RMC Switchgears Ltd.

•

rmcindia.inBSE: 540358NSE: RMC

Market Cap₹ 225 Cr.

Current Price

High / Low₹ 530 / 210

Stock P/E10.1

Book Value₹ 125

Price to Book2.86

Dividend Yield0.00 %

ROCE22.3 %

ROE18.9 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Company has delivered good profit growth of 54.8% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 29.6%
Company has a good return on equity (ROE) track record: 3 Years ROE 27.9%
Latest quarter profit grew 112.0% YoY, showing strong momentum
Company has delivered good sales growth of 37.1% CAGR over last 5 years
Company has consistently been profitable over the last 5 years

CONS

Operating cash flow has been negative in recent years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.11x)
Total debt has risen sharply - up 82.0% year on year
Operating margins have contracted to 11.7% from 18.0%
Growth is decelerating - 3Y profit CAGR (24.1%) trails the 5Y trend (54.8%)
Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectric Equipment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ABB	7269.10	51.56	154038.32	0.54	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	910.00	114.69	143365.96	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	SIEMENS	3960.90	43.07	141055.77	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
4.	POWERINDIA	31415.40	121.72	140025.86	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
5.	GVT&D	4545.00	623.18	116373.15	0.22	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3178.75	76.08	113201.81	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2627.50	19.80	75580.39	0.15	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17496.15	62.01	73260.47	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1114.80	42.84	69960.57	0.90	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	44.16	19.31	60700.73	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1227.70	159.75	29354.80	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	RMC	213.00	10.10	225.39	0.00	2.08	—	37.24	-77.52	22.26	20.82

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2025	Jun 2025	Mar 2026	Jun 2026
	166	85	143	37
	149	79	125	35
Operating Profit	17	5	18	2
OPM %	10.06%	6.18%	12.31%	6.26%
	0	0	1	0
Interest	2	3	4	4
Depreciation	1	1	1	1
Profit before Tax	14	5	13	3
Tax %	28.58%	25.18%	28.42%	25.15%
Net Profit	0	4	9	2
	9.53	3.86	8.81	1.97

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	83	132	125	173	318	402	430
	74	119	99	139	266	355	389
Operating Profit	9	13	26	34	52	47	42
OPM %	10.55%	9.70%	20.85%	19.67%	16.41%	11.72%	9.72%
	1	1	0	-1	1	2	2
Interest	5	6	7	9	9	14	13
Depreciation	2	2	3	3	3	5	4
Profit before Tax	3	5	17	21	42	30	35
Tax %	16.23%	25.89%	30.75%	30.50%	26.56%	26.19%	27.72%
Net Profit	3	4	12	15	31	22	25
EPS	0.00	0.00	12.20	14.44	29.04	21.10	—
Dividend Payout %	0.00%	0.00%	0.00%	1.38%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 37%
3 Years:: 47%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 55%
3 Years:: 24%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: 26%
3 Years:: 28%
Last Year:: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	6	6	7	10	11	11
	17	21	39	50	97	120
	36	39	43	46	54	97
Trade Payables	16	31	11	19	57	63
	6	10	17	30	62	82
Total Liabilities	82	106	117	155	279	372
	24	29	30	28	34	56
Capital Work in Progress	5	0	0	0	8	0
	7	11	9	10	20	18
	0	0	0	91	148	205
Cash & Bank	2	3	0	2	13	13
	43	63	78	24	56	79
Total Assets	82	106	117	155	279	372

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	0	4	5	8	12	-12
Cash from Investing	-3	2	-3	-1	-21	-25
Cash from Financing	2	-4	4	-5	16	33
	-1	1	0	2	7	-4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.93	52.93	52.93	52.93	52.07	52.07	52.09	51.97	51.97
	0.00	0.74	2.69	3.38	5.05	4.83	2.70	2.69	2.70
	0.00	0.75	0.83	0.91	0.80	1.01	0.39	0.39	0.48
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	47.07	45.58	43.55	42.78	42.07	42.09	44.82	44.95	44.85

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-12

Shareholders meeting

2026-09-12 - Rmc Switchgears Limited has informed the Exchange regarding Notice of Postal Ballot

2026-09-12

Appointment

2026-09-12 - Rmc Switchgears Limited has informed the Exchange regarding Appointment of Mr. Dilip Panjwani as Non- Executive Independent Director of the company w.e.f. September 12, 2026.

2026-09-12

Outcome of Board Meeting

2026-09-12 - Rmc Switchgears Limited has informed the Exchange regarding Outcome of Board Meeting held on September 12, 2026.

2026-09-08

Awarding of order(s)/contract(s)

2026-09-08 - Rmc Switchgears Limited has informed the Exchange about Awarding of order(s)/contract(s) worth Rs. 14,98,65,900/

2026-09-04

Reply to Clarification- Financial results

2026-09-04 - The Exchange had sought clarification from Rmc Switchgears Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.

2026-09-01

Clarification - Financial Results

2026-09-01 - The Exchange has sought clarification from Rmc Switchgears Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.

2026-08-27

Copy of Newspaper Publication

2026-08-27 - Rmc Switchgears Limited has informed the Exchange about Copy of Newspaper Publication - AGM POST DISPATCH NEWSPAPER ad

2026-08-27

Outcome of Board Meeting

2026-08-27 - Rmc Switchgears Limited has informed the Exchange regarding Outcome of Board Meeting held on August 27, 2026.

2026-08-27

Agreements

2026-08-27 - Rmc Switchgears Limited has informed the Exchange about Agreements- Pledge Agreement

News

Recent coverage and analyst commentary for RMC

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RMC Switchgears Ltd.

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Free 5nance Account

Name

ABB

7269.10

51.56

154038.32

0.54

3623.00

930.02

35588.70

1110.31

30.18

12.56

CGPOWER

910.00

114.69

143365.96

0.14

308.28

15.52

3280.81

13.99

27.94

12.11

SIEMENS

3960.90

43.07

141055.77

0.45

214.31

-49.38

4713.70

8.44

21.42

9.14

POWERINDIA

31415.40

121.72

140025.86

0.03

2941.50

2135.18

24936.90

1586.18

28.73

14.58

GVT&D

4545.00

623.18

116373.15

0.22

362.99

24.65

1836.14

38.04

75.51

25.10

ENRIN

3178.75

76.08

113201.81

0.13

440.90

67.83

2485.60

39.28

40.19

23.56

WAAREEENER

2627.50

19.80

75580.39

0.15

891.87

15.39

7931.79

79.22

37.92

18.15

APARINDS

17496.15

62.01

73260.47

0.34

4674.50

1677.98

65910.60

1191.31

31.84

11.50

HAVELLS

1114.80

42.84

69960.57

0.90

289.71

-16.64

6518.19

19.48

25.74

7.15

SUZLON

44.16

19.31

60700.73

0.00

305.22

-5.89

3829.09

22.83

35.79

15.55

SCHNEIDER

1227.70

159.75

29354.80

0.00

12.44

-69.84

651.36

4.78

31.01

5.23

RMC

213.00

10.10

225.39

0.00

2.08

—

37.24

-77.52

22.26

20.82

Mar 2025

Jun 2025

Mar 2026

Jun 2026

166

143

149

125

Operating Profit

OPM %

10.06%

6.18%

12.31%

6.26%

Interest

Depreciation

Profit before Tax

Tax %

28.58%

25.18%

28.42%

25.15%

Net Profit

9.53

3.86

8.81

1.97

Mar 2018

Mar 2019

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

132

125

173

318

402

430

119

139

266

355

389

Operating Profit

OPM %

10.55%

9.70%

20.85%

19.67%

16.41%

11.72%

9.72%

-1

Interest

Depreciation

Profit before Tax

Tax %

16.23%

25.89%

30.75%

30.50%

26.56%

26.19%

27.72%

Net Profit

EPS

0.00

12.20

14.44

29.04

21.10

—

Dividend Payout %

0.00%

1.38%

0.00%

—

Mar 2018

Mar 2019

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

120

Trade Payables

Total Liabilities

106

117

155

279

372

Capital Work in Progress

148

205

Cash & Bank

Total Assets

106

117

155

279

372

Mar 2018

Mar 2019

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-12

Cash from Investing

-3

-1

-21

-25

Cash from Financing

-4

-5

-1

-4

Mar 2018

Mar 2019

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Mar 2023

Sep 2023

Mar 2024

Sep 2024

Mar 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

52.93

52.07

52.09

51.97

0.00

0.74

2.69

3.38

5.05

4.83

2.70

2.69

2.70

0.00

0.75

0.83

0.91

0.80

1.01

0.39

0.48

Government

0.00

47.07

45.58

43.55

42.78

42.07

42.09

44.82

44.95

44.85

RMC Switchgears Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

RMC Switchgears Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI