RMC Switchgears Ltd (540358)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, RMC Switchgears' revenue was ₹37.2 Cr (-55.9% year on year, -73.9% on the previous quarter), and net profit ₹2.1 Cr (-49.0% year on year); the operating margin was 20.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹37.2 | -55.9% | -73.9% |
| Operating profit | ₹7.8 | -12.7% | -56.0% |
| Net profit | ₹2.1 | -49.0% | -77.5% |
| EPS (₹) | 1.97 | -49.2% | -77.5% |
| Operating margin | 20.8% | — | — |
📢 Recent Corporate Announcements
RMC Switchgears Limited announced that its shareholders have approved the appointment of Mr. Dilip Panjwani as an Independent Director via postal ballot, with results declared on October 13, 2026. The appointment is effective from September 12, 2026. Mr. Panjwani brings over 25 years of experience in strategic finance, financial governance, M&A, and corporate compliance. This is a routine governance update with no direct impact on the company's financial operations or revenues.
- Shareholders approved the appointment of Mr. Dilip Panjwani as Independent Director via Postal Ballot on October 13, 2026
- Appointment is effective from September 12, 2026
- Appointee possesses over 25 years of experience in financial management, corporate governance, and M&A
- No interpersonal relationship exists between the appointee and any Directors or KMPs of the company
RMC Switchgears Ltd's board has approved the issuance of fully paid-up equity shares via a rights issue for an aggregate amount not exceeding ₹30 crore. The proposed raise represents approximately 13.8% of the company's current market capitalization of ₹218 crore and 24.2% of its net worth (₹124 crore). Terms including issue price, rights entitlement ratio, and record date will be finalized and disclosed later. The fresh capital could assist in funding its working capital and expanding operations in Solar EPC and transmission.
- Board approved a rights issue of equity shares not exceeding ₹30 crore
- Proposed issue amount represents ~13.8% of current market cap of ₹218 crore
- Equity shares to have a face value of ₹10 each
- Record date, issue price, and entitlement ratio to be determined subsequently
RMC Switchgears Ltd has scheduled a Board of Directors meeting on October 9, 2026, to consider and approve raising funds via a rights issue of fully paid-up equity shares. The board will also discuss fixing the issue quantum, constituting a Rights Issue Committee, and finalizing the objects of the issue. With a current market cap of ₹218 Cr and total debt of ₹103 Cr (D/E of 0.83), the rights issue details will be key to understanding capital structure impacts. The trading window has been closed effective October 1, 2026.
- Board meeting scheduled on Friday, October 9, 2026, at 11:00 AM
- Agenda to consider fund raising via Rights Issue to existing eligible equity shareholders
- Trading window closed from October 1, 2026, until 48 hours post-meeting conclusion
- Constitution of Rights Issue Committee and approval of issue objects to be considered
RMC Switchgears Limited announced that its Board of Directors approved changing its Registrar and Share Transfer Agent (RTA) from MUFG Intime India Private Limited to Skyline Financial Services Private Limited. MUFG Intime had served as the company's RTA since 2017. The transition will take effect following the execution of a tripartite agreement and depository connectivity approvals from NSDL and CDSL. This administrative change has zero financial impact on the company's business operations or balance sheet.
- Board approved appointment of Skyline Financial Services Private Limited as the new RTA via circular resolution on October 1, 2026
- Incumbent RTA MUFG Intime India Private Limited had handled RTA services for the company since 2017
- Current RTA will continue services until complete transition and confirmation from NSDL and CDSL
- Effective date of the transition will be communicated to exchanges in due course
Shareholders of RMC Switchgears approved an increase in the company's authorised share capital from Rs 15.00 crore to Rs 20.00 crore at the AGM held on September 19, 2026. Consequently, the capital is now divided into 2,00,00,000 equity shares of Rs 10 each, up from 1,50,00,000 shares previously. This procedural capital alteration creates headroom for future equity issuances, though no specific fundraise or corporate action was announced.
- Authorised share capital increased from Rs 15,00,00,000 to Rs 20,00,00,000
- Authorised shares expanded from 1,50,00,000 to 2,00,00,000 equity shares of Rs 10 each
- Amendment to Clause V of Memorandum of Association approved via Ordinary Resolution at AGM on September 19, 2026
RMC Switchgears Limited has issued a corrigendum to its FY 2025-26 Annual Report submitted on August 26, 2026. The revision replaces the Auditor's Report previously included under SEBI LODR Regulation 33 with the detailed Statutory Auditor's Report under Section 143 of the Companies Act, 2013. Additionally, it updates the Annexure regarding employee particulars to disclose remuneration details for the top ten employees under Section 197. The company confirmed that these administrative changes have no impact on the Standalone or Consolidated Financial Statements, where FY26 consolidated revenue stood at ₹401.59 crore and PAT at ₹22.45 crore.
- Replaced Regulation 33 auditor report with detailed Section 143 Statutory Auditor's Report in the FY26 Annual Report.
- Updated Section 197 disclosures to incorporate particulars of top ten employees in terms of remuneration.
- No impact on reported FY26 consolidated revenue of ₹401.59 crore (up 26.4% YoY) or PAT of ₹22.45 crore (down 27.3% YoY).
- 32nd Annual General Meeting scheduled for 19th September, 2026 via audio-visual means.
RMC Switchgears Limited approved the execution of a pledge agreement on August 27, 2026, pledging its entire 51% equity holding in associate company Intelligent Hydel Solutions Private Limited (IHSPL) to CTL Trusteeship Limited. The pledge acts as collateral to secure credit facilities granted by Aseem Infrastructure Finance Limited to IHSPL. In addition, the Board approved a proposed investment to acquire a 51% controlling stake in RMC NextGen Systems LLP.
- Pledged 51% equity stake held in associate company Intelligent Hydel Solutions Private Limited (IHSPL)
- Security provided to lender Aseem Infrastructure Finance Limited via CTL Trusteeship Limited
- Co-shareholder Saatvik Cleantech EPC Private Limited holds the remaining 49% stake in IHSPL
- Approved proposed investment to acquire a 51% stake in RMC NextGen Systems LLP
- Loan amount granted to IHSPL was not disclosed in the filing
RMC Switchgears has submitted its Annual Report for FY2025-26 along with the notice for its 32nd Annual General Meeting scheduled for September 19, 2026. Consolidated revenue for FY2026 grew 26.4% YoY to ₹401.59 crore, while consolidated net profit fell 27.3% YoY to ₹22.45 crore due to margin compression. The filing highlights the company's migration to the Main Boards of BSE and NSE effective April 1, 2026, and its strategic deployment of IoT-based PulseBox solutions across pilot transformers.
- Consolidated revenue from operations rose 26.4% YoY to ₹401.59 crore in FY2026.
- Consolidated profit after tax declined 27.3% YoY to ₹22.45 crore in FY2026.
- 32nd Annual General Meeting to be conducted via audio-visual means on September 19, 2026.
- Migrated from SME platform to the Main Boards of BSE and NSE effective April 1, 2026.
RMC Switchgears Ltd has submitted its Annual Report along with the Notice of the 32nd Annual General Meeting for FY 2025-26. For FY26, the company reported consolidated revenue from operations of ₹401.59 crore, marking a 26.4% YoY growth, while consolidated profit after tax declined by 27.3% YoY to ₹22.45 crore. The company highlighted its ongoing migration to the Main Boards of NSE and BSE (effective April 1, 2026) and the pilot rollout of its PulseBox IoT product on 10 distribution transformers across 5 states.
- Consolidated revenue from operations grew 26.4% YoY to ₹401.59 crore in FY2025-26
- Consolidated PAT fell 27.3% YoY to ₹22.45 crore during the financial year
- 32nd Annual General Meeting is scheduled for September 19, 2026 via audio-visual means
- Company migrated to the Main Boards of BSE and NSE effective April 1, 2026
- PulseBox IoT power solution launched on pilot across 10 distribution transformers in 5 states
RMC Switchgears Limited announced that the pledge created over its shareholding in Intelligent Hydel Solutions Private Limited (IHSPL) has been released and terminated effective August 20, 2026. The pledge was originally created in favor of Saatvik Cleantech EPC Private Limited under a Loan-cum-Share Pledge Agreement approved on March 31, 2026. The company confirmed that this release has no material impact on its financial, operational, or managerial affairs.
- Pledge over shares of Intelligent Hydel Solutions Private Limited (IHSPL) released effective August 20, 2026
- Pledge was originally created in favor of Saatvik Cleantech EPC Private Limited pursuant to an agreement approved on March 31, 2026
- Company confirmed zero material financial or operational impact from the termination of the pledge
RMC Switchgears has secured a turnkey contract worth ₹1.89 Cr from Anand Transformers Private Limited for Transformer Distribution Boxes. The project involves providing new service connections and infrastructure extensions for Phase III. While the order adds to the company's portfolio, its financial impact is marginal, representing only ~0.64% of the company's TTM revenue of ₹297 Cr. The contract includes an 18-month guarantee period from the date of delivery.
- Received a Letter of Award (LOA) worth ₹1,88,52,000 (₹1.89 Cr) from Anand Transformers Private Limited
- Order value represents approximately 0.64% of the company's TTM revenue of ₹297 Cr
- Contract involves a turnkey project for Transformer Distribution Boxes and infrastructure extension
- Guarantee period specified as 18 months from the date of delivery
- Defect liability period capped at an aggregate of 60 months
RMC Switchgears' board has approved a significant increase in the limit for loans, guarantees, and securities to subsidiaries up to ₹500 Cr, which is approximately 4x its current net worth of ₹124 Cr. The company is also increasing its authorized share capital from ₹15 Cr to ₹20 Cr to accommodate future growth. A new Joint Venture with Continental Petroleum Limited was approved to participate in upcoming tenders, aligning with the company's 'Vision 2030' target of ₹5,000 Cr in sales. The 32nd Annual General Meeting (AGM) is scheduled for September 19, 2026.
- Approved a limit of ₹500 Cr for loans and guarantees to subsidiaries, significantly exceeding the current TTM revenue of ₹297 Cr.
- Proposed increase in Authorized Share Capital by 33% from ₹15 Cr to ₹20 Cr.
- Formation of a Joint Venture with Continental Petroleum Limited for strategic tender participation.
- Grant of 1,500 stock options under ESOS 2024 with a vesting schedule spanning 6 years.
- 32nd AGM scheduled for September 19, 2026, to seek shareholder approval for these material changes.
RMC Switchgears has approved its Q1 FY27 financial results and proposed increasing its authorized share capital from ₹15 Cr to ₹20 Cr. A significant resolution was passed to allow loans and guarantees to subsidiaries up to ₹500 Cr, which is approximately 1.45x the company's current market capitalization of ₹344 Cr. The company is also forming a Joint Venture with Continental Petroleum Limited to participate in tenders, aligning with its 'Vision 2030' strategy. Additionally, 1,500 ESOPs were granted under the 2024 scheme with a 6-year vesting schedule.
- Authorized share capital increased by 33% from ₹15 Cr to ₹20 Cr
- Approved a ₹500 Cr limit for loans, guarantees, and securities to subsidiary companies
- Formation of a Joint Venture with Continental Petroleum Limited for tender participation
- Grant of 1,500 stock options under ESOS 2024 with vesting over 6 years (10% in year 1)
- 32nd Annual General Meeting (AGM) scheduled for September 19, 2026
RMC Switchgears has approved a significant increase in its financial exposure limits, proposing to provide loans or guarantees to subsidiaries up to ₹500 Cr, which is approximately 4x its current net worth of ₹124 Cr. The board also approved a new Joint Venture with Continental Petroleum Limited to participate in tenders, aligning with its 'Vision 2030' growth strategy. Additionally, the authorized share capital is being increased from ₹15 Cr to ₹20 Cr to accommodate future requirements. The company also granted 1,500 ESOPs to employees with a 6-year vesting schedule.
- Approved a limit of up to ₹500 Cr for loans, guarantees, and securities to subsidiary companies.
- Formed a Joint Venture with Continental Petroleum Limited specifically for tender participation.
- Proposed increase in Authorized Share Capital from ₹15 Cr to ₹20 Cr, pending shareholder approval.
- Granted 1,500 stock options under ESOS 2024 with a vesting schedule ranging from 1 to 6 years.
- Scheduled the 32nd Annual General Meeting (AGM) for September 19, 2026.
RMC Switchgears has scheduled a board meeting for August 12, 2026, to approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company, which has a market cap of ₹363 Cr, is coming off a volatile FY26 where quarterly revenues swung from ₹17.74 Cr in Dec 2025 to ₹90.87 Cr in Mar 2026. Investors will be monitoring if the company can maintain its TTM OPM of 7.6% while pursuing its ambitious 'Vision 2030' sales target of ₹5,000 Cr. The trading window for insiders has been closed since June 23, 2026.
- Board meeting scheduled for August 12, 2026, to approve Q1 FY27 results
- Trading window for insiders closed since June 23, 2026, per SEBI regulations
- Company reported TTM revenue of ₹297 Cr and TTM PAT of ₹7 Cr
- Solar EPC now contributes 52% of total revenue as per recent strategic shifts
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 84.30% YoY to INR 318.16 Cr in FY25. In H1 FY26, revenue reached INR 221.61 Cr (up 111.50% YoY), with Solar EPC contributing 52% (INR 104.46 Cr), Electrical EPC contributing 26% (INR 57.49 Cr), and Electrical Products contributing 22% (INR 49.66 Cr).
Geographic Revenue Split
The company is based in Rajasthan but has significant exposure to Maharashtra, with Maharashtra State Electricity Distribution Company Limited (MSEDCL) accounting for INR 545.84 Cr of the INR 1,035.47 Cr total order book (approx. 52.7%).
Profitability Margins
Net Profit (PAT) margins improved from 8.63% in FY24 to 9.89% in FY25, and further to 9.05% in H1 FY26. Gross margins declined significantly by 1,502 bps from 44.80% to 29.77% in FY25 due to a shift toward lower-margin EPC business lines.
EBITDA Margin
EBITDA margin was 16.73% in FY25, a decline of 304 bps from 19.76% in FY24. In H1 FY26, it further moderated to 15.34% as the company prioritized volume expansion and market share in the Solar and Electrical EPC segments over percentage margins.
Capital Expenditure
Total assets increased by 73% YoY to INR 268.50 Cr in FY25, driven by investments in tangible assets and capital work-in-progress for new manufacturing capacity expansion. Shareholders' funds increased 77% to INR 106.99 Cr.
Credit Rating & Borrowing
Credit rating reaffirmed at IVR BBB-; Stable (Long Term) and IVR A3 (Short Term) as of July 2025. Interest coverage ratio improved to 6.10x in FY25 from 3.95x in FY24 due to higher absolute EBITDA.
Operational Drivers
Raw Materials
Specific raw material names like steel or copper are not listed with percentages, but 'input costs' and 'salaries in the Solar segment' are cited as primary drivers of the 304 bps EBITDA margin decline.
Capacity Expansion
The company is expanding manufacturing capacity for electrical solutions; however, it has 'paused and deferred' its solar module manufacturing plans to focus on being a 'solution company' rather than just a product manufacturer.
Raw Material Costs
Gross profit grew only 22.50% (INR 94.73 Cr) despite an 84.30% revenue jump, indicating that raw material and direct project costs as a percentage of revenue increased from 55.2% to 70.23% due to the EPC-heavy mix.
Manufacturing Efficiency
Inventory turnover ratio improved from 12.72 times in FY24 to 17.11 times in FY25, reflecting higher operational throughput and faster movement of electrical products.
Strategic Growth
Expected Growth Rate
111.5%
Growth Strategy
The company aims for a 'Vision 2030' target of INR 5,000 Cr in sales through strategic diversification into Solar EPC, transmission sectors, and Battery Energy Storage (BES) tenders. It is transitioning from a product manufacturer to a 'solutions provider' to address electrocution and electrical theft.
Products & Services
Smart meters, LT/HT distribution boxes and panels, junction boxes, feeder pillars, circuit protection switchgears, and EPC contracts for energy transmission lines and solar power plants.
Brand Portfolio
RMC Switchgears.
New Products/Services
Expansion into Solar EPC (now 52% of revenue) and upcoming forays into the transmission sector and Battery Energy Storage (BES) tenders.
Market Expansion
Targeting government-backed distributed solar schemes like MSKVY 2.0 and RDSS (Revamped Distribution Sector Scheme) across India.
Strategic Alliances
Collaborations with state PSUs and private utilities; recently formed four subsidiaries including RMC Green Energy and RMC Solar Park to execute renewable projects.
External Factors
Industry Trends
The industry is shifting toward smart metering and renewable energy integration. RMC is positioning itself by securing large solar EPC orders (INR 320 Cr LOA) and participating in the 'electrification renaissance' in India.
Competitive Landscape
Fragmented market with many players of varied capabilities; competition is intense in the EPC segment, leading to margin compression.
Competitive Moat
Moat is built on 30+ years of experience and long-standing relationships with government DISCOMs. However, the moat is challenged by the fragmented nature of the electrical sector and low barriers to entry for bidding.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and clean energy priorities (PM-KUSUM, RDSS). Changes in government taxation or regulations could significantly impact operations.
Consumer Behavior
Shift toward green energy and demand for theft-proof electrical solutions (electrocution prevention) is driving demand for RMC's specialized enclosures and EPC services.
Geopolitical Risks
Exposure to global technology cycles (e.g., shifts from PERC to TopCore/HJT in solar) and availability of domestic cell technology.
Regulatory & Governance
Industry Regulations
Operations are governed by power sector policies like RDSS, Green Energy Corridor, and Domestic Content Requirement (DCR) cell requirements for solar projects.
Environmental Compliance
Focus on sustainability through rural development and clean energy projects (Solar EPC) as a cornerstone of business purpose.
Risk Analysis
Key Uncertainties
Execution risk on the INR 1,035.47 Cr order book and potential policy shifts in government schemes could impact revenue by over 50% given the segment mix.
Geographic Concentration Risk
Significant concentration in Maharashtra and Rajasthan; any regional policy change or natural calamity in these states would disproportionately affect the company.
Third Party Dependencies
High dependency on government DISCOMs for order inflows and timely payments; average working capital utilization is high at >90%.
Technology Obsolescence Risk
Risk of rapid changes in solar technology (cell types) and smart meter standards requiring constant R&D and capital reinvestment.
Credit & Counterparty Risk
Receivables are 'elongated' due to the long credit periods taken by government organizations, creating a liquidity risk if collections are further stretched beyond the current ~60-day cycle.
