Rishabh Instruments Ltd Q1 FY27 Results

Rishabh Instruments' consolidated Q1 FY27 (quarter ended June 30, 2026) revenue came in at ₹198.28 Cr, up a modest 4.2% YoY but down 3.2% sequentially from Q4 FY26's ₹204.86 Cr. Consolidated PAT of ₹19.36 Cr actually declined 1.3% YoY (from ₹19.62 Cr) and 3.3% QoQ — a mixed, broadly in-line print. No reliable current-quarter street estimate could be confirmed: web searches for a Q1 FY27 preview only surfaced stale coverage of last year's Q1 FY26 print (441% YoY profit jump, ₹5.13 EPS) — figures that in fact match this filing's year-ago comparative column, not the actual quarter under review — so vsStreet is left unknown rather than guessed.

The revenue-profit divergence traces to two offsetting forces below the operating line. EBITDA margin (revenue less operating costs, excluding finance cost and depreciation) expanded to 16.80%, up 188 bps YoY from 14.92% and 55 bps QoQ from 16.25% — genuine operating improvement, with PBT up 10.9% YoY to ₹26.57 Cr. But the effective tax rate jumped to 27.1% versus just 18.1% a year ago (27.4% last quarter, so this is now the norm rather than a blip, and above FY26's full-year 22.4% average), which erased the operating gains and left PAT lower than a year ago. Net profit margin was 9.77% — better than Q4 FY26's 9.50% but below the year-ago 10.08%, confirming tax, not revenue or cost, is the swing factor.

The stock went into the print at ₹648.65, down 1.6% over the past month of trading.

Consolidated figures mask a sharp geographic divergence worth flagging given standalone and consolidated tell different stories here. Standalone (India) revenue grew 25.6% YoY to ₹77.60 Cr and PAT rose 20.1% YoY to ₹11.87 Cr (EPS ₹3.08 vs ₹2.57) — this maps to the Asia segment, up 21.1% YoY to ₹55.55 Cr, tracking within management's FY27 guidance of 20-25% growth for the EEI segment. Europe (Poland units including Lumel and Lumel Alucast), still 62.5% of group revenue, fell 8.0% YoY and 8.1% QoQ to ₹123.99 Cr, remaining the drag against the group's 20-22% EBITDA margin guidance — the 16.80% consolidated print is progressing toward but still below that band, consistent with Lumel Alucast not yet at its targeted near-breakeven contribution. Separately, Lumel SA won the Forbes Diamonds award for a second consecutive year (announced June 25, 2026) even as its segment's revenue line declined this quarter. No management press-release commentary on this specific result was available in the context to corroborate or contrast against these numbers.