RRP Electronics Limited
1 MAbout RRP Electronics Limited
A Comprehensive Overview of Price & Journey
Understanding RRP Electronics Limited Inception and Growth
Overview
RRP Electronics is a private, unlisted Indian company in Thane, Maharashtra that presents itself as first Indian outsourced semiconductor assembly and testing (OSAT) business. The company operates under the same RRP group and promoted by Rajendra Chodankar. It has gained traction over the internet because its listed sibling (RRP Semiconductor Ltd) is currently facing formal enforcement action initiated by SEBI for alleged market manipulation.
What does RRP Electronics do
RRP Electronics Pvt Ltd was incorporated in early 2024 by Rajendra Chodankar, an engineer with decades of background in optics, thermal imaging, and precision manufacturing. The company positions itself as an OSAT (outsourced semiconductor assembly and test) provider, handling assembly, testing, and packaging of components such as SIM modules, NAND flash chips, and MOSFETs, according to company and third-party profiles.
It opened a facility in Navi Mumbai in September 2024, an event attended by Maharashtra's Chief Minister and Sachin Tendulkar, who the company describes as a strategic investor. Maharashtra reportedly allotted the company roughly 100 acres of land for a planned fabrication facility.
Two things make RRP Electronics unusual. First, it is privately held — it does not file the kind of public financial disclosures a listed company must. Second, it shares its name, promoter, and public narrative with RRP Semiconductor Ltd, a listed company, even though the two have no equity relationship. RRP Semiconductor's filings list RRP Electronics only as a "related party" due to common ownership, not as a subsidiary or investment.
How does RRP Electronics make money?
The company makes money from the following revenue streams:
Stream 1: OSAT Services
OSAT stands for Outsourcing Semiconductor Assembly Test which involves converting fabricated chips into usable components for sectors such as telecom, EV, healthcare, IoT and defense. Despite of huge inauguration of Mumbai OSAT facility, it has not yet reached steady state commercial volume production or substantial revenue generation.
Stream 2: Advanced Packaging and Semiconductor Solutions
The company also offers advanced packaging and semiconductor solutions by partnering with Deca Technologies for exclusive IP rights and technology transfers.
Stream 3: Fab Project
The 12000 Cr fab project will unlock another revenue stream for the company where it has planned to produce 125,000 wafers per month focusing on chips for automotive, thermal imaging, electro-optics and consumer electronics applications. Phase 1 of the project is estimated to be completed by 2027.
Competitors
If RRP Electronics’ stated OSAT ambitions are taken at face value, its natural peer set is India's growing cluster of assembly, testing, and packaging players:
Company
Segment
Status
Kaynes Semicon
OSAT
ISM-approved, in commercial production (Sanand, Gujarat)
CG Power (with Renesas)
OSAT
ISM-approved, pilot and scaling production (Sanand)
Micron Technology
ATMP/memory packaging
ISM-approved, operational (Sanand)
Tata Semiconductor Assembly and Test
ATMP
ISM-approved (Assam)
HCL Group + Foxconn
OSAT
ISM-approved (Uttar Pradesh)
Suchi Semicon
OSAT
ISM proposal stage (Surat)
Every one of these has a public approval trail, disclosed investment size, and a visible production timeline. RRP Electronics currently has none of that in the public domain — it competes on narrative and government-relations optics rather than a verifiable production or revenue track record.
Is RRP Electronics a good investment opportunity?
RRP Electronics itself isn't listed or traded, so there's no direct "investment opportunity" in the conventional sense — most retail exposure would come through unlisted-share platforms, or by mistake, through the listed RRP Semiconductor or RRP Electronics India Limited shares. Given that, here's the balanced picture.
Green flags
- India's semiconductor sector has genuine government backing, with over ₹1.6 lakh crore in committed investment across the broader ISM program, so the underlying industry tailwind is real
- RRP Electronics has secured visible public backing — land allotment and high-profile event attendance — which suggests some level of local political support
- OSAT is a legitimately underserved niche in India, and a genuine entrant could find demand
Red flags
- SEBI has issued an interim order finding prima facie evidence of coordinated manipulation in the listed RRP Semiconductor stock, closely tied to the same promoter and narrative
- The promoter's group has links to Shree Vindhya Paper Mills, an entity delisted in 2017, a history flagged by SEBI's investigation
- RRP Electronics does not appear on ISM's approved-projects list, unlike every legitimate OSAT peer
- A third, similarly named entity — RRP Electronics India Limited, formerly The Indian Link Chain Manufacturers Ltd — has also taken on the RRP branding, adding further scope for investor confusion between unrelated listed and unlisted entities
- No independently audited financials for RRP Electronics itself are publicly available
Given the SEBI action and the absence of independently verifiable production or financial data, this is a case where the burden of proof sits heavily with the company. Anyone considering exposure — through unlisted shares, or through either listed "RRP" entity — should treat the ISM-approval gap, the SEBI order, and the historical promoter links as material facts to investigate further before committing capital, rather than opinions.
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Overview
RRP Electronics is a private, unlisted Indian company in Thane, Maharashtra that presents itself as first Indian outsourced semiconductor assembly and testing (OSAT) business. The company operates under the same RRP group and promoted by Rajendra Chodankar. It has gained traction over the internet because its listed sibling (RRP Semiconductor Ltd) is currently facing formal enforcement action initiated by SEBI for alleged market manipulation.
What does RRP Electronics do
RRP Electronics Pvt Ltd was incorporated in early 2024 by Rajendra Chodankar, an engineer with decades of background in optics, thermal imaging, and precision manufacturing. The company positions itself as an OSAT (outsourced semiconductor assembly and test) provider, handling assembly, testing, and packaging of components such as SIM modules, NAND flash chips, and MOSFETs, according to company and third-party profiles.
It opened a facility in Navi Mumbai in September 2024, an event attended by Maharashtra's Chief Minister and Sachin Tendulkar, who the company describes as a strategic investor. Maharashtra reportedly allotted the company roughly 100 acres of land for a planned fabrication facility.
Two things make RRP Electronics unusual. First, it is privately held — it does not file the kind of public financial disclosures a listed company must. Second, it shares its name, promoter, and public narrative with RRP Semiconductor Ltd, a listed company, even though the two have no equity relationship. RRP Semiconductor's filings list RRP Electronics only as a "related party" due to common ownership, not as a subsidiary or investment.
How does RRP Electronics make money?
The company makes money from the following revenue streams:
Stream 1: OSAT Services
OSAT stands for Outsourcing Semiconductor Assembly Test which involves converting fabricated chips into usable components for sectors such as telecom, EV, healthcare, IoT and defense. Despite of huge inauguration of Mumbai OSAT facility, it has not yet reached steady state commercial volume production or substantial revenue generation.
Stream 2: Advanced Packaging and Semiconductor Solutions
The company also offers advanced packaging and semiconductor solutions by partnering with Deca Technologies for exclusive IP rights and technology transfers.
Stream 3: Fab Project
The 12000 Cr fab project will unlock another revenue stream for the company where it has planned to produce 125,000 wafers per month focusing on chips for automotive, thermal imaging, electro-optics and consumer electronics applications. Phase 1 of the project is estimated to be completed by 2027.
Competitors
If RRP Electronics’ stated OSAT ambitions are taken at face value, its natural peer set is India's growing cluster of assembly, testing, and packaging players:
|
Company |
Segment |
Status |
|
Kaynes Semicon |
OSAT |
ISM-approved, in commercial production (Sanand, Gujarat) |
|
CG Power (with Renesas) |
OSAT |
ISM-approved, pilot and scaling production (Sanand) |
|
Micron Technology |
ATMP/memory packaging |
ISM-approved, operational (Sanand) |
|
Tata Semiconductor Assembly and Test |
ATMP |
ISM-approved (Assam) |
|
HCL Group + Foxconn |
OSAT |
ISM-approved (Uttar Pradesh) |
|
Suchi Semicon |
OSAT |
ISM proposal stage (Surat) |
Every one of these has a public approval trail, disclosed investment size, and a visible production timeline. RRP Electronics currently has none of that in the public domain — it competes on narrative and government-relations optics rather than a verifiable production or revenue track record.
Is RRP Electronics a good investment opportunity?
RRP Electronics itself isn't listed or traded, so there's no direct "investment opportunity" in the conventional sense — most retail exposure would come through unlisted-share platforms, or by mistake, through the listed RRP Semiconductor or RRP Electronics India Limited shares. Given that, here's the balanced picture.
Green flags
- India's semiconductor sector has genuine government backing, with over ₹1.6 lakh crore in committed investment across the broader ISM program, so the underlying industry tailwind is real
- RRP Electronics has secured visible public backing — land allotment and high-profile event attendance — which suggests some level of local political support
- OSAT is a legitimately underserved niche in India, and a genuine entrant could find demand
Red flags
- SEBI has issued an interim order finding prima facie evidence of coordinated manipulation in the listed RRP Semiconductor stock, closely tied to the same promoter and narrative
- The promoter's group has links to Shree Vindhya Paper Mills, an entity delisted in 2017, a history flagged by SEBI's investigation
- RRP Electronics does not appear on ISM's approved-projects list, unlike every legitimate OSAT peer
- A third, similarly named entity — RRP Electronics India Limited, formerly The Indian Link Chain Manufacturers Ltd — has also taken on the RRP branding, adding further scope for investor confusion between unrelated listed and unlisted entities
- No independently audited financials for RRP Electronics itself are publicly available
Given the SEBI action and the absence of independently verifiable production or financial data, this is a case where the burden of proof sits heavily with the company. Anyone considering exposure — through unlisted shares, or through either listed "RRP" entity — should treat the ISM-approval gap, the SEBI order, and the historical promoter links as material facts to investigate further before committing capital, rather than opinions.
Fundamentals
Financials
All values are INR Cr except per share value
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LIABILITIES
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Shareholding Pattern
2026
| Name | Designation | Share % |
|---|---|---|
| Rajendra Chodankar | Founder | 16.78% |
| Fund | Investors | 0.08% |
| Sachin Tendulkar | Angle Investors | 14.66% |
| Enterprise | Strategic Investors | 8.83% |
| Other Investors | Investors | 17.95% |
| Other People | Other | 41.70% |
Events
| Name | Date | Details |
|---|---|---|
| No events available. | ||
Frequently Asked Questions
Like any other financial product or commodity, the price of unlisted shares is discovered at the intersection of demand from buyers and supply from sellers of particular unlisted shares.
The two determinants of price are dynamic factors and keep changing constantly, hence share price tends to fluctuate constantly – every day, every minute.
Upon successful completion of a deal, the unlisted shares are credited electronically directly to your standard demat account that is usually created with CDSL or NSDL (Central Depository Services Limited or National Securities Depository Limited).
The lock-in period of RRP Electronic varies depending on the category of the investor:
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Venture capital or foreign venture capital investors are subject to lock-in period of 6 months from the date of acquisition of shares
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For AIF investors of Category-II are not subject to any lock-in.
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Any other investor, including retail investors, HNI or corporate investors are subject to a lock-in period of 6 months from the date of listing.
Note – The above-mentioned lock-in is for mainboard, however for SME IPO the applicable lock-in period is 1 Year.
There is no regulatory minimum limit to invest in unlisted shares. However, minimum investment size varies with the per share price. Earlier, the typical investment size often ranges between 70K – 100K, but with the growing awareness and increased participation the investment size has been down sized to 50k.
Short-Term Capital Gain tax is applicable when you sell your unlisted shares within a year from date of acquisition. Realized gain is taxable at your slab rate after consolidating in total income for the year. Hence, the rate of tax depends on your overall income for the particular financial year.
Long-Term Capital Gain taxes are applicable when you sell your unlisted shares after two years from the date of acquisition. LTCG tax is calculated on profits realized on sale of unlisted shares at 12.5%. Investors particularly retail or HNI must understand the concept clearly as it impacts strategy and tax planning.
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You can download the NSDL or CDSL application and login into the account and check whether the shares have been credited or not.
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Credit of Unlisted Shares/Pre-IPO shares can be checked in brokers application as well but it takes T+2 days to show the shares.
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You would also get email confirmation of credit of shares via email.
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The value of share in unlisted space is determined in the same way as it is done in the listed market. Demand and supply decide the price of any share. If the demand is more than the supply, then the price of the share increases and vice versa.
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When a new share is introduced in the unlisted space, the value of the company is decided upon the last funding raised by the company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
Yes, investing in unlisted shares is legal in India, the activity is regulated and governed under the rules and guidelines laid by SEBI (Securities and Exchange Board of India). Related parties must comply with the regulations and guidelines to ensure legal and financial standards.