Rishabh Instruments Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Rishabh Instruments Ltd filed with BSE on 20 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Rishabh Instruments reported consolidated revenue of INR1,983 million for Q1 FY27, up 4.2% year-on-year, with consolidated EBITDA of INR333 million, up 17.3%, and consolidated PAT of INR194 million. The EEI segment grew 34% year-on-year with adjusted EBITDA up 69.1% and margins expanding to 24.8%, while Lumel Alucast revenue declined 41.2% as planned and remained at operating breakeven. Management discussed progress on the U.S. market expansion, solar inverter product launches, the new Nashik manufacturing facility, and ongoing evaluation of inorganic acquisition opportunities.
Numbers mentioned
Consolidated revenue: INR1,983 million (Q1 FY27)
p. 3
“We have reported consolidated revenue of INR1,983 million, up by 4.2% year-on-year and achieved a consolidated EBITDA margin of 16.8% in Q1 FY27.”
Dineshkumar Musalekar, page 3 of the filed PDF · View the filing
Consolidated EBITDA: INR333 million, up 17.3% year-on-year (Q1 FY27)
p. 3
“The consolidated EBITDA stood at INR 333 million, up by 17.3% year-on-year and the reported consolidated PAT stood at INR194 million in Q1 FY27.”
Dineshkumar Musalekar, page 3 of the filed PDF · View the filing
EEI revenue growth: 34% year-on-year (Q1 FY27)
p. 3
“delivering a robust 34% year-on-year revenue growth while maintaining an EBITDA margin of approximately 24%, exceeding our initial guidelines given.”
Dineshkumar Musalekar, page 3 of the filed PDF · View the filing
EEI adjusted EBITDA: INR382 million, up 69.1% year-on-year (Q1 FY27)
p. 3
“More importantly, adjusted EBITDA increased by 69.1% year-on-year to INR382 million with margins expanding significantly to 24.8% from 19.6%, a 520 basis points improvement.”
Dineshkumar Musalekar, page 3 of the filed PDF · View the filing
Standalone revenue: INR776 million, up 25.6% year-on-year (Q1 FY27)
p. 7
“The standalone revenue stood at INR776 million in Q1 FY27, registering a robust growth of 25.6% year-on-year.”
Vishal Kulkarni, page 7 of the filed PDF · View the filing
Lumel S.A. revenue: INR639 million, up 39% year-on-year (Q1 FY27)
p. 7
“Now for Lumel S.A., the Q1 FY27 revenue stood at INR639 million, reflecting a staggering growth of 39% year-on-year.”
Vishal Kulkarni, page 7 of the filed PDF · View the filing
Lumel Alucast revenue: INR443 million, down 41.2% year-on-year (Q1 FY27)
p. 7
“For Lumel Alucast, the revenue for Q1 FY27 stood at INR443 million, reflecting a degrowth of negative 41.2% on a year-on-year basis.”
Vishal Kulkarni, page 7 of the filed PDF · View the filing
Net cash and cash equivalents: INR1,606 million (as on 30 June 2026)
p. 7
“Net cash and cash equivalents as on 30th of June 2026 stands at INR1,606 million.”
Vishal Kulkarni, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EEI segment revenue growth — around 20% top line growth · FY27
stated firmly by Dineshkumar Musalekar
p. 8
“The guidelines have been anywhere between 20% to 25% top line -- around 20% top line growth and EBITDA of 20% to 22% we have said.”
Dineshkumar Musalekar, page 8 of the filed PDF · View the filing
Lumel Alucast adjusted EBITDA breakeven — breakeven for full year · end of FY27
stated as an aspiration by Dineshkumar Musalekar
p. 5
“Although the adjusted EBITDA remains at a negative 6.4% in Q1 FY27, I believe that we would be able to breakeven the adjusted EBITDA for the full year by end of FY27.”
Dineshkumar Musalekar, page 5 of the filed PDF · View the filing
Lumel Alucast double-digit EBITDA margin — double-digit EBITDA margin · medium term
stated as an aspiration by Dineshkumar Musalekar
p. 5
“As these opportunities convert into production programs and available capacity gets progressively utilized, we see a clear pathway for Lumel Alucast to restore a double-digit EBITDA margin over the medium term.”
Dineshkumar Musalekar, page 5 of the filed PDF · View the filing
U.S. organic revenue target — INR100 crores · 2 to 3 years
stated as an aspiration by Dineshkumar Musalekar
p. 9
“So on the organic side, our target is to get to INR100 crores in 2 to 3 years' time.”
Dineshkumar Musalekar, page 9 of the filed PDF · View the filing
India solar business revenue — INR250 crores to INR300 crores · next year
stated as an aspiration by Dineshkumar Musalekar
p. 15
“And next year, we are looking at some real big growth in the solar business out of -- so INR250 crores to INR300 crores business, which we are looking at.”
Dineshkumar Musalekar, page 15 of the filed PDF · View the filing
Experience Centers rollout — Mumbai and Delhi centers operational · end of this financial year
stated firmly by Dineshkumar Musalekar
p. 5
“with similar centers planned for Mumbai and Delhi to be operational by end of this financial year.”
Dineshkumar Musalekar, page 5 of the filed PDF · View the filing
3-phase iNEO inverter range expansion — up to 50 kilowatts · end of this financial year
stated firmly by Dineshkumar Musalekar
p. 13
“Now we had this 3-phase inverters also. So the next latest generation, which we call as iNEO, that is something which we introduced this quarter, we launched up to 12 kilowatts of those iNEO new 3-phase inverter next generation.”
Dineshkumar Musalekar, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said growth is coming from multiple sources including current transformer demand, data centers, solar, new products, and the U.S. market, not one-off factors.
Answered by Dineshkumar Musalekar
Asked by Dhwanil Desai: What is driving the 34% EEI growth versus the 20-25% guidance, and is there lumpiness in the numbers?
p. 8
“So we are -- it's kind of firing into multiple engines.”
Dineshkumar Musalekar, page 8 of the filed PDF · View the filing
Management confirmed both organic and inorganic strategies are being pursued for U.S. expansion.
Answered by Dineshkumar Musalekar
Asked by Dhwanil Desai: Can the U.S. business scale to INR100 crores and is inorganic growth being considered?
p. 8
“Yes. So we are doing both for organic as well as inorganic.”
Dineshkumar Musalekar, page 8 of the filed PDF · View the filing
Management said the RFQ pipeline is strong and a double-digit margin is expected in about two years.
Answered by Dineshkumar Musalekar
Asked by Dhwanil Desai: What is the pipeline for Lumel Alucast to return to INR220-230 crore revenue and double-digit margins?
p. 9
“So I would see that double-digit number in about 2 years' time, once we have to have that breakeven and then we will be bidding.”
Dineshkumar Musalekar, page 9 of the filed PDF · View the filing
Management said they prefer to keep guidance conservative and outperform rather than promise a higher growth rate.
Answered by Dineshkumar Musalekar
Asked by Zaki Nasser: Can the strong Q1 growth trajectory continue quarter to quarter?
p. 10
“So we want to keep our guidelines, which are already kind of aggressive, and we want to beat them by performance rather than giving guidelines which are a bit risky.”
Dineshkumar Musalekar, page 10 of the filed PDF · View the filing
Management said order bookings for data center-related products have grown strongly this year.
Answered by Dineshkumar Musalekar
Asked by Zaki Nasser: How is traction for AI and data-center related products in the domestic market?
p. 10
“And the order bookings in domestic markets have been really good compared to last year, we had almost about 20% upside on the bookings, order bookings in Q1 compared to last year.”
Dineshkumar Musalekar, page 10 of the filed PDF · View the filing
Management estimated the orders contributed around 20-25% of sales and said the relationship with the customer continues.
Answered by Dineshkumar Musalekar
Asked by Kiran: How much of Lumel S.A.'s growth came from the large German grid-upgrade orders?
p. 14
“So I would say I wouldn't know exact percentage, but it will be around 20%, 25% of the sales.”
Dineshkumar Musalekar, page 14 of the filed PDF · View the filing
Management said solar remains under 5% of total India business and margins there are lower than the company average.
Answered by Dineshkumar Musalekar
Asked by Kiran: How much of the India growth came from solar inverters and what is the margin impact?
p. 15
“So solar remains less than 5%, okay, in the total.”
Dineshkumar Musalekar, page 15 of the filed PDF · View the filing
Management said CT manufacturing capacity is being nearly doubled from 5,000-6,000 to 8,000-10,000 units per day.
Answered by Dineshkumar Musalekar
Asked by Mulesh Savla: What is the current transformer capacity and expansion plan?
p. 17
“So our capacity per day was around 5,000 to 6,000 low-voltage current transformers we were making. So as we speak, we are enhancing it to 8,000 to 10,000 now.”
Dineshkumar Musalekar, page 17 of the filed PDF · View the filing
Risks flagged
Global operating environment shaped by geopolitical uncertainties, tariff developments and supply chain volatility
p. 3
“While the global operating environment continues to be shaped by geopolitical uncertainties, tariff developments and supply chain volatility, Rishabh has remained resilient with a clear focus on profitable growth, operational excellence and technology-led expansion.”
Dineshkumar Musalekar, page 3 of the filed PDF · View the filing
Relatively subdued European industrial environment
p. 4
“Lumel S.A. delivered strong performance despite a relatively subdued European industrial environment, supported by high-value electronics manufacturing, product diversification and new customer wins.”
Dineshkumar Musalekar, page 4 of the filed PDF · View the filing
Near-term geographical and macroeconomic uncertainties
p. 6
“While near-term geographical and macroeconomic uncertainties may persist, we remain confident in the underlying structural growth drivers of our industry and opportunities we create for Rishabh over the medium to long term.”
Dineshkumar Musalekar, page 6 of the filed PDF · View the filing
Seasonality in Europe and India affecting quarterly performance
p. 16
“In July, August in Europe is a holiday season. And then December, Jan also, there is a bit of holidays in Europe, so business is a little lower.”
Dineshkumar Musalekar, page 16 of the filed PDF · View the filing
Lumel Alucast RFQ conversion is a slow process dependent on customer audits and approvals
p. 9
“It's a bit of a slow process. And then after it is also given the ramping up of the product also takes about 6 months after the project is awarded.”
Dineshkumar Musalekar, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.