Rishabh Instruments Q1 FY27: EBITDA up 17.3%

Results snapshot and why it matters

Rishabh Instruments Ltd (NSE: RISHABH) reported a steady start to FY27, with Q1 consolidated revenue rising 4.2% year-on-year to INR 1,983 million for the quarter ended June 30, 2026. Consolidated EBITDA increased 17.3% YoY to INR 333 million, pushing the EBITDA margin to 16.8% from 14.9% a year earlier. The company reported consolidated profit after tax (PAT) of INR 194 million, down 1.4% YoY, even as operating profitability improved.

Management linked the quarter’s performance to multiple businesses contributing at the same time, rather than a one-off or “lumpy” gain. The earnings call for Q1 FY27 was held on August 17, 2026, and the company said its results and presentation were uploaded to stock exchanges and to its website.

Consolidated performance: revenue up, margins expand

The company’s operating performance strengthened in Q1 FY27 despite what it described as global headwinds. Revenue growth was modest at 4.2% YoY, but EBITDA grew faster at 17.3% YoY, indicating better operating leverage and cost discipline.

Rishabh Instruments said the consolidated EBITDA for the quarter included a provision of INR 20 million related to ESOP cost and stock appreciation rights. Even with this charge, margins expanded by 190 basis points to 16.8%.

PAT was reported at INR 194 million, down slightly YoY, which the company attributed mainly to an increase in depreciation of INR 20 million. The quarter therefore showed a gap between operating improvement and bottom-line growth.

EEI segment leads growth, with margin expansion

At the segment level, Electrical and Electronics Instrumentation (EEI) was described as the primary growth engine in Q1 FY27. The company reported EEI revenue growth of 34% YoY for the quarter.

EEI adjusted EBITDA increased 69.1% YoY to INR 382 million, with adjusted EBITDA margin expanding to 24.8% from 19.6%. The company attributed this margin improvement to operating leverage, product mix, and cost discipline.

The EEI PAT margin improved to 16.4% in Q1 FY27 from 13.8% in Q1 FY26, indicating that the segment’s profitability improvements were not limited to the operating line.

Standalone India business shows strong growth

Rishabh Instruments disclosed that stand-alone India revenue rose 25.6% YoY to INR 776 million in Q1 FY27. Stand-alone India EBITDA grew 24.5% YoY to INR 178 million, with an EBITDA margin of 22.9%.

Stand-alone India PAT increased 20.2% YoY to INR 119 million. These numbers point to a stronger quarter for the India standalone operations compared with the consolidated headline growth rate.

The company’s commentary in the call also noted that Q1 FY27 results were comparable to Q4 of the previous year, suggesting that the momentum seen in late FY26 continued into the new financial year.

Lumel Alucast and HPDC: transformation and breakeven status

The company highlighted a weak performance at Lumel Alucast, where revenue declined 41.2% YoY as part of a planned transformation. Adjusted EBITDA remained negative at -6.4%, and PAT was reported at -INR 59 million.

Separately, the company said the HPDC business was at operating breakeven in Q1 FY27. It added that it expects to break even at the adjusted EBITDA level by the end of FY27.

These disclosures indicate that while parts of the portfolio are delivering growth and margin gains, at least one unit remains loss-making and is in the middle of an operational reset.

Balance sheet: net cash position supports investment plans

Rishabh Instruments stated it remained net debt-free at the consolidated level, with net cash and cash equivalents of INR 1,606 million as of June 30, 2026. Management positioned this as financial flexibility for strategic investments and potential inorganic growth opportunities across the US, Europe, and India.

A stronger cash position can matter in a quarter where depreciation rose and PAT growth turned marginally negative, because it gives room to continue capex or restructuring without immediate funding pressure.

Capacity expansion: Nashik facility commissioning

The company said its new Nashik facility has been partially commissioned. It also stated the facility doubles current transformer capacity to 8,000-10,000 units per day.

Management linked this expansion to future growth and export opportunities. While the company did not provide a revenue target linked to the capacity ramp in the provided text, it positioned the step-up in capacity as an enabler for the next phase of growth.

Overseas momentum and product push in renewables

Rishabh Instruments said its US and UK businesses grew over 40% YoY. It also shared an ambition to reach INR 1,000 million in 2-3 years through product localization and market expansion.

In the solar inverter business, the company said it achieved operational profitability following the launch of the iUNO and iNEO series, and it plans to introduce hybrid inverters. The company linked these steps to broader renewable energy growth, without providing quarterly revenue numbers for this line in the provided information.

Disclosures, transcript updates, and AGM decisions

Rishabh Instruments said it uploaded the audio recording of its Q1 FY27 earnings call held on August 17, 2026 to its corporate website, and the file was accessible under the quarterly filings section. The company also stated the transcript would be uploaded on its website and submitted to the stock exchanges in due course, and that the upload was pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015.

Separately, shareholders approved a dividend of INR 2 per equity share at the company’s 43rd AGM held on July 31, 2026, along with the re-appointment of two directors and a revision in the Managing Director’s remuneration.

Key financial and operating datapoints (as reported)

What stands out from the quarter

Two themes are clear from the disclosed numbers. First, profitability improved at the operating level, with consolidated margin expansion and a large increase in EEI adjusted EBITDA supported by mix and cost discipline. Second, consolidated PAT did not follow the same trajectory, with depreciation cited as the key reason for the small YoY decline.

The portfolio also appears split between fast-growing, higher-margin segments (EEI and certain overseas markets) and areas under transformation (Lumel Alucast), where profitability remains negative. The company’s net cash position and ongoing commissioning of the Nashik facility frame how it plans to fund growth while managing the weaker units.

Conclusion

Rishabh Instruments opened FY27 with modest top-line growth but stronger operating profitability, led by the EEI segment and improved margins at the consolidated level. The company has pointed to higher depreciation as the driver of the slight YoY PAT decline and continues to work toward breakeven in parts of its HPDC operations by the end of FY27. The company has said the earnings call transcript will be submitted and uploaded in due course, following the audio recording upload on August 17, 2026.