Analysts/Institutional Investor Meet/Con. Call Updates

August 20, 2026 To, To, National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, Plot No. C/1, G Block, Bandra- Phiroze Jeejeebhoy Towers, Kurla Complex, Bandra (East), Mumbai – 21st Floor, Dalal Street, 400051 Mumbai – 400001 NSE Symbol: RISHABH BSE Scrip Code: 543977 Dear Sir/Madam, Sub: Earnings Conference Call Transcript for Q1 – FY 2026-27. Please find enclosed herewith the copy of transcript of the Earnings Conference Call held on August 17, 2026 in respect of Unaudited Standalone and Consolidated Financial Results for the Quarter ended June 30, 2026. Kindly take the same on your records. For Rishabh Instruments Limited Ajinkya Joglekar Company Secretary and Compliance Officer ICSI Membership No.: A57272 “Rishabh Instruments Limited Q1 FY27 Earnings Conference Call” August 17, 2026 Errors and Omissions Excepted (E&OE): This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 17th August 2026 will prevail. MANAGEMENT: MR. DINESH MUSALEKAR – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – RISHABH INSTRUMENTS LIMITED MR. VISHAL KULKARNI – CHIEF FINANCIAL OFFICER – RISHABH INSTRUMENTS LIMITED MR. NISHANT DUDHORIA – ADD. GENERAL MANAGER STRATEGY – RISHABH INSTRUMENTS LIMITED Page 1 of 17 Rishabh Instruments Limited August 17, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Rishabh Instruments Limited Q1 FY27 Earnings Conference Call. Before we begin, a brief disclaimer. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance, and it may involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Dinesh Musalekar, MD and CEO, for his opening remarks. Thank you, and over to you, sir. Dineshkumar Musalekar: Okay. Good evening, ladies and gentlemen. A warm welcome to all participants joining us today for the Q1 FY27 earnings call of Rishabh Instruments Limited. I have with me our CFO, Vishal Kulkarni; and our General Manager of Strategy, Nishant Dudhoria. The results and earnings presentations for the quarter have been uploaded on the stock exchange and on the company's website, and I hope you had an opportunity to review them. Q1 FY27 marks a positive beginning to the new financial year. We have reported consolidated revenue of INR1,983 million, up by 4.2% year-on-year and achieved a consolidated EBITDA margin of 16.8% in Q1 FY27. The consolidated EBITDA stood at INR 333 million, up by 17.3% year-on-year and the reported consolidated PAT stood at INR194 million in Q1 FY27. While the global operating environment continues to be shaped by geopolitical uncertainties, tariff developments and supply chain volatility, Rishabh has remained resilient with a clear focus on profitable growth, operational excellence and technology-led expansion. At the segment level, Electrical and Electronics Instrumentation, which we call as EEI, remains the primary growth engine for the group in Q1 FY27, delivering a robust 34% year-on-year revenue growth while maintaining an EBITDA margin of approximately 24%, exceeding our initial guidelines given. More importantly, adjusted EBITDA increased by 69.1% year-on-year to INR382 million with margins expanding significantly to 24.8% from 19.6%, a 520 basis points improvement. The PAT margins improved to 16.4% in Q1 FY27 from 13.8% in Q1 FY26. The performance reflects the benefits of operating leverage, improved product mix, procurement efficiencies and disciplined cost management, reinforcing EEI's position as group's primary growth and profitability engine. The strength of EEI business is underpinned by a diversified product portfolio and a sustained focus on innovation. Over the past 2 years, we have successfully launched around 15 new products with further more than 15 products planned for FY27. Page 2 of 17 Rishabh Instruments Limited August 17, 2026 These initiatives are expected to create new revenue streams, broaden our addressable market and strengthen our presence across both domestic and international markets. Going forward, our strategy is to accelerate on high-value application-led products and leverage our expanding portfolio and global customer reach to drive sustainable and profitable growth. The standalone India business continued to deliver strong momentum, supported by a deeper customer engagement, healthy export demand and improving product mix and an expanding distribution network. Rishabh India delivered 25.6% year-on-year revenue growth with a healthy EBITDA margin of 22.9%, reflecting sustained demand and disciplined execution. Our international counterpart of EEI business also remained an important pillar of the group's growth strategy. Lumel S.A. delivered strong performance despite a relatively subdued European industrial environment, supported by high-value electronics manufacturing, product diversification and new customer wins. The revenue grew 39% year-on-year, while EBITDA remained healthy 24%, contributing to 50% of our consolidated bottom line for Q1 FY27. Our business in the U.S., U.K. and China continued to remain profitable and further strengthened the group's diversified global platform. The U.S. and U.K. businesses grew by over 40% year-on-year, while China delivered 20.3% growth during Q1 FY27. While these businesses currently operate on a relatively smaller base, the strong growth momentum provides a significant opportunity to scale our international presence and contribution to the group over the coming years. Further, the solar inverter business continued to make meaningful progress during the quarter. Following the successful launch of our single-phase iUNO inverter series, the product has received encouraging market acceptance and enabled the business to achieve operational profitability. In Q1, we further strengthened the solar inverter portfolio with the addition of the next generation of 3-phase iNEO inverter models up to 12 kilowatts in addition to the single-phase iUNO up to 5 kilowatts. A further development is underway for the next-generation range up to 50 kilowatts. Further, we are also gearing ourselves to develop hybrid inverters solutions to address the growing demand for integrated and flexible renewable energy system. Hybrid inverters are becoming increasingly important to manage peaks and off-peak energy demand, optimize solar and battery utilization, reduce grid dependency and enhance overall energy reliability. These initiatives will broaden our addressable market and position the solar inverter business for the next phase of growth and establish solar inverters as an increasingly meaningful growth pillar for the group. Lumel Alucast continues to execute its transformation with the discipline and remained breakeven at operating level in Q1 FY27. Page 3 of 17 Rishabh Instruments Limited August 17, 2026 Although the adjusted EBITDA remains at a negative 6.4% in Q1 FY27, I believe that we would be able to breakeven the adjusted EBITDA for the full year by end of FY27. At present, our focus is to progressively fill available capacity with higher-value profitable opportunities and rebuild sustainable business. The RFQs with the number of new projects that we floated in the last year is now progressing through advanced commercial negotiations, qualifications and customer approval stages. As these opportunities convert into production programs and available capacity gets progressively utilized, we see a clear pathway [Showing first 8,000 characters — download PDF for full document]