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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 75,508 | 19.8 | 5.03 | 12.2 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 70,293 | 59.5 | 13.03 | 36.9 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 44,224 | 26.2 | 10.26 | 18.0 | 35.0 | 25.7 | — | 30.8 |
| EMMVEE PHOTOVOLTAIC PWR L | 23,872 | 17.9 | 6.46 | 13.3 | 29.3 | 31.2 | — | 36.3 |
| MTAR TECHNOLOGIES LIMITED | 22,531 | 168.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Board meeting on Sept 12 to approve Postal Ballot Notice | board shareholder meetings | low | — | — |
| 8 Sept 2026 · RMC Switchgears wins Rs 14.99 cr order from Maharashtra state electricity distributor | business updates | high | — | — |
| 4 Sept 2026 · Corrigendum to FY2025-26 Annual Report - auditor report and employee annexure corrected | compliance | minimal | — | — |
| 1 Sept 2026 · NSE seeks clarification on Q1 FY27 results | compliance | medium | — | — |
| 27 Aug 2026 · RMC Switchgears publishes notice for 32nd AGM | compliance | minimal | — | — |
| 27 Aug 2026 · Board approves pledge of associate shares and new LLP investment | ownership changes | high | — | — |
| 27 Aug 2026 · RMC Switchgears to pledge 51% IHSPL stake as loan collateral | ownership changes | high | — | — |
| 26 Aug 2026 · RMC Switchgears AGM on Sept 19, 2026; capital raise and subsidiary loans on agenda | board shareholder meetings | low | — | — |
| 20 Aug 2026 · RMC releases pledge on shares held in IHSPL | ownership changes | high | — | — |
| 13 Aug 2026 · Newspaper publication of Q1 FY26-27 financial results | compliance | minimal | — | — |
| 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 |
| 27.39 |
| 120.2 |
| 11.4 |
| 12.4 |
| 28.9 |
| 25.8 |
| DIAMOND POWER INFRA LTD | 19,448 | 98.9 | — | 94.7 | (26.2) | 8.6 | — | 12.3 |
| AVALON TECHNOLOGIES LTD | 15,293 | 114.3 | 21.19 | 76.2 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 9,830 | 13.7 | 4.43 | 12.1 | 26.7 | 22.7 | 50.8 | 22.1 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.2 | 26.2 | 7 of 53 | 89% |
| P/B | 1.7 | 3.6 | 10 of 49 | 81% |
| ROCE | 20.4 | 12.3 | 19 of 56 | 67% |
| ROE | 17.2 | 11.5 | 19 of 53 | 65% |
| Debt / Equity | 0.8 | 0.2 | 39 of 53 | 27% |
| EBITDA margin | 22.0 | 12.6 | 13 of 51 | 76% |
| Revenue growth | (64.5) | 20.7 | 46 of 46 | 0% |
| Market cap | 223 | 641 | 34 of 56 | 40% |
| 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 |
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.
