enclosed press release
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Rishi Laser Limited reported FY26 revenue of ₹162 crore, up 7.23% YoY, driven by the new Malur facility and strong demand from construction equipment, infrastructure, and railways sectors. Exports contributed 14% of revenue. However, profitability metrics weakened significantly—EBITDA margins fell to 8.7% from 9.09%, while PAT dropped 55% to ₹3.67 crore. Q4 FY26 was particularly weak with a loss of ₹0.26 crore versus profit of ₹3.20 crore in Q4 FY25, as margins contracted sharply to 6.74%. Management attributed margin pressure to higher personnel costs from the new labour code. The MD highlighted that the Malur facility is ramping up and expects fixed cost absorption to improve financial performance going forward. A paint shop Phase 1 is planned to start in June 2026.
Margins have compressed significantly due to labour cost increases and facility ramp-up expenses, but management is guiding toward recovery as the Malur facility scales and a paint shop comes online. The multi-year 20% revenue CAGR target suggests confidence in growth, though near-term profitability pressure may weigh on the stock.