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 14.2 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 | 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 |
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 | 3 | 10 | 1 |
| OPM % | 9.88% | 4.15% | 11.02% | 3.47% |
| 1 | 0 | 1 | 0 | |
| Interest | 2 | 3 | 4 | 4 |
| Depreciation | 1 | 1 | 1 | 1 |
| Profit before Tax | 14 | 3 | 6 | 2 |
| Tax % | 28.39% | 25.19% | 31.16% | 25.15% |
| Net Profit | 10 | 3 | 4 | 1 |
| 9.74 | 2.39 | 3.63 | 1.08 |
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 | 6 | 9 | 13 | 8 | 6 | 5 | 26 | 34 | 52 | 38 | 30 |
| OPM % | 11.07% | 10.64% | 9.74% | 13.35% | 17.29% | 12.87% | 20.85% | 19.67% | 16.36% | 12.50% | 8.40% |
| 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 |
| Profit before Tax | 1 | 3 | 5 | 1 | 0 | 0 | 17 | 21 | 42 | 22 | 24 |
| Tax % | -3.70% | 16.23% | 25.65% | 49.39% | -133.18% | -67.59% | 30.75% | 30.50% | 26.57% | 26.68% | 28.37% |
| Net Profit | 2 | 3 | 4 | 0 | 0 | 1 | 12 | 15 | 31 | 16 | 17 |
| EPS | 0.00 | 0.00 | 0.00 | 0.42 | 0.74 | 0.95 | 12.20 | 14.44 | 29.01 | 14.95 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.38% | 0.00% | 0.00% | — |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 6 | 6 | 6 | 6 | 6 | 7 | 10 | 11 | 11 |
| 9 | 17 | 21 | 21 | 22 | 22 | 39 | 50 | 97 | 113 | |
| 29 | 36 | 39 | 40 | 39 | 36 | 43 | 46 | 51 | 94 | |
| Trade Payables | 11 | 16 | 31 | 18 | 8 | 8 | 11 | 19 | 57 | 44 |
| 5 | 6 | 10 | 7 | 7 | 10 | 17 | 30 | 61 | 78 | |
| Total Liabilities | 59 | 82 | 107 | 92 | 82 | 83 | 117 | 155 | 276 | 340 |
| 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 |
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 | 4 | 7 | 9 | 3 | 5 | 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-12 - Rmc Switchgears Limited has informed the Exchange regarding Notice of Postal Ballot
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 - Rmc Switchgears Limited has informed the Exchange regarding Outcome of Board Meeting held on September 12, 2026.
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 - 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 - 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
News
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