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39 announcements match the current filters (relevance ≥ 5).
RMCL Appoints Nitin Jain as WTD & CFO, Schedules 22nd AGM for Sept 25, 2026
Radha Madhav Corporation Limited (RMCL) announced key board decisions from its meeting on August 31, 2026. The board approved the appointments of Mr. Nitin Jain as Whole-time Director and Chief Financial Officer, and Mr. Vijay Patel as Whole-time Director, subject to shareholder approval. The company scheduled its 22nd Annual General Meeting (AGM) for September 25, 2026, with the voting cut-off date set as September 18, 2026.
Confidence: HIGH
What changedRMCL restructured its leadership by appointing a new Whole-time Director & CFO and an additional Whole-time Director, and formalized dates for its 22nd AGM.
Why it mattersFilling critical leadership roles (CFO and Whole-time Directors) addresses executive governance requirements as the company navigates minimal operational revenue and ongoing losses.
AGM Date: September 25, 2026E-voting Cut-off Date: September 18, 2026E-voting Start Date: September 22, 2026E-voting End Date: September 24, 2026
📅 Short termNeutral procedural update; shareholder voting will run September 22-24, 2026.
📈 Long termLimited operational impact unless the new leadership executes a financial turnaround for the business.
⚠ Risk flags
- Company operations are currently distressed with zero reported quarterly revenue and ongoing net losses.
Key Highlights
Appointed Mr. Nitin Jain as Whole-time Director and Chief Financial Officer effective August 31, 2026
Appointed Mr. Vijay Patel as Whole-time Director effective August 31, 2026
22nd Annual General Meeting scheduled for September 25, 2026 at 04:00 PM via VC/OAVM
Remote e-voting window set from September 22, 2026 (10:00 AM) to September 24, 2026 (5:00 PM) with cut-off date of September 18, 2026
👀 What to Watch
Track shareholder voting results on the management appointments and annual report items, expected to be declared on or before September 26, 2026.
RMCL Reports Q1 Net Loss of 7.50 with Nil Operational Revenue
Radha Madhav Corporation Limited reported standalone unaudited financial results for the quarter ended June 30, 2026, posting nil revenue from operations. Total income was 2.59, comprised entirely of other income. Net loss for the quarter widened to 7.50 compared to a loss of 0.73 in the corresponding quarter last year and 5.37 in the preceding quarter. Total expenses stood at 10.09, driven primarily by other expenses of 9.21.
Confidence: HIGH
What changedRMCL reported standalone Q1 results showing continued absence of operational revenue and widening net losses.
Why it mattersThe company remains operationally stalled with zero core sales, relying on other income while incurring ongoing administrative and employee costs.
Revenue from Operations (Q1): nilOther Income (Q1): 2.59Net Loss (Q1): (7.50)Total Expenses (Q1): 10.09Converted Shares Count: 1,11,70,000
📅 Short termPerformance remains subdued due to zero operational top-line and negative earnings.
📈 Long termBusiness viability depends on management successfully scaling operations following recent restructuring.
⚠ Risk flags
- Zero revenue from core operations
- Widening net losses
- Lack of historical financial comparability due to management change
Key Highlights
Revenue from operations was nil, with total income at 2.59 from other income
Net loss widened to 7.50 versus a loss of 0.73 in the year-ago period
Total expenses rose to 10.09, led by other expenses of 9.21 and employee costs of 0.32
1,11,70,000 partly paid shares converted into fully paid shares of face value Rs 10 on July 18, 2026
👀 What to Watch
Monitor whether the new management can revive core operational activity and initiate revenue-generating business lines in upcoming quarters.
RMC Switchgears: ₹500 Cr Subsidiary Loan Limit, JV for Tenders, and Capital Increase
RMC Switchgears has approved a significant increase in its lending and guarantee limit to subsidiaries, capped at ₹500 crore, which is substantial relative to its recent quarterly revenue of ₹142.94 crore. The board also approved a new Joint Venture with Continental Petroleum Limited specifically to participate in tenders, indicating a strategic push for new business. To support future growth, the authorized share capital is being raised from ₹15 crore to ₹20 crore. Additionally, the company granted 1,500 ESOPs and scheduled its 32nd AGM for September 19, 2026.
Confidence: HIGH
What changedThe company has expanded its financial headroom for subsidiaries and established a new collaborative vehicle (JV) for business development.
Why it mattersThe ₹500 crore limit suggests significant upcoming capital requirements or growth plans within subsidiaries, while the JV with Continental Petroleum provides a new channel for order inflows.
Subsidiary loan/guarantee limit: ₹500 croreNew Authorized Share Capital: ₹20 crorePrevious Authorized Share Capital: ₹15 croreESOPs granted: 1,500 unitsAGM Date: 19.09.2026
📅 Short termThe market will likely focus on the Q1 FY27 results mentioned in the board meeting and the strategic intent behind the new Joint Venture.
📈 Long termThe increase in authorized capital and the large subsidiary funding limit suggest the company is preparing for a larger scale of operations over the coming years.
⚠ Risk flags
- High related-party transaction limit (₹500 crore)
- Execution risk of the new Joint Venture
- Potential equity dilution from increased authorized capital
Key Highlights
Approved a loan and guarantee limit of up to ₹500 crore for subsidiary companies under Section 185.
Increased Authorized Share Capital by 33% from ₹15 crore to ₹20 crore.
Formed a Joint Venture with Continental Petroleum Limited for tender participation.
Granted 1,500 stock options under the ESOS 2024 scheme with a 6-year vesting schedule.
Scheduled the 32nd Annual General Meeting (AGM) for September 19, 2026.
👀 What to Watch
Investors should monitor the specific tenders targeted by the new Joint Venture and the actual utilization of the ₹500 crore subsidiary funding limit, as these will drive future capital allocation and revenue.
RMC Switchgears to Form JV and Approves ₹500 Crore Subsidiary Funding Limit
RMC Switchgears has approved its Q1 FY27 financial results and announced a strategic Joint Venture with Continental Petroleum Limited for tender participation. The board has proposed increasing the authorized share capital from ₹15 crore to ₹20 crore. Significantly, the board approved a limit of ₹500 crore for loans, guarantees, or securities to be provided to subsidiary companies, which is a massive headroom compared to its March 2026 quarterly revenue of ₹142.94 crore. Additionally, 1,500 ESOPs were granted to employees with a 6-year vesting schedule.
Confidence: HIGH
What changedThe company has significantly increased its financial flexibility for subsidiaries and established a new partnership for business development through a Joint Venture.
Why it mattersThe ₹500 crore funding limit suggests the company is preparing for large-scale projects or expansions through its subsidiaries, while the JV with Continental Petroleum opens new avenues for revenue through competitive bidding.
Subsidiary Funding Limit: ₹500 croreNew Authorized Capital: ₹20 croreESOPs Granted: 1,500AGM Date: September 19, 2026Subsidiary Limit vs Mar'26 Revenue: 349.8%
📅 Short termThe market will likely focus on the Q1 FY27 earnings performance and the strategic intent behind the large ₹500 crore subsidiary funding authorization.
📈 Long termIf the JV successfully wins large tenders and the subsidiary funding is deployed into high-ROCE projects, it could lead to a structural scale-up of the business.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High subsidiary funding limit relative to current revenue
- Material related party transactions with subsidiaries
- Execution risk associated with the new Joint Venture
Key Highlights
Approved a ₹500 crore limit for loans and guarantees to subsidiary companies, subject to shareholder approval.
Formation of a Joint Venture with Continental Petroleum Limited to participate in upcoming tenders.
Authorized share capital increased by 33% from ₹15 crore to ₹20 crore.
Grant of 1,500 stock options under ESOS 2024 with a vesting period of up to 7 years.
32nd Annual General Meeting (AGM) scheduled for September 19, 2026.
👀 What to Watch
Investors should monitor the specific tenders the new JV targets and the actual utilization of the ₹500 crore subsidiary funding limit, as these indicate the scale of upcoming projects.
₹344.10 Crore Order Win: RMC Switchgears Secures Massive Underground Cabling Mandate
RMC Switchgears has secured fresh orders totaling ₹344.10 crore, which is approximately 2.4x its Mar 2026 quarterly revenue of ₹142.94 crore. The primary driver is a ₹333.80 crore turnkey mandate from PGVCL for converting overhead lines to underground cabling across four circles in Gujarat. This win significantly boosts the company's unexecuted order book to approximately ₹1,188 crore. The major project is slated for execution over a 12-18 month period, providing strong revenue visibility.
Confidence: HIGH
What changedRMC has secured a single order mandate (PGVCL) that is nearly equivalent to its typical annual revenue run-rate, significantly expanding its project pipeline.
Why it mattersThis win validates RMC's transition into large-scale turnkey electrical infrastructure projects and provides high revenue visibility for the next 6-8 quarters.
Total New Orders: ₹344.10 crorePGVCL Order Value: ₹333.80 croreTotal Order Book: ₹1,188 croreOrder vs Mar 2026 Revenue: 240.7%Execution Timeline: 12-18 months
📅 Short termThe stock is likely to react positively to the substantial increase in the order book and the scale of the PGVCL win.
📈 Long termIf executed efficiently, this project could establish RMC as a major player in the underground cabling segment, potentially leading to further large-scale utility contracts.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk inherent in turnkey site-work
- Working capital intensity of large utility contracts
- Client concentration with PGVCL
Key Highlights
Total fresh orders aggregating ₹344.10 crore received from multiple entities.
Major ₹333.80 crore turnkey contract from PGVCL for underground cabling and GIS mapping.
Unexecuted order book now stands at approximately ₹1,188 crore.
Execution timeline for the PGVCL mandate is set between 12 to 18 months.
Additional orders worth ₹10.3 crore secured from Genus Power, JVVNL, and Telangana SPDCL.
👀 What to Watch
Monitor the company's quarterly execution rate and operating margins, as turnkey projects typically involve higher working capital requirements. Watch for timely commencement within the 45-day window specified in the PGVCL contract.
Rs 2.44 Crore Order Win from Southern Power Distribution Company of Telangana
RMC Switchgears Limited has secured 12 Letters of Award (LOA) for the supply of LT Distribution Boxes. The total value of these orders is Rs. 2.44 crore, awarded by the Southern Power Distribution Company of Telangana Limited. The contract is to be executed within 12 months from the date of commencement. Given the company's March 2026 quarterly revenue of Rs. 142.94 crore, this order represents a relatively small addition (approximately 1.7%) to its top line.
Confidence: HIGH
What changedRMC Switchgears has added a new set of supply contracts from a state-owned power distribution utility to its order book.
Why it mattersWhile the order size is small relative to recent quarterly revenues, it demonstrates the company's continued participation and success in state utility tenders for electrical equipment.
Order value: Rs. 2,44,46,650Number of LOAs: 12Execution period: 12 MonthsOrder vs Mar 2026 Revenue: ~1.7%
📅 Short termThe announcement is likely to have a neutral impact on the stock price in the short term due to the modest size of the contract.
📈 Long termLimited structural significance; this is a routine supply order that maintains the company's presence in the power distribution segment.
⚠ Risk flags
- Execution risk within the 12-month timeline
- Dependency on state-owned utility payment cycles
Key Highlights
Total order value of Rs. 2,44,46,650 for LT Distribution Boxes
Secured 12 separate Letters of Award (LOA) from a domestic utility
Execution timeline set for 12 months after commencement
Client is the Southern Power Distribution Company of Telangana Limited
👀 What to Watch
Investors should monitor the company's quarterly execution performance and look for larger contract wins that could more significantly impact the overall revenue trajectory.
Rs 333.80 Cr Order Win: RMC Switchgears bags 12 turnkey contracts from PGVCL
RMC Switchgears has secured 12 Letters of Award (LOA) from Paschim Gujarat Vij Company Ltd (PGVCL) totaling Rs 333.80 crore. The contracts involve turnkey projects for converting existing 11 kV HT and LT overhead lines into underground cable networks with Ring Main Systems and GIS mapping. The execution timeline is set for 12 to 18 months across various packages. Given the company's March 2026 quarterly revenue of Rs 142.94 crore, this order win is highly material, representing a significant multiple of its recent quarterly turnover.
Confidence: HIGH
What changedRMC Switchgears has significantly expanded its order book by securing a massive turnkey contract from a major domestic utility, PGVCL.
Why it mattersThis order provides strong revenue visibility for the next 1.5 years and demonstrates the company's ability to win large-scale infrastructure modernization projects, potentially leading to a re-rating if executed profitably.
Total Order Value: Rs 333,79,70,307Number of LOAs: 12Execution Timeline: 12-18 MonthsOrder vs Mar 2026 Revenue: 233.5%Commencement Period: 45 days
📅 Short termThe stock is likely to react positively to the news of a massive order win that exceeds its typical quarterly revenue scale.
📈 Long termIf executed successfully within the 18-month window, this could structurally elevate the company's revenue base and establish a track record for large utility contracts.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk associated with turnkey underground cabling
- High client concentration (PGVCL)
- Potential working capital strain due to project scale
Key Highlights
Total order value of Rs 333,79,70,307 (approx. Rs 333.80 cr) across 12 separate LOAs
Execution timeline of 12 to 18 months following a 45-day commencement period
Scope includes site survey, design, procurement, and commissioning of underground cable networks
Projects located across Chitra, Dwarka, and Talala subdivisions under PGVCL
Order value is approximately 2.3x the company's March 2026 quarterly revenue of Rs 142.94 cr
👀 What to Watch
Monitor the company's quarterly execution and margin profile, as turnkey projects of this scale require efficient working capital management. Watch for any updates on the commencement of these 12 packages within the next 45 days.
1.11 Crore Shares Allotted to Successful Resolution Applicant under NCLT Plan
Radha Madhav Corporation Limited (RMCL) has announced the allotment of 1,11,70,000 equity shares to Plug & Play Retail and Distribution Private Limited and Mr. Vijay Patel. This allotment is a key step in implementing the Resolution Plan approved by the NCLT on August 1, 2022. The issuance marks the entry of a Successful Resolution Applicant (SRA) as a major stakeholder, signaling a shift in control and the potential conclusion of the insolvency process. Investors should note that this involves a significant change in the company's capital structure.
Confidence: HIGH
What changedThe company has issued 1.11 crore new equity shares to a Successful Resolution Applicant, effectively changing the ownership and control of the firm.
Why it mattersThis represents a critical milestone in the company's exit from insolvency, providing a potential path for operational revival under new management.
Shares Allotted: 1,11,70,000NCLT Order Date: August 1, 2022Current Share Price: Rs 200.0
📅 Short termThe market is likely to view the formalization of the resolution plan and the entry of new promoters as a positive step toward business stability.
📈 Long termThe long-term viability depends on the new management's ability to execute the resolution plan and restart/scale business operations post-insolvency.
⚠ Risk flags
- Significant equity dilution for existing shareholders
- Execution risk under new management
- Historical insolvency status
Key Highlights
Allotment of 1,11,70,000 equity shares to the Successful Resolution Applicant (SRA).
Allottees identified as Plug & Play Retail and Distribution Private Limited and Mr. Vijay Patel.
Issuance is pursuant to the Resolution Plan approved by NCLT vide order dated August 1, 2022.
Disclosures filed under SEBI (Prohibition of Insider Trading) and SEBI (SAST) Regulations.
👀 What to Watch
Monitor the upcoming shareholding pattern to assess the total stake held by the new promoters and the resulting dilution for existing retail shareholders.
1.11 Crore Equity Shares Allotted to Successful Resolution Applicant (SRA)
Radha Madhav Corporation Limited (RMCL) has allotted 1,11,70,000 equity shares to the Successful Resolution Applicant (SRA), Plug & Play Retail and Distribution Private Limited, and Mr. Vijay Patel. This allotment is a key step in implementing the Resolution Plan approved by the NCLT on August 1, 2022. The disclosure was made under SEBI Insider Trading regulations following the share issuance. This signifies the formalization of new ownership and capital restructuring following the company's insolvency process.
Confidence: HIGH
What changedThe company has issued 1.11 crore new equity shares to its new promoters/resolution applicants as part of its NCLT-mandated restructuring.
Why it mattersThis formalizes the change in control and capital infusion, which is critical for the company's survival and potential revival after being under the insolvency process.
Equity shares allotted: 1,11,70,000NCLT Order Date: August 1, 2022Filing Date: July 30, 2026
📅 Short termThe market may view the progress in implementing the resolution plan positively, though the NCLT order itself is from 2022.
📈 Long termThe long-term viability depends entirely on the SRA's ability to restart operations and manage the company's legacy liabilities.
⚠ Risk flags
- Execution risk under new management
- Historical insolvency status
- Potential dilution for minority shareholders
Key Highlights
Allotment of 1,11,70,000 equity shares to the Successful Resolution Applicant (SRA).
Resolution Plan implementation based on NCLT order dated August 1, 2022.
Shares issued to Plug & Play Retail and Distribution Private Limited and Mr. Vijay Patel.
Disclosure filed under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations.
👀 What to Watch
Investors should monitor the updated shareholding pattern to understand the SRA's total control and watch for any upcoming operational turnaround plans or the resumption of regular financial reporting.
₹ 5.02 Cr Order Win from Genus Power for Panel Mounting Structures
RMC Switchgears has secured a domestic order worth ₹ 5.02 crore from Genus Power Infrastructures Limited. The contract involves the supply of UND S_Panel mounting structures (1.1KW) and is scheduled for execution within 6 months. Compared to the company's March 2026 quarterly revenue of ₹ 142.94 crore, this order represents a modest addition of approximately 3.5%. The win reinforces the company's presence in the electrical equipment and solar mounting infrastructure segment.
Confidence: HIGH
What changedRMC Switchgears has added a new ₹ 5.02 crore contract to its order book from a repeat industry client.
Why it mattersWhile the order is small relative to total revenue, it demonstrates steady demand for the company's specialized mounting structures and maintains its relationship with Genus Power.
Order Value: ₹ 5,01,72,500Execution Period: 6 MonthsOrder vs Mar 2026 Revenue: ~3.51%Product Specification: 1.1KW Mounting Structure
📅 Short termThe announcement is likely to have a neutral impact on the stock price due to the relatively small size of the contract compared to recent quarterly turnover.
📈 Long termLimited structural impact; however, consistent small-to-mid-sized wins are necessary to sustain the high revenue levels seen in Mar 2026.
⚠ Risk flags
- Execution risk within the 6-month timeline
- Relatively small contract size
Key Highlights
Order value totals ₹ 5,01,72,500 (approx. ₹ 5.02 crore)
Contract awarded by domestic entity Genus Power Infrastructures Limited
Execution timeline is fixed at 6 months from the award date
Scope includes 1.1KW panel mounting structures with specific ground clearance requirements
Order represents ~3.5% of the company's Mar 2026 quarterly revenue of ₹ 142.94 crore
👀 What to Watch
Investors should monitor the company's ability to maintain margins on these smaller contracts and track the cumulative order book growth in upcoming quarterly results.
RMCL Completes NCLT Plan: 9.13 Cr Shares Cancelled, New Promoter Holds 94.9%
Radha Madhav Corporation (RMCL) has successfully implemented its NCLT-approved Resolution Plan, marking its exit from insolvency. The company has cancelled its entire pre-resolution equity capital of 9,12,95,775 shares and issued 1,11,70,000 new shares to the successful bidder, Plug & Play Retail and Distribution Pvt. Ltd. The new promoter infused the final ₹5.58 crore (₹5 per share) to complete the allotment. Post-restructuring, the promoter group controls 94.9% of the company, while public shareholding is reduced to just 5.1%.
Confidence: HIGH
What changedRMCL has transitioned from an insolvent entity to a restructured company with a new promoter and a drastically reduced equity base.
Why it mattersThis represents a fresh start for the company with a clean balance sheet and new ownership, although it resulted in a total loss of value for pre-resolution equity holders.
Shares Cancelled: 9,12,95,775New Shares Allotted: 1,11,70,000Final Infusion Amount: ₹5,58,50,000Post-Restructuring Total Shares: 1,33,92,185Promoter Stake: 94.90%
📅 Short termThe stock may experience extreme volatility or trading suspensions as the exchange adjusts for the massive capital reduction and new shareholding structure.
📈 Long termThe long-term viability depends entirely on the new promoter's ability to execute a successful business turnaround and generate sustainable profits.
⚠ Risk flags
- Extreme dilution for legacy shareholders
- High promoter concentration (94.9%)
- Execution risk under new management
Key Highlights
Cancellation of 9,12,95,775 existing equity shares as per the NCLT-approved Resolution Plan
Allotment of 1,11,70,000 fully paid equity shares to the new promoter group
Infusion of ₹5,58,50,000 by Plug & Play Retail and Distribution Pvt. Ltd. as final payment
Promoter shareholding increased to 94.90% of the restructured equity base
Public shareholding significantly diluted to 5.10% (6,82,185 shares)
👀 What to Watch
Monitor the company's upcoming financial results to evaluate the new management's business strategy and operational turnaround. Investors should also note that the company must eventually increase public float to 25% to comply with SEBI listing norms.
RMCL Reports ₹236.17 Million Net Loss in Q2 FY23 Following NCLT Resolution Plan Approval
Radha Madhav Corporation Limited (RMCL) has released its delayed financial results for the quarter ended September 30, 2022, following the NCLT's approval of a resolution plan by M/s. Vama Construction on August 1, 2022. The company reported a massive net loss of ₹236.17 million for the quarter, primarily due to 'Other expenses' totaling ₹202.75 million. Revenue from operations remains negligible at just ₹0.34 million, down from ₹0.55 million in the same quarter the previous year. The balance sheet reflects a significant restructuring, with equity share capital reduced from ₹912.95 million to ₹68.51 million.
Confidence: HIGH
What changedThe company has transitioned out of the Corporate Insolvency Resolution Process (CIRP) with a new promoter and a restructured balance sheet following NCLT approval on August 1, 2022.
Why it mattersThis filing confirms the severe financial erosion during the insolvency period and sets a new, albeit low, baseline for the company's restructured capital and operations.
Net Loss (Q2 FY23): ₹236.17 millionRevenue from Operations (Q2 FY23): ₹0.34 millionEquity Share Capital (Post-Restructuring): ₹68.51 millionOther Expenses (Q2 FY23): ₹202.75 millionTotal Assets: ₹375.09 million
📅 Short termThe stock is likely to remain under pressure due to the heavy losses and the realization of the extent of capital reduction for existing shareholders.
📈 Long termThe long-term survival depends entirely on the execution of the resolution plan and whether the new management can pivot the business back to profitability from a near-zero revenue base.
⚠ Risk flags
- Negative net worth of ₹75.24 million
- Negligible operational revenue
- Significant delay in financial reporting
- High 'Other expenses' likely related to insolvency costs or write-offs
Key Highlights
Net loss of ₹236.17 million reported for the quarter ended September 30, 2022.
Revenue from operations fell to ₹0.34 million compared to ₹0.55 million in the year-ago period.
Equity share capital drastically reduced to ₹68.51 million from ₹912.95 million as per the NCLT resolution plan.
Other expenses surged to ₹202.75 million, representing the bulk of the quarter's total expenditure of ₹236.66 million.
Total Equity remains negative at ₹-75.24 million as of September 30, 2022.
👀 What to Watch
Investors should monitor the new management's (Vama Construction) ability to restart operations and generate sustainable revenue, as current operations are nearly at a standstill. The massive delay in reporting (results for 2022 being filed in 2026) and negative net worth indicate extreme distress.
₹23.64 Cr Order Win from MAHAVITRAN for Solar Water Pumping Systems
RMC Switchgears Limited has secured a Letter of Award (LOA) from MAHAVITRAN (Maharashtra State Electricity Distribution Co. Ltd.) valued at ₹23.64 Cr. The contract involves the design, supply, and installation of Off-Grid DC Solar Water Pumping Systems with capacities of 3 HP, 5 HP, and 7.5 HP. This project is part of the PM KUSUM B Scheme and includes a comprehensive 5-year warranty and maintenance period. The order strengthens the company's order book and expands its footprint in the renewable energy infrastructure sector.
Confidence: HIGH
What changedRMC Switchgears has secured a significant new domestic contract, transitioning from a bidder to a confirmed contractor for a major state-led solar initiative.
Why it mattersThis win provides revenue visibility and demonstrates the company's capability to execute government-backed renewable energy projects, diversifying its portfolio beyond traditional switchgears.
Order value: ₹ 23,63,74,211Execution period: 5 YearsPump capacities: 3 HP, 5 HP & 7.5 HPOrder vs TTM revenue: not disclosed
📅 Short termThe stock is likely to see positive sentiment in the short term following the announcement of this sizeable order win.
📈 Long termThe 5-year maintenance and monitoring component provides a structural, recurring revenue stream, establishing a long-term presence in the solar services market.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk across dispersed rural sites
- Long-term maintenance and warranty obligations
Key Highlights
Total order value of ₹23,63,74,211 for solar water pumping systems
Contract includes a 5-year period for warranty, repair, maintenance, and Remote Monitoring System (RMS)
Covers installation of 3 HP, 5 HP, and 7.5 HP capacity pumps at farmer sites in Maharashtra
Awarded under the Magel Tyala Saur Krushi Pump Yojna / PM KUSUM B Scheme
👀 What to Watch
Monitor the company's execution timeline for the installations and its ability to maintain margins over the 5-year maintenance period.
RMCL Clarifies NCLT Penalty Waiver and 93.65% Haircut in Resolution Plan
Radha Madhav Corporation Limited (RMCL) has clarified to exchanges that the NCLT, via an order dated November 10, 2025, has waived all penalties up to August 1, 2022, covering the period before and during its Corporate Insolvency Resolution Process (CIRP). The company underwent a massive capital reduction from 9,12,95,775 shares to just 6,82,185 shares as part of the approved resolution plan. The new management, VAMA Construction Co., is paying ₹36.46 crore against total admitted claims of ₹573.82 crore, representing a 93.65% haircut for creditors. The company also noted that consolidated results are not yet applicable as the acquisition of Phytoatomy Private Limited is still in process.
Confidence: HIGH
What changedThe company has formally responded to exchange queries regarding historical non-compliance, confirming that NCLT has cleared the new management of past penalties and clarified the current capital structure.
Why it mattersThis filing confirms the legal 'clean slate' for the new management post-insolvency, though the massive equity reduction has fundamentally changed the ownership structure and value for legacy shareholders.
Resolution Plan Value: ₹36.46 crTotal Admitted Claims: ₹573.82 crCreditor Haircut: 93.65%New Share Capital: 6,82,185 unitsLiquidation Value: ₹57.84 crFair Value: ₹75.65 cr
📅 Short termThe clarification provides regulatory clarity, but the stock remains in a transition phase pending listing approvals for the new capital structure.
📈 Long termThe company's survival depends on the new management's ability to restart operations and complete acquisitions like Phytoatomy on a much smaller capital base.
⚠ Risk flags
- Massive equity dilution/reduction
- Pending listing approvals for new shares
- Execution risk under new management post-insolvency
- Historical non-compliance legacy
Key Highlights
NCLT waived all penalties for the period prior to and during CIRP up to August 1, 2022
Equity share capital reduced significantly from 9,12,95,775 to 6,82,185 equity shares
Resolution plan involves a total payment of ₹36.46 crore against claims of ₹573.82 crore
Secured financial creditors to receive ₹36 crore against claims of ₹533.64 crore
Corporate governance norms (Reg 17-27) currently not applicable as paid-up capital is below ₹10 crore
👀 What to Watch
Investors should monitor the timeline for listing approval of the new reduced share capital on BSE and NSE and the finalization of the Phytoatomy Private Limited acquisition.
RMC Switchgears FY26 Revenue Grows 26.4% to ₹401.59 Cr; Order Book Stands at ₹850+ Cr
RMC Switchgears reported a consolidated revenue of ₹401.59 crore for FY26, marking a 26.4% YoY growth despite a challenging third quarter. The company successfully turned around a Q3 loss of ₹7.07 crore into a Q4 net profit of ₹9.3 crore through improved execution and cost controls. With an unexecuted order book of over ₹850 crore and a tender pipeline of ₹1,500 crore, the company is well-positioned for the upcoming fiscal. Management is specifically highlighting 'PulseBox,' an IoT-enabled solution targeting a potential ₹50,000 crore addressable market in power distribution monitoring.
Key Highlights
FY26 consolidated revenue reached ₹401.59 crore, representing a 26.4% growth over the previous year.
Strong Q4 recovery with a net profit of ₹9.3 crore, offsetting a ₹7.07 crore loss in Q3 caused by input cost pressures.
Unexecuted order book stands at ₹850+ crore with a robust tender pipeline of ₹1,500+ crore.
Management identifies a ₹50,000+ crore addressable market for its new IoT-enabled 'PulseBox' distribution monitoring solution.
Company is aligning with India's ₹9 lakh crore transmission infrastructure investment plan through 2032.
👀 What to Watch
Investors should monitor the commercial rollout and utility adoption of the PulseBox product, as it represents a high-margin technology shift. The strong Q4 turnaround and large order book provide visibility, but margin stability against raw material volatility remains a key metric to watch.
RMC Switchgears FY26 Revenue Surges 27% YoY to ₹402 Cr; Order Book Exceeds ₹800 Cr
RMC Switchgears reported a strong financial performance for FY26, with revenue reaching ₹401.6 crore, marking a 27% year-on-year growth and a 10x increase over the last four years. While Profit After Tax (PAT) moderated to ₹22.5 crore due to external headwinds like commodity inflation and Rupee depreciation, the company maintains a robust balance sheet with a debt-to-equity ratio of 0.38x. The growth is underpinned by a confirmed order book of over ₹800 crore and an active tender pipeline exceeding ₹1,500 crore, with Solar EPC now contributing 52% of the topline.
Key Highlights
Revenue grew from ₹41.6 crore in FY22 to ₹401.6 crore in FY26, a 10x increase in four years.
Total confirmed order book stands at ₹800+ crore, with active tenders worth over ₹1,500 crore.
Solar EPC has become the largest business vertical, contributing 52% of revenue with a 17% margin profile.
Successfully migrated to the Mainboard of NSE and BSE and recognized in Forbes Asia’s 'Best Under a Billion 2025' list.
Launched PulseBox, India's first IS 14772-certified Smart LT Distribution Box, marking a shift toward high-margin IoT technology.
👀 What to Watch
Investors should focus on the company's ability to execute its ₹800 crore order book and the potential margin expansion from the new PulseBox technology. The inclusion of price-escalation clauses in new contracts should help mitigate the commodity price risks that impacted FY26 margins.
RMC Switchgears to Host Investor Meet on June 11, 2026, to Discuss FY26 Results
RMC Switchgears Limited has scheduled an Investors Meet and Analyst Day for June 11, 2026, at 04:00 P.M. IST. The primary objective is to discuss the company's audited standalone and consolidated financial results for the quarter and full financial year ended March 31, 2026. The session will include management commentary on operational highlights followed by an interactive Q&A session with stakeholders.
Key Highlights
Investor Meet scheduled for June 11, 2026, at 4:00 PM IST via digital platform.
Agenda includes management commentary on FY2026 financial and operational performance.
Senior management will be present to address queries during an interactive Q&A session.
The meeting is hosted by Dickenson World, the company's Investor Relations advisor.
👀 What to Watch
Interested investors should register for the call to understand management's perspective on FY26 performance and future outlook. Review the results presentation on the exchange websites before the meeting.
RMCL Promoter Declares Zero Share Encumbrance for FY 2025-26
Vijay Patel, representing the promoter group of Radha Madhav Corporation Limited (RMCL), has submitted a declaration under SEBI Regulation 31(4) stating that no shares were encumbered during the financial year ended March 31, 2026. The company is currently in a transition phase following an NCLT-approved Resolution Plan from August 2022, which involved a massive capital reduction from 9.13 crore shares to just 6.82 lakh shares. Although new shares totaling 1.27 crore have been allotted, they are currently awaiting listing and dematerialization approvals from BSE and NSE.
Key Highlights
Promoter group declared zero encumbrance (pledging) of shares for the financial year ending March 31, 2026.
Share capital was significantly reduced from 9,12,95,775 to 6,82,185 shares on September 29, 2022, following an NCLT order.
A total of 1,27,10,000 new shares were allotted between September and December 2022 but remain unlisted and undematerialized.
Old promoter shareholding has technically become NIL under the Resolution Plan, though exchanges still reflect old data pending final listing approval.
The company has received a temporary ISIN (INE172H01022) and is awaiting final approval from BSE and NSE for the capital reduction.
👀 What to Watch
Investors should exercise caution as the company's share capital is undergoing significant restructuring and the new shares are not yet liquid or listed. Monitor exchange announcements for the final approval of the capital reduction and listing of new allotments.
RMC Switchgears FY26 Revenue grows 26.4% to ₹401.59 Cr; Q4 PAT at ₹9.30 Cr
RMC Switchgears reported a consolidated revenue growth of 26.40% YoY for FY26, reaching ₹401.59 crore, driven by strong execution in power infrastructure and EPC projects. However, full-year profitability faced pressure, with PAT declining 27.3% YoY to ₹22.45 crore and EBITDA margins contracting by 475 bps to 11.73%. A key highlight is the sharp sequential turnaround in Q4 FY26, where the company posted a net profit of ₹9.30 crore compared to a loss of ₹7.07 crore in Q3 FY26, suggesting improved operational efficiency toward the year-end.
Key Highlights
Consolidated FY26 revenue increased by 26.40% YoY to ₹401.59 crore from ₹317.73 crore.
Full-year Profit After Tax (PAT) declined by 27.3% YoY to ₹22.45 crore, with EPS dropping to ₹21.18.
EBITDA margins for FY26 contracted to 11.73% from 16.48% in FY25 due to rising commodity costs and supply chain disruptions.
Q4 FY26 marked a significant recovery with a profit of ₹9.30 crore against a loss of ₹7.07 crore in Q3 FY26.
Gross margins in Q4 FY26 improved by 412 bps YoY to 22.11%, indicating better project mix and cost controls in the final quarter.
👀 What to Watch
Investors should focus on the sustainability of the Q4 margin recovery and the company's ability to manage commodity price volatility in FY27. While revenue growth is strong, the decline in annual profitability suggests a need for cautious monitoring of operating leverage.
RMC Switchgears Approves FY26 Audited Results and Re-appoints Internal & Cost Auditors
RMC Switchgears Limited approved its audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026, during its board meeting on May 29, 2026. The company confirmed that the auditors provided an unmodified opinion on the financial statements, indicating healthy reporting standards. Furthermore, the board re-appointed M/s. DLS and Associates LLP as Internal Auditors and M/s. Deepak Mittal & Associates as Cost Auditors for the 2026-27 fiscal year. The company also clarified that it does not currently qualify as a 'Large Corporate' under SEBI's debt issuance framework.
Key Highlights
Approved audited standalone and consolidated financial results for the year ended March 31, 2026.
Re-appointed M/s. DLS and Associates LLP as Internal Auditors for the financial year 2026-27.
Re-appointed M/s. Deepak Mittal & Associates as Cost Auditors for FY 2026-27, subject to shareholder ratification.
Confirmed an unmodified opinion from auditors for the FY26 financial reports.
Stated the company does not fall under the 'Large Corporate' category as per SEBI debt security frameworks.
👀 What to Watch
Investors should examine the detailed financial results once published in newspapers or on the exchange to evaluate the company's year-on-year performance. The re-appointment of existing auditors indicates a preference for continuity in internal governance and cost oversight.
