Rishabh Instruments
Did you know that up to 54% of the energy produced globally is often wasted—lost through inefficient systems, poor power quality, or simply leaving appliances on standby? That’s like pouring more than half a tank of fuel on the ground every time you drive! This huge reality underscores why the global electrical measurement and energy management industry is not just a market — it’s the front line of sustainability. Apprehended with reputable international giants and relentless technological change, this sector is intensely competitive, hinging on who can deliver the precise, integrated, and efficient energy-saving solutions. The leaders here are the essential architects of a greener, more productive future, making their innovation a critical global necessity.
Leading this industrial transformation stands Rishabh Instruments Limited, a global technology leader for nearly four decades. The company was founded in 1982 in Nashik, India, by Mr. Narendra Goliya (Promoter & Executive Chairman), an Electrical Engineer from IIT Mumbai with an M.S. in Micro Electronics from Stanford University, USA. Mr. Goliya’s early vision was to create reliable, locally manufactured electrical measurement solutions in a tech-constrained economy, building a legacy of resilience and global leadership. His career is marked by a deep commitment to indigenous innovation, establishing R&D centers, and strategic global expansion, including the 2012 acquisition of Lumel S.A. in Poland.
Joining this leadership is Mr. Dineshkumar Musalekar (Group CEO & Whole Time Director), a distinguished business leader with a background in Electronics and Communications Engineering and an MBA. Known as a turnaround specialist, Mr. Musalekar successfully transformed the acquired Lumel Group and is a strong proponent of maintaining a balance in professional and private life. His journey exemplifies strategic management and the drive to build a full-stack solution provider.
Rishabh Group’s core mission is to engineer and provide world-class electrical measurement, automation, and energy-efficiency solutions through continued innovation. The company’s work is driven by a powerful vertically integrated business model, which controls the entire product lifecycle from designing to in-house R&D to end-to-end manufacturing across facilities in three continents. This allows them to provide a comprehensive portfolio ranging from high-precision Analog Panel Meters and Split-Core Current Transformers to advanced Multifunction Meters, Power Quality Analyzers, and IIoT-enabled Solar String Inverters. Their solutions — like the proprietary SCADA-based Energy Management Systems (EMS) — enable customers to monitor, control, and significantly reduce their environmental footprint, aligning business success directly with global sustainability goals.
In this special edition focusing on innovation and leadership, we place in the spotlight Mr. Narendra Goliya (Promoter & Executive Chairman) and Mr. Dineshkumar Musalekar (Group CEO & Whole Time Director) in an exclusive interview for our “India’s Most Advanced Metering Technology Manufacturers Redefining Energy Management 2025” edition. Learn from their insights and valuable lessons as entrepreneurs to excel and make it the best company. Stay tuned and know their tale of success.
Prime Insights: Can you introduce your company and share its core mission in advancing metering technology and energy management?
Rishabh Group is a global technology leader shaping the future of industrial automation, energy efficiency, and precision measurement. For nearly four decades, we have spearheaded innovation in these domains, combining deep engineering expertise with end-to-end manufacturing to provide reliable, sustainable solutions. Headquartered in India and active across five continents, our group provides industry-leading products ranging from electrical automation devices and energy monitoring systems to test instruments, SCADA software, solar inverter, and high-precision castings. With deliveries made in 100+ countries and manufacturing facilities across 3 continents, we are trusted by over 3,000 customers who rely on our solutions every day. This broad reach is supported by a network of 340+ Distributors across the globe. The 7 R&D centres play a pivotal role in driving continuous innovation, reflecting our commitment to technological leadership. As a publicly listed company on India’s NSE and BSE stock exchanges since 2023, Rishabh Group keeps the highest standards of quality, transparency, and financial stability.
Our Mission
To engineer and provide world‑class electrical measurement, automation, and energy‑efficiency solutions through continued innovation. We endeavor to harness innovation, operational discipline, and sustainable resource stewardship to generate lasting growth and shared benefit for our stakeholders
Prime Insights: What inspired the foundation of your company in the metering technology domain, and how has the journey evolved over the years?
Inception (1985): Rishabh Instruments started in Nashik as a manufacturer of Analog Panel Meters, laying the foundation for its industrial journey.Early Vision: Launched during a time of limited technology and a closed economy, the company was built on resilience, aiming to create reliable, locally manufactured solutions.
Growth in the 1990s: By the early ‘90s, Rishabh had gained industry trust and built a strong base for future expansion.
Digital Transition: In the late ‘90s, Rishabh embraced digital transformation—launching advanced products and entering global contract manufacturing, earning a reputation for quality.
R&D Expansion (2003): Establishing its own R&D centre at the Trishala Plant marked a shift toward indigenous innovation and global competitiveness.
Global Acquisition (2012): The acquisition of Lumel S.A.in Poland accelerated Rishabh’s international presence and technological capabilities.
Today’s Vision: Now a publicly listed global leader, Rishabh continues to drive innovation and provide cutting-edge, trusted solutions across markets. Our vision is to be a trusted leader in energy measurement, electrical automation and instrumentation by innovating high-quality solutions that help solve real-world challenges and improve efficiency, reliability, and sustainability of various industries
Sustainability Focus: The company adds sustainability at its core—designing energy-efficient, eco-friendly solutions to support a greener industrial future
Prime Insights: What products, services, or technological innovations make your metering solutions stand out in India’s energy management industry?
The Rishabh Group’s metering solutions stand out in India by providing a comprehensive, vertically integrated portfolio that spans high-precision electrical measurement, energy management software, and cutting-edge renewable energy technology.
Key innovations include advanced Multifunction Meters and Power Quality Analyzers, bolstered by a market-leading position in Low Voltage Current Transformers. Furthermore, they are unique as the first Indian company to design and manufacture IIoT-enabled Solar String Inverters, and their proprietary SCADA-based Energy Management Systems (EMS) offer large-scale, enterprise-level monitoring and control, positioning them as a full-stack solution provider for critical industrial and solar applications across the country.
Prime Insights: What role do sustainability, energy efficiency, and responsible manufacturing play in your overall business strategy?
Sustainability and responsible manufacturing are central to the Rishabh Group’s strategy, acting as the core driver for their business and product innovation. Their mission is inherently tied to energy efficiency, with products like meters, EMS, and solar inverters designed to help customers to monitor and reduce their environmental footprint and transition to renewables, thereby creating “green revenue.”
Internally, the high degree of vertical integration and in-house R&D makes sure of strict quality control, ethical sourcing, and product longevity, positioning the Group as a responsible, transparent, and technologically advanced leader committed to generating long-term, shared benefit for all stakeholders.
Prime Insights: What are your company’s future goals for scaling operations, enhancing technology, and expanding globally in the advanced metering market?
The Rishabh Group’s future strategy is centred on aggressively scaling operations, enhancing technology, and expanding globally.
Operationally, they are investing significantly in SMT line capacity expansion in India and Poland, aiming to double their EMS business sales.
Technologically, the focus is on a new product development pipeline, targeting substantial incremental revenue from new launch, including next-generation Solar Inverters and Power Quality Analyzers, while leveraging strategic acquisitions (like MICROSYS) to provide fully integrated hardware and SCADA software solutions.
Globally, the group is aggressively expanding its footprint into high-growth regions like the Middle East, China, and the US, while simultaneously using its European base for major contracts to affirm its position in the advanced metering market.
Prime Insights: What strategic partnerships, collaborations, or technology alliances have been instrumental in elevating your metering capabilities?
The Rishabh Group’s advancements in metering are fundamentally driven by strategic acquisitions and deep technological alliances, moving it from a device manufacturer to a full-solution provider.
The acquisition of MICROSYS and its PROMOTIC SCADA software was instrumental, allowing the Group to add its metering hardware with advanced control systems to provide large-scale Energy Management Solutions, validated by major contract wins.
Earlier, the acquisition of Lumel S.A. provided a crucial European R&D and manufacturing base, highly elevating the quality and scope of their digital meters and industrial automation products, while foundational technical assistance agreements with German firms established the early expertise necessary for precision SMT manufacturing and digital instrument development.
Prime Insights: What unique strategies, R&D initiatives, or quality protocols have helped your company maintain consistent growth and market leadership?
The Rishabh Group maintains consistent growth and market leadership through a unique confluence of vertical integration, sustained R&D, and stringent quality protocols. Strategically, the company controls the entire value chain — from in-house R&D (driving innovation in next-gen products like Solar Inverters) to end-to-end manufacturing — which makes sure of agility and cost-efficiency. Its commitment to quality is upheld by maintaining world-class standards through comprehensive testing and certification protocols, supported by global R&D centres and advanced manufacturing technologies, like the planned expansion of SMT lines.
This combination of controlling production, prioritizing technological advancement, and following global quality benchmarks makes sure of product reliability, deepens customer trust, and sustains its dominant market position in key segments like Low Voltage Current Transformers and analog panel meters.
