Rishabh Instruments Q1 FY27 Revenue Rises 4.2% YoY

Revenue: ₹1,983 million, up 4.2% year-on-year (YoY)
EBITDA: ₹333 million, up 17.3% YoY
EBITDA Margin: 16.8%
PAT: ₹194 million, decreased by 1.4% YoY (attributed to an increase in depreciation of ₹20 million)
The consolidated EBITDA includes a provision of ₹20 million for ESOP costs and stock appreciation rights.
The company remains net debt-free with net cash and cash equivalents of ₹1,606 million as of June 30, 2026.

1. Electrical and Electronics Instrumentation (EEI) Segment

Delivered 34% YoY revenue growth.
Adjusted EBITDA increased by 69.1% YoY to ₹382 million.
Adjusted EBITDA margins expanded significantly to 24.8% from 19.6% in Q1 FY26, a 520 basis points improvement.
PAT margins improved to 16.4% from 13.8%.
Performance driven by operating leverage, improved product mix, procurement efficiencies, and cost management.
Over the past 2 years, launched around 15 new products with more than 15 additional products planned for FY27.

2. Standalone India Business

Revenue: ₹776 million, up 25.6% YoY.
EBITDA: ₹178 million, up 24.5% YoY.
EBITDA Margin: 22.9% (includes ₹4 million provision for ESOP cost).
PAT: ₹119 million, up 20.2% YoY.
Growth supported by deeper customer engagement, healthy export demand, improving product mix, and an expanding distribution network.

3. Lumel S.A. (Poland)

Revenue: ₹639 million, up 39% YoY.
Adjusted EBITDA: ₹153 million, up 175.3% YoY.
Adjusted EBITDA Margin: 24%, an improvement of 1,190 basis points.
PAT: ₹115 million, up 321.1% YoY.
Contributed 50% of the consolidated bottom line for Q1 FY27.
Growth driven by high-value electronics manufacturing, product diversification, and new customer wins despite a subdued European industrial environment.
Strong performance in radiation gates for security applications and medium-voltage products for energy grid upgradation.

4. Lumel Alucast (HPDC Business)

Revenue: ₹443 million, a degrowth of 41.2% YoY (planned decline).
Adjusted EBITDA: negative ₹28 million.
Adjusted EBITDA Margin: negative 6.4%.
PAT: negative ₹59 million.
Achieved operating breakeven in Q1 FY27.
Management expects to breakeven on adjusted EBITDA by the end of FY27 as vacant capacities are filled with new orders.
Focus is on prioritizing value over volume and not pursuing growth at the expense of profitability.
A clear pathway exists to restore double-digit EBITDA margins over the medium term.

5. International Businesses (U.S., U.K., China)

U.S. and U.K. businesses grew over 40% YoY.
China business delivered 20.3% growth during Q1 FY27.
These businesses operate on a relatively smaller base but provide significant scaling opportunities.
Target to reach ₹100 crores in the U.S. market in 2-3 years.

Achieved operational profitability following the successful launch of the single-phase iUNO inverter series.
Strengthened the portfolio with the addition of next-generation 3-phase iNEO inverter models up to 12 kilowatts.
Further development underway for the next-generation range up to 50 kilowatts.
Gearing up to develop hybrid inverter solutions to address growing demand for integrated renewable energy systems.
The business is not yet a significant contributor (less than 5% of total revenue) but is expected to grow substantially.
A target of ₹24-25 crores for FY27 and ₹250-300 crores in the future was mentioned.

New Nashik Facility: Partial commissioning completed. The investment enhances manufacturing capacity significantly to address growing domestic and international demand.
Rishabh TMI Experience Center: Opened to showcase test and measurement instruments. Similar centers planned for Mumbai and Delhi to be operational by the end of FY27.
Inorganic Growth: Actively evaluating acquisition opportunities in the range of ₹50 crores to ₹150-200 crores in the U.S., Europe, and India to accelerate market expansion.
Capacity Expansion: Doubling capacity for low-voltage current transformers from 5,000-6,000 units per day to 8,000-10,000 units. Expanding into medium-voltage transformers.
PCB Manufacturing: Operating 3 SMT lines, including one high-end line capable of manufacturing complex boards with Intel chips.

Long-term industry outlook remains structurally attractive, supported by global investments in:
Electrification
Energy efficiency
Renewable energy integration
Industrial automation
Grid modernization
Digital infrastructure
Significant opportunities identified across AI-enabled data centers, grid modernization, and smart infrastructure.
Encouraging opportunities seen in the U.S., Middle East, Southeast Asia, and Africa, reducing dependency on any single geography.
In India, continued policy support for manufacturing, power infrastructure, renewable energy, and electronics localization provides a strong demand foundation.

Strong order bookings in the domestic market, with a 20% upside in Q1 compared to the previous year.
A strong pipeline of RFQs and offers at advanced stages of negotiation and qualification for Lumel Alucast.
Continued work with a key European customer on energy grid upgradation projects, with follow-on orders expected.

1. Accelerate profitable growth in the core EEI business.

2. Expand presence in high-growth international markets.

3. Strengthen product portfolio through innovation and R&D.

4. Increase contribution of software-enabled solutions.

5. Build a stronger pipeline in renewable energy, automation, and energy management.

6. Transform Lumel Alucast into a profitable business.

The company aims to evolve from a product-led organization to a globally recognized engineering and technology solutions company.
Guidance for the EEI business remains at 20-25% top-line growth and 20-22% EBITDA margins, though Q1 performance exceeded this.