1. At a Glance
Rishabh Instruments Ltd (RIL) is one of those under-the-radar industrials that quietly makes the boring-but-essential stuff: meters, transducers, relays, and die-cast parts. Add to that a solar inverter ambition and a European subsidiary melting 20 tons of aluminium every day—suddenly it looks less boring.
CMP ₹392 (Aug 2025), Market Cap ~₹1,492 Cr.Sales ~₹741 Cr, PAT ~₹39 Cr, OPM ~9%.Global presence: 100+ countries, 3,000+ customers.
2. Business Model
RIL operates acrossfive segments:
- Aluminium High-Pressure Die-Castings (34% of revenue)
- Precision castings for auto, telecom, consumer durables.
- Lumel Alucast (Poland) is a European leader, but moving away from autos due to margin stress.
- Metering, Control & Protection Devices (41%)
- Panel meters, shunts, relays, power quality devices.
- #1 in India for electrical transducers and analog meters.
- Electrical Automation Devices (13%)
- Energy management software, loggers, recorders.
- High-margin, sticky B2B segment.
- Portable Test & Measuring Instruments (8%)
- Multimeters, clamp meters, insulation testers.
- Competes with Fluke/Keysight in niche spaces.
- Solar Inverters & Others (3%)
- 3–50 kW solar string inverters.
- Targeting ₹100 Cr revenue, cutting costs to rival Chinese peers.
Revenue split 9MFY25: Balanced across India, Europe (47%), Poland (21%), Asia (25%). USA (5%).
3. Strategic Positioning & Moat
- Manufacturing Depth:99% in-house, 145+ product lines, 130k SKUs, 900k spares.
- Capacity:35.5 Mn units annually, only 56% utilized (headroom to double).
- Capex:New Nashik plant (2026) to double digital product capacity, SMT line
- in Poland, solar plant for cost savings.
- Clients:ABB, Siemens, L&T, Hitachi Energy, Elko. Long-standing industrial relationships.
- R&D:6 centers (India, Poland, China). 2 global patents in clamp meter tech. Pipeline: 15+ new products by FY26.
Moat = scale in metering + European casting leadership + global supply chain network.
4. Financial Performance
Quarterly (Q1 FY26 = Jun 2025)
| Metric | Q1 FY26 | Q1 FY25 | YoY % |
|---|---|---|---|
| Sales | ₹190 Cr | ₹169 Cr | +12.4% |
| EBITDA | ₹28 Cr | ₹8 Cr | 3.5x |
| OPM | 15% | 4% | Improving |
| PAT | ₹20 Cr | ₹3.6 Cr | +441% |
| EPS | ₹5.1 | ₹0.95 | +5.4x |
Commentary:Margin bounce-back—partly from portfolio shift away from auto castings and higher digital product sales.
Annual
| Year | Sales (₹ Cr) | OPM | PAT (₹ Cr) | ROCE | ROE |
|---|---|---|---|---|---|
| FY21 | 390 | 15% | 36 | 12% | 9% |
| FY22 | 470 | 16% | 50 | 15% | 9% |
| FY23 | 570 | 13% | 50 | 14% | 8% |
| FY24 | 690 | 10% | 40 | 10% | 4% |
| FY25 | 720 | 7% | 21 | 5% | 4% |
| TTM | 741 | 9% | 39 | 5% | 4% |
Trend:Sales growing 12–15% CAGR, but profits volatile due to European auto exposure and capex cycle. FY25 was a margin trough; FY26 looks better.
5. Balance Sheet (FY25)
- Equity:₹38 Cr
