Rishabh Instruments FY26 EBITDA Doubles to ₹126 Cr as PAT Surges 292% YoY

Key numbers

PAT Growth YoY	292.2%Annual Surge
Market Cap	₹1,998.4 CrSmall Cap
EBITDA Margin	16.3%960 bps gain
RSI	59.6Neutral Zone

Key highlights

• Consolidated revenue reached ₹7,751 million, representing a 7.6% year-on-year growth for FY26.
• Adjusted EBITDA stood at ₹136 crore, exceeding management's initial guidance of ₹110 crore by 23.6%.
• The USA business unit demonstrated robust growth of 50% year-on-year, while China and UK entities grew over 20%.
• Consolidated EBITDA margin improved significantly by 960 basis points to reach 16.3% during the fiscal year.
• The Nashik facility expansion is now complete, doubling production capacity to meet anticipated demand.
• The company remains net debt-free following the completion of major capital expenditure cycles.

Financial Performance

Rishabh Instruments delivered a robust financial performance for the fiscal year ending March 2026. The consolidated revenue grew by 7.6% to reach ₹7,751 million, while standalone revenue saw an 11.9% uptick. The most notable metric was the Profit After Tax, which surged by 292.2% to ₹823 million compared to the previous year.

This profitability surge was largely driven by an expansion in consolidated EBITDA margins, which rose to 16.3% from 6.7% in the prior year. The company's ability to double its EBITDA to ₹126 crore signals high operational leverage as it scales its electronics and instrumentation segments.

Management Outlook

Management has expressed strong confidence in the growth trajectory for FY27, specifically guiding for a 20-25% growth in the Electrical Electronic Instrumentation segment. The completion of the Nashik facility expansion is a key pillar for future growth, effectively doubling production capacity to meet a strong order pipeline in both domestic and international markets. The company is also targeting ₹100 crore in revenue from its solar segment, bolstered by the launch of iUNO solar inverters.

Additionally, leadership plans to focus on exiting low-margin legacy contracts within the Alucast die-casting unit to further improve overall group profitability and operational focus.

Sector Dynamics

The industrial electrical equipment sector is benefiting from increased regulatory tailwinds, including the Production Linked Incentive schemes and ISO 50000 energy management regulations. These frameworks are driving demand for precision instrumentation and energy-efficient solutions globally. Despite these positives, the sector faces headwinds from geopolitical uncertainties, particularly the conflict in West Asia, which can disrupt global supply chains and logistics.

Furthermore, the Alucast business faces longer qualification cycles with Tier-1 automotive and industrial clients, though management is actively working to transition this segment toward higher-margin electronic components to offset these traditional manufacturing cycles.

What to Watch

• Ramp-up of the newly expanded Nashik production facility and its impact on quarterly throughput.
• Execution of the ₹100 crore revenue target for the newly launched solar inverter segment in FY27.
• Progress in phasing out low-margin legacy contracts in the Alucast division to stabilize group margins.
• Potential supply chain or logistical impact stemming from ongoing geopolitical tensions in West Asia.
• The impact of PLI schemes and ISO 50000 regulations on domestic order intake and export volumes.

Operational Beat

Management guided ₹110cr at start of FY26 but achieved ₹136cr adjusted EBITDA, a 23.6% beat over prior guidance.

Rishabh Instruments · financial snapshot

Share price	₹517.4
Market capitalisation	₹1,998.38 Cr
Revenue (annual)	₹775.15 Cr
Net profit (annual)	₹81.53 Cr
Revenue (latest quarter)	₹204.86 Cr+11.57% vs previous quarter
Net profit (latest quarter)	₹19.70 Cr-1.39% vs previous quarter
P/E (TTM)	24.51×Sector 48.14×
Promoter holding	69.55%-0.12% QoQ
FII holding	0.1%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.