹10 to ₹2 to improve liquidity.
o Initiated process for listing on NSE.
o ESOP scheme being formulated to attract and retain talent.
• Industry Outlook (CMO Perry Schugart)
o Strong demand from electrification, renewable energy, e-mobility, and high-power electronics.
o Opportunities in green energy solutions, defense, railways, and advanced semiconductors.

Management Vision & Outlook
• Dr. Harshad Mehta reiterated ambition for RIR Power to become the “ABB or Siemens of India” in high-power semiconductors.
• Focused on medium and high-power applications (defense, aerospace, railways, renewables, e-mobility), avoiding commoditized low-margin segments.
• Sustained R&D investment and collaborations with IITs, IISc, and global partners.
• Participation confirmed at SEMICON India (Sept 2–5, 2025) in Delhi, showcasing SiC modules for Vande Bharat trains, defense, and grid applications.

Financial & Fundraising Updates
• Equity raised via preferential allotment of ₹85 crore (₹18 crore tranche pending, expected Sept 2025).
• Debt of ~₹50 crore being arranged for Odisha Phase 1; effective cost reduced by 5% interest subsidy from Odisha Govt.
• No immediate equity fundraise planned; possible capital raise in 6–8 months for next growth phase.

Competitive Positioning
• Company believes its 150mm SiC fab strategy is more cost-effective and globally relevant vs. large 200mm fabs (referring to Wolfspeed’s financial troubles).
• Competes in niche high-value modules and systems (avg. ticket size up to $2–4 million), not commoditized low-price devices.
• Proven track record of winning contracts globally (e.g., Novartis project in Shanghai against ABB, Siemens, Toshiba, Mitsubishi).

Defense & Advanced Applications
• Engaged with Indian Army for railgun and pulse power systems; market potential for ~65 such systems.
• Applications extend to reactive armor, drone launchers, and tank systems.

Talent & Leadership
• Actively scouting for a CEO with global semiconductor leadership experience (shortlisting in progress).
• Expanding collaborations with IITs (Delhi, Bombay, Bhubaneswar) and Silicon University (Bhubaneswar).
• Strategy to absorb interns and PhDs into full-time roles for strengthening R&D and IP creation.

Key Takeaways:
RIR Power is emerging as a pioneer in India’s Silicon Carbide (SiC) ecosystem, backed by strong government support, early commercialization milestones, a well-defined long-term semiconductor expansion strategy, and prudent financial management

Please check the analyst call audio link here ; https://www.bseindia.com/xml-data/corpfiling/AttachHis/5005e1c2-1115-45ff-beac-c61d24346504.pdf