Rishabh Instruments Limited Q2FY26 Concall Decoded: Margins went to the gym, revenues took a brisk walk, and Europe is still on a diet
1. Opening Hook
Chairman starts the call by discussing Nashik’s pleasant weather — because when EBITDA jumps 5x, even small talk feels sunnier. 🌤️
Rishabh’s Q2FY26 concall was less about chasing topline adrenaline and more about showing off a sculpted margin profile. Revenues grew, yes — but not explosively. Profits, however, clearly got the memo.
Europe is still sulking, aluminium is on rehab, solar is late to the party, and yet management sounds unusually relaxed. Why? Because margins don’t lie, cash is flowing, and execution discipline has finally stopped being a slide-deck fantasy.
If you came looking for “30% growth stories,” you’ll be mildly disappointed. If you came for “boring but beautiful profitability,” stay seated — it only gets more interesting as the call progresses. 😏
2. At a Glance
Revenue +7.7% (Q2) – Growth arrived, but without fireworks.
H1 Revenue +9.9% – Respectable, not headline-grabbing.
EBITDA +220% (Q2) – That’s not growth, that’s a glow-up.
Standalone EBITDA margin 26.1% – From 11.5% to “who are you and what did you do with costs?”
PAT +475% (Q2) – When base effect meets discipline.
Net cash ₹121 cr – Debt-free and sleeping peacefully.
3. Management’s Key Commentary
“Our margins strengthened and profitability increased more than five-fold.” (Translation: We finally fixed what was broken.) 😏
“Standalone EBITDA margins improved from 11.5% to 26.1%.” (Operations team deserves stock options.)
“Lumel SA grew 33% sequentially.” (Europe coughed, Lumel still jogged.)
