Rulka Electricals Limited (RULKA)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Rulka Electricals' revenue was ₹55.0 Cr (+1.9% year on year, +1.9% on the previous half-year), and net profit ₹2.0 Cr (+100.0% year on year); the operating margin was 5.5%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹55.0 | +1.9% | +1.9% |
| Operating profit | ₹3.0 | +0.0% | +0.0% |
| Net profit | ₹2.0 | +100.0% | +0.0% |
| EPS (₹) | 4.16 | +34.2% | +16.5% |
| Operating margin | 5.5% | — | — |
RULKA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 80.0% of the RULKA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 81.92%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 88.2% · 100.0% · 100.0% · 100.0% · 80.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Rulka Electricals Limited submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. Share registrar Bigshare Services confirmed that 100% of the company's shareholding remains in dematerialised form. No rematerialisation requests were received during the quarter. This is a standard quarterly compliance filing with zero impact on financials.
- Quarter ended: September 30, 2026
- Entire shareholding of the company is held in demat form
- Zero rematerialisation requests received during the quarter
- Confirmation issued by Bigshare Services Pvt. Ltd. dated October 07, 2026
Rulka Electricals' Board approved the incorporation of a subsidiary named NR COPPERS LIMITED to enter the copper trading, processing, and distribution business. The proposed entity will have an initial paid-up capital of ₹1,00,00,000 (10 lakh equity shares of ₹10 each), funded via cash. Rulka will hold a 51% controlling stake (₹0.51 Cr commitment), while other investors will hold the remaining 49%. This marks a diversification beyond core electrical contracting into non-ferrous metals and commodity supply chains.
- Board approved incorporation of 51% subsidiary named NR COPPERS LIMITED on October 3, 2026
- Total initial paid-up capital of ₹1,00,00,000 consisting of 10,00,000 equity shares of ₹10 each
- Rulka to hold 51% stake with remaining 49% held by other investors via cash consideration
- Focuses on copper trading, value-added processing, and industrial supply
Rulka Electricals concluded its 13th Annual General Meeting on September 30, 2026, where all three ordinary resolutions were passed with 100% favorable votes. The resolutions covered the adoption of audited financial statements for FY26, the re-appointment of Director Rupesh Kasavkar, and the appointment of M/s. Doshi Doshi & Co. as statutory auditors. A total of 29,66,820 votes were polled across 20 participating members, with zero dissenting votes. The outcome is procedural and maintains business continuity for the engineering contractor.
- All 3 ordinary resolutions passed with 100% votes in favor and 0 votes against
- Total of 29,66,820 shares voted across 20 participating members
- 2,947,520 votes cast by promoter group and 19,300 votes cast by non-institutional public shareholders
- Re-appointment of Rupesh Kasavkar and appointment of M/s. Doshi Doshi & Co. as statutory auditors confirmed
Rulka Electricals Limited concluded its 13th Annual General Meeting on September 30, 2026, conducted via video conferencing with a quorum of 23 members present. Shareholders transacted ordinary business items including the adoption of FY26 audited financial statements, the re-appointment of Managing Director Rupesh Kasavkar who retired by rotation, and the appointment of M/s. Doshi Doshi & Co. as statutory auditors. The remote e-voting window was active from September 26 to September 29, 2026, and the scrutinizer's report will be released within two working days.
- 13th Annual General Meeting concluded with 23 members present to establish quorum
- Audited financial statements for FY ended March 31, 2026, adopted with no auditor qualifications or adverse remarks
- M/s. Doshi Doshi & Co., Chartered Accountants, appointed as Statutory Auditors
- Scrutinizer to submit official voting report within 2 working days
Rulka Electricals has released its FY 2025-26 Annual Report and convened its 13th Annual General Meeting for September 30, 2026, via video conferencing. The report highlighted the execution of 36 project sites during the year, with 40% completed ahead of schedule, and repeat clients contributing approximately 65% of revenue. The company also detailed its foray into airport infrastructure with a landmark contract of ₹34.24 crore for Lucknow Airport. Against a TTM revenue base of ₹193 crore and a market cap of ₹49 crore, the company continues to scale into solar EPC and specialized MEP contracting.
- 13th Annual General Meeting scheduled for September 30, 2026, through Video Conferencing.
- Executed 36 project sites nationwide in FY 2025-26, with 40% completed ahead of schedule.
- Repeat clients accounted for ~65% of company revenue during the year.
- Awarded marquee Lucknow Airport infrastructure project valued at ₹34.24 crore (~17.7% of TTM revenue).
Rulka Electricals Limited has issued the notice for its 13th Annual General Meeting (AGM) to be held virtually on September 30, 2026. The key agenda includes the adoption of FY2025-26 financial statements and the formal appointment of M/s. Doshi Doshi & Co., Chartered Accountants, as statutory auditors for a 5-year term at a proposed fee of ₹8 Lakhs (excluding taxes). Additionally, the re-appointment of Managing Director Mr. Rupesh Kasavkar, who retires by rotation, is placed for shareholder approval. The remote e-voting window runs from September 26 to September 29, 2026, with the cut-off date set as September 23, 2026.
- 13th AGM scheduled for September 30, 2026, at 1:00 PM IST via Video Conferencing.
- Proposed appointment of M/s. Doshi Doshi & Co. as Statutory Auditors for a 5-year term at a fee of ₹8 Lacs.
- Remote e-voting window set from September 26, 2026 (9:00 AM) to September 29, 2026 (5:00 PM), with cut-off on September 23, 2026.
- Re-appointment of Managing Director Rupesh Kasavkar (holding 14,73,360 shares) proposed under rotation.
Rulka Electricals Limited announced the outcome of its Board meeting held on September 05, 2026. The Board approved the Director's Report for the financial year ended March 31, 2026, and scheduled the 13th Annual General Meeting (AGM) for September 30, 2026, at 01:00 PM IST via Video Conferencing. Additionally, the Register of Members and Share Transfer Books will be closed from September 19, 2026, to September 23, 2026, for the purpose of the AGM. This is a standard compliance and administrative disclosure.
- 13th Annual General Meeting scheduled for September 30, 2026, at 01:00 PM IST via VC
- Share transfer books and register of members closed from September 19 to September 23, 2026
- Board approved Director's Report along with annexures for FY ended March 31, 2026
- Board meeting held on September 05, 2026 (commenced at 1:40 PM, concluded at 2:30 PM)
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew by 82.68% YoY, reaching INR 54.24 Cr in H1 FY26 compared to INR 29.69 Cr in H1 FY25. Growth is driven by the execution of 36 sites, including 8 DMart outlets and 8 industrial warehouses, across electrical and fire-fighting segments.
Geographic Revenue Split
The company operates as an MEP project contractor all over India; however, specific percentage contribution by region is not disclosed in the available documents.
Profitability Margins
Gross Profit Margin (GPM) improved significantly to 32.47% in H1 FY26 from 26.28% in H1 FY25. Profit After Tax (PAT) margins stood at approximately 2.8% in H1 FY26, with PAT growing 61.75% YoY to INR 1.52 Cr.
EBITDA Margin
Profit Before Exceptional Items and Tax grew by 53.68% YoY to INR 2.03 Cr in H1 FY26 from INR 1.32 Cr in H1 FY25. Core profitability is supported by a 40% rate of ahead-of-schedule project completions, reducing overhead costs per site.
Capital Expenditure
Property, Plant, and Equipment (PPE) and Intangible Assets stood at INR 3.50 Cr as of September 30, 2025, a slight decrease from INR 3.59 Cr in the previous year, indicating minimal recent heavy CAPEX.
Credit Rating & Borrowing
Total borrowings increased to INR 11.15 Cr in H1 FY26 from INR 7.55 Cr in H1 FY25. Short-term borrowings rose 66.63% to INR 10.95 Cr to fund working capital for the expanded order book. Specific credit ratings and interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Electrical components (wires, switches), fire-fighting equipment, and MEP supplies. Cost of materials consumed represents 61.01% of total revenue (INR 33.09 Cr).
Capacity Expansion
The company utilizes a technical team of over 120 qualified personnel to execute projects. Expansion is focused on increasing the number of active sites rather than fixed manufacturing capacity.
Raw Material Costs
Cost of materials consumed increased by 74.43% YoY to INR 33.09 Cr in H1 FY26. Procurement is managed through strategic bidding and credentials review to maintain a GPM of 32.47%.
Manufacturing Efficiency
Operational efficiency is highlighted by the completion of 36 sites in H1 FY26. Ahead-of-schedule delivery for 40% of work orders optimizes labor and equipment utilization.
Strategic Growth
Expected Growth Rate
83%
Growth Strategy
Growth is targeted through a significant uplift in order intake, with a total unexecuted order book of INR 144 Cr. Strategy includes deepening presence in new markets, expanding into B2C channels, and aggressive bidding for government institutional tenders.
Products & Services
Electrical contracting, fire-fighting system installation, and Operations and Maintenance (O&M) services including routine inspections and emergency response.
Brand Portfolio
Rulka Electricals Limited (REL).
New Products/Services
Expansion into B2C channels for electrical services is planned to diversify revenue streams beyond B2B contracting.
Market Expansion
Poised to enter new markets and product segments in H2 FY26, leveraging the Class A Fire Service license for national expansion.
External Factors
Industry Trends
The MEP and fire-safety industry is growing due to stricter safety norms and the expansion of logistics parks. REL is positioning itself as a licensed specialist to capture high-compliance government and corporate contracts.
Competitive Landscape
Operates in the fragmented MEP contracting space but differentiates through technical personnel (120+) and specialized fire-fighting certifications.
Competitive Moat
The Class A License from the Directorate of Maharashtra Fire Service provides a durable regulatory moat, as it allows the company to act as a licensed agency for fire prevention and life safety measures, a requirement for large-scale industrial projects.
Macro Economic Sensitivity
Highly sensitive to the construction and infrastructure cycle in India, particularly in the industrial and retail sectors.
Consumer Behavior
Shift towards organized retail and large-scale warehousing increases demand for professional MEP and fire-safety contractors.
Regulatory & Governance
Industry Regulations
Compliance with the Maharashtra Fire Prevention and Life Safety Measures Act is critical for maintaining the Class A License required for operations.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 25.4% (INR 0.52 Cr tax on INR 2.03 Cr PBT).
Risk Analysis
Key Uncertainties
High trade receivables of INR 42.85 Cr (representing 79% of H1 revenue) pose a significant credit and liquidity risk if collections are delayed.
Geographic Concentration Risk
While operating 'all over India,' the reliance on the Maharashtra Fire Service license suggests a heavy concentration of high-value fire-fighting projects in Western India.
Third Party Dependencies
Dependent on various clients for new orders; recently secured orders totaling INR 11.26 Cr from 'various clients' in December 2025.
Technology Obsolescence Risk
Risk is low in contracting, but the company is addressing digital needs through 'disciplined project delivery' and technical training for its 120+ personnel.
Credit & Counterparty Risk
Trade receivables increased 96.96% YoY to INR 42.85 Cr, significantly outpacing revenue growth and indicating potential counterparty payment delays.
