BSE: 526861
RISHI LASER LTD.
Cuts, fabricates, and finishes sheet metal parts for heavy engineering customers, using industrial laser cutting, robotic welding, and in-house painting. The construction equipment segment makes up 53% of FY26 revenue, with Caterpillar as the primary customer (1,000+ parts shifted to the new Malur plant) and Volvo among other earth-moving OEMs. Exports contributed 14.2% of revenue (₹22.83 crore) in FY26, with Western Europe flagged as the highest-potential export geography. The new Malur (Bangalore) plant is fully operational with the Phase-1 paint shop going live in June 2026, and the company is targeting ₹60 crore revenue from Malur in FY27, scaling to ₹100 crore by FY29. Operating costs are dominated by raw materials at 50.3% of revenue, followed by employee costs at 20.4% (which jumped 23% YoY in FY26 on workforce expansion and new Labour Codes provisions) and other opex at 20.6%. Management has guided to ~20% revenue growth in FY27 and a 1.5-2% EBIT margin improvement, with total all-plant revenue potential estimated at ₹250 crore at 80% utilisation. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Construction equipment / earthmoving fabrication (53%), Other industrial / infrastructure / railways, Exports (14%). Capital-intensive, cyclical metal fabrication serving construction equipment and earthmoving OEMs
Exhibit 1: Financial summary, FY19–FY23 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY21 | FY22 | FY23 |
|---|---|---|---|---|---|
| Revenue | 141 | 92 | 75 | 117 | 134 |
| EBITDA (ex other income) | 7 | 2 | 3 | 5 | 9 |
| margin % | 4.9 | 2.6 | 3.8 | 4.3 | 6.5 |
| Owners' profit | 0 | 0 | (2) | 0 | 0 |
| EPS, as reported (₹) | 3.81 | (2.46) | (2.40) | 0.35 | 5.38 |
| ROE % · ROCE % | 9.5 · 11.4 | (6.7) · 1.0 | (6.9) · 0.8 | 0.8 · 7.4 | 11.1 · 15.8 |
| Debt / equity (x) | 0.27 | 0.23 | 0.19 | 0.33 | 0.16 |
| Cash from operations | — | — | 1 | 8 | 5 |
| Capex | — | — | 0 | 0 | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18 | 31 | 35 | 34 | 30 | 34 | 36 | 34 |
| Profit before tax | (1) | (0) | 1 | 1 | 0 | 1 | 2 | 2 |
| Net profit | (1) | (0) | 1 | 1 | 1 | 1 | 2 | 2 |
| EPS (₹) | (1.32) | (0.22) | 0.88 | 1.01 | 0.55 | 0.84 | 1.94 | 2.05 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.0 | 26.7 | 67 of 130 | 49% |
| P/B | 3.0 | 3.1 | 55 of 112 | 51% |
| ROCE | 9.4 | 11.3 | 84 of 142 | 41% |
| ROE | 11.1 | 9.8 | 49 of 113 | 57% |
| Debt / Equity | 0.2 | 0.2 | 56 of 113 | 51% |
| EBITDA margin | 8.6 | 12.4 | 78 of 110 | 29% |
| Revenue growth | (0.7) | 20.6 | 81 of 114 | 29% |
| Profit growth | 101.6 | 17.1 | 27 of 109 | 76% |
| Market cap | 134 | 273 | 91 of 141 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Manoj Dua and Camel Foods cross 5 percent holding in Rishi Laser | ownership changes | low | — | — |
| 24 Oct 2026 · Manoj Dua and Camel Foods cross 5% stake in Rishi Laser | ownership changes | high | — | — |
| 15 Oct 2026 · RTA compliance certificate for quarter ended September 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · Voting Results of 34th AGM - All 3 Resolutions Passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Summary of 34th AGM proceedings held on 25 Sep 2026 | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · Annual Report FY26 and 34th AGM Notice filed with BSE | results | high | — | — |
| 31 Aug 2026 · Notice of 34th AGM scheduled on 25 September 2026 via video conferencing | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Book Closure from Sept 19 to Sept 25, 2026 for AGM | board shareholder meetings | low | — | — |
| 19 Aug 2026 · 34th AGM on 25 Sep 2026 via video conferencing; e-voting from 21 to 24 Sep | board shareholder meetings | 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.