Any current/future new fundraising through debt or equity?

As per the transcript on page 11, Rishabh Instruments Limited had IPO proceeds of about Rs. 70 crores allocated for capacity expansion and Rs. 15-16 crores for corporate utilization, which have been largely utilized. There is no explicit mention of any new or planned fundraising through debt or equity during the conference call. Capital expenditure for building construction (about Rs. 60 crores) is ongoing and expected to complete by March-April 2026, funded through existing IPO proceeds. No new debt or equity raising plans were disclosed; the company appears to be funding expansions through i

Any current/future capex/capital investment/strategic investment?

Rs. 70 crores IPO proceeds utilized for capacity expansion and building construction. Two new manufacturing buildings (5 and 7 storied) in Nashik (Satpur F1 and Trishala areas) are over 50% constructed. Buildings expected to be completed by March-April 2026, with full operationalization taking a few additional months. Upon completion, production capacity is expected to effectively double, supporting rising export demand and growth. Investment in a large R&D setup, including a new center within IIT Bombay in collaboration with professors. Continuous investment in product development with a 5-ye

Future growth expectations in sales/revenue/volumes?

Rishabh Instruments targets a realistic 20%-22% CAGR in topline growth, aiming for about 15%-17% growth in the near term due to external market factors. The company aspires to achieve around 25% CAGR in bottom-line growth, leveraging better cost control and efficiency. Management expects improved quarters ahead, with growth returning to normal patterns after recent weaker quarters. Expansion efforts include doubling production capacity in India by mid-2026 to support export demand and growth. New product launches, geographic expansion (Middle East, US, Southeast Asia), and strong order

Future growth expectations in earnings/operating earnings/profits/EPS?

The company aspires for a realistic CAGR of 20%-22% on topline and 25% on bottomline, acknowledging past exceptional growth years. Bottomline growth is expected to be more controllable due to slower overhead increases relative to revenue. Electronics business (including Lumel SA and Rishabh Electronics) targets about 12%-15% topline growth annually with EBITDA margins sustainable around 20%-22%. Profitability improvement driven by operational efficiencies, improved procurement, product mix, and cost management. Lumel Alucast expects margin improvement post-phasing out loss-making contracts; bu

Current/ Expected Orderbook/ Pending Orders?

The company has a healthy order inflow supporting revenue growth. New product launches and expanded geographical mix contribute positively to the order book. The recently launched single-phase solar inverter received an exceptional response at a major industry exhibition, generating a pipeline of around 1,000 orders booked at the event. New product developments, such as MID meters for Europe and energy meters for the US market, have started contributing to orders, though some are in early stages of pickup. Lumel SA shows a robust and growing order pipeline, with a solid recovery and expanded c

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Rishabh Instruments LtdQ3 FY25Electrical Equipment

Rishabh Instruments Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹567P/E: 27.1Market Cap: ₹1.8K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Rishabh Instruments targets a realistic 20%-22% CAGR in topline growth, aiming for about 15%-17% growth in the near term due to external market factors.
→The company aspires to achieve around 25% CAGR in bottom-line growth, leveraging better cost control and efficiency.
→Management expects improved quarters ahead, with growth returning to normal patterns after recent weaker quarters.
→Expansion efforts include doubling production capacity in India by mid-2026 to support export demand and growth.
→New product launches, geographic expansion (Middle East, US, Southeast Asia), and strong order pipelines support growth.
→The solar business and new energy meter products for European markets are expected to contribute significantly to future sales.
→Aluminium Die Cast business is transitioning from automotive to profitable non-auto segments, aiming to utilize 35%-40% unused capacity.
→Overall, steady 12%-20% revenue growth is anticipated, with strong confidence in delivering sustainable, profitable expansion.

Margin guidance

Category 3

→The company aspires for a realistic CAGR of 20%-22% on topline and 25% on bottomline, acknowledging past exceptional growth years.
→Bottomline growth is expected to be more controllable due to slower overhead increases relative to revenue.
→Electronics business (including Lumel SA and Rishabh Electronics) targets about 12%-15% topline growth annually with EBITDA margins sustainable around 20%-22%.
→Profitability improvement driven by operational efficiencies, improved procurement, product mix, and cost management.
→Lumel Alucast expects margin improvement post-phasing out loss-making contracts; business to remain slightly positive with a stronger EBITDA forecast for FY 2027.
→Capacity expansions underway in India to support export growth and strengthen future margins.
→New product launches in solar and energy meters are expected to contribute to growth in coming years.
→Overall, management confident of steady growth with a target EBITDA of Rs. 100 crores for the full FY 2026.

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Fundraise plans

→As per the transcript on page 11, Rishabh Instruments Limited had IPO proceeds of about Rs. 70 crores allocated for capacity expansion and Rs. 15-16 crores for corporate utilization, which have been largely utilized.
→There is no explicit mention of any new or planned fundraising through debt or equity during the conference call.
→Capital expenditure for building construction (about Rs. 60 crores) is ongoing and expected to complete by March-April 2026, funded through existing IPO proceeds.
→No new debt or equity raising plans were disclosed; the company appears to be funding expansions through internal accruals and IPO proceeds.
→Overall, no current or future fundraising through debt or equity was announced or indicated in the provided pages.

Order book

Yes

→The company has a healthy order inflow supporting revenue growth.
→New product launches and expanded geographical mix contribute positively to the order book.
→The recently launched single-phase solar inverter received an exceptional response at a major industry exhibition, generating a pipeline of around 1,000 orders booked at the event.
→New product developments, such as MID meters for Europe and energy meters for the US market, have started contributing to orders, though some are in early stages of pickup.
→Lumel SA shows a robust and growing order pipeline, with a solid recovery and expanded customer base.
→The management expresses confidence in the visibility on the order book and ongoing cost efficiencies driving steady growth.
→Opportunities under negotiation in high-pressure die-casting are progressing and expected to fill vacated capacity with high-margin contracts ramping up in coming quarters.

Capex plans

Yes

→Rs. 70 crores IPO proceeds utilized for capacity expansion and building construction.
→Two new manufacturing buildings (5 and 7 storied) in Nashik (Satpur F1 and Trishala areas) are over 50% constructed.
→Buildings expected to be completed by March-April 2026, with full operationalization taking a few additional months.
→Upon completion, production capacity is expected to effectively double, supporting rising export demand and growth.
→Investment in a large R&D setup, including a new center within IIT Bombay in collaboration with professors.
→Continuous investment in product development with a 5-year plan, including new MID energy meters and medium voltage segment products.
→Capacity building in solar inverter production following strong market response and order pipeline.
→No major delays in capex; construction and expansions are progressing as planned.

How does Rishabh Instruments Ltd rank vs peers in Electrical Equipment?

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1Rishabh Instruments Ltd

Rev 3Mar 3

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