Rishabh Instruments Limited | Globe Capital Market LTD.
Rishabh Instruments Limited
Price Band
₹418 to ₹441 per share
IPO Issue Period
Aug 30, 2023 to Sep 1, 2023
Issue Size
₹490.78 Cr
Face value
₹10 per share
Fresh issue
₹75.00 Cr
Offer for sale
₹415.78 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Kfin Technologies Limited
Tentative Listing Date
Monday, 11 September 2023

Dam Capital Advisors Ltd
Motilal Oswal Investment Advisors Pvt Ltd
Mirae Asset Capital Markets (India) Private Limited

Rishabh Instruments Limited is a global energy efficiency solution company focused on electrical automation, metering and measurement, precision engineered products, et al. with diverse applications across industries including power, automotive and industrial sectors. It supplies a wide range of electrical measurement and process optimization equipment, and are engaged in designing, developing and manufacturing, and sale of devices significantly under our own brand across several sectors.
The company provides cost-effective solutions to measure, control, record, analyze, and optimize energy and processes through an array of products. It also provides complete aluminum high-pressure die-casting solutions for customers requiring close tolerance fabrication (such as automotive compressor manufacturers and automation high precision flow meters manufacturers), machining, and finishing of precision components.
In 2011, Rishabh Instruments acquired Lumel Alucast, a non-ferrous pressure casting company in Europe, which helped the company establish a strong foot in manufacturing and supply of low-voltage current transformers. The company also provides certain manufacturing services which include mould design and manufacturing, EMI/EMC testing services, Electronic Manufacturing Services, and software solutions (e.g., MARC).
Rishabh Instruments has 4 segments: (a) electrical automation devices; (b) metering, control, and protection devices; (c) portable test and measuring instruments; and (d) solar string inverters.
The company has 3 manufacturing units and more than 270 dealers across the globe, reaching 70+ countries and 150+ dealers across India covering every state.

For year/ period ended ( in Cr.)

H1FY23 FY22 FY21
Total Revenue 579.78 479.91 402.49
Profit After Tax 49.68 49.65 35.4
EPS 12.84 12.91 9.32
OPM (%) 10.5% 12.3% 11.4%
PATM (%) 8.6% 10.3% 8.8%


• Ability to drive technology and innovation through advanced research and development capabilities;
• Global engineering solution provider operating in large addressable markets and well positioned to benefit from mega industrialisation trends;
• Vertically integrated operations, backed by strong manufacturing capabilities;
• Diversified product portfolio;
• Wide customer base; and
• Track record of successful integration of acquired businesses or entities across geographies.

• Financing the cost towards the expansion of Nashik Manufacturing Facility – I, and
• General corporate purposes.

The Company is a global leader in energy efficiency solutions and precision engineering products. This indicates that it has already created a niche place in the global market for its products. Based on FY23 earnings, the issue appears fully priced. Hence, investors may consider investment for medium to long-term rewards.

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