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Rishabh Instruments reported Q1FY27 revenue of ₹198.3 crore

ICICIdirect Research 17 Aug 2026 DISCLAIMER

News: Rishabh Instruments reported Q1FY27 revenue of ₹198.3 crore, up 4.2% YoY, while EBITDA increased 17.3% YoY to ₹33.3 crore, with EBITDA margin improving to 16.8% from 14.9%. PAT was broadly flat at ₹19.4 crore (-1.3% YoY). Revenue growth was supported by Asia (+21.1% YoY) and Other markets (+92.3%), partly offset by a 7.9% decline in Europe.

View: Q1FY27 was broadly in line, with modest revenue growth offset by healthy operating performance. EEI remained the key growth and margin driver, with revenue up 34% YoY and EBITDA margin improving to 24.8%, supported by better product mix and expanding customer reach. HPDC remained a drag on topline, with revenue declining 41% YoY, although management’s focus on exiting lower-margin contracts and filling capacity with higher-value opportunities should support a gradual recovery; the segment remained at operating break-even in Q1FY27.; the company’s FY27 roadmap envisages 20–25% EEI revenue growth with 20–22% EBITDA margin, while the US business and solar inverter vertical provide additional growth levers.

Impact: Neutral

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