Rishabh Instruments · risk themes across the available quarters.
Bear-case history
Management acknowledged aluminium diecasting revenue could decline by Rs 50-60 crore in FY27 as automotive EV component phase-out continues. New non-automotive contracts have 6-12 month qualification cycles before volume contribution.
Management expressed personal doubt that the announced 18% US tariff reduction will ever be implemented, citing unresolved issues around India's Russia oil imports. Currently operating under 50% tariff regime.
Lumal's European operations face ongoing softness in industrial automation and power infrastructure as government spending prioritizes defense. Management sees only early signs of gradual pickup.
Analyst raised concern that India standalone revenue was flattish at Rs 61 crores vs Rs 59 crores YoY despite robust power equipment market growth. Management attributed to project timing and promised 25-30% India growth in FY27.