RISHABH

RISHABH INSTRUMENTS LIMITED

May 18, 2026

To,

National Stock Exchange of India Limited,
Exchange Plaza, Plot No. C/1, G Block, Bandra-
Kurla Complex, Bandra (East), Mumbai –
400051
NSE Symbol: RISHABH

To,

BSE Limited,
Phiroze Jeejeebhoy Towers,
21st Floor, Dalal Street,
Mumbai – 400001
BSE Scrip Code: 543977

Dear Sir/Madam,

Sub: Result Update Presentation for the Quarter and Year ended March 31, 2026.

Please find enclosed herewith the Result Update Presentation in respect of Audited Standalone and Consolidated Financial Results for the Quarter and Year ended March 31, 2026.

Kindly take the same on your records.

For Rishabh Instruments Limited

AJINKYA
JOGLEKAR
Digitally signed by
AJINKYA JOGLEKAR
Date: 2026.05.18
14:48:50 +05'30"

Ajinkya Joglekar
Company Secretary and Compliance Officer
ICSI Membership No.: A57272

O O O O

RISHABH

RISHABH INSTRUMENTS LIMITED

Investor Presentation – Q4 & FY26

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Safe Harbor

This presentation and the accompanying slides (the "Presentation"), which have been prepared by Rishabh Instruments Limited (the "Company"), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

This presentation contains certain forward looking statements concerning the Company's future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.

1 FINANCIAL PERFORMANCE

Management Commentary

Mr. Dineshkumar Musalekar

Managing Director & Group CEO

"FY26 was a year of strong execution and meaningful strategic progress for Rishabh Group. We have built a solid and resilient foundation, anchored in our product and technology competencies. This strength was reflected in the EEI segment performance of FY26 delivering a growth of 17.5% YoY.

The consolidated revenue grew 9.3% YoY in Q4FY26 and 7.6% in FY26. More importantly, profitability has more than doubled as compared to last year. Consolidated EBITDA saw a growth of 161.1% in FY26, driven by better raw material sourcing, operational efficiencies, product mix improvements, and operating leverage. We are also glad to propose a final dividend of INR 2/- per share (i.e. 20% of Face Value per share) subject to shareholders approval.

The EEI segment continued to be the primary growth engine for the group. We continue to execute our long-term innovation roadmap, where new products are expected to contribute meaningfully to future revenues.

Lumel Alucast continued its planned transition toward a more sustainable and profitable operating model. We continue to build a strong pipeline of non-automotive opportunities that will support future growth.

From a strategic standpoint, we continue to diversify our global footprint beyond India and Europe. We are seeing encouraging traction across the US, Africa, and Southeast Asia, where investments in industrial infrastructure, energy efficiency, and electrification remain strong.

In parallel, we continue to invest aggressively in R&D across energy meters, medium-voltage products, automation solutions, and solar products to expand our serviceable market. With improving margins, expanding global reach, strong product innovation, and capacity expansion underway, we remain confident in our ability to deliver sustainable and profitable growth while creating long-term value for all stakeholders."

Adjusted for ESDP's and New Labour Code Bill

WISHADY

Q4 & FY26 Standalone Financial Highlights

Revenue (Rs. Mn)

EBITDA (Rs. Mn)

PAT (Rs. Mn)

Gross Margin (%)

EBITDA Margin (%)

PAT Margin (%)

WELSHAND

Q4 & FY26 Consolidated Financial Highlights

Revenue (Rs. Mn)

EBITDA (Rs. Mn)

PAT (Rs. Mn)

Gross Margin (%)

EBITDA Margin (%)

PAT Margin (%)

WEICHEA

Q4 & FY26 Segment Financial Highlights

Electrical and Electronic Instruments

Revenue (Rs. Mn)

Adj. EBITDA* Margins (%)

High Pressure Die Casting

Revenue (Rs. Mn)

Adj. EBITDA* Margins (%)

*Excluding the provision for ESOP and New Labour Code Bill adjustment

Margin expansion on account of strict cost optimization initiatives

WISNADV

Margin Profile on a Growth Trajectory

Standalone EBITDA & EBITDA Margins

Consolidated EBITDA & EBITDA Margins

*Including the provision of ₹ 24 Mn on account of Labour Code Bill

Key Highlights

Standalone EBITDA margins consistently remained above 20% in past 5 quarters.
Consolidated EBITDA margins remained consistently ~15%+ in past 4 quarters.
A clear upward trajectory of consolidated EBITDA over the past few quarters has been driven by the successful turnaround of the HPDC business at Lumel Alucast and shift towards better product mix in EEI segment.

WEIGHT

FY26 Product & Geography wise Revenue

Key Highlights

We have restructured our reporting segment into two business Division for improved operational focus, market positioning, and ease of understanding:

☐ Electrical and Electronic Instruments (EEI) – Comprising products from earlier segments of, Electrical Automation, Metering, Control & Protection Device, Portable Test & Measuring Instrument, Solar Inverters and Others.

☐ High Pressure Die Castings (HPDC) – Serving diversified end-use industries with precision-engineered high pressure Aluminium Die-Casting solutions.

Q4 & FY26 Standalone Profit & Loss Statement

Profit & Loss [Rs. Mn]	Q4FY26	Q4FY25	YoY / Bps	FY26	FY25	YoY / Bps
Revenue from Operations	788	684	15.2%	2,676	2,392	11.9%
COGS	405	329		1,232	1,230
Gross Profit	382	355	7.9%	1,444	1,162	24.3%
GP Margin %	48.5%	51.8%	-330 bps	54.0%	48.6%	540 bps
Employee Cost	110	108		417	390
Other Expenses	104	99		366	370
Adjusted EBITDA	168	148	14.0%	661	403	64.2%
Adjusted EBITDA Margin %	21.4%	21.6%	-20 bps	24.7%	16.8%	790 bps
ESOP Costs	6	8		31	53
Provision on account of New Labour Code	2	-		26	-
Reported EBIDTA	161	140	14.7%	604	350	72.6%
Reported EBIDTA (%)	20.4%	20.5%	-10 bps	22.6%	14.6%	800 bps
Other Income	33	18		134	99
Depreciation	47	41		175	132
EBIT	147	117	25.3%	563	317	77.7%
EBIT Margin %	18.7%	17.2%	-150 bps	21.0%	13.2%	780 bps
Finance Cost	1	0		4	3
Profit before Tax	146	117	24.8%	559	314	78.1%
Tax	39	29		143	80
Profit / (Loss) for the year	107	89	21.2%	417	234	78.2%
PAT Margins %	13.6%	13.0%	70 bps	15.6%	9.8%	580 bps

Q4 & FY26 Consolidated Profit & Loss Statement

Profit & Loss [Rs. Mn]	Q4FY26	Q4FY25	YoY / Bps	FY26	FY25	YoY / Bps
Revenue from Operations	2,049	1,875	9.3%	7,751	7,203	7.6%
COGS	856	728		2,937	3,009
Gross Profit	1,193	1,147	4.0%	4,814	4,194	14.8%
GP Margin %	58.2%	61.2%	-300 bps	62.1%	58.2%	390 bps
Employee Cost	508	488		2,147	2,058
Other Expenses	331	407		1304	1,496
Adjusted EBITDA	355	251	41.3%	1,363	640	113.1%
Adjusted EBITDA Margin %	17.3%	13.4%	390 bps	17.6%	8.9%	870 bps
ESOP Costs & WHT Provision	20	89		73	156
Provision on account of New Labour Code	2	-		26	-
Reported EBITDA	333	162	105.9%	1,264	484	161.1%
Reported EBITDA (%)	16.2%	8.6%	760 bps	16.3%	6.7%	960 bps
Other Income	59	26		207	145
Depreciation	97	81		357	276
EBIT	295	106	177.2%	1,115	353	215.3%
EBIT Margin %	14.4%	5.7%	870 bps	14.4%	4.9%	950 bps
Finance Cost	19	16		55	55
Profit before Tax	276	90	207.8%	1,059	298	255.0%
Tax	76	29		237	89
Profit / (Loss) for the year	200	61	229.5%	822	210	292.0%
PAT Margins %	9.8%	3.2%	650 bps	10.6%	2.9%	770 bps

Consolidated Balance Sheet

RICHARD

Assets (Rs. Mn)	Mar-26	Mar-25
Non - Current Assets	4,699.6	3,606.6
Property Plant & Equipment's	3,256.5	2,770.8
CWIP	412.6	235.9
Goodwill	269.9	258.7
Intangible assets	179.9	85.2
Intangible Assets Under Development	109.5	80.4
Financial Assets
Investments	1.4	1.1
Others	274.6	11.7
Loans	22.5	17.1
Deferred Tax Assets (Net)	42.0	30.7
Income Tax Asset	14.8	30.6
Other Non - Current Assets	116.0	84.4
Current Assets	5,327.9	5,273.4
Inventories	1,721.3	1,617.2
Financial Assets
(i)Trade receivables	1,319.3	1,349.9
(ii)Cash and cash equivalents	964.1	900.5
(iii)Bank balances other than cash and cash equivalents	1,054.2	1,080.4
Other Financial Assets	56.5	58.3
Current Tax Assets (Net)	22.8	24.3
Other Current Assets	189.8	242.8
Total Assets	10,027.6	8,880.0
Equity & Liabilities (Rs. Mn)	Mar-26	Mar-25
---	---	---
Total Equity	7,490.7	6,140.4
Share Capital	385.6	382.2
Other Equity	7,064.6	5,728.6
Instruments entirely equity in nature
Non-Controlling Interest	40.5	29.6
Non-Current Liabilities	774.8	931.3
Financial Liabilities
(i) Borrowings	374.2	723.9
(ii) Lease Liabilities	44.2	9.2
(iii) Others	1.6
Provisions	157.7	140.1
Deferred Tax Liabilities	8.8	6.3
Other non-current liabilities	188.3	51.8
Current Liabilities	1,762.1	1,808.4
Financial Liabilities
(i) Borrowings	368.6	251.8
(ii) Trade Payables	739.5	813.8
(iii) Lease Liability	18.4	12.5
(iv) Other Financial Liabilities	209.8	221.4
Other Current Liabilities	280.1	345.2
Provisions	103.3	112.3
Income tax liabilities (net)	42.3	51.4
Total Equity & Liabilities	10,027.6	8,880.0

WISHAGH

Consolidated Abridged Cash Flow Statement

Particulars (Rs. Mn)	FY26	FY25
Net Profit Before Tax	1,059.8	298.4
Adjustments for: Non -Cash Items / Other Investment or Financial Items	389.5	368.0
Operating profit before working capital changes	1,449.2	666.3
Changes in working capital	(121.0)	112.4
Cash generated from Operations	1,328.3	778.8
Direct taxes paid (net of refund)	(243.5)	(129.2)
Net Cash from Operating Activities	1,084.8	649.5
Net Cash from Investing Activities	(1,168.2)	(815.9)
Net Cash from Financing Activities	(282.4)	374.9
Net Decrease in Cash and Cash equivalents	(365.8)	208.4
Add: Cash & Cash equivalents at the beginning of the period	900.4	507.2
Effects of exchange rate changes on cash and cash equivalents	430.2	162.5
Cash & Cash equivalents at the end of the period	964.1	900.4

2 ABOUT US

About Rishabh Instruments

RISHABH

Rishabh Instruments Limited - A Leading Global Energy Efficiency Solution Provider

Established in 1982

Rishabh Instruments Limited is a leading engineering company to design, develop and manufacture Global Energy Efficiency Solutions.

We are the Global leaders in manufacturing & supply of

analog panel meters,
low voltage current transformers

with 99% of manufacturing done in-house

Global Customers

Product Lines

Countries Served

As of March 31, 2026

Company Timeline

WESTLAND

*Lubuskie Zakłady Aparatów Elektrycznych "Lumel" Spółka akcyjna

2016 - Restructured Lumel® into Lumel SA and Lumel Alucast

Diversified Product Portfolio...

I/R

WISHAGAR

Electrical and Electronic Instruments (EEI)

I/O Converter

Temperature Controller

Temperature and Humidity Recorder

Analog Panel Meter

Current Transformer

Rotary CAM Switch

Digital Multi meter

Digital Clamp Meter

Digital Insulation Tester

Solar String Invertors

High Pressure Die Casting (HPDC)

Aluminium die casts

End User Segment - Industries Catering

Strategic move to cater to Emerging segments for Future

Smart Cities

Electric Vehicles Battery Comps

Industrial Automation 5.0

Smart Retail

RISHABH

... with Leading Market Positioning in Key Segments...

Electrical and Electronic Instruments (EEI)

#1

1st player in Electrical transducers in India
The most popular brand in Poland for meters, controllers and recorders (Lumel)

#1

First company in India to Design, Develop and Manufacture Solar String Inverters end to end

#2

2nd player in Portable test and measuring instruments (multimeter and clamp meter)

#3

3rd player in the Digital Panel Meters in India
Global leader in manufacturing and supply of Analog panel meters and manufacturing and supply of Low voltage current transformers
Top player in Split Core Current Transformers in India

High Pressure Die
Casting (HPDC)

3mn

Aluminum cast housings produced for car compressors
Leading player in non-ferrous pressure castings in Europe and melts 20 tons of aluminum and produces 35,000 castings per day (Lumel*)

Rishabh Group – Well-Established Brands

RISHABH

LUMEL

V&A®

Sifam tinstey
PRECISION INSTRUMENTATION

LUMEL
A L U C A S T

MICROSYS
FUNDATIONAL ASSOCIATION

*Lubuskie Zakłady Aparatów Elektrycznych "Lumel" Spółka akcyjna

WISNADV

... and Manufacturing Presence across Geographies...

Our 5 Manufacturing units are in India, Poland and China and 2 modifications center are in UK and US

Large facilities with an average spread area of 10,000+ sq. mt.

Current Capacity utilisation is at 62.0% p.a.*

Skilled workforce of 750 personnels*

In house R&D team of 160 members*

Manufacturing

Modification Office

Marketing Office

Headquarter

Sales network

*data for FY26

Map not to scale. All data, information and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness. 19

With five State of the Art Facilities...

RICHARD

Nashik | Indian Manufacturing Facilities
Facility 1 spread over 10,240 sq. mt.

Facility 2 spread over 9,195 sq. mt.

Poland | Polish Manufacturing Facilities
Facility 1 spread over 12,000 sq. mt.

Facility 2 spread over 17,000 sq. mt.

And two Modification Centres...

WISNAGH

Shanghai | China Manufacturing Facility

Czech Republic | SCADA Software Company

Sifam Tinsley | Modification Centre

WISNAGE

... and Marquee Clientele Base with long standing relationship

ABB

AMPTRON

ELKO

Bhawani

INFRACON PVT. LTD.

DASH

control systems

Endress+Hauser

Lucy

Electric

Hitachi Energy

gama electrical

Trading L.L.C.

pronutec

g or l an

SAFETY

TEST

INOX

SOLAR ENERGY

SCTM SangChaiMeter

PEREL OY

Hical

the highest reliability

MANTRA

SIEMENS

Amogeo

BOLAR

MIRIRE Channel Partner

Balcon

L&T Electrical & Automation

Note: The Brand Names mentioned are the property of their respective owners and are used here for identification purpose only 22

RICHARD

... serving through our in-house ample capacities

Total Capacity Utilisation

Capacity Utilisation - Total of all Manufacturing Facilities (All Products)	Utilization %
As of March 31, 2026	62.0%
As of March 31, 2025	56.1%
As of March 31, 2024	55.8%
As of March 31, 2023	50.3%
As of March 31, 2022	45.3%
As of March 31, 2021	46.2%

Note: Details mentioned in the table with respect to capacity utilization is based on assumption on number of shifts per day and number of working days in a week and number of weeks in a financial year for all manufacturing facilities. This may change with increase in shifts and/or increase in working hours.

Capex Plans

Following approvals, construction is near completion at our Nasik facility, which is set to double its built-up area with the addition of two new buildings,
one five-storied and
another seven-storied,
to be equipped with advanced SMT lines, molding machines, and related machinery.
New state-of-the-art SMT line with online AOI and Xray will be installed in a clean room to increase the capacity & quality of our digital products and EMS business.
It will double our capacity for CT, APM, Shunts, Cam switches, tool room and plastic injection.
At Lumel Alucast - the 1.5 MW solar rooftop is now operational. It underscores our commitment to green energy and environmental stewardship.

Backed by History of Strong Acquisition's

HISTORY

Successful Integration of Acquired Businesses across Geographies to drive growth

Successful integration of acquired businesses has led to cost-competitiveness and de-risking of customer supply chains

3 Growth Drivers

Our Core Expertise

WISNADY

Strong and demonstrated management capabilities

Acquired a loss-making business in Europe in 2012 and turnaround the company to 18% EBITDA margin

Ability to drive technology and innovation through advanced and accredited R&D capabilities

New product launch contributed to around 10% incremental growth to our topline

Vertically integrated operations, backed by strong manufacturing capabilities

Strategic integration with Aluminum die-casting business

Strong and diversified Product Portfolio and Services

0.13mn Product SKU's and 0.9mn Product Spares SKU's

Wide customer base backed by well-established capacities and brand recognition

35.5mn Installed Capacity of products per annum

Vertically Integrated Business Model

RISHABH

Vertical Integration with Die-casting business to produce moulds

Post Lifecycle Support

Drives efficiency and consumer value

Product Launch

Reaches retailers and consumers at the right place and time

Product Conceptualization

Uncovers the unarticulated needs of consumers

Development / Prototyping

Translates consumer desires into new products

Sample Batch Production

Shapes purpose-inspired, benefit-driven brands

Vertically integrated facilities result in focused innovation with Cost Competitiveness and Superior Quality Control with full in-house manufacturing

In-House R&D Capabilities

WASHING

3 Design Registrations

Multimeter, current and voltage transducer, power transducer in India

2 Global Patents

Clamp meters with rotary jaw mechanism and clamp meter safe trigger mechanism

8 R&D Centres

5 in India*, 2 in Poland and 1 in China

Launched and developed technology through continuous R&D

Clamp Meter

Invented and patented the rotary jaw mechanism and safe trigger mechanism for clamp meters

Tester

Developed Insulation Testers, and we are an emerging player in India

Software

Developed a software MARC, which allowed to integrate software solutions to its products

*Department of Scientific & Industrial Research Recognized R & D center at both the manufacturing facilities of Nashik

Key Growth Strategies

RISHABH

The company continues to pursue strategy for inorganic growth by developing synergies within the acquired business and actively looking for new acquisitions

Industry Growth Drivers

RISHABH

01

Electronics & Semiconductor

Rising adoption of Industrial IoT solutions and integration of OT-IT shop floor
Emphasis on DER* expands the need for Metering, Control and Protection Device
Increase in infrastructure spends
The Indian solar string inverter market was valued at UU$ 778.1mn in 2022
Forecasted to grow at a CAGR of 10.6% to reach US $ 1,290mn in 2027

Renewables

02

Connected Vehicle/EV

Aluminum Die Casting expected to receive significant fillip from EVs
Integrated solutions of high-quality electronics / electrical automation products as well as aluminum die casting augurs well for light weighting of electric vehicles
PLI scheme will boost the domestic manufacturing of Advanced Automotive Technology (AAT) products
700 metro stations and 800 kms of metro lines will be commissioned in next five years

Policies

OEMs are gradually moving toward as-a-service models and are increasingly looking at initiatives to lower factory costs

Prestigious Awards received by Lumel SA

Lumel SA has received 3 prestigious awards, underscoring its exceptional performance and consistent growth over the past three years

FORBES DIAMONDS 2025

Distinguished among the elite companies featured in the prestigious Forbes Diamonds 2025 ranking. This award recognizes organizations that have demonstrated significant revenue growth, financial resilience, and exceptional management practices over the last three years.

Lumel sustained investment in cutting-edge technologies, sustainable development, and high-quality standards has been instrumental in achieving this distinction.

This recognition reaffirms the success of Lumel long-term strategy and solidifies Lumel's leadership in the automation industry.

BUSINESS GAZELLES 2024 & 2025

Three Years of Consistent Market Growth

December 2024

Awarded twice in a row in 2024 and 2025.

This is given for the performance for 3 consecutive years. Based on the performance from FY22-23-24 in 2024 and FY23-24-25 in 2025

INNOVATION AWARD

Honored twice consecutively with the 'Gazele Biznesu 2024' and 'Gazele Biznesu 2025' title by Puls Biznesu—a prestigious distinction awarded to companies that have maintained dynamic growth over the past three years.

As one of Poland's most respected rankings for small and medium-sized enterprises, this award is based on objective financial criteria, ensuring transparency and credibility.

It highlights Lumel's ability to achieve sustainable growth while continuously adapting to evolving market demands

Secured first place in the Innovation Category for medium-sized enterprises in the Lubuskie Voivodeship.

Presented by the Marshal of the Lubuskie Voivodeship, this award recognizes Lumel's ongoing commitment to research and development, technological progress, and innovation-led market leadership.

Over the last three years, Lumel has successfully introduced breakthrough solutions, further reinforcing Lumel position as an industry leader.

Rishabh Instruments Limited, along with LUMEL, received the Sardar Patel Unity Award 2025 for Excellence in Sustainable Materials for Energy Efficiency, presented by the Topnotch Foundation in Goa on April 11, 2025, in the presence of key dignitaries including Dr. Pramod Sawant, Smt. Hema Malini, and Shri Shripad Naik.

Grand AsiaOne Global Leadership Awards Gala 2025

Mr. Dinesh Musalekar, Managing Director & Group CEO of Rishabh Group of Companies, has been honoured with the prestigious title of Global Leader of the Year 2025 by AsiaOne Magazine

The award was presented during the Grand AsiaOne Global Leadership Awards Gala 2025 held in Dubai, a celebration that brought together visionary leaders and changemakers from across the world.

Mr. Musalekar was recognised for his outstanding ability to foster a culture where ideas transform into action, innovation drives progress, and leadership means empowering people and organisations to achieve meaningful global impact. His career has been consistently marked by growth, improvement, and far-reaching contributions across industries and continents.

Key Events/Order Wins in FY26

RISHABH

Lumel SA signs €5 million (~ Rs 50 Crores) contract – strategic partnership with a leading Germany based energy sector company

Lumel SA, has signed a significant contract with a leading Germany based company operating in the energy sector. The contract, valued at €5 million (~ Rs 50 Crores), covers the supply of advanced electronic devices that will play a critical role in supporting industrial automation initiatives within the energy industry. This agreement is valid through the end of 2026, with strong potential for extension based on performance and evolving project needs

Rishabh Instruments - As a leading global player in the Low Voltage CT segment, this order represents an important milestone in RIL's international growth strategy. It reinforces our position as a preferred partner for high-performance, reliable, and energy-efficient measurement solutions with customer-centric approach

Rishabh signs Euro €1mn (~₹10 Cr) contract with leading European Company

Lumel SA secures another €3mn (~ Rs 30 Crs) order with leading German Energy Company

The contract, valued at €3 million (~ ₹30 Crores), covers the supply of advanced electronic devices for industrial automation applications within the energy sector. The agreement is valid through the end of 2027, with potential for extension based on mutual agreement and project requirements. This marks the second order from the same customer, demonstrating the strength of the relationship and continued confidence in Lumel SA's capabilities and solutions

NORWEGI

HUGE Opportunity on Solar Business...

Market Opportunity

Launch of PM Suryaghar Muft Bijli Yojana, installing solar panels in 1 crore households. The 2024-25 Budget allocates Rs 7,327 crore to solar projects.

In-house R&D team has developed new single-phase invertors UNO ranging from 2.5KW to 6KW

New products launched - delivered 192% volume growth

Will become an INR 1,000 Mn business in next 3-4 years

8%

Revenue YoY growth in FY26 from Solar India Business

Italian Technology acquired from GEFRAN

Huge support by various government schemes

In-house R&D team added next generation inverters "NEO RADIUS" in 3 phases ranging from 3KW to 20KW and continue to develop up to 120 KW

Under R&D for cost optimisation

Easily Scalable with RIL existing distribution network

Introducing next generation solar inverters now made in India

Inverter with GSM based smart remote monitoring solution

MICROSYS - SCADA Software Co. in Czech Republic

ICROSYS

MICROSYS, spol. s r.o. company was established in 1991 as a Czech company with the headquarters in Ostrava

Engaged in development of PROMOTIC visualization software (SCADA) and implementation of applications in the field of industrial process automation

Focused on R&D of PROMOTIC, the visualization and control system for process automation

Strategic Focus

Software system for industrial process automation
Visualization and control systems for Process Automation
Continuous development tracking

Application Group

Measuring and regulation
Visualization and control
Remote transmissions
Information telemetric and control systems,
Control systems of technological processes

Services

Consultations, studies, offers, projects
System and application software
Delivery, installation
Complex solution
Services on warranty and post-warranty

Products

4 CORPORATE STRUCTURE

Corporate Structure at a Glance

WISHASH

Rishabh Instruments Limited

IR WISHADY

Experienced Board of Directors

Narendra Joharimal Goliya

Promoter, Executive Chairman

Experience: 40+ years in manufacturing and electrical industry
B.Tech from IIT-Bombay and an M.Sc from the Leland Stanford Junior University

Dineshkumar Musalekar

Managing Director & Group CEO

Experience: 30+ years in manufacturing and electrical industry
Previously associated with Avire India Pte and Otis Elevators India Ltd.
BE from Karnataka University & a Master's Degree from Somaiya Institute.

Lukasz Meissner

Independent Director

Holds a masters of economics diploma from the School of Economics, Poznan. He is a member of the Association of CCA
He was previously associated with PWC N.V. & Raben Group.

Rajendra Bagwe

Independent Director

Mechanical Engineer from VJTI, Mumbai, and holds an OPM degree from Harvard Business School, Boston, USA.
Directorships held in other companies Mittelstand Business Solutions Private Limited. & Reliable Technocrats Private Limited.

V. Subramaniam

Independent Director

He has completed executive programs from ISB, IIMA, and IIT Bombay, and holds a Blue Belt in Security from the Uptime Institute. He is trained in AI, ML, RPA, and has undergone internal leadership programs at Otis, including Executive Presence, Seventh Prism Framework, and ACE

Siddharth Bafna

Independent Director

Holds a bachelor's degree in commerce from University of Bombay & master's degree in BA from Fuqua School of Business, Duke University
An associate member of the ICAI. He is associated with Lodha & Co.

Astha Kataria

Independent Director

Holds a bachelor's degree in engineering from Pt. Ravishankar Shukla University, Raipur & a diploma in BF from The ICFAI University
She was previously associated with Ashoka Buildcon Limited.

Strong Management Team

WISHADY

Narendra Joharimal Goliya

Promoter, Executive Chairman

Experience: 40+ years in manufacturing and electrical industry
B.Tech from IIT-Bombay and an M.Sc from the Leland Stanford Junior University

Nitinkumar Deshpande

Head Marketing and Business Development

Associated with the Company since Jul-2018
Previously associated with ABB Limited, Siemens and Schneider Electric
BE (Elect) from Mumbai University, & an MBA from, Tilak Vidyapeeth, Pune

Dineshkumar Musalekar

Managing Director & Group CEO

Experience: 30+ years in manufacturing and electrical industry
Previously associated with Avire India Pte and Otis Elevators India Ltd.
BE from Karnataka University & a Master's Degree from Somaiya Institute.

Vishal Kulkarni

Chief Financial Officer

Associated with the Company since July, 2014
Previously associated with Techno Force (I), ThyssenKrupp India
M. Com (Pune University) and is an associate member of ICSI

Nishant Dudhoria

Additional GM – Strategy, Finance & PR

15+ years of global experience in corporate finance, investment banking, mergers and acquisitions, business strategy, valuation, financial modelling, and investor relations.
Holds an MBA in Global Banking and Finance from UK.

Mahesh Naval

Chief Operating Officer

Previously associated with Radiant Appliances, LG, Celetronix, Globatronix, and MIRC
BE in Electronics & Telecommunication and brings over 25 years of operational expertise

Awards and Accolades

WISHABH

Approvals and Certifications

Developed a new product series for single phase and three phase applications of revenue grade energy meters. The certification from NMI, Netherlands Lab opens up new avenues for European market.

Environmental Health and Safety Management System

Energy Saving Devices

Manufactures wide range of cost-effective process optimization products

Zero Carbon Emission – RoHS Compliant

Conservation of natural resources like energy, water by implementation of resource management program
Prevention of pollution, accidents and ill health due to implementation of good work practices

Environmental Health and Safety Management

Rural & Tribal Women Employment

The facilities at Nashik create employment opportunities for the local people especially the rural & tribal women thereby promoting women empowerment
Rishabh also focuses on skill development of its employees

Diversified Workforce

Employees include people from varied regions, countries & dialects

Corporate Social Responsibility

Rishabh Instruments' CSR activities cover various fields such as education, animal welfare, alleviating poverty, hunger and malnutrition, and empowerment of women

Corporate Social Responsibility

WISHAO

IIT Collaboration

Tied up with IIT Jodhpur to setup a center for innovation in Green Energy.

Started engagement with IIT Bombay as part of the ASPIRE (Applied Science Park for Innovation Research & Entrepreneurship) where RIL will be working on innovative ideas in the field of Energy and instrumentation.

Sponsor to Embassy of India in Poland

Lumel as an official sponsor supported the Embassy of India to promote Indian culture in Poland during 26th January 2024 Republic Day Celebrations

Education Sponsor

Lumel in association with Zielona Gora University, Poland runs Masters Degree course in Production Management. We are currently running the 2nd batch of students for III semesters of Masters Program. The sponsored Indian students are supported by Lumel for expenses including tuition fees, accommodation etc.

5 Historical Financial Highlights

IR RESEARCH INSTITUTE

Historical Consolidated Profit & Loss Statement

Profit and Loss (Rs. Mn)	FY26	FY25	FY24	FY23	FY22	FY21
Revenue from Operations	7,751	7,203	6,897	5,695	4,703	3,900
Cost of Goods Sold	2,937	3,009	2,899	2,563	1,972	1,562
Gross Profit	4,814	4,194	3,998	3,132	2,731	2,337
Gross Profit Margin	62.1%	58.2%	58.0%	55.0%	58.1%	59.9%
Employee Cost	2,147	2,058	1,786	1,451	1,257	1,149
Other Expenses	1304	1,496	1,257	840	743	613
Adjusted EBITDA	1,363	640	955	841	730	575
Adjusted EBITDA Margin	17.6%	8.9%	13.9%	14.8%	15.5%	14.7%
ESOP Costs + Labour Code	99	116	207	80	-	-
Withholding Tax Provision	-	40	36	-	-	-
Reported EBIDTA	1,264	484	712	761	730	575
Reported EBIDTA (%)	16.3%	6.7%	10.3%	13.4%	15.5%	14.7%
Other Income	207	145	116	102	97	125
Depreciation	357	276	276	205	200	211
EBIT	1,115	356	551	659	627	489
EBIT Margin	14.4%	4.9%	8.0%	11.6%	13.3%	12.5%
Finance Cost	55	55	41	52	34	32
Profit Before Tax	1,059	298	511	607	592	458
Profit Before Tax Margin	13.7%	4.2%	7.4%	10.7%	12.6%	11.7%
Tax	237	89	112	110	96	99
Profit After Tax	822	210	399	497	497	359
Profit After Tax Margin	10.6%	2.9%	5.8%	8.7%	10.6%	9.2%
Basic EPS	21	6	11	13	13	9

Historical Consolidated Balance Sheet

WISINA OIL

Assets (Rs. Mn)	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21
Non - Current Assets	4,699.6	3,606.6	2,917.9	2,391.6	2,313.6	2,320.9
Property Plant & Equipment's	3,256.5	2,770.8	2,395.9	1,926.0	1,943.5	1,980.8
CWIP	412.6	235.9	123.9	76.2	51.3	20.7
Goodwill	269.9	258.7	220.9	213.4	210.6	211.6
Intangible assets	179.9	85.2	34.4	52.7	42.0	51.2
Intangible Assets Under Dvt.	109.5	80.4	48.7	-	-	-
Financial Assets
Investments	1.4	1.1	2.0	2.2	2.1	1.9
Others	274.6	11.7	6.9	6.8	34.6	23.1
Loans	22.5	17.1	-	-	-	-
Deferred Tax Assets (Net)	42.0	30.7	25.0	21.2	17.3	15.5
Income Tax Asset	14.8	30.6	23.7	-	-	-
Other Non - Current Assets	116.0	84.4	36.5	93.2	12.1	16.3
Current Assets	5,327.9	5,273.4	4,892.7	4,097.7	3,325.3	2,798.8
Inventories	1,721.3	1,617.2	1,747.1	1,535.1	1,284.2	794.1
Financial Assets
(i)Trade receivables	1,319.3	1,349.9	1,294.2	1,209.0	799.8	683.2
(ii)Cash and cash equivalents	964.1	900.5	507.2	665.6	462.4	543.3
(iii)Bank balances other than cash and cash equivalents	1,054.2	1,080.4	1,040.0	394.9	588.9	635.9
Other Financial Assets	56.5	58.3	72.2	21.5	24.1	24.9
Current Tax Assets (Net)	22.8	24.3	7.1	8.7	4.95	1.3
Other Current Assets	189.8	242.8	224.9	262.9	161.0	116.0
Total Assets	10,027.6	8,880.0	7,810.6	6,489.3	5,638.9	5,119.7
Equity & Liabilities (Rs. Mn)	Mar-26	Mar-25	Mar-24	Mar-23	Mar-22	Mar-21
---	---	---	---	---	---	---
Total Equity	7,490.7	6,140.4	5,637.7	4,087.5	3,461.0	3,021.3
Share Capital	385.6	382.2	382.1	292.5	146.3	146.3
Other Equity	7,064.6	5,728.6	5,208.1	3,609.6	3,150.5	2,738.2
Instruments entirely equity in nature	-	-	-	108.2	108.2	108.2
Non-Controlling Interest	40.5	29.6	47.6	77.2	56.1	28.7
Non-Current Liabilities	774.8	931.3	323.3	396.1	469.3	648.7
Financial Liabilities
(i) Borrowings	374.2	723.9	152.3	258.4	336.2	454.8
(ii) Lease Liabilities	44.2	9.2	17.1	6.2	0.6	68.5
(iii) Others	1.6	-	-	-	-	-
Provisions	157.7	140.1	120.8	81.8	70.8	71.8
Deferred Tax Liabilities	8.8	6.3	33.1	49.7	61.8	53.6
Other Non Current Liabilities	188.3	51.8
Current Liabilities	1,762.1	1,808.4	1,842.5	2,005.7	1,708.6	1,449.8
Financial Liabilities
(i) Borrowings	368.6	251.8	396.0	770.2	629.5	464.7
(ii) Trade Payables	739.5	813.8	788.8	828.5	678.3	621.5
(iii) Lease Liability	18.4	12.5	11.0	24.0	66.9	71.3
(iv) Other Financial Liabilities	209.8	221.4	190.0	105.6	143.6	113.0
Other Current Liabilities	280.1	345.2	344.2	216.9	144.9	110.8
Provisions	103.3	112.3	95.2	60.6	44.3	49.4
Income tax liabilities (net)	42.3	51.4	24.3	-	-	-
Total Equity & Liabilities	10,027.6	8,880.0	7,810.6	6,489.3	5,638.9	5,119.7

IRR
HOSPITAL

Historical Consolidated Abridged Cash Flow Statement

Particulars (Rs. Mn)	FY26	FY25	FY24	FY23	FY22	FY21
Net Profit Before Tax	1,059.8	298.4	510.5	607.2	592.4	458.0
Adjustments for: Non -Cash Items / Other Investment or Financial Items	389.5	368.0	469.0	285.4	166.8	196.4
Operating profit before working capital changes	1,449.2	666.3	979.5	892.6	759.2	654.4
Changes in working capital	(121.0)	112.4	-104.12	-484.6	-515.3	-54.2
Cash generated from Operations	1,328.3	778.8	875.33	408.0	243.9	600.2
Direct taxes paid (net of refund)	(243.5)	(129.2)	(115.0)	(132.9)	111.1	70.8
Net Cash from Operating Activities	1,084.8	649.5	760.3	275.1	132.8	529.3
Net Cash from Investing Activities	(1,170.1)	(815.9)	-1,321.4	-27.2	-107.6	-208.4
Net Cash from Financing Activities	(281.3)	374.9	226.4	-45.0	-70.7	-230.2
Net Decrease in Cash and Cash equivalents	(366.6)	208.4	-334.6	202.9	-45.5	90.7
Add: Cash & Cash equivalents at the beginning of the period	900.4	507.2	665.7	462.4	543.3	428.4
Effects of exchange rate changes on cash and cash equivalents	430.2	162.5	176.2	0.3	-35.4	24.1
Cash & Cash equivalents at the end of the period	964.1	900.4	507.2	665.7	497.8	519.2

Thank You..
For more information, please contact

Rishabh Instruments Limited
CIN - L31100MH1982PLC028406

Mr. Ajinkya Joglekar (CS)
[email protected]

Mr. Nishant Dudhoria (AGM – Strategy, Finance and PR)
[email protected]
www.rishabh.co.in

AI assistant

Rishabh Instruments Limited — Investor Presentation 2026

59745_rns_2026-05-18_1e061c3a-5a24-4f69-8d80-0c587a9e36ff.pdf

RISHABH INSTRUMENTS LIMITED

1 FINANCIAL PERFORMANCE

Q4 & FY26 Standalone Financial Highlights

Q4 & FY26 Consolidated Financial Highlights

Q4 & FY26 Segment Financial Highlights

Margin Profile on a Growth Trajectory

Key Highlights

FY26 Product & Geography wise Revenue

Key Highlights

Q4 & FY26 Standalone Profit & Loss Statement

Q4 & FY26 Consolidated Profit & Loss Statement

Consolidated Abridged Cash Flow Statement

2 ABOUT US

Rishabh Instruments Limited - A Leading Global Energy Efficiency Solution Provider

Established in 1982

Electrical and Electronic Instruments (EEI)

End User Segment - Industries Catering

Electrical and Electronic Instruments (EEI)

#1

#1

#2

#3

3mn

... and Manufacturing Presence across Geographies...

Capex Plans

3 Growth Drivers

Vertical Integration with Die-casting business to produce moulds

Post Lifecycle Support

Product Launch

Product Conceptualization

Development / Prototyping

Sample Batch Production

3 Design Registrations

2 Global Patents

8 R&D Centres

Launched and developed technology through continuous R&D

Clamp Meter

Tester

Software

01

Electronics & Semiconductor

Renewables

02

Connected Vehicle/EV

Policies

Prestigious Awards received by Lumel SA

FORBES DIAMONDS 2025

BUSINESS GAZELLES 2024 & 2025

INNOVATION AWARD

HUGE Opportunity on Solar Business...

Market Opportunity

8%

Introducing next generation solar inverters now made in India

Strategic Focus

Application Group

Services

Products

4 CORPORATE STRUCTURE

Experienced Board of Directors

Narendra Joharimal Goliya

Dineshkumar Musalekar

Lukasz Meissner

Rajendra Bagwe

V. Subramaniam

Siddharth Bafna

Astha Kataria

Narendra Joharimal Goliya

Promoter, Executive Chairman

Nitinkumar Deshpande

Head Marketing and Business Development

Dineshkumar Musalekar

Managing Director & Group CEO

Vishal Kulkarni

Chief Financial Officer

Nishant Dudhoria

Additional GM – Strategy, Finance & PR

Mahesh Naval

Rishabh Instruments Limited Investor Presentation 2026