Rishabh Instrum. Q1 FY27 Results (NSE: RISHABH)
Signal: Margin expansion
The read
The key inflection is continued margin expansion to 18.6%, up 200bps YoY and the fourth consecutive quarter of reported margin expansion in the recent series, but the trajectory is not yet clean because consolidated PAT fell 3.4% to ₹19.03 Cr even as standalone PAT rose 20.1% to ₹11.87 Cr and consolidated revenue growth moderated to 4.2%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹198.28 Cr | 4.2% | N/A |
| EBIT | ₹27.49 Cr | 9.3% | |
| Net profit | ₹19.03 Cr | -3.4% | |
| EPS | ₹4.93 | -3.9% | |
| EBIT margin | 18.6% |
P&L walk
Consolidated revenue increased 4.2% YoY to ₹198.28 Cr and EBITDA grew 13.2% to ₹36.96 Cr, lifting margin to 18.6%, but EBIT growth was slower at 9.3% and PAT declined 3.4% to ₹19.03 Cr.
Segments
Standalone revenue of ₹77.6 Cr grew 25.6% YoY and standalone PAT rose 20.1% to ₹11.87 Cr, while consolidated revenue grew only 4.2% and PAT fell 3.4% to ₹19.03 Cr, indicating material drag from the subsidiary group.
Key positives
- Consolidated EBITDA increased 13.2% YoY to ₹36.96 Cr versus revenue growth of 4.2%, taking EBITDA margin to 18.6% from 16.6%, a 200bps expansion.
- Standalone revenue grew 25.6% YoY to ₹77.6 Cr and standalone PAT rose 20.1% to ₹11.87 Cr, showing strong parent-level execution.
- Basic EPS of ₹4.93 broadly tracked consolidated PAT, with PAT down 3.4% and EPS down 3.9%, providing no material dilution signal.
Key concerns
- Consolidated PAT declined 3.4% YoY to ₹19.03 Cr despite EBITDA growth of 13.2%, so operating improvement is not yet converting into group earnings.
- Consolidated revenue growth of 4.2% is below the 12.4% growth recorded in Q1FY26 and the 7.7% recorded in Q2FY26, indicating moderation in top-line momentum.
- Standalone PAT of ₹11.87 Cr grew 20.1% while consolidated PAT fell 3.4%, making subsidiary performance the principal earnings-quality watchpoint.
Research and educational content only. Not investment advice.