Rishabh Instruments Ltd(RISHABH)

NSE: RISHABHBSE: 543977

₹ 637.6-5.51%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,467 crWebsite: www.rishabh.co.inUpdated: 24 Oct 2026

About

Rishabh Instruments is an Indian manufacturer of electrical and electronics instrumentation products - current transformers (CTs), panel meters, energy meters, and solar inverters - with subsidiaries in Poland (Lumel SA), the UK (Sifam Tinsley), the US (STI USA), and China (V&A). The group reported consolidated revenue of INR7,751 Mn in FY26, up 7.6% YoY. Its EEI (Electrical & Electronics Instrumentation) segment accounted for 77.7% of consolidated revenue in Q1 FY27, with management claiming the position of the world's largest CT manufacturer by value and product count.^[1][2][3]

Business segments

EEI (Electrical & Electronics Instrumentation) segment - Rishabh India standalone plus Lumel SA Poland - contributed 77.7% of consolidated revenue in Q1 FY27, up from 60.4% in Q1 FY26.^[2]
EEI segment revenue was INR5,369 Mn in FY26 (+17.5% YoY), with adj. EBITDA margin of 24.8% (+430 bps YoY).^[1]
HPDC segment (Lumel Alucast, Poland) is undergoing a deliberate transition away from automotive contracts; revenue fell 41.2% YoY to INR443 Mn in Q1 FY27 as low-margin EV contracts were exited.^[2]
Geographic segment split in FY26: Europe 68.0% of revenue (INR526.84 Cr), Asia 24.8% (INR192.3 Cr), Other 7.2% (INR56.01 Cr). Europe's share rose 19.6 percentage points over the FY2024 - FY2026 window.^[4]

Products and brands

Rishabh India manufactures current transformers (CTs), analog and digital panel meters (APMs), energy meters, cam switches, and shunts; Lumel SA (Poland) produces measuring instruments, PLCs, and process controllers sold across Europe.^[1][5]
Solar inverter portfolio includes single-phase iUNO (up to 5 kW) and the 3-phase iNEO (up to 12 kW) launched in Q1 FY27; a next-generation iNEO up to 50 kW is targeted by end of FY27.^[2]
MID-certified energy meters for European markets completed approvals after ~INR1.5 Cr investment and began shipping in FY26.^[6]
Medium voltage CTs, PTs, and VTs are under R&D, with 4 - 5 additional medium voltage products targeted by end of FY27.^[1]
15+ new products planned for the EEI portfolio in FY27 to expand the addressable market.^[2]

Manufacturing capacity and operations

Primary manufacturing is at Nashik, India. Two new multi-storey buildings (5-storey and 7-storey) were completed and partially operational as of Q1 FY27; full commissioning expected within 1 - 2 months, designed to scale production to over 2.5x current levels.^[2]
CT manufacturing capacity is being expanded from 5,000 - 6,000 units/day to 8,000 - 10,000 units/day; a dedicated automated manufacturing floor for solar inverters was commissioned in the new Nashik facility in Q1 FY27.^[2]
Overall capacity utilisation across all manufacturing facilities was 62.0% in FY26.^[1]
Lumel SA operates in Zielona Góra, Poland; Lumel Alucast (HPDC) also in Poland. Sifam Tinsley in the UK, STI USA in the US, and V&A in China complete the global manufacturing and sales footprint.^[1]

Key operating metrics

Domestic order bookings in Q1 FY27 were approximately 20% higher YoY, with data-centre wins (4 - 5 recently won, 10 being quoted); billing has not yet fully reflected the uptick, creating a backlog.^[2]
EEI adj. EBITDA margin was 24.8% in Q1 FY27 (+520 bps YoY) and 24.8% in FY26 (+430 bps YoY).^[2][1]
Lumel SA adj. EBITDA margin was 24% in Q1 FY27 (+1,190 bps YoY); Lumel SA contributed ~50% of consolidated PAT in Q1 FY27.^[2]
Lumel Alucast adj. EBITDA margin was -6.4% in Q1 FY27; operating breakeven was achieved in Q1 FY27 with adj. EBITDA breakeven targeted by end of FY27.^[2]
Standalone India adj. EBITDA margin was 22.9% in Q1 FY27; standalone reported EBITDA margin was 22.6% for full-year FY26 (+800 bps YoY).^[2][1]

Customers and distribution

US and UK businesses grew over 40% YoY in Q1 FY27; China (V&A) grew 20.3% YoY in Q1 FY27. STI USA, Sifam Tinsley (UK), and V&A (China) collectively contributed 13% of EEI segment revenue in FY26.^[2][1]
STI USA grew 53% YoY in FY26 from ~$2 Mn to ~$3 Mn; Sifam Tinsley (UK) grew 25% YoY; V&A China grew 23% YoY in FY26.^[1]
Lumel SA is expanding beyond Europe into Middle East, Southeast Asia, India, and the US to offset soft European industrial demand.^[6]
A EUR3 Mn German grid-upgrade order was still being executed through Q1 FY27, contributing radiation gates and solar installation revenue streams to Lumel SA.^[2]

Expansion and capex

Nashik new facility is designed to more than 2.5x current production capacity; a dedicated solar inverter automated manufacturing floor has been commissioned within it.^[2]
Solar inverter in-house capacity in the new Nashik building is scalable to INR100 Cr revenue with incremental investment.^[1]
Two Rishabh TMI Experience Centers planned for Mumbai and Delhi by end of FY27.^[2]
Inorganic acquisitions are actively being evaluated in the US, Europe, and India; ticket size INR50 - 200 Cr per deal; no deal is imminent.^[2]

Recent developments

3-phase iNEO solar inverter (up to 12 kW) was launched in Q1 FY27; solar inverter FY27 revenue target is INR24 - 25 Cr, up from INR8 - 9 Cr in FY26.^[2]
Lumel Alucast exited low-margin EV automotive contracts in FY26, causing a planned 9.6% revenue decline to INR2,383 Mn; adj. EBITDA recovered from a loss of INR150 Mn in FY25 to INR33 Mn (1.4% margin) in FY26.^[1]
US target set at INR45 Cr for FY27 (from INR30 Cr in FY26), with an INR100 Cr target in 2 - 3 years; strategy includes ANSI/UL product certifications and adding sales resources in Mexico and Canada.^[2]
Hybrid solar inverter (single-phase) is under R&D, targeting development completion by end of FY27, which would open export markets in Saudi Arabia and Europe.^[1]

Market Cap

₹2,467 Cr

High / Low

₹851 / 316

Stock P/E

30.4

Price / Book

3.3

Book Value

₹193

EPS

₹21.1

No. of Shares

3.85 Cr

ROCE

14.5%

ROE

12.0%

OPM

14.0%

Debt / Equity

0.10

Sales

₹775 Cr

Net Profit

₹82 Cr

Promoter holding

69.3%

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Rishabh Instruments Ltd(RISHABH)

About

Business segments

Products and brands

Manufacturing capacity and operations

Key operating metrics

Customers and distribution

Expansion and capex

Recent developments

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