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RISHABH - Rishabh Instrum.

📊 NSE: RISHABH 🏢 Electric Equipment 📅 Last Updated: 12/14/2025 11:53

📢 Recent Corporate Announcements

Rishabh Instruments Releases Audio Recording for Q3 FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 06 Feb 2026, 04:48 PM

Rishabh Instruments Limited has informed the stock exchanges that the audio recording for its Q3 FY 2025-26 earnings conference call is now available. The call was conducted on February 6, 2026, following the announcement of the company's quarterly financial performance. Investors can access the recording via the company's official website under the 'Stock Exchange Information' section. A written transcript of the proceedings is expected to be released and filed with the exchanges in the coming days.

Audio recording of the Q3 FY 2025-26 earnings call made available on February 6, 2026.
The call follows the disclosure of quarterly financial results for the period ending December 2025.
Filing is in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Management transcript of the conference call to be submitted to BSE and NSE shortly.

💡 Investors should review the audio recording or upcoming transcript to understand management's commentary on Q3 performance and future guidance. This is a routine administrative update and does not require immediate portfolio changes.

Rishabh Instruments Q3FY26 PAT Surges 161.5% YoY; EBITDA Margins Expand 920 Bps

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 09:22 AM

Rishabh Instruments reported a strong Q3FY26 with consolidated PAT growing 161.5% YoY to ₹205.1 million, despite a modest revenue growth of 1.3%. The company witnessed significant margin expansion, with EBITDA margins jumping 920 bps to 17.1%, driven by operational efficiencies and a turnaround in the High Pressure Die Casting (HPDC) business. While the HPDC segment saw a planned revenue decline of 29.1% due to exiting loss-making contracts, its 9M EBITDA improved significantly to ₹64 million from a loss previously. The Electrical and Electronic Instruments (EEI) segment remains the primary growth driver, recording 17.7% revenue growth in Q3.

Consolidated PAT for Q3FY26 grew by 161.5% YoY to ₹205.1 million
EBITDA margins expanded by 920 bps YoY to 17.1% in Q3FY26, driven by sourcing efficiencies
Electrical and Electronic Instruments (EEI) segment revenue grew 17.7% YoY to ₹1,388 million
HPDC business turned around with 9MFY26 EBITDA of ₹64 million vs a loss of ₹151 million in 9MFY25
Standalone PAT grew 110.8% YoY to ₹84.1 million with a PAT margin of 13.8%

💡 Investors should note the significant operational turnaround in the HPDC segment and the substantial margin expansion across the group. The company's ability to triple its 9-month PAT despite single-digit revenue growth indicates strong operational leverage and successful cost optimization.

Rishabh Instruments Reports Deviation in IPO Fund Utilization for Nashik Facility Expansion

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 05 Feb 2026, 04:56 PM

Rishabh Instruments has disclosed a deviation in the utilization of its ₹750 million IPO proceeds for the quarter ended December 31, 2025. Following shareholder approval in September 2024, the company reallocated ₹300 million from the expansion of Nashik Manufacturing Facility I to a new Facility II. As of the reporting date, ₹224.31 million has been utilized for Facility I and ₹204.19 million for Facility II. The company has also utilized ₹77.20 million of the ₹79.20 million allocated for General Corporate Purposes.

Total funds raised via Public Issue on September 11, 2023, amounted to ₹750 million.
Shareholders approved a reallocation of ₹300 million from Nashik Facility I to Nashik Facility II on September 13, 2024.
Utilization for Nashik Facility I stands at ₹224.31 million against a modified allocation of ₹321.80 million.
Utilization for Nashik Facility II stands at ₹204.19 million against an allocation of ₹300 million.
General Corporate Purpose funds are nearly exhausted with ₹77.20 million utilized out of ₹79.20 million.

💡 Investors should track the completion timelines of both Nashik facilities to ensure the reallocated capital translates into expected production capacity. The deviation is not a cause for alarm as it was previously approved by shareholders and reflects strategic adjustments.

Rishabh Instruments Q3 Standalone PAT Jumps 111% YoY to ₹84.1 Million

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 04:54 PM

Rishabh Instruments reported a strong year-on-year performance for Q3 FY26, with standalone net profit more than doubling to ₹84.08 million from ₹39.85 million in the previous year. Revenue from operations saw a modest growth of 3% YoY, reaching ₹610.53 million. However, on a sequential basis, the company faced a decline in both revenue (down 7.5%) and PAT (down 33.5%) compared to Q2 FY26. The nine-month performance remains robust, with standalone PAT growing by 113% to ₹309.24 million.

Standalone PAT for Q3 FY26 surged 111% YoY to ₹84.08 million compared to ₹39.85 million.
Revenue from operations grew 3.05% YoY to ₹610.53 million from ₹592.42 million.
9M FY26 Standalone PAT reached ₹309.24 million, a significant jump from ₹145.14 million in 9M FY25.
Total standalone expenses for the quarter decreased to ₹529.70 million from ₹570.21 million YoY.
Basic EPS for the quarter increased to ₹2.19 from ₹1.04 in the corresponding quarter of the previous year.

💡 Investors should note the significant margin expansion and year-on-year profit growth, which indicates improved operational efficiency. While the sequential dip in revenue and profit requires monitoring, the strong nine-month performance supports a positive outlook.

Rishabh Instruments Allots 15,740 Equity Shares Under ESOP 2022 Scheme B

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Feb 2026, 05:03 PM

Rishabh Instruments Limited has allotted 15,740 equity shares to eligible employees following the exercise of options under its Employee Stock Option Plan 2022 – Scheme B. The allotment was finalized via a circular resolution on February 4, 2026, at an exercise price of ₹250 per share. This issuance increases the company's total paid-up equity share capital from 3,84,81,608 to 3,84,97,348 shares. The dilution resulting from this allotment is negligible, representing approximately 0.04% of the total equity.

Allotment of 15,740 equity shares with a face value of ₹10 each
Exercise price set at ₹250 per share, including a premium of ₹240
Total paid-up capital increased to ₹38,49,73,480 from ₹38,48,16,080
New shares rank pari-passu with existing equity shares of the company
Allotment conducted under the ESOP 2022 – Scheme B

💡 No action is required as this is a routine administrative allotment with minimal equity dilution. Investors should continue to monitor the company's core business performance.

Rishabh Instruments Schedules Q3 FY26 Earnings Conference Call for February 6, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jan 2026, 01:24 PM

Rishabh Instruments Limited has announced its earnings conference call to discuss financial and operational performance for the quarter and nine months ended December 31, 2025. The call is scheduled for Friday, February 6, 2026, at 02:30 PM IST. Senior management, including the Executive Chairman and CFO, will be present to interact with analysts and institutional investors. This is a standard regulatory procedure following the conclusion of the third quarter of the fiscal year 2025-26.

Earnings conference call scheduled for February 6, 2026, at 2:30 PM IST
Discussion to cover Q3 and 9M FY26 financial and operational performance
Management participants include Executive Chairman Narendra Goliya and CFO Vishal Kulkarni
International dial-in access provided for USA, UK, Singapore, and Hong Kong
Strategic Growth Advisors Pvt. Ltd. acting as the investor relations coordinator

💡 Investors should track the upcoming financial results release and participate in the call to understand management's outlook on the electrical automation sector. No immediate action is required as this is a routine scheduling announcement.

Rishabh Instruments: Statutory Auditor M S K A & Associates Converts to LLP

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Jan 2026, 01:49 PM

Rishabh Instruments Limited has informed the stock exchanges that its statutory auditor, M S K A & Associates, has converted into a Limited Liability Partnership (LLP). The firm will now be known as M S K A & Associates LLP as per the provisions of the Limited Liability Partnership Act, 2008. The company confirmed that this structural change will not affect the existing audit engagement or the terms of their appointment. The auditors will continue to serve for the remainder of their current tenure.

Statutory Auditor M S K A & Associates converted to M S K A & Associates LLP
Conversion is in accordance with the Limited Liability Partnership Act, 2008
No change in the existing audit engagement or scope of work
The firm will continue as Statutory Auditors for the remaining period of their tenure

💡 This is a routine administrative update regarding the legal structure of the audit firm and has no impact on the company's operations or financials. No action is required from investors.

Rishabh Instruments Allots 3,000 Equity Shares Under ESOP 2022 Scheme

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Jan 2026, 05:50 PM

Rishabh Instruments Limited has allotted 3,000 equity shares of face value ₹10 each to eligible employees under its Employee Stock Option Plan 2022 – Scheme B. The shares were issued at an exercise price of ₹250 per share, which includes a premium of ₹240. Consequently, the company's paid-up equity share capital has increased from 3,84,78,608 to 3,84,81,608 shares. This is a routine corporate action with negligible impact on the overall shareholding structure.

Allotment of 3,000 equity shares of ₹10 face value each
Exercise price set at ₹250 per share, including ₹240 premium
Total paid-up capital increased to ₹38,48,16,080
Shares issued under the Employee Stock Option Plan 2022 – Scheme B
New shares rank pari-passu with existing equity shares

💡 No action is required as the equity dilution is extremely minimal at approximately 0.007%. This is a standard procedure for employee retention and compensation.

Rishabh Instruments Receives NSE and BSE Warning for Audit Committee Quorum Non-Compliance

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 07 Jan 2026, 01:34 PM

Rishabh Instruments has received warning letters from the NSE and BSE regarding a procedural lapse in corporate governance. The violation pertains to an Audit Committee meeting held on February 7, 2025, where only one independent director was present, failing the requirement of at least two under SEBI LODR Regulation 18(2)(b). The company clarified that the lapse was due to an unforeseen emergency for one director and noted that all resolutions were ratified in a subsequent meeting on May 27, 2025. There is no reported financial or operational impact resulting from this warning.

Received formal warning letters from BSE and NSE on January 6, 2026.
Non-compliance with SEBI LODR Regulation 18(2)(b) regarding Audit Committee quorum.
Only 1 independent director attended the meeting on February 7, 2025, instead of the required 2.
Company ratified all decisions from the non-compliant meeting during a subsequent meeting on May 27, 2025.
No monetary penalty or impact on financial/operational activities has been disclosed.

💡 Investors should view this as a minor procedural oversight rather than a fundamental governance failure. No immediate action is required as the company has already implemented corrective ratification measures.

Rishabh Instruments Allots 3,165 Equity Shares Under ESOP 2022

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 05:02 PM

Rishabh Instruments Limited has allotted 3,165 equity shares of face value Rs. 10 each to eligible employees following the exercise of stock options. These shares were issued under the company's Employee Stock Option Plan 2022 – Scheme A at an exercise price of Rs. 165 per share. As a result of this allotment, the total paid-up equity share capital has increased from 3,84,75,443 to 3,84,78,608 shares. The dilution caused by this allotment is negligible and will not impact existing shareholder value significantly.

Allotment of 3,165 equity shares of face value Rs. 10 each
Exercise price set at Rs. 165 per share, including a premium of Rs. 155
Total paid-up equity capital increased to Rs. 38,47,86,080
Allotment approved via circular resolution on January 6, 2026

💡 No action is required from investors as this is a routine ESOP allotment with minimal dilution of approximately 0.008%. Investors should continue to monitor the company's core business performance.

Rishabh Instruments Submits SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 03:55 PM

Rishabh Instruments Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by KFin Technologies Limited, confirms that all dematerialization and rematerialization requests for the quarter ended December 31, 2025, have been processed and reported to the stock exchanges. This filing is a standard administrative requirement for listed companies in India to ensure share registry accuracy. It confirms that the company is maintaining proper records with both NSDL and CDSL depositories.

Compliance certificate submitted for the quarter ended December 31, 2025.
Issued by KFin Technologies Limited, the company's Registrar and Share Transfer Agent (RTA).
Confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Verification completed for both National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL).

💡 This is a routine regulatory filing with no impact on the company's fundamentals. No action is required from investors based on this announcement.

Rishabh Instruments to Close Trading Window from Jan 1, 2026, for Q3 FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Dec 2025, 03:40 PM

Rishabh Instruments Limited has announced the closure of its trading window for designated persons starting January 1, 2026. This move is a standard regulatory requirement under SEBI Insider Trading regulations ahead of the announcement of financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the financial results are officially declared. The specific date for the board meeting to approve these results will be communicated at a later date.

Trading window closure begins on January 1, 2026, for all designated persons.
Closure is related to the upcoming financial results for the quarter and nine months ending December 31, 2025.
The window will reopen 48 hours after the board meeting and result declaration.
The announcement follows SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals; investors should wait for the announcement of the Q3 FY26 results date.

Rishabh Instruments Allots 6,019 Equity Shares Under ESOP 2022

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Dec 2025, 05:34 PM

Rishabh Instruments Limited has allotted 6,019 equity shares to employees following the exercise of options under the ESOP 2022 - Scheme A. The shares were issued at an exercise price of Rs. 165 per share, which includes a premium of Rs. 155. This allotment increases the company's total paid-up equity share capital to 3,84,75,443 shares. The new shares are identical in all respects to the existing equity shares of the company.

Allotment of 6,019 equity shares of face value Rs. 10 each
Exercise price fixed at Rs. 165 per share, including Rs. 155 premium
Total paid-up capital increased from 3,84,69,424 to 3,84,75,443 shares
Allotment approved via circular resolution on December 22, 2025

💡 This is a routine corporate action with negligible equity dilution. No specific action is required from shareholders.

Rishabh Instruments Submits Additional Info on Resignation of Mr. Anand Laddha

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 18 Dec 2025, 03:52 PM

Rishabh Instruments Limited has provided additional information and documents regarding the resignation of Mr. Anand Laddha, which was originally disclosed on July 11, 2025. The company clarified that the delay in filing specific documents was due to an interpretation that certain SEBI (LODR) requirements applied only to its material subsidiary rather than the listed entity. Following recent communication from the Stock Exchange, the company has now submitted the necessary paperwork to ensure full regulatory compliance. This update is a procedural matter aimed at maintaining corporate governance standards.

Follow-up disclosure regarding the resignation of Mr. Anand Laddha from July 11, 2025
Clarified that the delay in filing was due to interpretation of SEBI (LODR) Regulations
Submission of additional documents follows recent communication from the Stock Exchange
Reaffirms commitment to transparency and high standards of corporate governance

💡 This is a routine regulatory update regarding a past management change and does not affect the company's business operations. No immediate action is required from investors.

Rishabh Instruments bags Euro €1 million (₹10 Crores) contract

🟢 POSITIVE ⭐ 6/10

OTHER 📅 10 Dec 2025, 05:36 PM

Rishabh Instruments has secured a new contract with a leading Electrical Equipment Supplier in Europe. The contract is valued at Euro €1 million, which is approximately ₹10 Crores. This contract involves the supply of Low Voltage Current Transformers (CTs). Deliveries are scheduled to be equally distributed across FY26 and FY27, indicating a steady revenue stream for the company over the next two fiscal years.

Contract valued at Euro €1 million
Contract value approximately ₹10 Crores
Supply of Low Voltage Current Transformers (CTs)
Deliveries scheduled equally across FY26 and FY27

💡 This new contract is a positive sign for Rishabh Instruments. Investors should monitor the company's progress in fulfilling this contract and its impact on future earnings.

View All RISHABH Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 7.7% YoY to INR 196.3 Cr in Q2 FY26 and 9.9% YoY to INR 386.7 Cr in H1 FY26. Standalone Rishabh India business grew 12.1% YoY to INR 66 Cr in Q2 FY26 and 14.6% YoY to INR 127.8 Cr in H1 FY26. Lumel SA revenue grew 10.4% YoY in Q2 FY26 with a 33.6% sequential recovery over Q1 FY26. Lumel Alucast delivered 1% revenue growth in Q2 FY26.

Geographic Revenue Split

The group operates in 70+ countries with a bulk of revenue derived from overseas operations. Key regions include India, Poland, China, Middle East, South Africa, South America, Southeast Asia, USA, UK, and Germany. Standalone export demand is a primary driver for the 12.1% growth in the India business.

Profitability Margins

Consolidated Gross Margin improved by 835 bps to 57.1% in Q2 FY26. Standalone EBITDA margin stood at 26.1% for Q2 FY26. Consolidated PAT grew 475% YoY to INR 22.1 Cr in Q2 FY26 and 492% YoY to INR 41.7 Cr in H1 FY26. Historical PAT margin was 8.69% in FY23 compared to 10.52% in FY22.

EBITDA Margin

Consolidated EBITDA margin strengthened to 17% in Q2 FY26, a 1,129 bps improvement from 5.7% in Q2 FY25. Standalone EBITDA margin was 26.1% in Q2 FY26. Lumel SA reported EBITDA margins of 24.4% in Q2 FY26. The improvement is driven by the turnaround of the HPDC business and growing contribution from the high-margin EEI segment.

Capital Expenditure

The company raised INR 491 Cr through an IPO in FY24 to support growth and debt management. Debt repayment obligations are approximately INR 10-12 Cr over the medium term. Large debt-funded capex is identified as a downward rating risk factor.

Credit Rating & Borrowing

CRISIL Ratings maintains a 'Stable' outlook. Interest coverage ratio was 14.52 times in FY23. Gearing was healthy at 0.27 times as of March 31, 2023. Liquidity is supported by cash and equivalents of INR 208 Cr as of September 31, 2024.

⚙️ Operational Drivers

Raw Materials

Aluminum (for high-pressure die-casting) and electronic components for ICP and TMI products. Specific percentage of total cost not disclosed.

Import Sources

Sourced globally to support manufacturing facilities in Nashik (India), Poland, and China.

Capacity Expansion

Manufacturing facilities are located in Nashik, Poland, and China, with modification centers in the US and UK. The company is filling vacated capacity in the HPDC segment with high-margin contracts.

Raw Material Costs

Operating margins fell to 6.1% in H1 FY25 due to losses in the aluminum die-casting business, which is sensitive to raw material price fluctuations and energy costs.

Manufacturing Efficiency

Inventory levels were significantly reduced from 6-7 months to 3-4 months. On-time delivery lead times were reduced from 3 months to a few weeks across several product lines.

Logistics & Distribution

The group maintains 5 international and 8 domestic sales offices with 350+ global authorized dealers to manage distribution across 70+ countries.

📈 Strategic Growth

Expected Growth Rate

12-15%

Growth Strategy

Growth will be achieved through a 12-15% topline expansion in the electronics business, new product launches, and deeper penetration into the Middle East, US, and Africa. The company aims to reach INR 100 Cr EBITDA by the end of the financial year through operational leverage and high-margin contracts in the HPDC and EEI segments.

Products & Services

Industrial Control Products (transducers, analogue and digital panel meters), Testing and Measuring Instruments (hand-held multimeters, insulation testers), solar strings, and aluminum high-pressure die-casting products.

Brand Portfolio

Rishabh, Lumel.

New Products/Services

Continuous product additions in the ICP and TMI segments and expansion of the high-margin EEI segment are expected to drive margin expansion.

Market Expansion

Expanding sales presence in the Middle East, South Africa, South America, and Southeast Asia, with a focus on the US market.

Market Share & Ranking

Established leading position in the ICP and TMI business segments.

Strategic Alliances

Acquisitions of Lumel SA and Lumel Alucast in Poland have been central to geographic and product diversification.

🌍 External Factors

Industry Trends

The industry is shifting toward automation and higher operational efficiency. Rishabh is positioning itself by transitioning its HPDC business to high-margin contracts and expanding its electronics portfolio which is growing at 12-15%.

Competitive Landscape

Leading player in ICP and TMI; faces competition in the global aluminum die-casting and electronics manufacturing services markets.

Competitive Moat

Moat is built on vertically integrated operations, strong in-house R&D, and a global distribution network of 350+ dealers. These are sustainable due to established customer relationships and high switching costs for industrial control products.

Macro Economic Sensitivity

Sensitive to global industrial demand and geopolitical stability, as evidenced by the impact of the Russia-Ukraine war on Polish operations.

Consumer Behavior

Increasing demand for robust export-quality industrial instruments and energy-efficient control products.

Geopolitical Risks

The Russia-Ukraine war impacted the profitability of Polish subsidiaries in FY23; ongoing global uncertainties remain a monitored risk.

⚖️ Regulatory & Governance

Industry Regulations

Operations must comply with international manufacturing standards for electronic testing and measurement instruments across manufacturing sites in India, Poland, and China.

⚠️ Risk Analysis

Key Uncertainties

Turnaround of the aluminum die-casting business (HPDC) which reported operating losses in H1 FY25; impact of global geopolitical tensions on European subsidiaries.

Geographic Concentration Risk

Revenue is geographically diversified across 70+ countries, though European operations (Poland) represent a significant portion of consolidated performance.