RISHABH INSTRUMENTS LTD

Manufactures electrical equipment and instrumentation (EEI) products such as current transformers (CTs), potential transformers (PTs), voltage transformers (VTs), protection relays, and solar inverters for industrial automation, grid, and energy management applications. It runs two Indian plants (Nashik being the main hub, with capacity being doubled via two new facilities under commissioning) and operates eight overseas subsidiaries, including Poland-based Lumel SA (industrial automation, measurement, and energy management solutions), Poland-based Lumel Alucast (aluminum die-cast components, which turned EBITDA-positive at INR33 mn after a INR150 mn loss in the prior year), and US/UK/China entities. Revenue is reported geographically: Europe at 68.0% of FY26 segment revenue (526.84 cr), Asia at 24.8% (192.296 cr), and Other regions at 7.2% (56.01 cr); exports contributed about 51% of standalone turnover. The EEI segment grew 17.5% YoY in FY26; the company has guided 20–25% growth for FY27 at 20–22% segment EBITDA margins. A new SMT line at Lumel SA (40% EU co-funded) builds advanced electronics for medium voltage controllers, and 4–5 new medium voltage products are targeted by end FY27. Solar inverters turned operationally profitable with an INR25 cr revenue target for FY27. The largest cost line is materials at 32.8% of revenue, followed by employee costs at 29.0% and other opex at 16.8%; capex ran at 14.2% of revenue.