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 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
| 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
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 | |
|---|---|---|---|---|---|---|
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
Recent coverage and analyst commentary for RMC
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