Hi Gowtham,
I also love react and actually the whole jsreport studio is implemented in React. However I don't think it is a good fit for "static" pdf or excel reports.
The React purpose is really different and that is why we are hesitating in implementing a server side running react templating engine.
If I'm not convinced otherwise by you, the react templating implementation has low priority and you should stick with existing handlebars,jsrender,ejs or jade.
Or you can try to implement react templating on your own, just clone one of the existing and modify it to compile react.
Jan