Company Overview

RMC Switchgears Limited is an electrical technology company with over 30 years of experience in the power industry. The company migrated to the Main Board of BSE Limited and was listed on the National Stock Exchange of India Limited on 1st April 2026.

Q1 FY27 Financial Performance

Consolidated Results:

  • Revenue from operations: ₹37.24 crore (down 55.95% from ₹84.53 crore in Q1 FY26)
  • Gross profit: ₹16.71 crore (down 8.02% from ₹18.16 crore)
  • Gross margin: 44.87% (improved 2338 bps from 21.49%)
  • EBITDA: ₹7.75 crore (down 12.70% from ₹8.88 crore)
  • EBITDA margin: 20.81% (improved 1031 bps from 10.50%)
  • Profit after tax: ₹2.08 crore (down 48.97% from ₹4.08 crore)
  • PAT margin: 5.59% (improved 76 bps from 4.83%)
  • Earnings per share: ₹1.97 (down 48.97% from ₹3.86)

The revenue decline was attributed to several larger contracts being in survey, design, and mobilization phase during the quarter, with billing following commissioning rather than award.

Standalone Results:

  • Revenue: ₹31.85 crore
  • EBITDA: ₹6.28 crore
  • EBITDA margin: 19.72%
  • Profit after tax: ₹1.15 crore
  • PAT margin: 3.60%
  • EPS: ₹1.08

Order Book Update

The company received significant orders between July and August 2026:

  • 12 Letters of Award from Paschim Gujarat Vij Company Limited worth ₹333.80 crore for converting overhead HT/LT networks to underground cable networks
  • Additional awards from Maharashtra State Electricity Distribution Company Limited and Jaipur Vidyut Vitran Nigam Limited
  • Total new awards: ₹369.63 crore
  • Confirmed unexecuted order book: approximately ₹1,188 crore (up from over ₹800 crore at FY2026 close)

The Paschim Gujarat packages have a 12-18 month execution timeline from a 45-day commencement period, meaning revenue will build through FY2027 and carry into FY2028.

Business Segments

RMC operates across three main verticals:

Electrical Products (22% of FY2026 revenue):

  • Revenue: ₹96.48 crore
  • Margin profile: ~9%
  • Products: Smart meter enclosures, feeder pillars, distribution boxes, electrical panels
  • Growth drivers: Smart metering push, T&D upgrades, RDSS incentives

Electrical EPC (26% of FY2026 revenue):

  • Revenue: ₹96.13 crore
  • Margin profile: ~18%
  • Services: T&D infrastructure, smart grid & substation automation, special electrical projects
  • Growth drivers: ₹2.5 trillion smart grid investments, private sector participation

Solar EPC (52% of FY2026 revenue):

  • Revenue: ₹208.99 crore
  • Margin profile: ~17%
  • Services: Ground-mounted solar, solar pumps, rooftop solar installations
  • Growth drivers: 280 GW solar target by 2030, domestic manufacturing incentives

Product Innovation - PulseBox

RMC launched PulseBox, India's first IS 14772-certified smart LT distribution box designed to address the unmonitored transformer node problem. Key features:

  • Transformer failure prevention through real-time busbar temperature & overload monitoring
  • Real-time bypass & theft detection via current-differential monitoring
  • Non-conductive FRP enclosure eliminates electrocution liability
  • MERC regulatory compliance through individual MCCB feeder discrimination

Field Validation:

  • Proof of Concept deployed across 5+ states
  • 10 pilot Distribution Transformers actively running
  • Advanced commercial engagement in 3 states
  • Consistent field performance confirmed detection of DT failures invisible to smart meters

Manufacturing & Capacity

  • Production facility expanded from 5,000 sq. ft. to 800,000 sq. ft.
  • Added production capacity to 300,000 SMC enclosures annually
  • Funded through own reserves and term loan
  • New clients added: Genus, Adani, GMR, Monte Carlo, IntelliSmart

Management & Governance

  • Mrs. Manisha Godara appointed as Independent Director effective 24th May 2026
  • Mr. Vikash Verma designated as Deputy Chief Financial Officer
  • Mr. Ojas Sethi designated as Head of Finance and Accounts as Senior Management Personnel

Growth Strategy

The company aims for over 30% CAGR growth in the next 3-5 years through:

  • Focus on IP-led technology business (Platform two) as primary value driver
  • Selective pursuit of enclosures, panels and utility EPC business (Platform one)
  • Strategic collaborations to transition from legacy business to high-value solutions
  • Geographic expansion across northern, western, and central India

Market Opportunity

The presentation highlighted significant industry tailwinds:

  • Distribution sector capex pipeline through 2035: ₹11.2 lakh crore
  • Transmission capex between FY2027-FY2032: ₹5-6 lakh crore (ICRA estimate)
  • 35 crore smart meters to be deployed
  • India's distribution transformer base: approximately 8 lakh MVA (mostly unmonitored)
  • Estimated 250 lakh+ LT Distribution Boxes across India (addressable market for PulseBox)

Corporate Initiatives

Green Initiatives:

  • 249 kW solar plant at manufacturing facility
  • Environment and Resource Protection program including water conservation and plantation
  • ISO 9001:2015 certification

CSR Activities:

  • Blood donation camp collecting ~400 units of blood
  • Solar-powered streetlight installation in partnership with Anushree Foundation

Workforce:

  • Total workforce: 557 employees
  • Women workforce: 21.9% (122 employees)
  • Located across head office and Chaksu manufacturing facilities