Ratnaveer plans ₹338Cr PCB capex

Ratnaveer Precision Engineering is moving beyond stainless-steel components and into copper clad laminates, with a ₹338 crore project in Vadodara cleared under India’s Electronics Component Manufacturing Scheme. (nseindia.com) The company told exchanges on March 31, 2026 that it had received the ECMS approval a day earlier, on March 30, and would spend the money over the next three years. Managing director Vijay Sanghavi received the approval letter in New Delhi from electronics minister Ashwini Vaishnaw. (nseindia.com) Copper clad laminates are the layered sheets that sit at the base of printed circuit boards, the boards that carry electrical paths inside phones, cars, appliances, and industrial electronics. Ratnaveer said its unit would be one of India’s first fully integrated facilities for that product. (moneycontrol.com) (nseindia.com) The company said the project has already started, with machinery orders placed, procurement in progress, and civil work underway. It expects commercial operations to begin in November 2026. (moneycontrol.com) (nseindia.com) That timeline marks a sharper commitment than Ratnaveer’s earlier investor material, which had described copper clad laminates as “under commercial discussion” and put broader Phase II commercialization in FY27. The same presentation framed CCL as a critical, import-dependent input for printed circuit boards. (ratnaveer.com) Ratnaveer’s existing business is far removed from electronics substrates. In its investor presentation, the company described itself as a Vadodara-based maker of stainless-steel washers, tubes and pipes, finishing-line sheets, and sheet-metal solar components, serving automotive, railways, oil and gas, construction, aerospace, and renewable sectors. (ratnaveer.com) The company raised fresh capital before this push. In a December 4, 2025 filing, Ratnaveer said it allotted 1.28 crore shares at ₹145 apiece through a qualified institutional placement, raising about ₹185.5 crore. (nseindia.com) It is now preparing another financing step. Ratnaveer said on April 18, 2026 that its board would meet on April 28 to consider raising up to ₹300 crore and increasing authorized share capital, alongside its year-end results. (nseindia.com) The sequence is straightforward: a stainless-steel parts maker that listed in 2023, raised ₹185.5 crore in late 2025, and is now lining up more capital is building a new electronics-materials business with a November 2026 target. (ratnaveer.com) (nseindia.com 1) (nseindia.com 2)