Rishabh Instruments Q2 FY27: PAT ₹194 Cr & Rev ₹1,983 Cr

Investor Takeaways

Revenue of ₹1,983 crores up 4.2% YoY in Q1 FY27

PAT of ₹194 crores reported for Q1 FY27

Adjusted EBITDA rose 69.1% to ₹382 crores with 24.8% margin

Lumel Alucast reported negative adjusted EBITDA of ₹28 crores

International revenue growth exceeded 40% YoY

Solar inverter revenue projected at INR250-300 crores next year from INR8-9 crores

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹1,983 Cr	4.2%
Net Profit	₹194 Cr	N/A
EBITDA	₹382 Cr	69.1%
EBITDA Margin	24.8%	N/A
EPS	₹2.07	N/A

What Changed

The filing reveals significant operational momentum with adjusted EBITDA growing 69.1% to ₹382 crores and EBITDA margin expanding to 24.8% in Q1 FY27. Revenue growth of 4.2% YoY was driven by 34% EEI growth and over 40% YoY international expansion. Lumel Alucast remains breakeven with negative adjusted EBITDA of ₹28 crores, though management targets full-year breakeven by FY27 end. 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, though it currently contributes less than 5% of total revenue. Management targets 20-25% EEI top-line growth and 20-22% EBITDA margins, with inorganic opportunities in the INR50-200 crore range and U.S. market revenue ambitions of INR45 crores.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Rishabh Instruments	101.68	N/A	N/A	1,846.27
Bharat Electronics Limited	62.03	N/A	N/A	3,09,678.78
Hindustan Aeronautics Limited	33.73	N/A	N/A	2,93,338.09
Cummins India Limited	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 despite current profitability levels.

Risks & Concerns

Lumel Alucast continues to report negative adjusted EBITDA of ₹28 crores despite breakeven target by FY27 end

Solar inverter segment contributes less than 5% of total revenue despite significant growth projections

High valuation multiple (P/E 101.68) may pressure stock if growth targets are not met

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	181.19	7.92	7.89
Q2FY25	182.36	3.89	5.71
Q1FY25	169.35	3.21	4.46
Q4FY24	177.91	2.32	10.13

The company demonstrated sequential improvement in profitability, with OPM rising from 4.46% in Q1FY25 to 10.13% in Q4FY24, though Q1FY27 margin of 24.8% on EBITDA basis reflects improved operational efficiency at scale.

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About Rishabh Instruments Limited (RISHABH)

Capital Goods · Capital Goods - Electrical Equipment · Listed on NSE

Market Cap: ₹2,686.6 Cr P/E: 33.1 ROE: 11.0% ROCE: 13.9% Div Yield: 0.29%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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