Rishabh Instruments Limited (RISHABH)

Capital Goods · Electrical Equipment · NSE · Updated 15 July 2026

₹644.5 ↑ 116.86% (1Y)

🎯 Key Takeaways

Rishabh Instruments Limited is in a high-growth phase driven by global expansion and strategic investments in high-margin segments like solar inverters and medium voltage products. The company is transitioning from a domestic-focused entity to an export-oriented player with significant traction in Europe and the U.
Revenue declined 0.6% QoQ to ₹181 in Q3FY25.
⚠️ Execution risk around achieving INR100 crores U.S. revenue target within 3-4 years, which depends on market penetration and regulatory approvals.

Market Cap

₹1,846

P/E Ratio

101.7

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Rishabh Instruments Limited is in a high-growth phase driven by global expansion and strategic investments in high-margin segments like solar inverters and medium voltage products. The company is transitioning from a domestic-focused entity to an export-oriented player with significant traction in Europe and the U.S., supported by strong profitability and reinvestment in capacity. Management is targeting INR1,000 crores in consolidated revenue by March 2028, reflecting an aggressive scaling trajectory.

📰 What's Happening

In Q4 FY26, Rishabh Instruments reported consolidated revenue of INR2,049 million (9.3% YoY growth) and EBITDA surging 105.8% YoY to INR333 million (16.2% margin), with PAT jumping 292.2% YoY to INR823 million. The company highlighted robust export demand, particularly from Lumel SA in Poland, which improved from a INR150 million loss to INR33 million adjusted EBITDA. The Nashik facility is nearing commissioning to double capacity, and management is targeting INR100 crores in U.S. revenue within 3-4 years and INR24-25 crores in solar inverter revenue by FY27. A 20% dividend on INR10 shares was declared, underscoring confidence in sustained cash flows.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	172	180	159	178	169	182	181
Operating Profit	21	33	9	20	11	13	19
OPM %	9.7%	17.6%	3.0%	10.1%	4.5%	5.7%	7.9%
Net Profit	8	22	7	2	3	4	8
EPS	₹2.18	₹5.83	₹2.00	₹0.61	₹0.95	₹1.08	₹2.07

The company has demonstrated accelerating profitability trends, with EBITDA margin expanding from 10.1% in Q4 FY24 to 16.2% in Q4 FY26, and PAT growth outpacing revenue growth consistently. This margin improvement aligns with management’s focus on high-margin exports and operational efficiencies, particularly in the standalone business which grew revenue by 11.9% YoY. The turnaround at Lumel SA and capacity expansion at Nashik are cited as key inflection points, supporting expectations of sustained margin resilience and scalable growth in renewable energy-linked segments.

🔮 Management Outlook & What's Next

Management expressed confidence in long-term growth, targeting INR100 crores in U.S. revenue within 3-4 years and INR24-25 crores in solar inverter revenue by FY27. They also outlined a consolidated revenue potential of INR1,000 crores by March 2028, driven by expansion in medium voltage products and solar inverters. The company emphasized tailwinds from renewable energy adoption and global market diversification, with no specific risks highlighted in the latest filing regarding execution of these targets.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Electrical Equipment

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Hitachi Energy India Limited	1.45 L Cr	172.4	—	—	—
Bharat Heavy Electricals Limited	1.39 L Cr	267.3	—	—	—
ABB India Limited	1.35 L Cr	48.8	—	—	—
CG Power and Industrial Solutions Limited	1.32 L Cr	136.7	—	—	—
Siemens Limited	1.28 L Cr	45.2	—	—	—
GE Vernova T&D India Limited	1.11 L Cr	104.1	—	—	—
Siemens Energy India Limited	1.10 L Cr	83.9	—	—	—
Waaree Energies Limited	86,928	22.4	—	—	—
Suzlon Energy Limited	73,843	64.1	—	—	—
Thermax Limited	53,625	81.9	—	—	—

🔗 Peer Stock Analyses

POWERINDIA BHEL ABB CGPOWER SIEMENS

⚠️ Risk Factors

1. Execution risk around achieving INR100 crores U.S. revenue target within 3-4 years, which depends on market penetration and regulatory approvals. 2. Dependence on export demand, particularly in Europe and North America, which could be impacted by geopolitical or currency fluctuations. 3. Operational risks associated with commissioning the Nashik facility and scaling up HPDC capacity to meet revenue targets by FY27.

📋 Recent Filings

🧠 Analyst's Read

Rishabh Instruments is executing a clear strategy to scale high-margin, export-driven segments with strong tailwinds in renewables, but investor sentiment will depend on timely execution of expansion plans and sustained margin improvement. The next key milestone is the commissioning of the Nashik facility and early traction in U.S. solar inverter sales by FY27.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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