Investors Presentation for performance and financial data for the Half Year and Financial Year ended on 31st March, 2025
RMC · price
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RMC Switchgears reported strong FY25 results with consolidated revenue of ₹318.16 crore, up 84% YoY, and PAT of ₹31.46 crore, up 111% YoY. EBITDA grew 56% to ₹53.22 crore, though EBITDA margin compressed from 19.76% to 16.73% due to higher COGS. The company secured major orders including a ₹320 crore rooftop solar EPC project with ₹91 crore O&M, a ₹108 crore underground cabling order from UGVCL, and a ₹50 crore transformer project from MAHAGENCO. RMC laid the foundation for a ₹100 crore 1 GW Solar Module Manufacturing Plant in Jaipur and incorporated RMC Solar One as a subsidiary. Management targets 30%+ CAGR over 3-5 years and a ₹5,000 crore turnover by 2030, driven by backward integration and expansion into solar EPC and water IoT.
Strong topline growth and a robust order pipeline are positive signals, but margin compression despite vertical integration plans is a watchpoint. Backward integration into solar module manufacturing and growing subsidiary stakes (RMC Green Energy 99.46%) support long-term margin recovery and growth visibility for shareholders.