Analysis: Rishi Laser

BSE:526861 Market cap: ₹124 cr

Growth thesis

Rishi Laser is a steel fabrication and automation company serving construction equipment, power, and export markets. Key segments include construction equipment (53% revenue, primarily Caterpillar), exports (14.2% revenue), power equipment (Schneider, ABB), and robotics automation (₹2 crore FY26 revenue). Growth will accelerate from Malur plant ramp-up (₹60 crore FY27 revenue, ₹100 crore by FY29), Pune plant utilization reaching 80% (₹50-60 crore), and automation margins improving via robotics. Caterpillar's 15-20% FY27 growth and new export orders at Vadodara plant will drive top-line expansion. Over 2-3 years, total revenue could reach ₹190-225 crore with EBITDA margins improving to 9-11% as operating leverage scales. Key execution risk: timely automation adoption and Malur plant output scaling to meet ₹100 crore FY29 target.

Why is Rishi Laser stock rising?

  • Malur plant fully operational with in-house paint shop; targeting ₹100 crore revenue from facility by FY29
  • Targeting 20% revenue CAGR over next three years; FY27 Malur plant expected to contribute ₹60 crore
  • Expecting operating leverage to improve margins as Malur ramp-up progresses; no further large-scale restructuring costs
  • Caterpillar business expected to grow 15–20% in FY27; additional opportunities from Caterpillar's global supply chain and engine division for power generation/data centres
  • Pune plant targeting ₹50 crore revenue in FY27 (from ₹36 crore) driven by export and new MNC customers

Research report

companyname: Rishi Laser Limited ticker: 526861 sector: Precision Metal Fabrication Rishi Laser Limited is a precision sheet metal fabrication company incorporated in 1992. It takes flat steel sheets, stainless steel, and aluminum, cuts them, bends them, welds them, and paints them to create complex assemblies for heavy machinery. The company does not make its own products; it builds components to customer drawings for some of the world's largest equipment manufacturers. Think engine hoods for ...

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Catalysts

capex, margin expansion, new product segment, geographic expansion

Growth guidance

FY27 revenue from Malur plant guided at ₹60 crore; total company revenue CAGR of ~20% over next 3 years driven by Malur plant ramp-up and operational readiness

Guidance upgraded
RS rating: 68 Stage: Stage 2

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