RMC Switchgears Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
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.
PROS
- Company has a healthy return on capital (ROCE) of 28.2%
- Company has a good return on equity (ROE) track record: 3 Years ROE 26.1%
- Company has delivered good sales growth of 52.7% CAGR over last 5 years
- Stock looks reasonably valued - P/E of 14.8 is below its historical median
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.01x)
- Total debt has risen sharply - up 82.0% year on year
- Operating margins have contracted to 12.5% from 18.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7439.00 | 52.76 | 157638.64 | 0.53 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| POWERINDIA | 32200.00 | 124.76 | 143523.01 | 0.02 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| SIEMENS | 4025.00 | 43.76 | 143338.50 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| CGPOWER | 878.80 | 110.76 | 138450.55 | 0.15 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| ENRIN | 3119.50 | 74.66 | 111091.79 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| GVT&D | 4230.00 | 579.99 | 108307.68 | 0.24 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| HAVELLS | 1195.00 | 45.92 | 74993.62 | 0.84 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| WAAREEENER | 2583.00 | 19.47 | 74300.34 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 39.73 | 18.15 |
| APARINDS | 16805.15 | 59.56 | 70367.09 | 0.36 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| SUZLON | 45.50 | 19.89 | 62542.65 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1167.70 | 151.94 | 27920.18 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| RMC | 221.85 | 10.52 | 234.76 | 0.00 | 2.08 | — | 37.24 | -77.52 | 22.26 | 20.82 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2025 | Jun 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|
| 164 | 76 | 91 | 32 | |
| 148 | 73 | 81 | 31 | |
| Operating Profit | 16 | 7 | 10 | 6 |
| OPM % | 9.89% | 8.96% | 11.02% | 19.71% |
| Other Income | 1 | 0 | 1 | 0 |
| Interest | 2 | 3 | 4 | 4 |
| Depreciation | 1 | 1 | 1 | 1 |
| 14 | 3 | 6 | 2 | |
| Tax % | 28.39% | 25.19% | 31.16% | 25.15% |
| Net Profit | 10 | 3 | 4 | 1 |
| 10 | 0 | 4 | 0 | |
| Equity Capital | 11 | 11 | 11 | 11 |
| Reserves | 97 | 0 | 113 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 51 | 83 | 132 | 59 | 37 | 42 | 125 | 173 | 316 | 303 | 362 | |
| 45 | 74 | 119 | 51 | 30 | 36 | 99 | 139 | 264 | 266 | 332 | |
| Operating Profit | 7 | 10 | 14 | 8 | 7 | 6 | 27 | 35 | 53 | 40 | — |
| OPM % | 14 | 12 | 10 | 14 | 18 | 14 | 21 | 20 | 17 | 13 | — |
| Other Income | 2 | 1 | 1 | 0 | 0 | 1 | 0 | 1 | 2 | 2 | 2 |
| Interest | 4 | 5 | 6 | 5 | 4 | 3 | 7 | 9 | 9 | 14 | 13 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 4 | 4 |
| 1 | 3 | 5 | 1 | 0 | 0 | 17 | 21 | 42 | 22 | 24 | |
| Tax % | -4 | 16 | 26 | 49 | -133 | -68 | 31 | 30 | 27 | 27 | 28 |
| Net Profit | 2 | 3 | 4 | 0 | 0 | 1 | 12 | 15 | 31 | 16 | 17 |
| EPS | 0 | 0 | 0 | 0 | 1 | 1 | 12 | 14 | 29 | 15 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 2 | 3 | 4 | 0 | 0 | 1 | 11 | 14 | 29 | 15 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 19%
- 5 Years:
- 53%
- 3 Years:
- 34%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 53%
- 5 Years:
- 104%
- 3 Years:
- 10%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 22%
- 3 Years:
- 26%
- Last Year:
- 14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 5 | 6 | 6 | 6 | 6 | 6 | 7 | 10 | 11 | 11 |
| 9 | 17 | 21 | 21 | 22 | 22 | 39 | 50 | 97 | 113 | |
| 11 | 16 | 17 | 18 | 18 | 16 | 24 | 30 | 35 | 81 | |
| Trade Payables | 11 | 16 | 31 | 18 | 8 | 8 | 11 | 19 | 57 | 44 |
| 24 | 27 | 31 | 28 | 28 | 30 | 35 | 46 | 78 | 91 | |
| Total Liabilities | 59 | 82 | 107 | 92 | 82 | 83 | 117 | 155 | 276 | 340 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 23 | 24 | 29 | 29 | 30 | 29 | 30 | 28 | 30 | 42 | |
| Capital Work in Progress | 0 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 12 | |
| 3 | 7 | 11 | 10 | 9 | 13 | 9 | 10 | 20 | 16 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 91 | 147 | 176 | |
| Cash & Bank | 3 | 2 | 3 | 1 | 0 | 0 | 0 | 2 | 13 | 11 |
| 30 | 43 | 63 | 53 | 43 | 40 | 78 | 24 | 52 | 83 | |
| Total Assets | 59 | 82 | 107 | 92 | 82 | 83 | 117 | 155 | 276 | 340 |
| Total Debt | 29 | 37 | 41 | 41 | 39 | 41 | 46 | 50 | 57 | 103 |
| Net Working Capital | 9 | 12 | 20 | 19 | 17 | 17 | 33 | 49 | 75 | 71 |
| Contingent Liabilities | 18 | 26 | 24 | 20 | 21 | 1 | 1 | 1 | 1 | 0 |
| Book Value per Share | 26.55 | 37.91 | 44.27 | 43.79 | 44.86 | 46.14 | 66.13 | 58.47 | 101.52 | 117.15 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4 | 0 | 3 | 7 | 9 | 3 | -0 | 8 | 12 | -19 | |
| Cash from Investing | -1 | -3 | 2 | -4 | -3 | -2 | -3 | -1 | -23 | -20 |
| Cash from Financing | -3 | 2 | -4 | -5 | -6 | -1 | 4 | -5 | 17 | 33 |
| 1 | -1 | 1 | -2 | -0 | -0 | 0 | 2 | 6 | -6 | |
| Free Cash Flow | 4 | -8 | 1 | 5 | 5 | 1 | -3 | 8 | 12 | -30 |
| OCF / Net Profit | 2.90 | 0.09 | 0.70 | 21.82 | 19.15 | 4.70 | -0.03 | 0.52 | 0.38 | -1.18 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 8 | 4 | 9 | 16 | 22 | -13 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 3.01 | 4.14 | 6.24 | 0.49 | 0.74 | 0.95 | 17.08 | 14.44 | 29.01 | 14.95 |
| Book Value (₹) | 26.55 | 37.91 | 44.27 | 43.79 | 44.86 | 46.14 | 66.13 | 58.47 | 101.52 | 117.15 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.20 | 0.00 | 0.00 |
| Cash EPS (₹) | 4.00 | 4.66 | 6.58 | 2.80 | 3.11 | 3.48 | 13.98 | 17.04 | 31.84 | 18.98 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 13.00% | 11.64% | 10.39% | 13.87% | 18.26% | 14.48% | 18.02% | 16.70% | 16.36% | 12.50% |
| Net Margin % | 2.74% | 2.98% | 2.88% | 0.51% | 1.23% | 1.39% | 7.96% | 7.32% | 9.69% | 5.21% |
| ROE % | 12.88% | 13.78% | 15.18% | 1.12% | 1.67% | 2.08% | 31.92% | 28.16% | 36.57% | 13.69% |
| ROCE % | 14.44% | 15.80% | 17.96% | 8.84% | 6.42% | 5.02% | 29.60% | 29.74% | 36.76% | 18.07% |
| 2.82% | 3.58% | 4.04% | 0.30% | 0.52% | 0.70% | 11.77% | 10.96% | 14.19% | 5.13% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 130 | 123 | 116 | 274 | 341 | 238 | 101 | 133 | 138 | 194 |
| Inventory Days | 27 | 22 | 25 | 65 | 92 | 97 | 27 | 17 | 18 | 22 |
| Payable Days | 163 | 117 | 110 | 241 | 213 | 110 | 48 | 59 | 62 | 82 |
| -6 | 28 | 32 | 98 | 220 | 224 | 80 | 92 | 93 | 134 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 2.15x | 1.60x | 1.51x | 1.53x | 1.43x | 1.48x | 1.02x | 0.83x | 0.53x | 0.83x |
| Interest Coverage (x) | 1.35x | 1.59x | 1.80x | 1.11x | 1.05x | 1.11x | 3.44x | 3.48x | 5.81x | 2.57x |
| 1.34x | 1.33x | 1.36x | 1.47x | 1.56x | 1.53x | 1.65x | 1.64x | 1.50x | 1.35x | |
| GROWTH | ||||||||||
| Revenue Growth % | -8.51% | 63.76% | 58.62% | -54.92% | -38.38% | 13.56% | 201.42% | 37.81% | 82.98% | -3.93% |
| Operating Profit Growth % | 2.28% | 35.40% | 39.11% | -39.83% | -18.78% | -10.06% | 341.63% | 30.92% | 53.31% | -25.82% |
| Net Profit Growth % | 598.77% | 64.68% | 50.68% | -92.09% | 49.66% | 28.28% | 1934.78% | 26.80% | 105.62% | -48.33% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -15.47% | 100.87% | -48.45% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 27.74x | 24.92x | 23.62x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 6.85x | 7.12x | 3.02x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.05% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 13.25x | 15.11x | 11.76x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Rmc Switchgears Limited has informed the Exchange about Copy of Newspaper Publication - AGM POST DISPATCH NEWSPAPER ad
2026-08-27 - Rmc Switchgears Limited has informed the Exchange regarding Outcome of Board Meeting held on August 27, 2026.
2026-08-27 - Rmc Switchgears Limited has informed the Exchange about Agreements- Pledge Agreement
2026-08-26 - Rmc Switchgears Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 19, 2026
2026-08-20 - Rmc Switchgears Limited has informed the Exchange about Rescission/termination(s) of Release / Unpledge of Shares of Intelligent Hydel Solutions Private Limited (IHSPL)
2026-08-15 - Rmc Switchgears Limited has informed the Exchange about Copy of Newspaper Publication requesting shareholders of the company to register/uodate their email addresses
2026-08-13 - Rmc Switchgears Limited has informed the Exchange about Copy of Newspaper Publication for the financials of the quarter ended on 30th June, 2026
2026-08-13 - Rmc Switchgears Limited has informed the Exchange about Bagging/Receiving of orders/contracts worth Rs. 1,88,52,000/
News
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