Rishabh Instruments Limited, founded in 1982, has emerged as a global player in engineering and energy efficiency solutions, operating in more than 100 countries. The company specialises in electrical automation, energy measurement, industrial instrumentation and precision die-casting, serving sectors such as infrastructure, clean energy and mobility.
A key driver of its future growth lies in a structural shift towards its higher-margin electrical and electronics segment. This division, which includes energy management systems and grid monitoring solutions, is expected to grow at an annual rate of around 20% over the next few years. With margins exceeding 20%, the segment is likely to play a central role in boosting overall profitability, supported by rising global demand for electrification and energy efficiency.
India is expected to remain the company’s primary growth engine. Strong demand driven by industrial investment, renewable energy integration and the expansion of data centres is projected to support domestic growth of approximately 20% annually between FY25 and FY28. Increased adoption of power quality solutions and energy monitoring systems is also expected to improve operating leverage, with margins forecast to rise to around 18–19%.
Despite short-term challenges in its European die-casting operations, Rishabh Instruments is positioning itself for a broader earnings recovery. Revenues, EBITDA and profit after tax are projected to grow steadily through FY26–28, supported by expansion in its electrical segment, capacity additions in Nashik and improved cost efficiencies.
Efforts to diversify the European business, particularly through a shift towards non-automotive and aftermarket segments, are also underway. Combined with export growth and a stronger product mix, these factors are expected to enhance long-term stability and support a potential re-rating of the company’s valuation.
