Rishi Laser Ltd

BSE: 526861

₹ 136.5-3.16%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 136 crWebsite: www.rishilaser.comUpdated: 24 Oct 2026

About

Rishi Laser is a sheet metal and fabrication company serving construction equipment, power distribution, rail transportation and other engineering segments through six manufacturing units across five states. Revenue was Rs 161.03 crore in FY26. Construction equipment fabrication made up 53.33% of FY26 revenue, with Caterpillar as its anchor customer.^[1][2][3]

Business segments

Construction equipment fabrication made up 53.33% of revenue in FY26, compared with 54.19% in 6M FY26 and about 60-65% in FY25.^[3][4][5]
Other segments (textile and general engineering, agricultural machinery, windmill equipment and other industrial customers) together made up 33.62% of revenue in FY26.^[1]
The power vertical supplies medium voltage switchgear and components for the distribution grid.^[1]
The robotics and automation division, which sells robots and cobots to outside customers, brought in about ₹2 cr in FY26. Management targets ₹5-10 cr for it in FY27.^[3]
The tube processing vertical (cutting and bending tubes) has been set aside, and no revenue is expected from it for the next 12 months, per the Q4 FY26 call.^[3]

Plants and capacity

The company has plants at Pune, Vadodara-Savli, Kundli (Sonipat, Haryana), Bommasandra (Bangalore), Malur (Kolar, Karnataka) and Chennai.^[1]
Malur is a 70,000 sq ft medium and heavy fabrication plant built with ₹15 cr of capex. As of June 2026 it is fully operational, and its tooling has been validated.^[5][3]
Phase 1 of the in-house paint shop at Malur started operating in June 2026, the company's first paint shop.^[3]
Pune and Vadodara plants ran at about 50%+ utilisation in Q2 FY26, up about 10% YoY. Bhamsundra was at 40-45% after its Caterpillar work moved to Malur.^[4]
Management estimated revenue potential of ₹250 cr if all plants ran at 80% utilisation (Q2 FY26 call).^[4]
Pune plant revenue was about ₹36-38 cr in FY26, up 12.5% YoY. Management targets ₹50 cr and about 80% utilisation in FY27.^[3][1]

Customers

Caterpillar is the anchor customer in construction equipment. Management guides for a 15-20% increase in business volume from it in FY27.^[1]
Malur began proving more than 1,000 parts for Caterpillar that had earlier been supplied from Bhamsundra (Q2 FY26).^[4]
The power vertical depends mainly on Schneider Electric, with smaller volumes from ABB and Siemens. Schneider's offtake has fallen sharply since Q4 FY25.^[1][3]
The Pune customer base has widened to include Emerson and other export accounts. Trial orders came from 2-3 multinational construction companies around the Q4 FY26 call.^[1][3]
Earthmoving customers, including Volvo, indicated 25-40% higher volumes from January 2026 (Q2 FY26 call).^[4]
Bhamsundra was adding about 2 new customers a month in EV, food processing and other segments (Q2 FY26).^[4]

Exports

Exports were ₹22.83 cr, or 14.18% of revenue, in FY26, compared with 11.07% in FY25.^[3][5]
The Vadodara plant received its first export orders, for the US. Malur is built to international export standards.^[3]
Caterpillar aftermarket spares are supplied from Pune. Management said the customer could take 4-5 times current volumes (Q2 FY26).^[4]

Expansion plans

Malur targets ₹60 cr of revenue in FY27 and ₹100 cr by FY29.^[3]
Phase 2 of the Malur paint shop needs a further ₹2-3 cr of investment, which is still pending.^[3]
8-10 more robots are to be deployed across the company's plants in FY27. Malur had 6 robots installed as of Q2 FY26.^[3][4]
A paint shop at Pune has received consent for establishment, but its equipment had not yet been ordered (Q2 FY26).^[4]
An online portal for retail orders of cut steel parts at Baroda is still planned.^[3]

Recent developments

FY26 revenue grew 7%, against the 20-25% growth guided. Management attributed the shortfall to commissioning delays at Malur and workforce readiness.^[3]
Management targets about 20% revenue CAGR over FY27-FY29 and an EBITDA margin of 9-11% in FY27.^[3]
Acuite rated the company's long-term bank facilities ACUITE BBB- Stable and its short-term facilities ACUITE A3 (FY26 annual report).^[1]

Market Cap

₹136 Cr

High / Low

₹158 / 90

Stock P/E

4.4

Price / Book

0.5

Book Value

₹75

EPS

₹3.7

No. of Shares

1 Cr

ROCE

9.8%

ROE

5.0%

OPM

5.9%

Debt / Equity

0.44

Sales

₹161 Cr

Net Profit

₹4 Cr

Promoter holding

16.1%

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