Rishabh Instruments Ltd

Key Update

• Grant of 100,000 ESOPs approved under ESOP Plan 2022 Scheme B within 576,000 option limit.
• Price per option fixed at INR 250; vesting 10% after year one, then 20/30/40% over next four years.

Rishabh Instruments Limited: Trading Window closed from October 1, 2026 till the end of 48 hours after the declaration of the Unaudited (Standalone & Consolidated) Financial Results for the quarter ended September 30, 2026

ESOP Details

• 4,400 equity shares allotted under ESOP Plan 2022 Scheme B on September 1, 2026.
• Total issued shares after this ESOP allotment: 3,86,96,972; share capital Rs 38,69,69,720.

Financial Performance

• Consolidated revenue: INR 1,983 million, up 4.2% YoY.
• Consolidated EBITDA: INR 333 million; margin 16.8%.
• Adjusted EBITDA: INR 382 million; margin 24.8%.
• PAT: INR 194 million; YoY down 1.4% due to higher depreciation.
• Standalone revenue: INR 776 million; +25.6% YoY.
• Lumel S.A. revenue: INR 639 million; +39% YoY.
• Lumel S.A. EBITDA: INR 153 million; margin 24%.
• Lumel Alucast: revenue INR 443 million; -41.2% YoY; EBITDA -₹28 million; margin -6.4%.
• Net cash: INR 1,606 million as of 30-Jun-2026; company is net debt-free.

Operating Update

• EEI revenue growth 34% YoY; EBITDA margin ~24%.
• Adjusted EEI EBITDA up 69.1% YoY; margin to 24.8%.
• Rishabh India revenue grew 25.6% YoY; EBITDA margin 22.9%.
• Lumel S.A. growth driven by product mix; EBITDA margin 24%.
• U.S./U.K. >40% YoY; China +20.3% in Q1 FY27.
• Nashik facility partially commissioned; capacity expansion underway.
• Rishabh TMI Experience Center opened; Mumbai and Delhi centers planned by year-end.
• Lumel Alucast RFQ pipeline; double-digit EBITDA margin in mid-term.

Balance Sheet and Cash Flow

• Net cash ₹1,606 million as of 30-Jun-2026; balance sheet remains strong.
• No external debt reported.

Projects and Capex

• Partial commissioning of Nashik plant enhances capacity and export readiness.
• First Rishabh TMI Experience Center opened; Mumbai/Delhi centers planned by year-end.
• Automation, testing, and R&D investments to boost competitiveness.
• CT capacity expansion to 8,000–10,000 per day; 3 SMT lines; 3 shifts.

Guidance and Outlook

• EEI full-year guidance: revenue growth 20–25%; EBITDA 20–22%.
• Guidance reaffirmed; upside potential due to seasonality.
• Lumel Alucast breakeven by end FY27; double-digit margin mid-term.
• Lumel S.A. organic target INR100 crore in 2–3 years.
• Inorganic growth: acquisitions INR50–150 to INR200 crore; USA/Europe/India options.

Q&A Highlights

• Growth drivers: India transformers, Lumel, and German grid-upgrade demand.
• US market expansion: organic growth; exploring inorganic deals.
• Solar inverter lineup: iUNO 5kW; iNEO 12kW; 50kW by year-end.
• Alucast RFQ pipeline; some orders near approval; ~6-month ramp post-award.
• Domestic solar growth modest; target INR24–25 crore this year; long-term INR250–300 crore.
• M&A approach: selective fits; 4–5 targets under due diligence.

Earnings call audio update

• Audio recording of Q1 FY2026-27 earnings call uploaded on the company website.
• Transcript to be uploaded and submitted to stock exchanges in due course.
• Call held on August 17, 2026.

Business overview

• Core business: energy measurement, power quality solutions; expanding automation and solar inverters.
• Strategic diversification into US, Africa, SE Asia; strengthening presence in India and Europe.

Key operational highlights

• Consolidated revenue grew 4.2% YoY; EBITDA rose 17.3% YoY in Q1FY27.
• EEI segment grew 34.0% YoY with EBITDA margin around 24%.
• Lumel Alucast breakeven; HPDC focus on profitable, higher-value opportunities.
• New product pipeline across energy meters, medium-voltage, automation, solar inverters.

Financial performance

• Standalone revenue 776 Mn; EBITDA 182 Mn; PAT 119 Mn; margins: EBITDA 23.5%, PAT 15.3%.
• Consolidated revenue 1,983 Mn; EBITDA 353 Mn; PAT 194 Mn; margins: EBITDA 17.8%, PAT 9.8%.
• Standalone GP margin 52.6%; Consolidated GP margin 62.4%.

Capital structure & liquidity

• No debt/equity or liquidity details disclosed in this update.

Strategic priorities & outlook

• FY27: profitable growth, better product mix, new product development, deeper customer relationships.
• Geographic expansion and disciplined capital allocation.

Risks & mitigation

• Forward-looking statements with macro, competition, and cost risks; mitigation via profitable growth and diversification.
• Exit lower-margin contracts to protect profitability; focus on higher-value opportunities.

Governance & leadership

• Company Secretary: Ajinkya Joglekar; no governance changes disclosed.

Utilization Deviation

• Funds raised Rs 750.0 million via public issue on 11-09-2023.
• Quarter ended 30-06-2026 shows deviation/variation in fund utilization.
• Shareholder approval for deviation granted on 13-09-2024.
• Monitoring agency: Not applicable.
• Nashik Facility I allocation reduced from Rs 621.80m to Rs 321.80m.
• Funds utilized for Facility I: Rs 269.78m.
• Nashik Facility II modified allocation Rs 300.00m.
• Facility II deviation: Rs 31.53m.
• General Corporate Purpose original Rs 79.20m; modified Nil; utilized Rs 77.20m.
• Remarks: Nil.

Financial results

• Unaudited standalone and consolidated quarterly results for June 30, 2026 approved.
• Limited Review Reports by MSKA & Associates included.
• Results will be available on the company website.

Nodal Officer appointment

• Ajinkya Joglekar appointed Nodal Officer under IEPF Rules.
• Role: Company Secretary & Compliance Officer; effective August 14, 2026.

Auditor remarks

• Independent auditor's review on standalone results unmodified.
• Consolidated results also reported with unmodified conclusion.