Rishabh Instruments Limited (RISHABH) Financial Results — Revenue ₹7,751 Cr

Investor Takeaways

Consolidated EBITDA grew 105.8% YoY to INR333 million (16.2% margin); PAT surged 292.2% YoY to INR823 million

Lumel SA EBITDA improved from INR150 million loss to INR33 million adjusted EBITDA; Nashik facility nearing commissioning to double capacity

⚠️ No specific risks identified in this filing

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹7,751 Cr	7.6%
Net Profit	₹823 Cr	292.2%
EBITDA	₹333 Cr	105.8%
OPM	16.2%	—
EPS	₹2.07 (Q4FY25)	—

What Changed

Rishabh Instruments reported robust Q4 FY26 results with consolidated revenue of INR7,751 million (7.6% YoY growth) and EBITDA surging 105.8% YoY to INR333 million (16.2% margin), while PAT jumped 292.2% to INR823 million. Full-year revenue reached INR7,751 million, supported by 11.9% standalone revenue growth to INR2,676 million and 72.6% EBITDA growth to INR604 million (22.6% margin). Lumel SA in Poland turned from a INR150 million loss to INR33 million adjusted EBITDA, while the Nashik facility is nearing commissioning to double capacity. Management highlighted strong export demand, renewable energy tailwinds, and strategic expansion in medium voltage products and solar inverters, targeting INR100 crores U.S. revenue in 3-4 years and INR24-25 crores in solar inverter revenue by FY27. With net cash of INR1,276 million and no net debt, the company declared a 20% dividend on INR10 shares, underscoring confidence in sustained growth across global markets.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Rishabh Instruments	101.68	N/A	N/A	1,846.27
Bharat Electronics Limited (BEL)	62.03	N/A	N/A	3,09,678.78
Hindustan Aeronautics Limited (HAL)	33.73	N/A	N/A	2,93,338.09
Cummins India Limited (CUMMINSIND)	74.38	N/A	N/A	1,49,466.24

Rishabh Instruments trades at a premium to peers on P/E ratio, reflecting market expectations of higher growth, though absolute profitability metrics remain comparable at scale.