# Up 70% in 2026, yet Choice sees another 22% rally; initiates coverage with ‘Buy’. Check target price and stop-loss — retained record
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source: [news](https://highsignal.app/data/news) (news:india-mint-markets) published 2026-10-09 11:13 ingested 2026-10-10 02:50
[original source ↗](https://www.livemint.com/market/stock-market-news/up-70-in-2026-yet-choice-sees-another-22-rally-initiates-coverage-with-buy-check-target-price-and-stoploss-11791535537550.html)
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Domestic brokerage firm Choice International Equities has initiated coverage on Rishabh Instruments with a ‘Buy’ rating, citing multiple growth drivers that could support the stock’s rally. The stock has been scaling record highs this year, and the brokerage expects the upward momentum to continue, backed by several structural tailwinds.
The brokerage has set a target price of ₹830 per share, which indicates an upside potential of 22.5%. It highlighted the company’s efforts in recent years to diversify beyond its core Electrical and Electronic Instruments (EEI) business by expanding into new product segments, which have begun to yield results.
The EEI business remains Rishabh Instruments’ primary growth driver, accounting for 69% of the company’s FY26 revenue. According to Choice International Equities, structural tailwinds from electrification, renewable energy integration, industrial digitalization, data centers, and energy-efficiency initiatives are expected to support demand for advanced measurement and automation solutions.
Meanwhile, the company has expanded its product portfolio over the past five years, building multiple growth engines beyond its core EEI business. These newer products now contribute revenue equivalent to 10% of the EEI business, highlighting the successful commercialization of its research and development (R&D) investments.
The brokerage expects medium-voltage current transformers (CTs), electronic manufacturing services (EMS) capabilities, and solar string inverters to drive product premiumization and strengthen the company’s presence in higher-value applications.
It also highlighted opportunities in the company’s High-Pressure Die-Casting (HPDC) business, which serves industrial automation, electrical engineering, heating, ventilation and air-conditioning (HVAC), and energy infrastructure applications. Its offerings also include value-added machined, coated, and assembled components.
As new deals ramp up over the next six to 12 months, the brokerage expects the portfolio reset in the HPDC business to support a gradual turnaround. A stronger order mix and improving demand across non-automotive end markets could further aid the recovery, according to the brokerage.
The shares have extended their winning run this year, rallying 70% so far to reach ₹677.90 apiece after delivering a return of 18.52% in 2025. After remaining under pressure for a prolonged period following its listing, the stock rebounded in March 2025 and has continued its upward trajectory since then, surging 222%.
The rally also propelled the stock to a fresh all-time high of ₹852 apiece last month. The stock closed in the green in five of the past six months, with April recording the biggest monthly gain of 35%.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments.
He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom.
During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles.
He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements.
His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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document fetched 2026-10-10 02:50 · canonical https://livemint.com/market/stock-market-news/up-70-in-2026-yet-choice-sees-another-22-rally-initiates-coverage-with-buy-check-target-price-and-stoploss-11791535537550.html