Rishabh Instruments Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Rishabh Instruments Ltd trades at ₹830, in a confirmed uptrend and 55 weeks into that stage. That is +53.8% against its own 200-day average. It sits at 100% of a 52-week range of ₹334 to ₹830. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 29 straight weeks.

Today the stock is in a confirmed uptrend — week 55 of stage 2, confirmed. At ₹830 it trades +53.8% versus its 200-day average and sits at 100% of its 52-week range (₹334–₹830).

Against the market, two honest reads. Cumulative: over the last 3.0 years the stock moved +85% while the NIFTY 500 moved +31% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 29 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Rishabh Instruments Ltd's story is not scored yet against the markers our research file set on 17 May 2026. Where it sits in its own cycle: EXPANSION_STARTED. Still open: Q3 FY26 consolidated revenue grew only 1.3% YoY; the entire profit story rests on mix and cost, which has a finite runway without volume.

Our read, 17 May 2026. A net-cash niche-instrumentation turnaround whose margin has tripled in four quarters — but Bronze conviction: every qualitative read is web-sourced, not concall-grounded.

From the numbers. PE at the 8th percentile of its 10Y range, ratio-to-median 0.87x — EXPANSION_STARTED / CYCLE_BOTTOM with QoQ momentum IMPROVING. The PE/PB cycle engine labels this STRONG_OPPORTUNITY but flags DII_SELLING and a smoothed…

From the price. Price stage 2, week 55 — above its 200-day line, relative strength rising.

From the research. A net-cash niche-instrumentation turnaround whose margin has tripled in four quarters — but Bronze conviction: every qualitative read is web-sourced, not concall-grounded.

🚨 Where they disagree. PE at the 8th percentile of its 10Y range, ratio-to-median 0.87x — EXPANSION_STARTED / CYCLE_BOTTOM with QoQ momentum IMPROVING. The PE/PB cycle engine labels this STRONG_OPPORTUNITY but flags DII_SELLING and a smoothed YoY of -49.7%: the multiple compressed largely because the FY25 earnings base collapsed (FY25 PAT fell to ₹21 Cr from ₹40 Cr) and is now recovering off a low base. Decomposition is MIXED — part earnings-recovery, part low-base optics — which is why the cycle read is treated as a supporting signal, not a standalone trigger, at Bronze conviction.

What is proven. A net-cash niche-instrumentation turnaround whose margin has tripled in four quarters — but Bronze conviction: every qualitative read is web-sourced, not concall-grounded.

What is not proven yet. Q3 FY26 consolidated revenue grew only 1.3% YoY; the entire profit story rests on mix and cost, which has a finite runway without volume.

The test written in advance. Revenue growth remains anaemic — margin gain is mix-driven, not demand-driven — Revenue growth remains anaemic — margin gain is mix-driven, not demand-driven Q4 FY26 / Q1 FY27 consolidated revenue YoY > 8% by the next result.

The test written in advance. US 18% import tariff + subdued European demand — US 18% import tariff + subdued European demand Lumel SA YoY growth and management commentary on European order inflow by the next result.

The test written in advance. HPDC die-casting shrink costs ~₹50-60 Cr of FY27 revenue — HPDC die-casting shrink costs ~₹50-60 Cr of FY27 revenue HPDC new non-automotive contract wins and segment EBITDA margin trajectory by the next result.

Lever 1 · Operating leverage — BUILDING. Consolidated EBITDA +119.5% YoY in Q3 FY26 on revenue +1.3% — profit is inflecting on near-flat revenue via cost optimisation, better sourcing and automation. What proves it keeps working: Operating Leverage Inflection. It stops working if Q4 FY26 / Q1 FY27 consolidated revenue YoY > 8%.

Lever 2 · Value-added mix — BUILDING. EEI (electrical & electronic instrumentation) grew 17.7% YoY in Q3 FY26 at 26.6% adjusted EBITDA margin while loss-making HPDC die-casting is deliberately shrunk. What proves it keeps working: Product-Mix Shift toward high-margin EEI. It stops working if Q4 FY26 / Q1 FY27 consolidated revenue YoY > 8%.

Lever 6 · Order-book wins — BUILDING. Two new multi-storied buildings at Nashik that double production capacity — over 50% complete, civil works expected to finish Mar/Apr 2026, operational benefits in H2 FY27. What proves it keeps working: Nashik Capacity Doubling. It stops working if Q4 FY26 / Q1 FY27 consolidated revenue YoY > 8%.

Lever 10 · New geographies — BUILDING. Push into Africa, Middle East and South America plus India-EU FTA and India-US trade arrangements expected to enhance export competitiveness. What proves it keeps working: Geographical Diversification + Trade-deal Tailwind. It stops working if Q4 FY26 / Q1 FY27 consolidated revenue YoY > 8%.

Sources: our stock research file (17 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Rishabh Instruments Ltd reported ₹198 Cr of revenue in the Jun 26 quarter, +4.2% year on year. That is the 8th straight quarter of year-on-year growth. Over 6 years it has compounded at 11.6% a year. The last full year, FY26, came in at ₹775 Cr. The last four reported quarters add to ₹783 Cr.

Why this happened. The volume option. The Nashik expansion is designed to double capacity and support export demand. As of the Q2 FY26 call it was over 50% complete with completion expected by Mar/Apr 2026 and operational benefit accruing into FY27. If volume re-accelerates this is what converts the margin story into a revenue story; until commissioning it is an option, not a delivered driver.

FY26 revenue came in at ₹775 Cr (+7.6% on the year), capping 6 years at 11.6% compound. The latest quarter (Jun 26) printed ₹198 Cr, +4.2% year on year — the 8th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +5.8% growth against the decade's 11.6% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +5.8% over the last 4 quarters against +6.8%/yr over the last 8 — stabilising; TTM profit +115.8% vs +55.3%/yr — accelerating.

FY26-Q4. revenue ₹205 Cr and profit ₹20 Cr as reported.

FY27-Q1. revenue ₹198 Cr and profit ₹19 Cr as reported.

Why-sources: our stock research file (17 May 2026) and the company’s own results for those quarters.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Rishabh Instruments Ltd's operating margin is 17.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 7 fiscal years the operating margin has ranged 7.0% to 16.0%. The current quarter is running above every full year in that window.

Why this happened. The core of the thesis. Consolidated OPM went from 9% (Mar 2025) to 15-17% across Q1-Q3 FY26 while revenue barely moved. Management attributes the gain to improved raw-material sourcing, operational efficiency and a richer product mix, and states the improvement is sustainable. The company beat its initial ₹100.9 Cr FY26 adjusted-EBITDA guidance within nine months. Operating leverage on a turnaround base is genuine, but with revenue still near-flat the durability depends on volume eventually re-accelerating.

The latest quarter's operating margin is 17.0%, +2.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 7.0%–16.0%, and FY26's 16.0% is the top of that band — a record year.

Why the margin moved: operating margin went +1.9 pp year on year while gross margin went −1.4 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26-Q4. revenue ₹205 Cr and profit ₹20 Cr as reported.

FY27-Q1. revenue ₹198 Cr and profit ₹19 Cr as reported.

Why-sources: our stock research file (17 May 2026) and the company’s own results for those quarters.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Rishabh Instruments Ltd earned ₹19.0 Cr of net profit in the Jun 26 quarter, −5.0% year on year. Full-year FY26 profit was ₹82.0 Cr. The 6-year compound rate is 17.0%. That is 9.6% of the quarter's revenue. The same quarter a year earlier earned ₹20.0 Cr.

Jun 26 profit was ₹19.0 Cr, −5.0% year on year. On the full year, FY26 printed ₹82.0 Cr (+290.5%), and the 6-year compound rate is 17.0%.

🚨 Why profit moved: revenue contributed +4.2% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +210.2% vs revenue +5.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

FY26-Q4. revenue ₹205 Cr and profit ₹20 Cr as reported.

FY27-Q1. revenue ₹198 Cr and profit ₹19 Cr as reported.

Why-sources: our stock research file (17 May 2026) and the company’s own results for those quarters.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 174% of Rishabh Instruments Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹108 Cr of operating cash against ₹82.0 Cr of profit. After ₹116 Cr of capital spending, ₹−8.0 Cr was left as free cash.

FY26: operating cash of ₹108 Cr against reported profit of ₹82.0 Cr, leaving free cash of ₹−8.0 Cr after ₹116 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 174% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 174%: the cash cycle stretched 80 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 3.1× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Rishabh Instruments Ltd's cash conversion cycle runs 184 days in FY26, up from 104 days in FY21. Capital spending ran ₹288 Cr over the last 3 years. At FY26 sales of ₹775 Cr each day of that cycle holds about ₹2.1 Cr, so roughly ₹391 Cr sits inside the business at any moment.

FY26: debtors at 62 days, inventory at 213 days — roughly 7.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 184 days, looser than FY21's 104.

The full loop: cash goes out to suppliers and production on day 0; stock waits 213 days to sell; customers pay about 62 days after that; and suppliers themselves are paid at 91 days — netting out to the 184-day cycle.

In money terms: at FY26 sales of ₹775 Cr, each day of the cycle holds about ₹2.1 Cr — so the 184-day loop keeps roughly ₹391 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹288 Cr over the last 3 fiscal years against ₹92.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹52.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Rishabh Instruments Ltd earns a ROCE of 14% in FY26. That is up from a trough of 5% in FY25. Return on invested capital clears the cost of that capital by −0.4 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 10.6% net margin on 0.77× asset turns.

FY26 ROCE is 14%, recovered from a FY25 trough of 5% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 10.6% net margin × 0.77× asset turns × 1.34× balance-sheet leverage ≈ 10.9% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 11.6% − 12.0% = a −0.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Rishabh Instruments Ltd carries total debt of ₹81.0 Cr against shareholder equity of ₹749 Cr as of Mar 26, a debt-to-equity of 0.11 — effectively unlevered. On the annual view that ratio went from 0.26 in FY23 to 0.11 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹81.0 Cr against shareholder equity of ₹749 Cr — a debt-to-equity of 0.11. On the annual view, debt-to-equity went from 0.26 (FY23) to 0.11 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 2.1 points of Rishabh Instruments Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 11.2% of the company. Foreign institutions moved +1.1 points over the same window, to 1.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −2.1 points over 8 quarters to 11.2%; Foreign institutions: +1.1 points over 8 quarters to 1.2%; Promoters: −0.8 points over 8 quarters to 69.4%.

🚨 Why the register moved: domestic institutions drove it (−2.1 points), absorbed on the other side by foreign institutions (+1.1 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Rishabh Instruments Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Rishabh Instruments Ltd trades at 39.7× P/E, mid-range by its own standards (65th percentile). Its long-run median P/E is 32.5×, measured across 3.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 39.7× is mid-range by its own standards (65th percentile), against a long-run median of 32.5× measured over 3.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +262.8% against a +94.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the +22.8%/yr price move, ~+9.6%/yr came from earnings growth and ~+13.2 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, Rishabh Instruments Ltd was paying for profit growth of about 16.1% a year. Profit itself has compounded 17.0% a year over the past 6 years. Today the market pays 39.7× P/E, the 65th percentile of its own 3-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is close to what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Rishabh Instruments Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +295.2% at its peak to +115.8% but is still expanding, ROCE slipping at 5.7%. The read is built from 8 quarters across 4 curves, on full evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

4-Factor Sector Score

67.7/100 — rank 3 of 19 in Capital Goods - Electric General · 90% evidence confidence

Rishabh Instruments Ltd scores 67.7 out of 100 against the 19 companies it is compared with in Capital Goods - Electric General, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 24.8 + 14.5 + 10.3 + 18.1 = 67.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Said versus delivered

What Rishabh Instruments Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Lumel Alucast FY27 Profitability Outlook Lowered · 17 August 2026. In Nov 2025, management indicated that Lumel Alucast could achieve 10%-11% EBITDA in FY27, while in Feb 2026 it guided to approximately 5% EBITDA during the transition. In Aug 2026, management instead guided to only break-even adjusted EBITDA for the full year FY27, a material further reduction in the expected profitability trajectory that was not explained.

Alucast Margin Recovery Target Delayed · 18 May 2026. Management stated in the Nov 2025 call that the high-pressure die casting segment was expected to reach 10-11% EBITDA margins in FY27. However, the May 2026 call indicates that the segment will only target break-even levels for FY27, pushing the expectation for double-digit margins out to FY28.

Alucast FY27 Profitability Guidance Lowered · 18 May 2026. During the Feb 2026 call, management provided specific guidance of approximately 5% EBITDA for the Alucast business for FY27. By the May 2026 call, this target was reduced to simply avoiding losses or maintaining the previous year's break-even performance, citing a focus on building new project volumes.

EEI Segment Margin Ceiling Reduction · 18 May 2026. In the Feb 2026 call, management guided for 20-25% EBITDA margins for the core Electrical and Electronics Instrumentation segment. In the May 2026 call, the upper end of this guidance was narrowed to 22%, representing a reduction in the identified profitability potential for the group's most critical business unit.

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions