RMC Switchgears Ltd(RMC)

NSE: RMCBSE: 540358

₹ 203+0.37%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 215 crWebsite: www.rmcindia.inUpdated: 24 Oct 2026

About

RMC Switchgears Ltd is a Jaipur-based company that works through four verticals: Electrical Products, Electrical EPC, Solar EPC and Solar Products. Its products include smart meter enclosures, distribution boxes and feeder pillars. Revenue was ₹401.59 crore in FY26, and Solar EPC was its largest segment, at ₹208.99 crore (~52%). The company has an execution track record of over 200 MWp in solar EPC.^[1][2][3]

Business segments

Solar EPC: ₹208.99 crore (~52% of revenue) in FY26 at ~17% margin, up from ₹1.74 crore (0.55%) in FY25.^[3][4]
Electrical EPC: ₹96.13 crore (~26%) in FY26 at ~18% margin, down from ₹253.72 crore (80.21%) in FY25.^[3][4]
Electrical Products: ₹96.48 crore (~22%) in FY26 at ~9% margin, up from ₹60.84 crore (19.24%) in FY25.^[3][4]
In its reported segment results, the company shows one segment covering switchgear engineering and EPC for power distribution and transmission (FY26).^[5]

Products and services

Electrical Products include smart meter enclosures, distribution boxes, feeder pillars and other SMC and polycarbonate products (FY25).^[1]
PulseBox is an IoT monitoring device for distribution transformers. As of Q4 FY26 it had completed proof-of-concept trials in 5+ states, with 10 pilot transformers live.^[3]
The company owns 51% of Intelligent Hydel Solutions, a subsidiary working on water IoT (FY24).^[6]
As of Q2 FY26, the company had two to three joint ventures with battery energy storage manufacturers and was bidding for storage EPC tenders.^[7]

Manufacturing and capacity

The main plant is at Chaksu, Jaipur. It covers 90,000 square meters and makes enclosures, SMC and pultruded sections (FY25).^[1]
Smart meter enclosure capacity was 3 lakh units per year in FY25. In FY24 the company had stated a plan to scale it to 400,000 units a year.^[1][6]
The FY25 annual report stated a plan to scale SMC production to 15,000 MT per annum by H2 FY26.^[1]

Order book and pipeline

The unexecuted order book was ₹850+ crore as of Q4 FY26, compared with ~₹825 crore in H1 FY26 and about ₹500 crore in FY24.^[3][7][6]
The tender pipeline was ₹1,500+ crore in Q4 FY26, including ₹400 crore of active Solar EPC tenders.^[3]
The company stated an order conversion ratio of 30-35% in H1 FY26.^[7]
Since Q3 FY26, every significant EPC bid has included explicit price-escalation provisions.^[3]

Customers and distribution

Customers include government DISCOMs and PSUs, institutional and industrial solar clients, private OEMs and contractors, and water and power departments (FY25).^[1]
Government orders are won through competitive bidding and empanelment. Electrical products are sold through regional dealers and OEM partners (FY25).^[1]
As of Q4 FY26, the company was aiming for a larger share of B2B revenue to reduce its reliance on government clients.^[3]

Major orders

In FY25 the company won a ₹320 crore rooftop solar EPC order (50 MW), which includes ₹91 crore of long-term operations and maintenance.^[4][1]
In FY25 it won a ₹108 crore underground cabling and RMU project from UGVCL in Gujarat.^[1]
In FY25 it won a 46 MW + 17 MW order from MAHAGENCO under the MSKVY 2.0 scheme.^[1]
It won its first transmission EPC order, worth ₹70 crore, in Rajasthan. Billing is expected to start in Q2 FY27.^[3]

Expansion and capex

In Q2 FY26 the board deferred the ₹100 crore, 1 GW solar module plant in Jaipur, citing uncertainty over the DCR cell policy. The land and equipment already invested are retained.^[7][4]
The company's Vision 2030 revenue aspiration of ₹5,000 crore was reiterated as intact in the Q4 FY26 call.^[3]

Recent developments

On 09 Oct 2026 the board approved a rights issue of up to ₹30 crore in equity shares with a face value of ₹10, subject to regulatory approvals.^[8]
The company moved from the BSE SME platform to the Main Board and listed on NSE (reported in the Q4 FY26 call).^[3]
Its credit rating is IVR BBB-/Stable for long-term bank facilities and IVR A3 for short-term facilities (FY25).^[1]
Its stake in RMC Green Energy Pvt Ltd was raised to 99.46%, and RMC Solar One Pvt Ltd was incorporated (FY25).^[1]

Market Cap

₹215 Cr

High / Low

₹750 / 182

Stock P/E

9.7

Price / Book

1.6

Book Value

₹123

EPS

₹21.1

No. of Shares

1.06 Cr

ROCE

22.0%

ROE

18.8%

OPM

11.0%

Debt / Equity

0.79

Sales

₹402 Cr

Net Profit

₹22 Cr

Promoter holding

51.9%

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RMC Switchgears Ltd(RMC)

About

Business segments

Products and services

Manufacturing and capacity

Order book and pipeline

Customers and distribution

Major orders

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

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Company data

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