Rishabh says EEI drove Q1FY27 growth as HPDC exited low-margin work
Management said EEI grew +34.0% year on year, while HPDC focused on higher-value opportunities; consolidated operating margin was 16.8%.
Filed 14 Aug 2026, 16:48 IST · after market close · RISHABH (RISHABH)
Key takeaways
- Management said EEI grew +34.0% year on year while maintaining EBITDA margin at about 24%, making it the primary growth engine in Q1FY27.
- Consolidated operating margin was 16.8%, with management saying HPDC exited lower-margin contracts rather than pursue volume at the cost of profitability.
- Consolidated net profit was Rs 19.36 cr on revenue of Rs 198.28 cr, with Rs 3.65 cr of other income supplementing pre-tax profit.
EEI supplied the main growth engine
Rishabh reported consolidated revenue of Rs 198.28 cr and operating profit of Rs 33.31 cr in Q1FY27, resulting in a 16.8% operating margin. Management said the EEI segment grew +34.0% year on year and maintained EBITDA margin at about 24%. Lumel Alucast remained breakeven at the operating level, according to management.
HPDC prioritised margin over volume
Management said the HPDC business exited lower-margin contracts and is focusing on profitable, higher-value opportunities instead of pursuing volume at the cost of profitability. The company also identified profitable growth, better product mix and disciplined capital allocation as its FY27 priorities. This places the quarter's margin focus on business mix and contract quality rather than volume expansion alone.
Product investments broaden the operating scope
Management said Rishabh is investing in a product pipeline covering energy meters, medium-voltage products, automation and solar inverters. The company said these investments are intended to expand its addressable market and strengthen its technology capabilities. Management also described the global environment in Q1FY27 as mixed.
Other income was a supplement to reported profit
Other income was Rs 3.65 cr against consolidated profit before tax of Rs 26.57 cr. Net profit of Rs 19.36 cr followed tax of Rs 7.2 cr at a 27.11% tax rate, so the reported earnings profile included both operating profit and non-operating income. The results were filed after market close on 14 Aug 2026, before a market response was available.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹198 cr |
| Other income | ₹4 cr |
| Expenses | ₹165 cr |
| Operating profit | ₹33 cr |
| Operating margin (%) | 16.80% |
| Interest | ₹1 cr |
| Depreciation | ₹9 cr |
| Profit before tax | ₹27 cr |
| Tax | ₹7 cr |
| Net profit | ₹19 cr |
| EPS (₹) | ₹4.93 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Consolidated revenue grew 4.2% year on year in Q1FY27, while consolidated EBITDA increased 17.3%.
- The EEI segment delivered 34.0% year-on-year growth in Q1FY27 and maintained EBITDA margins of about 24%.
- Lumel Alucast remained breakeven at the operating level in Q1FY27.
Guidance & outlook
- Rishabh's FY27 priorities are profitable growth, better product mix, new product development, deeper customer relationships, geographic expansion and disciplined capital allocation.
Expansion
- Rishabh is investing in a new product pipeline spanning energy meters, medium-voltage products, automation and solar inverters.
New initiatives
- Rishabh is investing in new products across energy meters, medium-voltage products, automation and solar inverters to expand its addressable market and technology capabilities.
- At Lumel Alucast, the company undertook operational restructuring and exited lower-margin contracts.
Problems & risks
- Rishabh said it faced a mixed global environment in Q1FY27.
- The HPDC business exited lower-margin contracts and is focused on profitable, higher-value opportunities instead of pursuing volume at the cost of profitability.
What to watch
- Whether consolidated operating margin remains at or above 16.8%.
- Whether EEI sustains about 24% EBITDA margin after its +34.0% year-on-year growth in Q1FY27.
- Whether consolidated EBITDA growth remains above +17.3% year on year.