Transcript of Investor Meet held on Friday, 21.11.2025
RMC · price
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RMC Switchgears hosted its first-ever investor day, reporting strong H1 FY26 consolidated results with revenue of ₹221.61 crore (up 111.5% year-on-year) and profit after tax of ₹20 crore (up 97.9%). EBITDA grew 71.5% to ₹34 crore, but margin contracted to 15.34% from ~19% a year ago, which management attributed to a deliberate strategy of chasing volume over percentage margin. The company disclosed an order pipeline of ~₹825 crore for the next 12 months and outlined a long-term Vision 2030 target of ₹5,000 crore in sales. Management also confirmed deferral of its 1 GW solar module manufacturing plan citing policy uncertainty, evolving domestic cell technology, and the risk of issuing equity at unfavorable valuations. The company is preparing to migrate from the BSE SME platform to the BSE Main Board and list on the NSE, and was recently included in Forbes Asia's Best Under a Billion 2025 list.
Strong near-term execution and order book visibility are positive, but the company declined to provide forward guidance for H2 FY26 and FY27 due to the solar module deferral and policy uncertainty, which may keep the stock range-bound until clarity emerges. Margin compression and absence of specific growth targets could weigh on sentiment, though the management's discipline on capital allocation and focus on high-conviction opportunities is reassuring for long-term shareholders.