CHOICE INSTITUTIONAL EQUITIES ON RISHABH INSTRUMENTS ; BUY | TP ₹830

• Initiates coverage with BUY • Electrical & Electronic Instruments business contributes ~69% of FY26 revenue; expected to deliver ~21% CAGR over FY26–29E, supported by electrification, renewables, data centres and industrial automation. • HPDC business may see ~20% revenue decline in FY27 due to portfolio restructuring, but management expects a gradual turnaround with higher non-auto mix. • New growth drivers include current transformers, EMS, solar string inverters and Microsys’ data-centre monitoring solutions. • Choice expects FY26–29E Revenue / EBITDA / PAT CAGR of ~16% / 21% / 24%, with EBITDA margin improving to ~18.5% by FY29E.

RISHABH INSTRUMENTS LTD

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