Rishabh Instruments Ltd (RISHABH)

Capital Goods · Capital Goods - Electrical Equipment · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹695.5 ↑ 57.66% (1Y)

🎯 Key Takeaways

Rishabh Instruments is in a growth phase driven by strategic expansion in high-margin EEI and solar segments, supported by capacity additions and geographic diversification. Management is targeting 20-25% top-line growth and 20-22% EBITDA margins, with inorganic opportunities in the INR50-200 crore range.
Revenue declined 3.2% QoQ to ₹198 in Q1FY27.
⚠️ Lumel Alucast's prolonged breakeven timeline and persistent negative adjusted EBITDA of ₹28 crores pose near-term financial drag.

Market Cap

₹2,687

P/E Ratio

33.1

P/B Ratio

3.61

ROE

11.0%

ROCE

13.9%

Debt/Equity

0.10

Div Yield

0.29%

Promoter

69.4%

✨ Ask AI About RISHABH 📊 Interactive Charts

📖 The Story

Rishabh Instruments is in a growth phase driven by strategic expansion in high-margin EEI and solar segments, supported by capacity additions and geographic diversification. Management is targeting 20-25% top-line growth and 20-22% EBITDA margins, with inorganic opportunities in the INR50-200 crore range. While Lumel Alucast remains a near-term drag, its breakeven target by FY27 end is a key inflection point. The company is leveraging operational execution and international expansion to transition from a mature capital goods player to a scalable, export-oriented electrical equipment business.

📰 What's Happening

In Q1 FY27, Rishabh Instruments reported consolidated revenue of ₹1,983 crores, up 4.2% YoY, with EEI segment revenue growing 34% YoY and international growth exceeding 40%. Adjusted EBITDA surged 69.1% to ₹382 crores with a 24.8% margin, reflecting improved operational leverage. The company commissioned a new Nashik facility and launched its first TMI Experience Center in Mumbai to support capacity expansion to 8,000-10,000 CT units daily. Solar inverter revenue is projected to reach INR250-300 crores next year from INR8-9 crores last year. Lumel Alucast reported negative adjusted EBITDA of ₹28 crores but remains on track for breakeven by FY27 end. Management highlighted inorganic M&A opportunities in the INR50-200 crore range and U.S. market revenue ambitions of INR45 crores.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	190	196	184	205	198
Operating Profit	21	25	22	24	24
OPM %	11.0%	12.6%	11.8%	11.5%	12.0%
Net Profit	20	22	21	20	19
EPS	₹5.13	₹5.77	₹5.19	₹5.12	₹4.93

Revenue growth has stabilized around ₹195-205 crores per quarter with consistent operating margins near 12%, while PAT margin has expanded from 11.0% to 9.8% amid rising OPM pressure. Adjusted EBITDA growth accelerated to 69.1% in Q1 FY27, driven by EEI performance and margin discipline. The company is investing in capacity expansion (Nashik facility) and new revenue streams (solar), though Lumel Alucast continues to absorb losses. The shift from standalone to consolidated reporting and focus on geographic diversification signals a strategic pivot toward scalable, export-led growth.

🔮 Management Outlook & What's Next

Management targets 20-25% EEI revenue growth and 20-22% EBITDA margins in FY27, with Lumel Alucast expected to reach INR100 crores revenue in 2-3 years. Solar inverter revenue is projected to hit INR250-300 crores next year, up from INR8-9 crores last year. International revenue growth is expected to continue exceeding 40% YoY, supported by new markets and the TMI Experience Center. The company is actively pursuing inorganic opportunities within the INR50-200 crore range to accelerate scale and U.S. market penetration.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	38	38	38	39
Reserves	547	573	650	706
Borrowings	125	100	104	74
Total Liabilities	868	888	958	1,003
Fixed Assets	254	277	325	382
Investments	0	0	0	0
Total Assets	868	888	958	1,003

The balance sheet shows a strong equity base of ₹38-39 crores and reserves growing from ₹573 crores to ₹706 crores, indicating healthy retained earnings. Borrowings remain low at ₹74-104 crores, with Total Assets rising to ₹1,003 crores in March 2026 from ₹888 crores in March 2025, reflecting capital investment in capacity expansion. The fund utilization deviation in Nashik expansion (₹269.78 million used vs ₹621.80 million allocated) suggests phased deployment, but no audit concerns were raised. Capital allocation appears focused on organic growth initiatives rather than large-scale debt-funded projects.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+108
Investing	-117
Financing	-28
Net Cash Flow	-37

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	69.8%	69.7%	69.5%	69.4%
FII	0.3%	0.2%	0.1%	1.2%
DII	12.0%	12.6%	11.7%	11.2%
Public	14.4%	14.4%	15.4%	14.7%
# Shareholders	35,765	33,805	32,231	30,707

Promoter holding remains stable at ~69.4-69.8%, indicating confidence in long-term prospects. FII ownership has declined slightly from 0.35% to 0.1% over four quarters, while DII increased from 12.01% to 11.21%, suggesting mixed institutional interest. The number of shareholders has decreased from 35,765 to 30,707, possibly reflecting consolidation in retail holdings. No significant promoter pledging or exits were disclosed, and no material stake sale was confirmed despite media speculation.

⚖️ Peer Comparison — Capital Goods - Electrical Equipment

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
ABB	1.57 L Cr	52.4	26.5%	38.1%	0.00
BHEL	1.48 L Cr	61.0	11.6%	9.3%	0.30
POWERINDIA	1.46 L Cr	127.0	29.9%	22.2%	0.00
SIEMENS	1.43 L Cr	43.7	14.2%	23.7%	0.00
CGPOWER	1.39 L Cr	111.5	21.3%	15.6%	0.00
GVT&D	1.11 L Cr	84.8	99.4%	73.6%	0.00
WAAREEENER	74,358	19.5	54.0%	42.2%	0.10
APARINDS	69,893	59.1	33.0%	21.9%	0.16
SUZLON	63,890	20.4	44.5%	51.5%	0.05
THERMAX	46,697	74.4	12.5%	10.6%	0.41

🔗 Peer Stock Analyses

ABB BHEL POWERINDIA SIEMENS CGPOWER

⚠️ Risk Factors

1. Lumel Alucast's prolonged breakeven timeline and persistent negative adjusted EBITDA of ₹28 crores pose near-term financial drag. 2. Solar revenue growth, while ambitious, starts from a very low base and contributes less than 5% of total revenue, limiting near-term impact. 3. Fund utilization deviations in expansion projects suggest potential scope changes or execution risks without clear timelines for remediation. 4. High promoter concentration (69.4%) increases governance scrutiny, though no pledges or sales have been disclosed.

📋 Recent Filings

🧠 Analyst's Read

Rishabh Instruments is executing a clear growth strategy with strong operational momentum in EEI and international markets, but near-term profitability is being pressured by investments and Lumel Alucast losses. The company's ability to deliver on EBITDA margin targets and achieve breakeven at Lumel Alucast by FY27 end will be critical. Investors should monitor execution clarity around solar ramp-up, U.S. market entry, and fund deployment in expansion projects.

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

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on RISHABH

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when RISHABH files new disclosures

Track RISHABH filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track RISHABH — Free

Free account · 2 AI queries/day

About · Privacy Policy · Terms of Service · Pricing

Today's Announcements · Screener · Insights · AI Chat

Data provided by CMOTS Internet Technologies Pvt Ltd