Rishi Laser Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Rishi Laser Ltd filed with BSE on 09 Jun 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
Rishi Laser reported FY26 revenue of ₹160 crore, up 7% year-on-year, while PAT fell 55% to ₹3.67 crore and EBITDA margin declined from 9.1% to 8.7%. Management attributed the shortfall to delays in commissioning the Malur facility and a failure to adequately prepare the workforce for higher operating levels. The company said the Malur plant is now fully operational with product approvals in place and billing started with its largest customer.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: ₹160 crore (FY26)
p. 2
“FY26 revenue came in at ₹160 crore, which was a growth of 7%.”
Ganesh Agrawal, page 2 of the filed PDF · View the filing
PAT: ₹3.67 crore, a 55% decline year-on-year (FY26)
p. 2
“Our PAT compressed to ₹3.67 crore, a 55% decline year-on-year.”
Ganesh Agrawal, page 2 of the filed PDF · View the filing
EBITDA margin: reduced from 9.1% to 8.7% (FY26)
p. 2
“EBITDA margins reduced from 9.1% to 8.7%.”
Ganesh Agrawal, page 2 of the filed PDF · View the filing
Total assets: ₹148.7 crore (FY26)
p. 3
“Our balance sheet reflects the investment we made. Total assets at ₹148.7 crore, property, plant and equipment at ₹94.7 crore, debt-to-equity at a disciplined 0.29x.”
Ganesh Agrawal, page 3 of the filed PDF · View the filing
Export contribution: 14.2% of revenue, ₹22.83 crore (FY26)
p. 3
“Our export contribution reached 14.2% of revenue in FY26, ₹22.83 crore.”
Ganesh Agrawal, page 3 of the filed PDF · View the filing
Construction equipment fabrication share of revenue: 53% (FY26)
p. 3
“Construction equipment fabrication, which today represents 53% of our revenue, is growing.”
Ganesh Agrawal, page 3 of the filed PDF · View the filing
Pune plant revenue growth: 12.5% more than FY24 (FY26 vs FY24)
p. 6
“if you see, compared to FY25, last year the turnover was 12.5% more than what it was in FY24.”
Ganesh Agrawal, page 6 of the filed PDF · View the filing
Robotics business revenue: around ₹2 crore (FY26)
p. 13
“Last year, we would have done around ₹2 crore of business.”
Harshad Patel, page 13 of the filed PDF · View the filing
Employee cost: ₹33 crore (FY26)
p. 14
“and from ₹23 crore in March ‘23, it is currently at ₹33 crore for the current year ended,”
Rahul Jain, page 14 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.
Malur plant revenue — ₹100 crore · FY29
stated as an aspiration by Ganesh Agrawal
p. 3
“We are targeting ₹100 crore in revenue contribution from the Malur facility by FY29, against a total company revenue CAGR of approximately 20% over the next three years.”
Ganesh Agrawal, page 3 of the filed PDF · View the filing
Malur plant revenue — ₹60 crore · FY27
stated firmly by Ganesh Agrawal
p. 4
“FY27 in terms of revenue from that plant, we are looking at ₹60 crore for this year itself, and we want to ramp it up to ₹100 crore by FY29.”
Ganesh Agrawal, page 4 of the filed PDF · View the filing
EBITDA margin — 9 to 11%
stated as an aspiration by Ganesh Agrawal
p. 5
“EBITDA margin, see EBITDA margin, what we are looking at is in the band of, you know, 9 to 11% kind of thing.”
Ganesh Agrawal, page 5 of the filed PDF · View the filing
Pune plant revenue — ₹50-60 crore · FY27
stated as an aspiration by Harshad Patel
p. 12
“That should be anywhere around, you know, ₹50-60 crore. Around ₹50 crore at least from last year's ₹36 crore, we should target at least ₹50 crore from Pune.”
Harshad Patel, page 12 of the filed PDF · View the filing
Robotics business revenue — ₹5 to ₹10 crore · FY27
stated conditionally by Harshad Patel
p. 13
“but I think very soon the way it is going if Q1 or let's say by June-July if all these orders which are in pipeline fructify then we may revise that target to about ₹10 crore this year in that business.”
Harshad Patel, page 13 of the filed PDF · View the filing
Caterpillar business growth — 15 to 20% · FY27 vs FY26
stated as an aspiration by Ganesh Agrawal
p. 11
“My view should be 15 to 20% at least.”
Ganesh Agrawal, page 11 of the filed PDF · View the filing
Second phase paint shop investment — ₹2-3 crore
stated firmly by Ganesh Agrawal
p. 6
“A couple of crore rupees more we'll have to—the second phase of paint shop is still pending, okay, so that will involve ₹2 crore kind of investment there, max ₹3 crore of investment spending.”
Ganesh Agrawal, page 6 of the filed PDF · View the filing
Company revenue — ₹285-300 crore · three years
stated as an aspiration by Manoj Dua
p. 15
“according to your guidance, after three year would be around ₹285-300 crore sales.”
Manoj Dua, page 15 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 guided ₹60 crore from Malur this year with a target of ₹100 crore by FY29, noting approvals are in place and shipments have begun.
Answered by Ganesh Agrawal
Asked by Dhwanil Desai: What is the FY27 trajectory for Malur plant revenue and utilization, and are product approvals in place?
p. 4
“FY27 in terms of revenue from that plant, we are looking at ₹60 crore for this year itself, and we want to ramp it up to ₹100 crore by FY29.”
Ganesh Agrawal, page 4 of the filed PDF · View the filing
Management said some of the ₹160 crore base will move to Malur, roughly ₹25-30 crore, since it was previously served from the Bommasandra plant.
Answered by Ganesh Agrawal
Asked by Dhwanil Desai: Will Malur revenue simply add to the existing ₹160 crore base, or will some existing business shift there?
p. 5
“I think out of that 160, ₹25-30 crore we should take out for this year.”
Ganesh Agrawal, page 5 of the filed PDF · View the filing
Management defended the multi-plant strategy as customer-driven and said Pune utilization is improving toward 80%, while acknowledging idle capacity is a valid concern.
Answered by Harshad Patel
Asked by Viraj Mehta: Given multiple underutilized plants and rising capex, is capital being deployed efficiently and are there plans to consolidate facilities?
p. 8
“So those assets which are idle, which should be sweated, your point is absolutely well taken, but it is not that we are having all kinds of assets and spending money without expecting any return.”
Harshad Patel, page 8 of the filed PDF · View the filing
Management described a quarterly pass-through mechanism triggered by price moves beyond ±5%, with a one-quarter lag.
Answered by Ganesh Agrawal
Asked by Viraj Mehta: How does the company manage steel and raw material price pass-through with customers?
p. 9
“For the majority of our customers, there is a quarterly pass-through mechanism. If raw material prices fluctuate by more than ±5%, the change is passed through to customers.”
Ganesh Agrawal, page 9 of the filed PDF · View the filing
Management said the boom is concentrated in transformers, not in the medium-voltage switchgear segment they supply, and that their largest power customer Schneider had seen a sharp offtake decline.
Answered by Harshad Patel
Asked by Rahul Jain: What is the outlook for the power sector segment given strong sector-wide commentary?
p. 11
“But Schneider, who is our biggest customer in this sector, unfortunately, has gone down drastically from the last quarter of last year.”
Harshad Patel, page 11 of the filed PDF · View the filing
Management said export margins should remain better than domestic, depending on product complexity, citing new but simpler export orders from Vadodara.
Answered by Harshad Patel
Asked by Rahul Jain: Do export margins remain higher than domestic margins given current freight and cost conditions?
p. 13
“But my feeling is margins should remain, but you're right, freight cost is a little bit of a concern.”
Harshad Patel, page 13 of the filed PDF · View the filing
Management attributed the increase to duplicated staffing across old and new plants during commissioning and flagged rising minimum wages as an ongoing challenge.
Answered by Harshad Patel
Asked by Rahul Jain: What has driven the sharp rise in employee costs and will it normalize in FY27?
p. 14
“last year, employee costs were disproportionately higher than normal.”
Harshad Patel, page 14 of the filed PDF · View the filing
Management agreed double-digit EBITDA margins should be the goal and admitted guidance had become more conservative after the prior year's miss.
Answered by Harshad Patel
Asked by Manoj Dua: Can the company commit to a credible path to 13-14% EBITDA margin rather than conservative guidance?
p. 16
“But I completely agree with you that you know you must have those kinds of you must be in double-digit EBITDA levels, and there is definitely a possibility that that can happen and that we have to try and we have to make it happen.”
Harshad Patel, page 16 of the filed PDF · View the filing
Risks flagged
Delays and complexity in commissioning large-format fabrication machinery at Malur
p. 2
“We underestimated the complexity of commissioning the large-format fabrication machinery at the scale the new plant demanded.”
Ganesh Agrawal, page 2 of the filed PDF · View the filing
Workforce not equipped to handle the step-change in operating scale, requiring restructuring
p. 3
“Our existing team, which has served this company totally and well, was not equipped to absorb that step change without significant training, restructuring and management intervention.”
Ganesh Agrawal, page 3 of the filed PDF · View the filing
Rising minimum wages, particularly in Karnataka, pressuring employee costs
p. 14
“some of the states, like for example Karnataka, are looking at increasing minimum wages by as much as 30%, and that is really huge.”
Harshad Patel, page 14 of the filed PDF · View the filing
Geopolitical uncertainties and raw material price volatility affecting guidance conservatism
p. 9
“As you are aware, there are geopolitical uncertainties and some volatility in raw material markets.”
Ganesh Agrawal, page 9 of the filed PDF · View the filing
Decline in offtake from largest power sector customer Schneider
p. 11
“I've been actually shocked at their low offtake from fourth quarter of last year, and we are not getting any proper explanation.”
Harshad Patel, page 11 of the filed PDF · View the filing
Irregular workflow causing employee cost increases due to non-fungible skilled labor
p. 14
“So if the workflow is not regular, the employee cost tends to rise.”
Harshad Patel, page 14 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.