The document contains the transcript of an Earnings Conference Call/Investor Meet conducted on Thursday, June 11, 2026, at 04:00 P.M. IST. The event was an Analyst Day to discuss FY26 performance and the company's future path.
The stated purpose was to help investors and analysts better understand how management views RMC and how they intend to build long-term value, rather than being a quarterly results discussion.
The meeting was conducted after the earnings announcement, as referenced in the intimation dated June 5, 2026.
Management participants included Mr. Ankit Agarwal (Whole-Time Director and CEO) and Ms. Shankhini Saha (Director of IR at Dickenson, IR advisors to RMC).
The transcript will be hosted on the company website at www.rmcindia.in in compliance with Regulation 46 of SEBI Listing Regulations.
The company included safe harbour language stating that certain statements may be forward-looking and subject to risks and uncertainties.
Financial Highlights and Strategic Updates
FY26 consolidated revenue was ₹401.59 crore, representing 26.4% growth over the previous year.
Profitability was lower than expectations due to product development investments, project execution delays, and input cost pressure.
Q3 FY26 saw a net loss of ₹7.07 crore, while Q4 FY26 returned to profitability with net profit of ₹9.3 crore.
Challenges included extended rainfall delays in Maharashtra, China-linked supply chain disruptions, safeguard duty-related cost movements, and higher input costs for solar modules (aluminum, silver).
Procurement cycles were extended by nearly 2 months, and execution shifted significantly to Q4, particularly March.
Wholesale Price Index inflation was noted at 3.88% in March 2026, with significant increases in crude petroleum, natural gas, fuel and power, and mineral oils.
PulseBox Technology and Market Opportunity
PulseBox is an IoT-enabled distribution monitoring solution designed to improve grid safety, reduce electrical theft, lower technical loss, and provide better visibility into distribution infrastructure.
Proof of concept completed with pilot deployments undertaken. One utility has advanced to formal specification and tender-oriented evaluation.
Management estimates India has 2.5 crore distribution transformers, with 1.25 crore in urban areas. Approximately 75 lakh transformers represent the addressable opportunity.
The potential addressable market is estimated at ₹50,000 crore+ for the Indian market (not guidance, order book, or revenue forecast).
Focus on better project selection, procurement discipline, execution oversight, working capital efficiency, and prudent capital allocation
Aspirational goal of becoming a ₹5,000 crore company by 2030
Working Capital and Receivables
Trade receivables increased to ₹205 crore as of March 31, 2026 (from ₹148 crore previously), primarily due to maximum deliveries occurring in March.
Only 3-5% of receivables are over 6 months old (excluding retention amounts).
Retention money typically represents 10% of project value, paid after project completion.
Management expects positive cash flows in FY27 through better project selection and execution.
Business Segments and Strategy
RMC is evolving into a diversified electrical infrastructure and technology company with three strengths: manufacturing excellence, infrastructure execution capabilities, and technology-led solutions.
Business segments include electrical products, electrical EPC, and solar EPC.
Revenue mix: Approximately 95% B2G (government), 5% B2B. Goal is to increase B2B share to improve debtor days.
The company abandoned water conservation, treatment, and management ventures to focus on energy.
Additional Notes Section
The document was filed as a regulatory disclosure pursuant to Regulation 30, read with Part A of Schedule III of SEBI Listing Regulations.
The transcript was enclosed with the filing and will be hosted on the company website.
The document includes comprehensive Q&A session with analysts covering order book, receivables, growth strategy, and technology developments.
