Rishabh Instruments Limited Capital Goods & EngineeringRISHABH

Q1 FY27 earnings callRishabh Instruments Limited

The quarter was driven by strong 34% growth in the core Electrical and Electronics Instrumentation (EEI) segment, operational profitability in the solar inverter business, and progress on international expansion.

Positive tone4 min readPublished 3 days after the call

Numbers

Metric	This quarter	Change
Consolidated Revenue	INR1,983 million	4.2%
Consolidated EBITDA	INR333 million	17.3%
Consolidated PAT	INR194 million	-1.4%
EEI Adjusted EBITDA Margin	24.8%	520 bps

Financials

From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
Quarter	Revenue	Net profit (PAT)	Basic EPS
Q3 FY25	₹181.19 Cr+13.7% YoY-0.6% QoQ	₹7.92 Cr+8.6% YoY+104.1% QoQ	₹2.07+3.5% YoY+91.7% QoQ
Q2 FY25	₹182.36 Cr+1.3% YoY+7.7% QoQ	₹3.88 Cr-82.5% YoY+20.9% QoQ	₹1.08-81.5% YoY+13.7% QoQ
Q1 FY25	₹169.34 Cr-1.8% YoY-4.8% QoQ	₹3.21 Cr-60.2% YoY+38.4% QoQ	₹0.95-56.4% YoY+55.7% QoQ
Q4 FY24	₹177.91 Cr— YoY+11.7% QoQ	₹2.32 Cr— YoY-68.2% QoQ	₹0.61— YoY-69.5% QoQ
Q3 FY24	₹159.31 Cr— YoY-11.5% QoQ	₹7.29 Cr— YoY-67.2% QoQ	₹2.00— YoY-65.7% QoQ

TL;DR

Consolidated revenue grew 4.2% YoY to INR 1,983 million, with EBITDA up 17.3% to INR 333 million.
EEI segment revenue grew 34% YoY with adjusted EBITDA margins expanding 520 bps to 24.8%.
Solar inverter business achieved operational profitability following successful product launch.
Lumel Alucast revenue declined as planned, remained at operating breakeven, aiming for adjusted EBITDA breakeven by FY27 end.
International businesses in the U.S., U.K., and China grew over 40%, 40%, and 20.3% respectively on a small base.
Net cash position of INR 1,606 million; new Nashik manufacturing facility partially commissioned.

Said on the call

“We are basically talking about the sustainability of this growth which we see in Q1... it's like multiple engines firing in terms of product, in terms of market.”

From the Q&A

Topic	What management said
EEI Growth Sustainability	Management attributes strong 34% EEI growth to multiple factors: increased current transformer business (driven by data centers and solar), product diversification, energy grid upgrades in Germany, and rapid growth in the U.S. market; confirms it is sustainable and reiterates full-year guidance of ~20% top-line growth.
U.S. Market Expansion	Target is to reach INR 100 crores revenue in the U.S. in 2-3 years organically, supported by adding products with UL/ANSI certification and sales resources; also actively evaluating inorganic opportunities in the INR 50-200 crore range.
Lumel Alucast Recovery Path	The revenue decline is planned; a strong pipeline of RFQs is in advanced commercial negotiations. Expects to breakeven on adjusted EBITDA by end-FY27 and sees a clear pathway to double-digit EBITDA margins over the medium term as capacity fills.
Solar Inverter Business	The single-phase iUNO series has received encouraging market acceptance, achieving operational profitability. The 3-phase iNEO series up to 12kW was launched, with a next-gen range up to 50kW and hybrid inverters under development. The business is expected to grow significantly, with a target of INR 24-25 crores this year.
European Market Performance	Lumel S.A. grew 39% YoY despite a subdued European industrial environment, driven by multiple revenue streams including radiation gates, medium-voltage products, and ongoing energy grid upgrade projects in Germany, which constitute a significant part of sales.

Guidance

Expect EEI business to deliver around 20% top-line growth and 20-22% EBITDA margin for the full year.
Aim for Lumel Alucast to breakeven on adjusted EBITDA by the end of FY27.
Target to scale U.S. business to INR 100 crores revenue in 2-3 years.
Plan to launch next-generation solar inverter range up to 50kW and hybrid inverter solutions by end-FY27.

Source

Summary written from the transcript filed by Rishabh Instruments Limited for the call held on 17 Aug 2026; published 20 Aug 2026, 17:29 IST.