1. Opening Hook
After years of being a low-margin metal bender, Rishi Laser suddenly discovered a cheat code: say no to cheap orders and yes to complicated headaches.
Q2 FY26 wasn’t about flashy growth—it was about proving that boring fabrication can quietly become profitable. While steel prices fell, margins rose. While volumes stayed meh, EBITDA smiled.
The new Bangalore (Malur) plant is live, robots are welding, Caterpillar is watching closely, and margins are temporarily “under pressure” (management’s favorite phrase for “trust us”). Meanwhile, promoters openly admitted leadership gaps, software struggles, and HR weakness—rare honesty on an earnings call.
Is this finally the inflection point after a decade-long consolidation hangover?
Read on. The real drama lies in automation bets, export dreams, and a ₹250 crore revenue fantasy at 80% utilization.
2. At a Glance
- Revenue up 9.8% YoY: Growth showed up late, but at least it came.
- EBITDA margin ~9.9%: From 4% to ~10%—complex jobs beat cheap volume.
- H1 EBITDA up ~27%: Operating leverage finally remembered its job.
- Gross margin ~49%: Best in 10–12 quarters, despite manpower inflation.
- Personnel cost spike: Robots came, but humans arrived first.
3. Management’s Key Commentary
“Margins improved due to more complex jobs.”
(Translation: Simple jobs are a race to the bottom—we quit that race 😏)
“We reject low value-add orders.”
(Translation: Revenue vanity, margin sanity.)
“Robotic welding will be a game changer.”
(Translation: Humans are inconsistent, robots don’t complain 🤖)
“Manpower costs are elevated temporarily.”
(Translation: Two plants running the same work hurts, but it’s intentional.)
“Paint shop delays were due to pollution approvals.”
(Translation: Bureaucracy remains undefeated.)
“Leadership bandwidth is a challenge.”
(Translation: Rare promoter honesty—HR is still a weak link.)
4. Numbers Decoded
Metric Q2 FY26 YoY Change
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Revenue ₹42.9 Cr +9.8%
EBITDA ₹4.6 Cr +29%
EBITDA Margin ~9.9% +80 bps
H1 Revenue ₹84 Cr +10.5%
H1 EBITDA ₹8.25 Cr +27%
Gross Margin
