RISHABH Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹184 Cr
verified against source
Revenue YoY
1.3%
reported change
EBITDA
₹31.4 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Rishabh Instruments delivered a strong Q3 FY26 with consolidated revenue of Rs 183.6 crores (up 1.3% YoY) and EBITDA of Rs 31.4 crores (up 119.5% YoY), translating to 17.1% margin—920bps expansion versus Q3 FY25. The standout performer was the standalone Rishabh India business with 26.3% EBITDA margins (1,375bps improvement YoY) and 110% PAT growth to Rs 8.4 crores. Management has already achieved their full-year EBITDA guidance of Rs 100.9 crores within 9 months and now targets Rs 115-120 crores for FY26. The EI segment is guiding 20-25% perpetual growth, while the aluminium diecasting segment (Lumalcast) faces continued automotive headwinds with ~Rs 50-60 crore revenue decline expected in FY27, though management targets 5% EBITDA margins and double-digit margins by FY28. Key risks include tariff uncertainty (18% US duty may not materialize), European demand softness, and margin dilution risk from lower-margin solar/EMS businesses as the Nashik facility ramps up in H2 FY27.
Colored figures show movement against the previous available record.
Guidance to track
- Already achieved Rs 100.9 crores in 9 months, exceeding original full-year guidance. Management expects current trajectory and execution plans to deliver upper end of range.
- Management explicitly stated this is not a one-year guidance but a perpetual growth target for the electrical and electronics instrumentation business, supported by new product launches, geographic expansion, and market share gains.
- Aluminium diecasting to see Rs 50-60 crore revenue decline in FY27 (from ~Rs 200 crore base) as automotive phase-out continues, but cost optimization initiatives target 5% EBITDA margin versus current near-breakeven levels.
- Two new multi-storied production buildings at Nashik are nearing completion and will double production capacity for export growth and new product lines including medium voltage segment and expanded solar manufacturing.
Risks flagged
- 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.
Key quotes
- We have achieved annual guidance within 9 months. What we had guided we will do in 12 months we have done in less than 9 months.
- These margins are sustainable. They have not come out of any one-off event. They have come out of very systematic improvement in sourcing (4-5% raw material price squeeze), automation (reduced cycle time and headcount), reorganization, and price adjustments of 3-5% YoY.
- Even during this 50% tariff regime we managed it with our customers. Our US business grew from $2 million last year to $3 million this year—50% growth under these circumstances.
Research modules