Investor''s Presentation for H1 FY26
RMC · price
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RMC Switchgears reported consolidated revenue of ₹221.61 crore in H1 FY26, more than doubling year-on-year from ₹104.78 crore, driven mainly by its Solar EPC vertical which contributed ₹114.46 crore (~52% of revenue). EBITDA grew 71% to ₹34.00 crore and PAT nearly doubled to ₹20.05 crore, while EBITDA margin fell to 15.34% from 18.93% in H1 FY25, which management called 'intentional' as they focused on absolute profit growth and getting all three verticals (Solar EPC, Electrical EPC, Electrical Products) to break-even. Management highlighted a project pipeline exceeding ₹1,500 crore in active tenders and confirmed that the 1 GW solar module manufacturing plant in Jaipur has achieved financial closure post-SIDBI sanction, expected to enhance margins from FY27 onwards. The company reiterated a 30%+ CAGR target for the next 3-5 years and a ₹5,000 crore revenue ambition by 2030, and was also featured in Forbes Asia's Best Under a Billion 2025.
Strong top-line doubling and a robust ₹1,500+ crore order pipeline signal continued growth momentum for shareholders, though the sharp drop in EBITDA margin is a near-term watch point. Backward integration via the 1 GW solar module plant from FY27 onward is a key positive trigger that could improve margins and support the long-term ₹5,000 crore revenue goal.