Rishabh Instruments Ltd
NSE:RISHABH
Rishabh Instruments Ltd
Rishabh Instruments Ltd is a IN-based company operating in Electronic Equipment, Instruments & Components industry. The company is headquartered in Nasik, Maharashtra. The company went IPO on 2023-09-11. Rishabh Instruments Limited is an India-based company, which is engaged in manufacturing, design and development of test and measuring instruments and industrial control products. Its products include protector relays, multifunction meters, paperless recorders, digital multimeter, energy management system, current transformers, battery charger, temperature controller, shunts, insulation testers, genset controllers, CAM switches, digital panel meter and others. The company provides EMI-EMC Testing, Type testing, Environmental testing, Life Cycle testing, Electro-technical Calibration, Mechanical Testing and other services, all under one roof at its lab, providing professional and timely service to product developers. The company also offers a range of Rish Rotary CAM switches that cover applications with different contact designs, contact material and terminals allowing their use as control switches, instrumentation switches, motor control switches and electronic circuitry.
Rishabh Instruments Ltd is a IN-based company operating in Electronic Equipment, Instruments & Components industry. The company is headquartered in Nasik, Maharashtra. The company went IPO on 2023-09-11. Rishabh Instruments Limited is an India-based company, which is engaged in manufacturing, design and development of test and measuring instruments and industrial control products. Its products include protector relays, multifunction meters, paperless recorders, digital multimeter, energy management system, current transformers, battery charger, temperature controller, shunts, insulation testers, genset controllers, CAM switches, digital panel meter and others. The company provides EMI-EMC Testing, Type testing, Environmental testing, Life Cycle testing, Electro-technical Calibration, Mechanical Testing and other services, all under one roof at its lab, providing professional and timely service to product developers. The company also offers a range of Rish Rotary CAM switches that cover applications with different contact designs, contact material and terminals allowing their use as control switches, instrumentation switches, motor control switches and electronic circuitry.
Revenue Growth: Consolidated revenue grew 7.7% YoY in Q2 FY26 and 9.9% YoY for H1 FY26, with strong contributions from both Rishabh India and Lumel SA.
Profitability Surge: Profit after tax increased by 475% in Q2 and 492% in H1, with margin improvement driven by better procurement, operational efficiency, and product mix.
Margin Expansion: Stand-alone EBITDA margin rose to 26.1% in Q2 FY26, up 1,075 bps YoY, and consolidated EBITDA margin reached 17%. Management emphasized that these levels are sustainable.
Lumel SA Recovery: Lumel SA revenues grew 33.6% QoQ and 10.4% YoY in Q2 FY26, supported by a large German order and expansion outside Europe.
Die Casting Transition: The aluminum die casting segment saw improved profitability after exiting loss-making contracts, with positive EBITDA expected this year but full margin recovery to 18–20% to take longer.
CapEx Progress: Capacity expansion projects in Nashik are over 50% complete, expected to finish by March/April 2026, with additional operational benefits anticipated in FY27.
Guidance Maintained: Management reaffirmed full-year guidance, including an EBITDA target of INR 100 crores.
Outlook: Leadership expects continued momentum in revenues and margins, with a focus on geographic diversification, new products, and operational discipline.
