RISHABH

Rishabh Instruments share price & financials

Price
₹656.1
Market cap
₹2.6k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 17 Aug 2026

Rishabh Instruments Limited Q1 FY27

Consolidated Revenue 1,983 million +4%Consolidated EBITDA 333 million +17%Consolidated EBITDA Margin 16.8% Consolidated PAT 194 million −1%

What went well

  • Consolidated revenue increased by 4.2% year-on-year to INR1,983 million.
  • Consolidated EBITDA grew by 17.3% year-on-year to INR333 million, with the margin expanding to 16.8%.
  • The Electrical and Electronics Instrumentation (EEI) segment delivered a robust 34% year-on-year revenue growth, achieving an adjusted EBITDA margin of 24.8%.

What to watch

  • Lumel Alucast experienced a significant revenue degrowth of 41.2% year-on-year to INR443 million.
  • Lumel Alucast recorded a negative adjusted EBITDA of INR28 million, resulting in a negative margin of 6.4%.
Read the full call →

What Rishabh Instruments Limited does

Rishabh Instruments designs, develops and manufactures energy-measurement and energy-efficiency instruments — analog panel meters, current transformers, digital multimeters and clamp meters, temperature and humidity recorders, I/O converters, rotary CAM switches and solar string inverters — used by power, telecom, pharma, semiconductor, FMCG, automotive, railway and utility customers in over 100 countries. Through its Lumel Alucast unit in Poland, the group also runs a separate high-pressure aluminium die-casting business, supplying precision cast housings mainly to the automotive compressor industry. The company operates five vertically integrated manufacturing facilities across India (Nashik), Poland and China, with 99% of manufacturing done in-house, and maintains two product modification centres in the US and UK to localise offerings for those markets. Products are sold globally under the Rishabh and Lumel brands.

Segments

  • Electrical and Electronic Instruments (EEI)
  • High Pressure Die Casting (HPDC)
Manufacturing facilities
5 vertically integrated units, across India (Nashik), Poland and China
Countries served
100+
Global customers
3,000+
Product lines
145+
In-house manufacturing
99% of manufacturing done in-house
Installed capacity
35.5 million units per annum
Founded 1982Headquarters Nashik, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 22 tracked 3 delivered 3 missed 16 open
  • Capacity Expansion CAPEX delivered said Q4 FY25 Promised: INR 70-80 crores over next 2 years Q1 FY27: Facility is now partially operational. Management expects full operational status in 'a month or 2 months' time'.
  • Rishabh India Domestic Sales Growth missed said Q4 FY25 Promised: 20% domestic sales growth for FY26 Q1 FY27: Promise for FY26 is concluded.
  • LUMEL Alucast EBITDA Margin at risk said Q3 FY26 Promised: 4-5% EBITDA margin in FY27; double-digit in FY28 Q1 FY27: Q1 adjusted EBITDA margin was -6.4%. Management reaffirmed the full-year breakeven target: 'I believe that we would be able to breakeven the adjusted EBITDA for the full year by end of FY27.'

All 22 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 25.8%, net profit up 20.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue59 59 68 62 66 +12%61 +3%79 +16%78 +26%
EBITDA9 6 14 14 17 +89%13 +117%16 +14%18 +29%
Net profit7 4 9 10 13 +86%8 +100%11 +22%12 +20%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +88.1% 1Y

₹400₹600₹800Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Nov 2025Q3 FY26 — 6 Feb 2026Q4 FY26 — 18 May 2026Q1 FY27 — 17 Aug 2026

1Y: ₹441 on 10 Sept 2025 → ₹829.6. High ₹829.6 (11 Sept 2026), low ₹319.8 (27 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
+7.1%
17 Aug
Q4 FY26
−2.7%
18 May
Q3 FY26
+3.2%
6 Feb
Q2 FY26
+5.0%
17 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 16.4% a year over 3 years, FY23 to FY26. Operating margin widened to 22.4%.

Year endingFY23FY24FY25FY26
Revenue₹458 Cr₹225 Cr₹239 Cr₹268 Cr
Operating profit₹61 Cr₹45 Cr₹35 Cr₹60 Cr
Operating margin13.3%20.0%14.6%22.4%
Interest₹5 Cr₹0 Cr₹0 Cr₹0 Cr
Depreciation₹16 Cr₹10 Cr₹14 Cr₹18 Cr
Net profit₹42 Cr₹32 Cr₹24 Cr₹42 Cr
Net margin9.2%14.2%10.0%15.7%
Cash from operations₹-3 Cr₹34 Cr₹37 Cr₹58 Cr
Free cash flow₹-14 Cr₹26 Cr₹-3 Cr₹8 Cr
ROCE11.0%13.0%8.0%13.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹15 Cr₹15 Cr₹29 Cr₹38 Cr₹38 Cr₹39 Cr
Reserves₹192 Cr₹202 Cr₹214 Cr₹333 Cr₹650 Cr₹421 Cr
Borrowings₹21 Cr₹28 Cr₹22 Cr₹6 Cr₹104 Cr₹3 Cr
Other liabilities₹31 Cr₹36 Cr₹40 Cr₹35 Cr₹166 Cr₹43 Cr
Total liabilities₹258 Cr₹281 Cr₹305 Cr₹411 Cr₹958 Cr₹506 Cr
Fixed assets₹39 Cr₹42 Cr₹41 Cr₹41 Cr₹371 Cr₹62 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹2 Cr₹29 Cr₹44 Cr
Investments₹80 Cr₹81 Cr₹88 Cr₹108 Cr₹0 Cr₹95 Cr
Other assets₹140 Cr₹158 Cr₹175 Cr₹261 Cr₹558 Cr₹306 Cr
Total assets₹258 Cr₹281 Cr₹305 Cr₹411 Cr₹958 Cr₹506 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −1.21 pp while FIIs added +1.12 pp. The shareholder count shrank 24% to 30,707.

Promoters
69.4%
FIIs
1.2%
DIIs
11.2%
Public
18.2%

Since Jun 2025

  • DIIs −1.21 pp
  • FIIs +1.12 pp
  • Public +0.51 pp

How it drifted, 12 quarters

Over this window the public went from 11.1% to 18.2% — +7.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 70.7%, FIIs 1.7%, DIIs 16.6%, Public 11.1%.Dec '23: Promoters 70.7%, FIIs 2.1%, DIIs 14.7%, Public 12.5%.Mar '24: Promoters 70.3%, FIIs 0.3%, DIIs 14.5%, Government 0.1%, Public 14.9%.Jun '24: Promoters 70.2%, FIIs 0.1%, DIIs 13.3%, Public 16.4%.Sep '24: Promoters 70.2%, FIIs 0.1%, DIIs 13.2%, Public 16.5%.Dec '24: Promoters 70.2%, FIIs 0.1%, DIIs 13.4%, Public 16.3%.Mar '25: Promoters 70.2%, FIIs 0.2%, DIIs 13.1%, Public 16.6%.Jun '25: Promoters 69.8%, FIIs 0.1%, DIIs 12.4%, Public 17.7%.Sep '25: Promoters 69.8%, FIIs 0.3%, DIIs 12.0%, Public 17.8%.Dec '25: Promoters 69.7%, FIIs 0.2%, DIIs 12.6%, Public 17.5%.Mar '26: Promoters 69.5%, FIIs 0.1%, DIIs 11.7%, Public 18.6%.Jun '26: Promoters 69.4%, FIIs 1.2%, DIIs 11.2%, Public 18.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Rishabh Instruments Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Narendra Joharimal Goliya Jointly With Asha Narendra Goliya 42.09%−0.09 pp
Rishabh Family Trust-Narendra Goliya (Trustee), Asha Goliya (Trustee) 9.32%unchanged
Anushree Family Trust-Narendra Goliya (Trustee), Asha Goliya (Trustee) 9.32%unchanged
Asha Narendra Goliya Jointly With Narendra Joharimal Goliya 7.77%unchanged
Quant Mutual Fund - Quant Small Cap Fund - 2 Mutual fund4.91%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Bal Mutual fund3.49%unchanged
Zaki Abbas Nasser 1.64%+0.28 pp
Sharmin Nasser 1.49%+0.08 pp
Persistence Capital Fund I VC / PE1.09%newly disclosed
Rishabh Narendra Goliya Jointly With Narendra Joharimal Goliya 0.91%unchanged
Anushree Narendra Goliya Jointly With Narendra Joharimal Goliya 0.00%unchanged
Mohini Rishabh Goliya 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in RISHABH

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹95 Cr
1 schemes
Biggest holder
Nippon India Small Cap Fund
₹95 Cr · 0.1% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹95 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+34%
vs est. average cost
Held by funds
₹95 Cr
1 schemes · ≈ 3.4% of the company

Shares held by these funds +138%

Aug '23 13.47 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹830, this stock must grow earnings at 41% every year for 7 years. Our analysis caps realistic growth at ~0%. At that growth it is worth ₹100 — downside of 88%.

Growth the price implies
41.4% a year
for 7 years, fading to 4%
It has actually compounded at
0.0% a year
net profit, FY23–FY26
The gap
0.4 pp
-88% downside if it only repeats history
Price today ₹829.6 Value at the reference growth ₹100.43

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Rishabh Instruments Limited

Guides on how to read this kind of business and the numbers that matter.