Rishabh Instruments has achieved a remarkable financial turnaround, with revenue rising 7.6% to ₹775 crore and EBITDA increasing 161% to ₹126 crore in FY26. According to reports from NDTV Profit, the company's net profit climbed 292% to ₹82 crore, while margin expanded by 960 basis points to 16.3%. The Nashik-based manufacturer has strategically exited loss-making automotive contracts in its European die-casting business to improve margins and strengthen returns. Management is now targeting 20%-25% growth in the EEI segment for FY27 while maintaining operating margins of 20%-22%.
The company is positioning data centres and U.S. expansion as key growth drivers for FY27, as reported by NDTV Profit. Rishabh's U.S. subsidiary Sifram Tinsley recorded 50% year-on-year growth for two consecutive years, with revenue rising from $1 million to $2 million and then to $3 million in FY26. Management is targeting another 40%-50% growth in FY27 and aims to scale the U.S. business to about ₹100 crore in revenue over the next three to four years. The company is pursuing UL certifications for medium-voltage current transformers, voltage transformers and potential transformers to address U.S. market requirements.
The Electrical and Electronic Instruments (EEI) business has become the main growth engine, contributing 69.3% of revenue in FY26, compared with 63.4% a year earlier, according to NDTV Profit. EEI revenue increased 17.5% year-on-year, while HPDC revenue declined 9.6% as the company exited legacy automotive contracts. Rishabh manufactures 99% of its products in-house and produces about 6,000 current transformers a day. The company's products are used across data centres, renewable energy projects and electric vehicle infrastructure, with current transformers measuring and monitoring electricity flow across power networks.
The company is expanding manufacturing capacity by adding two new buildings and doubling the plant's built-up area at its Nashik facility, as reported by NDTV Profit. Current transformer capacity has already increased from 6,000 units to 10,000 units a day. Rishabh's European subsidiary Lumel Alucast is undergoing a turnaround, exiting about ₹100 crore of loss-making automotive contracts and achieving positive adjusted EBITDA of ₹3.3 crore in FY26 compared with a loss of ₹15 crore in FY25. The company maintains a debt-free balance sheet with ₹127.6 crore cash and expects the EEI segment to grow 20%-25% in FY27.
Rishabh's customer base includes industrial and infrastructure companies such as Siemens, ABB, Hitachi and Larsen & Toubro, with Sify contributing 34% of total revenue. The company's solar inverter business is building momentum with 8% growth in FY26, expecting to double revenue to ₹24-25 crore in FY27. According to NDTV Profit, the stock has gained 87% over the past year and trades at a price-to-earnings multiple of 26.4 times. The company has no listed peers and maintains strong fundamentals with return on equity at 11% and return on capital employed at 13.5% in FY26.
