RISHABH

Rishabh Instruments Limited

Electrical and electronic instrumentation products including energy meters and solar inverters

Industrials›Capital Goods›Electrical Equipment›Other Electrical Equipment

rishabh.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹686.35
Market cap
2,649 Cr
Stock P/E
32.8
P/B
3.55
Dividend yield
0.0%
ROE (FY26)
10.9%
ROCE (FY26)
13.5%
Operating margin (FY26)
11.7%
Debt / equity (FY26)
0.10
OCF / EBITDA (FY26)
85.8%
OCF / EBITDA (3Y)
101.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Rishabh Instruments designs and makes electrical and electronic instruments, including energy meters, current transformers and solar inverters, and offers electronics manufacturing services, selling in India, Europe and other markets.

Company snapshot

16thBy market cap

Ranked among 32 companies in Other Electrical Equipment.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 46.7% of revenue

SegmentRevenue shareRevenuePBTAssets
Asia
25.4%
136 Cr0 Cr—
Europe (Other than poland)
46.7%
249 Cr0 Cr—
Other
2.1%
11 Cr0 Cr—
Poland
20.8%
111 Cr0 Cr—
USA
5.1%
27 Cr0 Cr—

What we see

Positives
  • ✓101% of operating profit came in as cash over the last three years — profits are backed by real cash.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales180 Cr159 Cr178 Cr169 Cr182 Cr181 Cr187 Cr190 Cr196 Cr184 Cr205 Cr198 Cr
Operating expenses (approx.)148 Cr155 Cr160 Cr162 Cr172 Cr167 Cr171 Cr162 Cr163 Cr152 Cr172 Cr165 Cr
EBITDA32 Cr5 Cr18 Cr8 Cr10 Cr14 Cr16 Cr28 Cr33 Cr31 Cr33 Cr33 Cr
OPM %17.6%3.0%10.1%4.5%5.7%7.9%8.6%14.9%17.0%17.1%16.2%16.8%
Other income2 Cr4 Cr2 Cr4 Cr3 Cr5 Cr3 Cr4 Cr5 Cr6 Cr6 Cr4 Cr
Interest1 Cr0.61 Cr0.14 Cr0.80 Cr2 Cr1 Cr2 Cr1 Cr1 Cr1 Cr2 Cr0.93 Cr
Depreciation7 Cr5 Cr9 Cr6 Cr6 Cr7 Cr8 Cr8 Cr9 Cr10 Cr10 Cr9 Cr
Profit before tax25 Cr3 Cr11 Cr5 Cr5 Cr11 Cr9 Cr24 Cr29 Cr26 Cr28 Cr27 Cr
Tax %12.3%-128.1%79.3%30.5%29.3%27.4%32.0%18.1%22.6%20.7%27.4%27.1%
Net profit22 Cr7 Cr2 Cr3 Cr4 Cr8 Cr6 Cr20 Cr22 Cr21 Cr20 Cr19 Cr
EPS (₹)₹5.83₹2.00₹0.61₹0.95₹1.08₹2.07₹1.68₹5.13₹5.77₹5.19₹5.12₹4.93

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales390 Cr470 Cr570 Cr690 Cr720 Cr775 CrSign in free for the trailing twelve months
Operating expenses (approx.)332 Cr397 Cr493 Cr619 Cr672 Cr649 CrSign in free for the trailing twelve months
EBITDA57 Cr73 Cr76 Cr71 Cr48 Cr126 CrSign in free for the trailing twelve months
OPM %14.7%15.5%13.4%10.3%6.7%16.3%Sign in free for the trailing twelve months
Other income13 Cr10 Cr10 Cr12 Cr15 Cr21 CrSign in free for the trailing twelve months
Interest3 Cr3 Cr5 Cr4 Cr6 Cr6 CrSign in free for the trailing twelve months
Depreciation21 Cr20 Cr20 Cr28 Cr27 Cr36 CrSign in free for the trailing twelve months
Profit before tax46 Cr59 Cr61 Cr51 Cr30 Cr106 CrSign in free for the trailing twelve months
Tax %21.5%16.2%18.2%21.9%29.6%22.4%Sign in free for the trailing twelve months
Net profit36 Cr50 Cr50 Cr40 Cr21 Cr82 CrSign in free for the trailing twelve months
EPS (₹)₹9.32₹12.91₹12.84₹10.71₹5.92₹21.21Sign in free for the trailing twelve months
Dividend payout %———2.2%1.3%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital15 Cr15 Cr29 Cr38 Cr38 Cr39 Cr
Reserves285 Cr326 Cr372 Cr521 Cr573 Cr706 Cr
Borrowings92 Cr97 Cr103 Cr55 Cr96 Cr74 Cr
Other liabilities118 Cr121 Cr137 Cr162 Cr176 Cr179 Cr
Total liabilities512 Cr564 Cr649 Cr780 Cr886 Cr1,003 Cr
Fixed assets (net)198 Cr194 Cr193 Cr240 Cr274 Cr326 Cr
CWIP2 Cr5 Cr8 Cr12 Cr24 Cr41 Cr
Investments0.19 Cr0.21 Cr0.21 Cr0 Cr0.11 Cr0.14 Cr
Inventories79 Cr128 Cr154 Cr175 Cr162 Cr172 Cr
Trade receivables68 Cr80 Cr121 Cr129 Cr135 Cr132 Cr
Cash & bank54 Cr46 Cr67 Cr51 Cr90 Cr96 Cr
Other assets110 Cr110 Cr108 Cr174 Cr202 Cr235 Cr
Total assets512 Cr564 Cr649 Cr780 Cr886 Cr1,003 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity53 Cr13 Cr28 Cr76 Cr65 Cr108 Cr
Cash from investing-21 Cr-11 Cr-3 Cr-132 Cr-82 Cr-117 Cr
Cash from financing-23 Cr-7 Cr-4 Cr23 Cr37 Cr-28 Cr
Net cash flow9 Cr-5 Cr20 Cr-16 Cr39 Cr6 Cr
Free cash flow (OCF − Capex)18 Cr-2 Cr-1 Cr7 Cr-11 Cr-2 Cr

Ratios

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %12.4%14.2%12.9%8.9%5.0%13.5%
ROE %11.5%13.6%11.5%7.0%3.7%10.9%
Debtor days646277686862
Inventory days194232238236217246
Days payable152123128106109106
Cash conversion cycle106172187198176202
OCF / EBITDA %92.1%18.2%36.2%106.9%134.1%85.8%
OCF / EBITDA % (3 years)——45.4%53.1%86.1%101.4%
Debt / equity0.310.280.260.100.160.10
Current ratio1.931.952.042.662.943.02
Net debt / EBITDA0.650.690.480.060.12-0.18