Rishi Laser Ltd Q2 FY26 – Metal, Machines, and Margin Mayhem: Fabricator Turns Profitable, Expands Bengaluru Arsenal, and Welds 9.7% OPM in Style
1. At a Glance
If balance sheets had personalities, Rishi Laser Ltd would be that humble metalworker who went from welding steel plates to welding profits. The company’s Q2 FY26 results show how a once-tiny fabricator has quietly shaped itself into a ₹125 crore market-cap industrial hustler. With revenue at ₹42.84 crore and a PAT of ₹2.11 crore, Rishi Laser’s margins now gleam at a sharp 9.71% OPM — a number that would make any small-cap CFO grin like they just found a missing decimal point.
The stock trades at ₹136, with a P/E of 14.8, ROE of 14.2%, and a book value of ₹81.8. Debt sits at a manageable ₹24.5 crore (debt-equity: 0.33), while the company keeps its balance sheet fitter than an accountant on a keto diet.
Despite the stock being down 11% in one year, its 3-year return of 73.5% proves that the company’s metal doesn’t rust easily. With six plants across India and a fresh ₹15 crore CAPEX to build a new 70,000 sq. ft. facility in Bengaluru, Rishi Laser’s growth plans look as laser-focused as its name suggests.
2. Introduction
Rishi Laser Limited is not your everyday sheet metal shop. It’s a three-decade-old manufacturing survivor that’s seen India’s industrial moods swing from “Make in Japan” to “Make in India.” Born in 1992, when pagers were still cool, this Mumbai-headquartered company built its name by cutting, punching, and bending metal for giants like L&T, Komatsu, and Indian Railways.
In an age where startups burn cash faster than plasma cutters burn steel, Rishi Laser is quietly compounding profits at a 26% CAGR over the last five years. Its story is less “unicorn” and more “unbent backbone of Indian manufacturing.”
The company doesn’t make iPhones or AI chips — it makes the machines that make things. Think engine hoods, frames, rail parts, and windmill components — the kind of industrial muscle India needs to power infra, power plants, and mobility.
Despite the modest promoter holding of 16.2%, the business runs with old-school discipline. No fancy acquisitions, no speculative projects — just good old contracts, steady orders, and incremental expansion.
The Bengaluru plant, slated to become the company’s crown jewel, will add heavy fabrication capacity to serve power and rail clients. In a world of PowerPoints, Rishi Laser still believes in power presses.
3. Business Model – WTF Do They Even Do?
Alright, let’s decode the Rishi Laser formula.
At its core, the company is a fabrication specialist that transforms metal sheets into functional components for multiple industries — like a blacksmith who got a degree in mechanical engineering. Its verticals include:
Construction Equipment (54% of revenue): Supplies parts for excavators, loaders, and road machinery. Basically, if it digs, lifts, or rolls, there’s probably a Rishi Laser part inside.
Power (12%): Supplies frames and enclosures for power transmission and electrical equipment. Because even electrons need good housing.
Rail Transportation (2.6%): Makes components for metro coaches and rail bogies — the unsung heroes of India’s transport backbone.
Others (31.4%): Includes fabrication for automotive, telecom, and general engineering.
The 6 manufacturing facilities are spread strategically across Pune, Vadodara, Chennai, Bangalore, and Sonepat — ensuring the company can service clients across sectors and geographies without burning too much diesel.
The Bangalore plant under construction (₹15 crore CAPEX) is designed for medium and heavy fabrication, aligning with its ambition to hit ₹100 crore revenue in four years.
In short — Rishi Laser doesn’t just cut metal; it slices inefficiency, welds consistency, and bolts profits together.
4. Financials Overview
Quarterly Results – Sep 2025 (₹ Crore)
Metric
Latest Qtr (Sep 2025)
YoY Qtr (Sep 2024)
Prev Qtr (Jun 2025)
YoY %
QoQ %
Revenue
42.84
38.99
41.03
9.87%
4.4%
EBITDA
4.16
3.46
3.59
20.2%
15.9%
PAT
2.11
2.07
1.77
1.93%
19.2%
EPS (₹)
2.30
2.25
1.93
2.2%
19.1%
The numbers might look small, but the trend is louder than a welding torch. Both revenue and EBITDA are inching upward, reflecting better order execution and margin control. OPM is now 9.7%, the company’s best in 12 quarters.
What’s more? The consistency. Every quarter since FY25, Rishi Laser has posted profits — something that would’ve been laughable a decade ago when its PBT was negative.
5. Valuation Discussion – Fair Value Range (Educational Only)
Let’s bring out the calculator (and sarcasm).
EPS (TTM): ₹9.18
P/E (Current): 14.8x
Industry P/E: ~33.4x
So, if the market ever values Rishi Laser like a typical industrial manufacturing stock, the fair
