Rishabh Instruments Limited
Current Price
₹521.75
As of 20 May 2026
Market Cap
₹1.80K Cr
As of 20 May 2026
FY26 Turnaround Year; PAT +292%, EEI Engine + Lumel Alucast Turning, CRISIL Upgrade + First Dividend
Report updated: 2026-05-18
Rishabh Instruments Limited
44-year-old electrical instruments + die-casting maker — test & measuring instruments, industrial controls, precision aluminium die-cast components. Founded 1982 (Nashik), IPO Sep 2023. 5 manufacturing facilities (India + Poland + China) + modification centres in US & UK; Europe = 70%+ of revenue via Lumel Group acquisition. FY26 consolidated revenue Rs.775 Cr (+7.6%), EBITDA Rs.126 Cr (+161%), PAT Rs.82 Cr (+292% YoY). EEI segment grew 17.5% YoY at 24.8% EBITDA margin; Lumel Alucast die-casting in planned turnaround (FY26 -9.6% rev but EBITDA margin -5.7% to +1.4%). CRISIL upgrade BBB/Stable to BBB+/Stable (Mar 2026); first-ever dividend Rs.2/share declared 18 May 2026.
Rs.490
Share price
Rs.1,889 Cr
Market cap (Small Cap)
Rs.775 Cr
FY26 revenue (+7.6%)
Rs.82 Cr
FY26 PAT (+292%)
47.5x
Trailing P/E
69.55%
Promoter holding
Stock Funda Summary
- Rishabh Instruments is a 44-year-old Nashik-headquartered industrial electrical-equipment group founded 1982 (IPO Sep 2023).
- Two segments: EEI (Electrical & Electronics — test & measure instruments, industrial controls, energy meters, MV products, automation, solar) and Lumel Alucast (precision aluminium die-casting via Poland subsidiary). 5 manufacturing facilities (3 India + Poland + China) + modification centres in US + UK.
- Europe = 70%+ of consol revenue via Lumel Group.
- Customers across data centres, petrochemicals, telecom, pharma, railways.
- MD: Dineshkumar Musalekar.
- Q4 FY26 audited results released today (18-May-2026): Consol Rev ₹205 Cr (+9.3% YoY), PAT ₹20 Cr (+230%).
- FY26 consol: Rev ₹775 Cr (+7.6%), EBITDA ₹126 Cr (+161%, margin 16.3% vs 6.7% +960 bps), PAT ₹82 Cr (+292% YoY from ₹21 Cr FY25).
- Segments: EEI ₹537 Cr (+17.5%, 24.8% EBITDA margin)
- Lumel Alucast ₹238 Cr (-9.6%, EBITDA turning from -5.7% to +1.4%).
- CRISIL upgrade BBB/Stable → BBB+/Stable (Mar 2026, short-term A3+ → A2).
- First-ever dividend ₹2/share (20%) declared today.
- Risks: P/E 47.5x trailing (forward 23x), 165-day cash conversion cycle, DII fell 16.55% → 11.72% over 12Q (institutional skepticism during down-cycle), 38% drop in shareholder count, US tariff risk (50% India-US would force Europe-based mfg for US exports), FY26 PAT off low FY25 base, subsidiary-heavy model (3x standalone-vs-consol gap).