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Rishabh Instruments Limited (RISHABH)

₹686.35 +2.33% last close, 16 Oct

📊 NSE: RISHABH 🏢 Electric Equipment 📢 Latest filing: 01 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Rishabh Instruments' revenue was ₹198 Cr (+4.4% year on year, -3.2% on the previous quarter), and net profit ₹19.4 Cr (-3.2% year on year); the operating margin was 16.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹198	+4.4%	-3.2%
Operating profit	₹33.3	+19.0%	+0.1%
Net profit	₹19.4	-3.2%	-3.3%
EPS (₹)	4.93	-3.9%	-3.7%
Operating margin	16.8%	—	—

Full quarterly financials → Results calendar →

RISHABH delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 54.88% of the RISHABH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.68%. The price rose 2.33% on that unusually high delivery, the pattern the delivery dashboard labels accumulation.

54.88%Delivery, 16 Oct

45.68%Own 20-session average

1.0×Volume vs its average

₹686.35NSE close · +2.33%

Delivery in the last 5 sessions: 43.7% · 36.6% · 52.6% · 53.7% · 54.9%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Rishabh Instruments Allots 4,400 Equity Shares Under ESOP 2022 Scheme B

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 05:47 PM

Rishabh Instruments Limited has approved the allotment of 4,400 equity shares of face value Rs. 10 each to eligible employees under its Employee Stock Option Plan 2022 – Scheme B. Consequent to this allotment, the company's paid-up equity share capital increases marginally from Rs. 38,69,25,720 (3,86,92,572 shares) to Rs. 38,69,69,720 (3,86,96,972 shares). The new shares rank pari-passu with the existing equity shares of the company.

Allotment of 4,400 equity shares of face value Rs. 10 each under ESOP 2022 – Scheme B
Paid-up share capital increases from Rs. 38,69,25,720 to Rs. 38,69,69,720
Total outstanding shares increase from 3,86,92,572 to 3,86,96,972 equity shares
Allotted shares rank pari-passu with existing equity shares

💡 Track the listing of the newly allotted 4,400 shares on BSE and NSE; no financial or operational impact requires strategic repositioning.

Rishabh Clarifies on Media Reports of Promoter Stake Sale at >Rs 3,000 Cr Valuation

🔵 WATCH ⭐ 7/10

M&A 📅 21 Aug 2026, 03:11 PM

Rishabh Instruments responded to a CNBC-TV18 report alleging that promoters are in talks to sell a controlling stake (part of their 69.55% holding) to suitors including a German entity at a valuation exceeding Rs 3,000 crore. The company clarified that at this stage, it has no material event or information requiring disclosure under SEBI Regulation 30. The reported valuation of over Rs 3,000 crore represents a premium to its current market capitalization of approximately Rs 2,602 crore.

Responded to CNBC-TV18 report from August 20, 2026, regarding potential promoter stake sale
Media report alleged talks to sell controlling interest out of nearly 70% promoter stake
Report cited an expected transaction valuation of over Rs 3,000 crore
Company stated that at this stage, no material event or information requires disclosure under Regulation 30

💡 Track subsequent exchange disclosures or clarifications regarding promoter shareholding and potential corporate actions, alongside regular quarterly performance updates.

Rishabh Instruments Q1 FY27 Concall: Revenue at ₹198.3 Cr (+4.2% YoY), EBITDA Margin at 16.8%

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 20 Aug 2026, 04:47 PM

Rishabh Instruments reported Q1 FY27 consolidated revenue of ₹198.3 Cr (INR 1,983 mn), up 4.2% YoY, with consolidated EBITDA rising 17.3% YoY to ₹33.3 Cr (16.8% margin) and PAT of ₹19.4 Cr. Growth was led by the Electrical and Electronics Instrumentation (EEI) segment, which surged 34% YoY with ~24% EBITDA margin. International subsidiary Lumel S.A. grew revenue by 39% YoY, contributing 50% to consolidated PAT, while Lumel Alucast maintained operating breakeven (adjusted EBITDA at -6.4%). Management confirmed ongoing capacity doubling in Current Transformers (CT) and partial commissioning of the new Nashik manufacturing plant.

Q1 FY27 consolidated revenue stood at INR 1,983 mn (+4.2% YoY) and EBITDA at INR 333 mn (+17.3% YoY).
EEI segment delivered 34% YoY revenue growth with an EBITDA margin of ~24%.
Lumel S.A. grew 39% YoY with a 24% EBITDA margin, contributing 50% to Q1 FY27 consolidated PAT.
India standalone business posted 25.6% YoY growth with a 22.9% EBITDA margin.
Management highlighted plans to close to double Current Transformer (CT) capacity and launch >15 new products in FY27.

💡 Track the EBITDA breakeven timeline for Lumel Alucast by FY27-end, commercial ramp-up of the Nashik plant, and traction in the solar inverter segment.

Rishabh Instruments Uploads Audio Recording for Q1 FY27 Earnings Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Aug 2026, 08:02 PM

Rishabh Instruments Limited has made available the audio recording for its Q1 FY 2026-27 earnings conference call held on August 17, 2026. The recording has been uploaded to the investor relations section of the company's website pursuant to SEBI Listing Regulations. The formal written transcript of the call will be submitted to the stock exchanges in due course.

Audio recording for Q1 FY 2026-27 earnings call uploaded on August 17, 2026
Earnings conference call was conducted on August 17, 2026
Full written transcript to be submitted to stock exchanges in due course

💡 Investors seeking qualitative details on Q1 FY27 execution and sector demand can access the recording on the company's website or review the upcoming transcript.

Q1FY27 Deck: Cons. Revenue ₹198.3 Cr (+4.2% YoY), EBITDA Up 17.3% to ₹33.3 Cr

🟢 POSITIVE ⭐ 5/10

EARNINGS 📅 16 Aug 2026, 05:44 PM

Rishabh Instruments published its Q1FY27 investor presentation, reporting consolidated revenue growth of 4.2% YoY to ₹198.3 Cr and reported EBITDA growth of 17.3% YoY to ₹33.3 Cr, expanding EBITDA margins by 190 bps to 16.8%. Net profit remained roughly flat at ₹19.4 Cr (-1.4% YoY) owing to higher tax and depreciation expenses. Performance was led by the Electrical & Electronic Instruments (EEI) segment, where revenue climbed 34.0% YoY to ₹154.0 Cr and adjusted EBITDA surged 69.1% YoY to ₹38.2 Cr. High Pressure Die Casting (HPDC) revenue contracted 41.2% YoY to ₹44.3 Cr as the company actively exited lower-margin contracts, targeting full-year adjusted EBITDA breakeven.

Consolidated revenue grew 4.2% YoY to ₹198.3 Cr, while reported EBITDA rose 17.3% YoY to ₹33.3 Cr (16.8% margin).
EEI segment revenue jumped 34.0% YoY to ₹154.0 Cr with adjusted EBITDA up 69.1% YoY to ₹38.2 Cr (24.8% margin).
HPDC segment declined 41.2% YoY to ₹44.3 Cr following intentional exit from low-margin contracts; posted an adjusted EBITDA loss of ₹2.8 Cr.
Standalone business posted robust performance with revenue up 25.6% YoY to ₹77.6 Cr and PAT up 20.2% YoY to ₹11.9 Cr.
Europe generated 70.8% of consolidated revenue during Q1FY27, followed by Asia at 24.1%.

💡 Track execution in filling HPDC capacity with higher-margin contracts to achieve targeted FY27 EBITDA breakeven, alongside order momentum in the high-margin EEI portfolio.

₹750 Million IPO Fund Update: Rishabh Instruments Reports Progress on Nashik Expansion

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 14 Aug 2026, 04:51 PM

Rishabh Instruments has provided a status update on the utilization of ₹750 million raised through its September 2023 IPO. The company is proceeding with a modified plan approved in September 2024, which split the Nashik expansion into two separate facilities. As of June 30, 2026, the company has utilized ₹269.78 million for Facility I and ₹267.41 million for Facility II. No new deviations or variations were reported for the current quarter, indicating steady deployment of capital toward manufacturing capacity.

Total IPO proceeds of ₹750.00 Million raised on September 11, 2023.
Shareholder approval for reallocation of ₹300.00 Million from Facility I to Facility II obtained on September 13, 2024.
Nashik Facility II utilization reached ₹267.41 Million against its ₹300.00 Million allocation.
Nashik Facility I utilization reached ₹269.78 Million against a modified ₹321.80 Million allocation.
General Corporate Purpose (GCP) funds utilized stand at ₹77.20 Million.

💡 Monitor the final commissioning of Nashik Manufacturing Facility II, as approximately 89% of its allocated budget has already been utilized.

Rishabh Instruments Q1 FY27: Consolidated Revenue up 4.2% YoY to ₹198.3 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 14 Aug 2026, 04:48 PM

Rishabh Instruments reported a consolidated revenue of ₹198.28 Cr for Q1 FY27, a modest 4.2% increase from ₹190.33 Cr in the same quarter last year. Standalone performance was significantly stronger, with revenue growing 25.6% YoY to ₹77.60 Cr and net profit rising 20.1% to ₹11.87 Cr. The European market remains the company's primary revenue driver, contributing ₹123.99 Cr or 62.5% of total consolidated sales. While standalone margins remain healthy, consolidated revenue saw a slight sequential decline from ₹204.86 Cr in Q4 FY26.

Consolidated revenue for Q1 FY27 stood at ₹198.28 Cr, representing approximately 37.8% of the TTM revenue of ₹524 Cr.
Standalone net profit increased by 20.1% YoY to ₹11.87 Cr compared to ₹9.88 Cr in Q1 FY26.
Europe segment revenue contributed ₹123.99 Cr, although it remained nearly flat compared to ₹134.70 Cr in the previous year's quarter.
Standalone revenue from operations grew to ₹77.60 Cr from ₹61.78 Cr in the year-ago period.
Total standalone expenses rose by 24.5% YoY to ₹64.25 Cr, primarily driven by a 46.8% increase in material consumption costs.

💡 Monitor the growth trajectory of the standalone India business which is outperforming the consolidated entity. Investors should also track the recovery of European demand and the company's progress toward its ₹100 Cr EBITDA target.

Rishabh Instruments schedules Q1 FY27 earnings call for August 17, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Aug 2026, 05:43 PM

Rishabh Instruments has scheduled its Q1 FY27 earnings conference call for Monday, August 17, 2026, at 5:00 PM IST. The management team, including the Promoter and Executive Chairman, MD & CEO, and CFO, will discuss the financial and operational performance for the quarter ended June 30, 2026. This follows a fiscal year where the company reported TTM revenue of ₹524 Cr and a PAT of ₹60 Cr. Investors will likely seek updates on the company's stated goal of reaching ₹100 Cr EBITDA and its expansion progress in the US and Middle East markets.

Earnings conference call scheduled for August 17, 2026, at 17:00 IST
Discussion to cover financial and operational performance for the quarter ended June 30, 2026
Key management participants include Mr. Narendra Goliya (Promoter & Executive Chairman) and Mr. Dineshkumar Musalekar (MD & CEO)
Company reported TTM revenue of ₹524 Cr and TTM PAT of ₹60 Cr as per latest available data
Universal dial-in numbers provided: +91 22 6280 1488 / +91 22 7115 8869

💡 Monitor the post-call transcript or recording for management commentary on the 12-15% topline growth target and the impact of aluminum price volatility on HPDC business margins.

500 Equity Shares Allotted under ESOP 2022 Scheme B

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Aug 2026, 06:14 PM

Rishabh Instruments Limited has allotted 500 equity shares of face value ₹10 each to eligible employees under its Employee Stock Option Plan 2022 – Scheme B. The allotment was finalized via a circular resolution on August 6, 2026. This results in a marginal increase in the total paid-up equity share capital from 3,86,61,920 to 3,86,62,420 shares. The dilution caused by this specific allotment is negligible at approximately 0.001%.

Allotment of 500 equity shares of face value ₹10 each fully paid-up
Total paid-up equity capital increased to ₹38,66,24,200
Allotment conducted under the Rishabh Instruments Limited Employee Stock Option Plan 2022 – Scheme B
New shares rank pari-passu with existing equity shares of the company

💡 No action is required as this is a routine administrative allotment with no material impact on share value or company fundamentals.

Rishabh Instruments Allots 500 Equity Shares Under ESOP 2022 Scheme

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Aug 2026, 06:11 PM

Rishabh Instruments Limited has allotted 500 equity shares of face value ₹10 each to eligible employees under its Employee Stock Option Plan 2022 – Scheme B. This allotment follows the exercise of stock options by employees. The total paid-up equity share capital has increased from 3,86,61,920 to 3,86,62,420 shares. Given the extremely small volume of shares issued, the dilution to existing shareholders is negligible.

Allotment of 500 equity shares of face value ₹10 each.
Total paid-up capital increased to ₹38,66,24,200 from ₹38,66,19,200.
The allotment was approved via a circular resolution passed on August 6, 2026.
Shares issued rank pari-passu with existing equity shares of the company.

💡 No action required as this is a routine administrative allotment with negligible impact on shareholding or financial metrics.

Rs 2.00 Dividend and Managing Director Appointment Approved at RISHABH AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 04 Aug 2026, 05:05 PM

Rishabh Instruments has released the voting results from its 43rd Annual General Meeting held on July 31, 2026. Shareholders approved a dividend of Rs 2.00 per equity share for FY26, representing a 20% payout on the face value of Rs 10. Key management changes were ratified, including the redesignation of Dineshkumar Musalekar as Managing Director. While most resolutions passed with high margins, the proposal to revise the Managing Director's remuneration saw a notable 9.07% dissent from voting shareholders.

Approved a dividend of Rs 2.00 per equity share for the financial year ended March 31, 2026.
Dineshkumar Musalekar redesignated from Whole-Time Director to Managing Director with 95.79% votes in favor.
Resolution for revised remuneration for the Managing Director passed with 90.92% approval and 9.07% dissent.
Adoption of FY26 Audited Standalone and Consolidated Financial Statements confirmed by 95.79% of votes cast.
Re-appointment of promoter-director Narendra Goliya approved with 95.62% support.

💡 Investors should monitor the dividend payment timeline and observe if the leadership transition impacts the company's stated strategy of 12-15% topline growth and expansion into the US and Middle East markets.

Rishabh Instruments Approves ₹2.00 Dividend and Appoints Managing Director at 43rd AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 31 Jul 2026, 01:44 PM

Rishabh Instruments concluded its 43rd Annual General Meeting on July 31, 2026, where shareholders approved a dividend of ₹2.00 per equity share for FY26. A key management change was the elevation of Mr. Dineshkumar Musalekar from Whole-Time Director to Managing Director, along with a revision in his remuneration. The company formally adopted its FY26 financial statements, which reported a TTM revenue of ₹524 Cr and a PAT of ₹60.41 Cr. The meeting was attended by 43 members representing approximately 1.65 crore shares.

Approved a dividend of ₹2.00 per equity share of face value ₹10 for FY26
Elevated Mr. Dineshkumar Musalekar to the position of Managing Director from Whole-Time Director
Adopted Audited Standalone and Consolidated Financial Statements for the year ended March 31, 2026
Ratified the remuneration for the Cost Auditor for the upcoming Financial Year 2026-27
Meeting attended by 43 members representing 1,65,64,324 shares via video conferencing

💡 Investors should monitor the official declaration of the dividend record date and the final voting results to be posted on the company website.

July 24, 2026 set as Record Date for Dividend and 43rd AGM

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 12 Jul 2026, 09:33 AM

Rishabh Instruments Limited has announced July 24, 2026, as the record date for determining shareholder eligibility for its upcoming dividend and voting rights at the 43rd Annual General Meeting. The company currently maintains a market capitalization of ₹2,527 Cr with a TTM PAT of ₹60 Cr. While the specific dividend amount per share was not detailed in this filing, the record date is a critical administrative milestone for shareholders. The company's financial health remains stable with a very low debt-to-equity ratio of 0.01.

Record date for dividend and AGM voting fixed for July 24, 2026
Company reported TTM Revenue of ₹524 Cr and TTM EPS of ₹15.65
Promoter holding remains stable at 69.55% as of March 2026
The company is preparing for its 43rd Annual General Meeting

💡 Investors should note the record date of July 24, 2026; shares must be purchased before the ex-dividend date to qualify for the payout. Monitor the AGM proceedings for the final dividend quantum approval.

July 24, 2026, set as Record Date for Dividend and 43rd AGM by Rishabh Instruments

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 09 Jul 2026, 05:30 PM

Rishabh Instruments has fixed July 24, 2026, as the record date for its 43rd Annual General Meeting and to determine eligibility for dividend payments. This follows a fiscal period where the company reported TTM revenue of Rs 524 Cr and a PAT of Rs 60 Cr. The announcement is a routine procedural requirement under SEBI Regulation 42. Shareholders must hold the stock by this date to be eligible for the upcoming dividend distribution.

Record date and cut-off date for voting rights fixed for July 24, 2026
The date determines eligibility for the dividend to be approved at the 43rd AGM
Applicable to equity shares listed on both NSE (RISHABH) and BSE (543977)

💡 Investors should check the upcoming AGM notice for the specific dividend amount per share and ensure holdings are in their demat account by the record date.

51% Export Contribution Highlighted in Rishabh Instruments' FY26 Sustainability Report

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Jul 2026, 05:26 PM

Rishabh Instruments has filed its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. The report confirms a high export reliance, with 51% of standalone turnover generated from international markets. The company operates two manufacturing plants in India and manages a network of eight subsidiaries across Poland, China, the US, and the UK. Standalone turnover for the period was reported at ₹267.62 cr, representing approximately 51% of the consolidated TTM revenue of ₹524 cr.

Exports accounted for 51% of the total standalone turnover in FY 2025-26
Standalone turnover for the financial year was reported at ₹267.62 cr
The company maintains 2 manufacturing plants and 8 offices within India
Total workforce as of March 31, 2026, consists of 442 employees and 289 workers
The company manages 8 subsidiaries globally, including Lumel S.A. in Poland and VA Instruments in China

💡 Investors should monitor the performance of international subsidiaries, particularly in Poland and the US, as these are critical to achieving the company's 12-15% topline growth target.

View All RISHABH Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 7.7% YoY to INR 196.3 Cr in Q2 FY26 and 9.9% YoY to INR 386.7 Cr in H1 FY26. Standalone Rishabh India business grew 12.1% YoY to INR 66 Cr in Q2 FY26 and 14.6% YoY to INR 127.8 Cr in H1 FY26. Lumel SA revenue grew 10.4% YoY in Q2 FY26 with a 33.6% sequential recovery over Q1 FY26. Lumel Alucast delivered 1% revenue growth in Q2 FY26.

Geographic Revenue Split

The group operates in 70+ countries with a bulk of revenue derived from overseas operations. Key regions include India, Poland, China, Middle East, South Africa, South America, Southeast Asia, USA, UK, and Germany. Standalone export demand is a primary driver for the 12.1% growth in the India business.

Profitability Margins

Consolidated Gross Margin improved by 835 bps to 57.1% in Q2 FY26. Standalone EBITDA margin stood at 26.1% for Q2 FY26. Consolidated PAT grew 475% YoY to INR 22.1 Cr in Q2 FY26 and 492% YoY to INR 41.7 Cr in H1 FY26. Historical PAT margin was 8.69% in FY23 compared to 10.52% in FY22.

EBITDA Margin

Consolidated EBITDA margin strengthened to 17% in Q2 FY26, a 1,129 bps improvement from 5.7% in Q2 FY25. Standalone EBITDA margin was 26.1% in Q2 FY26. Lumel SA reported EBITDA margins of 24.4% in Q2 FY26. The improvement is driven by the turnaround of the HPDC business and growing contribution from the high-margin EEI segment.

Capital Expenditure

The company raised INR 491 Cr through an IPO in FY24 to support growth and debt management. Debt repayment obligations are approximately INR 10-12 Cr over the medium term. Large debt-funded capex is identified as a downward rating risk factor.

Credit Rating & Borrowing

CRISIL Ratings maintains a 'Stable' outlook. Interest coverage ratio was 14.52 times in FY23. Gearing was healthy at 0.27 times as of March 31, 2023. Liquidity is supported by cash and equivalents of INR 208 Cr as of September 31, 2024.

⚙️ Operational Drivers

Raw Materials

Aluminum (for high-pressure die-casting) and electronic components for ICP and TMI products. Specific percentage of total cost not disclosed.

Import Sources

Sourced globally to support manufacturing facilities in Nashik (India), Poland, and China.

Capacity Expansion

Manufacturing facilities are located in Nashik, Poland, and China, with modification centers in the US and UK. The company is filling vacated capacity in the HPDC segment with high-margin contracts.

Raw Material Costs

Operating margins fell to 6.1% in H1 FY25 due to losses in the aluminum die-casting business, which is sensitive to raw material price fluctuations and energy costs.

Manufacturing Efficiency

Inventory levels were significantly reduced from 6-7 months to 3-4 months. On-time delivery lead times were reduced from 3 months to a few weeks across several product lines.

Logistics & Distribution

The group maintains 5 international and 8 domestic sales offices with 350+ global authorized dealers to manage distribution across 70+ countries.

📈 Strategic Growth

Expected Growth Rate

12-15%

Growth Strategy

Growth will be achieved through a 12-15% topline expansion in the electronics business, new product launches, and deeper penetration into the Middle East, US, and Africa. The company aims to reach INR 100 Cr EBITDA by the end of the financial year through operational leverage and high-margin contracts in the HPDC and EEI segments.

Products & Services

Industrial Control Products (transducers, analogue and digital panel meters), Testing and Measuring Instruments (hand-held multimeters, insulation testers), solar strings, and aluminum high-pressure die-casting products.

Brand Portfolio

Rishabh, Lumel.

New Products/Services

Continuous product additions in the ICP and TMI segments and expansion of the high-margin EEI segment are expected to drive margin expansion.

Market Expansion

Expanding sales presence in the Middle East, South Africa, South America, and Southeast Asia, with a focus on the US market.

Market Share & Ranking

Established leading position in the ICP and TMI business segments.

Strategic Alliances

Acquisitions of Lumel SA and Lumel Alucast in Poland have been central to geographic and product diversification.

🌍 External Factors

Industry Trends

The industry is shifting toward automation and higher operational efficiency. Rishabh is positioning itself by transitioning its HPDC business to high-margin contracts and expanding its electronics portfolio which is growing at 12-15%.

Competitive Landscape

Leading player in ICP and TMI; faces competition in the global aluminum die-casting and electronics manufacturing services markets.

Competitive Moat

Moat is built on vertically integrated operations, strong in-house R&D, and a global distribution network of 350+ dealers. These are sustainable due to established customer relationships and high switching costs for industrial control products.

Macro Economic Sensitivity

Sensitive to global industrial demand and geopolitical stability, as evidenced by the impact of the Russia-Ukraine war on Polish operations.

Consumer Behavior

Increasing demand for robust export-quality industrial instruments and energy-efficient control products.

Geopolitical Risks

The Russia-Ukraine war impacted the profitability of Polish subsidiaries in FY23; ongoing global uncertainties remain a monitored risk.

⚖️ Regulatory & Governance

Industry Regulations

Operations must comply with international manufacturing standards for electronic testing and measurement instruments across manufacturing sites in India, Poland, and China.

⚠️ Risk Analysis

Key Uncertainties

Turnaround of the aluminum die-casting business (HPDC) which reported operating losses in H1 FY25; impact of global geopolitical tensions on European subsidiaries.

Geographic Concentration Risk

Revenue is geographically diversified across 70+ countries, though European operations (Poland) represent a significant portion of consolidated performance.