Rishabh FY26 PAT surges 292% to INR823 million
Rishabh Instruments Limited reported a 292.2% YoY surge in FY26 PAT to INR823 million, with consolidated revenue growing 7.6% to INR7,751 million. Q4 revenue increased 9.3% to INR2,049 million, with PAT rising 229.4% to INR200 million. The company announced a final dividend of INR2 per share and anticipates 20-25% growth in its EEI segment for FY27.
*this image is generated using AI for illustrative purposes only.
Rishabh Instruments Limited has reported its financial results for the quarter and year ended March 31, 2026. The company announced a final dividend of INR2 per share, or 20%, for the financial year ended March 31, 2026. The audio recording of the earnings conference call held on May 18, 2026, was previously uploaded, and the transcript has now been released.
Financial Performance Overview
The company delivered a strong operational performance in FY 2025-26, marked by significant profitability improvements. Consolidated revenue for the full year stood at INR7,751 million, reflecting a 7.6% year-on-year growth from INR7,203 million in FY 2024-25. Profit after tax (PAT) for the year surged by 292.2% to INR823 million compared to INR210 million in the previous year.
| Metric | FY 2025-26 | FY 2024-25 | YoY Change |
|---|---|---|---|
| Consolidated Revenue | INR7,751 million | INR7,203 million | 7.6% |
| Consolidated EBITDA | INR1,264 million | INR484 million | 161.1% |
| EBITDA Margin | 16.3% | 6.7% | 960 bps |
| Profit After Tax | INR823 million | INR210 million | 292.2% |
For the fourth quarter ended March 31, 2026, consolidated revenue stood at INR2,049 million, a 9.3% increase from INR1,875 million in Q4 FY25. Q4 PAT rose 229.4% to INR200 million, while EBITDA increased 105.8% to INR333 million.
Operational Highlights
The Electrical and Electronics Instrumentation (EEI) segment remained the primary growth driver, registering a 17.5% year-on-year growth in FY 2025-26. Standalone revenue for Rishabh Instruments increased by 11.9% to INR2,676 million, with standalone PAT growing 78.2% to INR417 million. The Lumel SA subsidiary in Poland reported a 15% revenue growth to INR2,286 million, with an adjusted EBITDA growth of 32.2% to INR535 million.
Strategic Developments
Management highlighted the commissioning of one of Europe's most advanced electronics assembly lines at Lumel SA, supported by European Union Funds. The company also noted progress in its solar inverter business, which has turned operationally profitable following the launch of the single-phase iUNO inverter. For the upcoming financial year, the company anticipates the EEI segment to grow by 20% to 25%.
How will the newly commissioned advanced electronics assembly line at Lumel SA impact Rishabh Instruments' European market share and competitive positioning over the next 2-3 years?
Given the solar inverter business has just turned operationally profitable with the single-phase iUNO, what is the timeline and strategy for scaling to three-phase inverters and capturing a meaningful share of India's growing solar energy market?
With PAT growing nearly 3x on only 7.6% revenue growth, are the margin improvements structural and sustainable, or were there one-time factors that could normalize profitability in FY 2026-27?
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