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Rishi Laser held its Q2 FY26 earnings call on November 21, 2025. New Bangalore (Malur) plant has commenced operations and is proving 1,000+ Caterpillar parts shifted from the Bhamsundra plant. Q2 FY26 revenue grew 9.8% YoY to ₹42.9 crore, with EBITDA margins improving from 9.1% to 9.93%. H1 FY26 revenue reached ₹84 crore (vs ₹76 crore). Management expects short-term margin pressure in Q3 due to running both plants simultaneously, but guides FY26 growth of ~10% and FY27 growth of ~20% with 1.5-2% EBIT margin improvement. New paint shop expected in Q4 FY26. Break-even for Bangalore plant is ₹5 crore/month (₹60 crore annually), with total revenue potential of ₹250 crore at 80% utilization across all plants. Earth-moving customers indicate 25-40% volume ramp-up from January 2026.
The company is at an inflection point with major capex behind it. Short-term margins will be pressured in Q3 FY26, but strong growth visibility from Q4 FY26 onwards, supported by Caterpillar order ramp-up, robotics automation, and new paint shop. Stock may see positive momentum as new plant revenue starts flowing from January 2026.