NSE: RMC · BSE: 540358
RMC SWITCHGEARS LIMITED
Manufactures electrical enclosures, switchgears and related equipment at an 8 lakh square foot facility, and executes EPC contracts for power distribution and transmission utilities. Operations span four verticals — Electrical Products, Electrical EPC, Solar EPC and Solar Products — supplying state electricity distribution companies, government schemes and solar EPC clients. Recent orders include Rs 2.84 crore of 100 Amp L.T. distribution kiosks from Jaipur Vidyut Vitran Nigam, Rs 23.64 crore of off-grid solar water pumping systems (3, 5 and 7.5 HP) from MAHAVITRAN under the PM KUSUM B scheme, and Rs 5.02 crore of solar module mounting structures from Genus Power. Materials form the largest cost at 40.4% of revenue, with steel, copper, aluminum and silver named as key inputs. The FY26 order book stood at Rs 850 crore-plus with a bid pipeline of Rs 1,500 crore-plus. A new IoT product, PulseBox, for distribution transformer monitoring is in advanced tender specification discussions with one utility; Rs 797.38 lakhs was spent on R&D for PulseBox in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Switchgears Engineering and EPC contract for power distribution/Transmissions Sector (100%). Diversified electrical infrastructure with manufacturing, EPC, and emerging IoT product line
Exhibit 1: Financial summary, FY19–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 132 | 173 | 318 | 402 |
| EBITDA (ex other income) | — | — | — | 47 |
| margin % | — | — | — | 11.7 |
| Owners' profit | — | — | — | 22 |
| EPS, as reported (₹) | 6.07 | 14.44 | 30.30 | 21.18 |
| ROE % · ROCE % | — · 22.5 | — · 38.0 | — · 40.7 | 17.2 · 29.7 |
| Debt / equity (x) | — | — | — | 0.79 |
| Cash from operations | — | 8 | 16 | (12) |
| Capex | — | — | 0 | (22) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q4 FY19 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 71 | 85 | 105 | 213 | 222 | 143 | 37 |
| Profit before tax | 3 | 9 | 15 | 28 | 27 | 13 | 3 |
| Net profit | — | — | — | — | — | 9 | 2 |
| EPS (₹) | 3.10 | 6.63 | 9.89 | 20.42 | 18.63 | 8.81 | 1.97 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.8 | 22.4 | 7 of 52 | 88% |
| P/B | 1.5 | 3.3 | 13 of 49 | 75% |
| ROCE | 20.4 | 12.4 | 19 of 55 | 67% |
| ROE | 17.2 | 12.4 | 19 of 50 | 63% |
| Debt / Equity | 0.8 | 0.3 | 36 of 50 | 29% |
| EBITDA margin | 22.0 | 12.6 | 13 of 51 | 76% |
| Revenue growth | (64.5) | 20.7 | 46 of 46 | 0% |
| Market cap | 200 | 591 | 33 of 56 | 42% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Postal Ballot Results: Land Purchase and Director Appointment Approved | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Independent Director Dilip Panjwani appointed via Postal Ballot | management changes | medium | — | — |
| 13 Oct 2026 · Postal ballot results: related party land purchase and new independent director approved | board shareholder meetings | medium | — | — |
| 9 Oct 2026 · Submission of dematerialisation certificate for Q2 FY26 | compliance | minimal | — | — |
| 9 Oct 2026 · Board Meeting Outcome - October 9, 2026 | board shareholder meetings | low | — | — |
| 1 Oct 2026 · RMC Switchgears changes Registrar and Share Transfer Agent to Skyline Financial | compliance | minimal | — | — |
| 23 Sept 2026 · Trading Window Closure From Oct 1 2026 For Q2 Results | compliance | minimal | — | — |
| 22 Sept 2026 · RMC Switchgears raises Authorised Share Capital to Rs. 20 Crore | corporate actions | medium | — | — |
| 22 Sept 2026 · AGM 2026: All 7 resolutions passed with high majority | board shareholder meetings | low | — | — |
| 19 Sept 2026 · 32nd AGM held on September 19, 2026; proceedings filed | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.