NSE: RISHABH · BSE: 543977
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Europe (68%), Asia (25%), Other regions (7%). Capital-goods electrical equipment maker with Indian manufacturing base and European/Polish subsidiaries; product mix spans instruments, protection devices, solar inverters and aluminum castings.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 690 | 720 | 775 |
| EBITDA (ex other income) | 71 | 48 | 126 |
| margin % | 10.3 | 6.7 | 16.3 |
| Owners' profit | 40 | 23 | 82 |
| EPS, as reported (₹) | 10.71 | 5.92 | 21.21 |
| ROE % · ROCE % | 7.1 · 9.3 | 3.5 · 5.0 | 11.0 · 13.5 |
| Debt / equity (x) | 0.10 | 0.16 | 0.10 |
| Cash from operations | 76 | 65 | 108 |
| Capex | (69) | (76) | (110) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 182 | 181 | 187 | 190 | 387 | 184 | 205 | 198 |
| Profit before tax | 6 | 11 | 9 | 24 | 52 | 26 | 28 | 27 |
| Net profit | 4 | 8 | 6 | 20 | 42 | 21 | 20 | 19 |
| EPS (₹) | 1.08 | 2.07 | 1.68 | 5.13 | 10.90 | 5.19 | 5.12 | 4.93 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Asia | 192 | 24.8 |
| Europe | 527 | 68.0 |
| Other | 56 | 7.2 |
| Total, before eliminations | 775 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 65,440 | 17.1 | 4.36 | 10.6 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 60,809 | 51.5 | 11.27 | 32.0 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 39,130 | 23.2 | 9.08 | 16.0 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 20,676 | 154.9 | 25.14 | 110.5 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,654 | 89.8 | — | 87.0 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,571 | 12.4 | 4.48 | 9.2 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 14,460 | 108.1 | 20.04 | 72.0 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,156 | 11.4 | 3.68 | 10.4 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.6 | 22.6 | 30 of 52 | 43% |
| P/B | 3.3 | 3.3 | 26 of 49 | 48% |
| ROCE | 12.8 | 12.4 | 27 of 55 | 52% |
| ROE | 11.0 | 12.4 | 29 of 50 | 43% |
| Debt / Equity | 0.1 | 0.3 | 16 of 50 | 69% |
| EBITDA margin | 18.6 | 12.6 | 18 of 51 | 66% |
| Revenue growth | 4.2 | 20.7 | 33 of 46 | 29% |
| Profit growth | (1.3) | 37.7 | 27 of 45 | 41% |
| Market cap | 2490 | 576 | 16 of 56 | 73% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Rishabh Instruments allots 1,000 shares under ESOP 2022 Scheme B | capital market events | low | — | — |
| 22 Oct 2026 · Rishabh Instruments allots 1.22 lakh shares under ESOP 2022 Scheme A | capital market events | low | — | — |
| 2 Oct 2026 · Compliance certificate for Q2 FY27 filed with depositories | compliance | minimal | — | — |
| 29 Sept 2026 · Rishabh Instruments grants 1 lakh ESOPs to employees at Rs 250 each | corporate actions | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 1 Sept 2026 · Rishabh Instruments allots 4,400 shares under ESOP Scheme B | capital market events | low | — | — |
| 21 Aug 2026 · Rishabh Instruments clarifies on promoter stake sale rumours, no material info to disclose | strategic transactions | critical | — | — |
| 20 Aug 2026 · Q1 FY27 earnings: EEI up 34%, Lumel S.A. up 39%, net cash INR 1.6 bn | investor communications | medium | — | — |
| 17 Aug 2026 · Audio recording of Q1 FY26-27 earnings call uploaded on website | investor communications | low | — | — |
| 14 Aug 2026 · Fund Use Change: Rs 750M IPO Money Reallocated to New Nashik Plant | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.