Key Financial Performance (Consolidated - INR million)

Q4 FY26 Performance:

  • Revenue: INR 2,049 (up 9.3% YoY from INR 1,875 in Q4 FY25)
  • EBITDA: INR 333 (up 105.8% YoY from INR 162)
  • EBITDA Margin: 16.2% (improved 760 bps from 8.6%)
  • PAT: INR 200 (up 229.4% YoY from INR 61)
  • Q4 EBITDA includes provisions of INR 22 million (INR 20m for ESOP cost, INR 2m for new labor code)

Full Year FY26 Performance:

  • Revenue: INR 7,751 (up 7.6% YoY from INR 7,203)
  • EBITDA: INR 1,264 (up 161.1% YoY from INR 484)
  • EBITDA Margin: 16.3% (improved 960 bps from 6.7%)
  • PAT: INR 823 (up 292.2% YoY from INR 210)
  • FY EBITDA includes provisions of INR 99 million (INR 73m for ESOP cost, INR 26m for new labor code)

Segment-wise Performance Breakdown

1. Standalone Rishabh Instruments (India):

  • Q4 Revenue: INR 788 million (up 15.2% YoY)
  • FY Revenue: INR 2,676 million (up 11.9% YoY)
  • Q4 EBITDA: INR 161 million (up 14.7% YoY); Margin: 20.4%
  • FY EBITDA: INR 604 million (up 72.6% YoY); Margin: 22.6% (up 800 bps)
  • FY PAT: INR 417 million (up 78.2% YoY)

2. Lumel SA (Poland - Electronics):

  • Q4 Revenue: INR 585 million (up 35.9% YoY)
  • FY Revenue: INR 2,286 million (up 15% YoY)
  • Q4 Adjusted EBITDA: INR 167 million (up 69% YoY); Margin: 28.6% (up 560 bps)
  • FY Adjusted EBITDA: INR 535 million (up 32.2% YoY); Margin: 23.4% (up 310 bps)
  • FY PAT: INR 419 million (up 19.5% YoY)
  • Contributed 51% of group's consolidated PAT

3. Lumel Alucast (Poland - Die Casting):

  • Q4 Revenue: INR 575 million (down 22.8% YoY)
  • FY Revenue: INR 2,383 million (down 9.6% YoY)
  • FY Adjusted EBITDA: INR 33 million positive (vs. loss of INR 150 million in FY25)
  • FY Adjusted EBITDA Margin: 1.4% (improved 710 bps from -5.7%)
  • FY PAT: Negative INR 41 million (improved from negative INR 252 million)

4. Other Subsidiaries (STI USA, STI UK, V&A China):

  • Collective growth: USA (53%), UK (25%), China (23%)
  • Cumulatively contributed 13% to Electrical & Electronics Instrumentation (EEI) business
  • All three entities reported positive EBITDA

Capital Structure & Liquidity

  • Net debt-free position with strong balance sheet
  • Net cash and cash equivalents: INR 1,276 million as of March 31, 2026

Dividend Declaration

  • Board declared dividend of 20% on share capital
  • Amount: INR 2 per share (face value INR 10)
  • All formalities to be completed before stock exchange notification

Operational & Strategic Highlights

Electrical & Electronics Instrumentation (EEI) Segment:

  • Grew 17.5% YoY in FY26, remains primary growth engine
  • Strong performance driven by product diversification, new launches, and geographical expansion
  • Robust order pipeline supporting future growth

Manufacturing Expansion:

  • Commissioned one of Europe's most advanced electronics assembly (SMT) lines at Lumel SA
  • 40% of this investment supported by European Union funds
  • Nashik expansion capex completed with two new manufacturing facilities under commissioning
  • New facilities to double production capacity for export and domestic demand

Solar Inverter Business:

  • Successfully launched single-phase iUNO inverter with strong market acceptance
  • Business turned operationally profitable due to new designs and production automation
  • Hybrid and next-generation iUNO inverters in development pipeline
  • FY27 revenue target: INR 24-25 crores (doubling from current levels)

Lumel Alucast Turnaround:

  • Executed portfolio restructuring by exiting low-margin legacy contracts
  • Improved customer pricing and focused on higher-margin non-automotive opportunities
  • Despite revenue decline, achieved significant profitability improvement

Geographical & Market Developments

  • Strong government focus in India on manufacturing, renewable energy, and infrastructure creating demand
  • Europe witnessed lower industrial activity, but US, Southeast Asia and Africa showing increasing investments
  • Emerging trends in electrification, automation, grid modernization, and renewable energy integration align with company's portfolio

Research & Development

  • Aggressive R&D investments across energy meters, medium voltage products, automation solutions, and solar products
  • New product development focusing on medium voltage current transformers, protection relays, VTs and PTs
  • Expanding global footprint into US, Latin America, Africa, and Southeast Asia

Management Guidance for FY27

  • EEI segment expected to grow 20-25% with EBITDA margins of 20-22%
  • Standalone Rishabh and Lumel SA expected to grow at ~20% each
  • Smaller subsidiaries (USA, UK, China) expected to grow at ~30%
  • Lumel Alucast: Focus on breakeven/no losses; growth expected from FY28 onward
  • Solar inverter business target: INR 24-25 crores revenue
  • US business target: 40-50% growth from current USD 3 million level

Future Outlook

  • Management optimistic despite geopolitical uncertainties and West Asia war impacts
  • State-of-the-art manufacturing capabilities and expanding global customer base position company for next growth phase
  • Long-term target to reach INR 100 crores business in US in 3-4 years
  • Potential demerger of Alucast business remains a possibility but no concrete decision

Participants in Conference Call

Management:

  • Mr. Narendra Goliya - Promoter and Executive Chairman
  • Mr. Dinesh Musalekar - Managing Director and Group CEO
  • Mr. Vishal Kulkarni - Chief Financial Officer
  • Mr. Nishant Dudhoria - Add. General Manager Strategy & Finance

Analysts:

  • Rahul Jain - Credence Wealth
  • Kiran D. - TableTree Capital
  • Prateek Giri - Subh Labh Research
  • Ankur Gulati - Genuity Capital
  • Zaki Nasser
  • Mulesh Savla - Shah & Savla
  • Dhwanil Desai - Turtle Capital