RMC Switchgears Ltd.

•

₹ 2582.79%

2026-08-21

rmcindia.inBSE: 540358NSE: RMC

Market Cap₹ 266 Cr.

Current Price₹ 251

High / Low₹ 530 / 245

Stock P/E11.9

Book Value₹ 135

Price to Book7.14

Dividend Yield0.00 %

ROCE37.3 %

ROE37.6 %

Face Value₹ 10

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ABOUT

KEY POINTS

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 32.7%
Company has a healthy return on capital (ROCE) of 32.3%
Latest quarter profit grew 112.0% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Operating margins have improved to 14.2% from 10.4%

CONS

Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.40x)
Stock is trading at 7.1x its book value
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

EDIT COLUMNS

Capital GoodsCapital GoodsElectric Equipment

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

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	ABB	7400.00	52.48	156812.20	0.53	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	POWERINDIA	33550.00	0.00	149540.28	0.02	294.15	123.52	2493.69	74.46	28.73	14.58
3.	SIEMENS	3880.10	42.19	138178.32	0.46	214.31	-49.38	4713.70	8.44	21.42	9.14
4.	CGPOWER	862.90	108.75	135945.59	0.15	308.28	15.52	3280.81	13.99	27.94	12.11
5.	ENRIN	3483.60	0.00	124058.14	0.11	4409.00	1578.34	24856.00	1292.81	40.19	23.56
6.	GVT&D	4119.00	564.77	105465.57	0.24	362.99	24.65	1836.14	38.04	75.51	25.10
7.	HAVELLS	1278.00	49.11	80202.38	0.78	289.71	-16.64	6518.19	19.48	25.74	7.15
8.	WAAREEENER	2688.00	20.26	77320.68	0.15	891.87	15.39	7931.79	79.22	34.71	18.15
9.	APARINDS	16607.65	58.86	69540.11	0.36	4674.50	1677.98	65910.60	1191.31	33.47	11.50
10.	SUZLON	46.78	20.45	64302.09	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1254.75	0.00	30001.58	0.00	124.40	201.65	6513.60	947.83	31.01	5.23
12.	RMC	251.70	11.93	266.35	0.00	2.08	—	37.24	-77.52	37.26	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	—	—	—	—
OPM %	—	—	—	—
Other Income	0	0	1	0
Interest	2	3	4	4
Depreciation	1	1	1	1
	14	5	13	3
Tax %	28.58%	25.18%	28.42%	25.15%
Net Profit	0	4	9	2
	10	0	9	0
Equity Capital	11	11	11	11
Reserves	107	0	130	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%
Equity Capital	11	11	11	11
Reserves	107	0	130	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%

Mar 2025

: 166
: 149
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 2
Depreciation: 1
: 14
Tax %: 28.58%
Net Profit: 0
: 10
Equity Capital: 11
Reserves: 107
Promoter Pledge %: 0.00%
Equity Capital: 11
Reserves: 107
Promoter Pledge %: 0.00%

Jun 2025

: 85
: 79
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 3
Depreciation: 1
: 5
Tax %: 25.18%
Net Profit: 4
: 0
Equity Capital: 11
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 11
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 143
: 125
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 4
Depreciation: 1
: 13
Tax %: 28.42%
Net Profit: 9
: 9
Equity Capital: 11
Reserves: 130
Promoter Pledge %: 0.00%
Equity Capital: 11
Reserves: 130
Promoter Pledge %: 0.00%

Jun 2026

: 37
: 35
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 4
Depreciation: 1
: 3
Tax %: 25.15%
Net Profit: 2
: 0
Equity Capital: 11
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 11
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	TTM
	83	132	125	173	318	430
	74	119	99	139	265	389
Operating Profit	10	14	27	35	54	—
OPM %	12	10	21	20	17	—
Other Income	1	1	0	1	1	2
Interest	5	6	7	9	9	13
Depreciation	2	2	3	3	3	4
	3	5	17	21	43	35
Tax %	16	26	31	30	26	28
Net Profit	3	4	12	15	31	25
EPS	0	0	12	14	30	—
Dividend Payout %	0	0	0	1	0	—
Minority Interest	0	0	0	0	-0	0
Share of Associates	0	0	0	0	0	0
Adjusted EPS	3	4	11	14	30	—
Minority Interest	0	0	0	0	-0	0
Share of Associates	0	0	0	0	0	0
Adjusted EPS	3	4	11	14	30	—

Mar 2018

: 83
: 74
Operating Profit: 10
OPM %: 12
Other Income: 1
Interest: 5
Depreciation: 2
: 3
Tax %: 16
Net Profit: 3
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2019

: 132
: 119
Operating Profit: 14
OPM %: 10
Other Income: 1
Interest: 6
Depreciation: 2
: 5
Tax %: 26
Net Profit: 4
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2023

: 125
: 99
Operating Profit: 27
OPM %: 21
Other Income: 0
Interest: 7
Depreciation: 3
: 17
Tax %: 31
Net Profit: 12
EPS: 12
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11

Mar 2024

: 173
: 139
Operating Profit: 35
OPM %: 20
Other Income: 1
Interest: 9
Depreciation: 3
: 21
Tax %: 30
Net Profit: 15
EPS: 14
Dividend Payout %: 1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14

Mar 2025

: 318
: 265
Operating Profit: 54
OPM %: 17
Other Income: 1
Interest: 9
Depreciation: 3
: 43
Tax %: 26
Net Profit: 31
EPS: 30
Dividend Payout %: 0
Minority Interest: -0
Share of Associates: 0
Adjusted EPS: 30
Minority Interest: -0
Share of Associates: 0
Adjusted EPS: 30

TTM

: 430
: 389
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 13
Depreciation: 4
: 35
Tax %: 28
Net Profit: 25
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 34%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 103%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: —
5 Years:: 25%
3 Years:: 33%
Last Year:: 38%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-
Equity Capital	6	6	7	10	11
	17	21	39	50	96
	16	17	24	30	37
Trade Payables	16	31	11	19	76
	27	31	35	46	49
Total Liabilities	82	106	117	155	269
ASSETS	-	-	-	-	-
	24	29	30	28	30
Capital Work in Progress	5	0	0	0	8
	7	11	9	10	20
	0	0	0	91	148
Cash & Bank	2	3	0	2	10
	43	63	78	24	53
Total Assets	82	106	117	155	269
Total Debt	37	41	46	50	59
Net Working Capital	12	20	33	49	75
Contingent Liabilities	26	24	1	1	1
Book Value per Share	37.91	44.19	66.13	58.47	101.32
Face Value	10.00	10.00	10.00	10.00	10.00
Total Debt	37	41	46	50	59
Net Working Capital	12	20	33	49	75
Contingent Liabilities	26	24	1	1	1
Book Value per Share	37.91	44.19	66.13	58.47	101.32
Face Value	10.00	10.00	10.00	10.00	10.00

Mar 2018

Equity Capital: 6
: 17
: 16
Trade Payables: 16
: 27
Total Liabilities: 82
: 24
Capital Work in Progress: 5
: 7
: 0
Cash & Bank: 2
: 43
Total Assets: 82
Total Debt: 37
Net Working Capital: 12
Contingent Liabilities: 26
Book Value per Share: 37.91
Face Value: 10.00
Total Debt: 37
Net Working Capital: 12
Contingent Liabilities: 26
Book Value per Share: 37.91
Face Value: 10.00

Mar 2019

Equity Capital: 6
: 21
: 17
Trade Payables: 31
: 31
Total Liabilities: 106
: 29
Capital Work in Progress: 0
: 11
: 0
Cash & Bank: 3
: 63
Total Assets: 106
Total Debt: 41
Net Working Capital: 20
Contingent Liabilities: 24
Book Value per Share: 44.19
Face Value: 10.00
Total Debt: 41
Net Working Capital: 20
Contingent Liabilities: 24
Book Value per Share: 44.19
Face Value: 10.00

Mar 2023

Equity Capital: 7
: 39
: 24
Trade Payables: 11
: 35
Total Liabilities: 117
: 30
Capital Work in Progress: 0
: 9
: 0
Cash & Bank: 0
: 78
Total Assets: 117
Total Debt: 46
Net Working Capital: 33
Contingent Liabilities: 1
Book Value per Share: 66.13
Face Value: 10.00
Total Debt: 46
Net Working Capital: 33
Contingent Liabilities: 1
Book Value per Share: 66.13
Face Value: 10.00

Mar 2024

Equity Capital: 10
: 50
: 30
Trade Payables: 19
: 46
Total Liabilities: 155
: 28
Capital Work in Progress: 0
: 10
: 91
Cash & Bank: 2
: 24
Total Assets: 155
Total Debt: 50
Net Working Capital: 49
Contingent Liabilities: 1
Book Value per Share: 58.47
Face Value: 10.00
Total Debt: 50
Net Working Capital: 49
Contingent Liabilities: 1
Book Value per Share: 58.47
Face Value: 10.00

Mar 2025

Equity Capital: 11
: 96
: 37
Trade Payables: 76
: 49
Total Liabilities: 269
: 30
Capital Work in Progress: 8
: 20
: 148
Cash & Bank: 10
: 53
Total Assets: 269
Total Debt: 59
Net Working Capital: 75
Contingent Liabilities: 1
Book Value per Share: 101.32
Face Value: 10.00
Total Debt: 59
Net Working Capital: 75
Contingent Liabilities: 1
Book Value per Share: 101.32
Face Value: 10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025
	0	3	-0	8	16
Cash from Investing	-3	2	-3	-1	-23
Cash from Financing	2	-4	4	-5	15
	-1	1	0	2	8
Free Cash Flow	0	1	-10	8	3
OCF / Net Profit	0.09	0.70	-0.03	0.52	0.50
Cumulative 5-Year FCF	0	0	0	0	0
OCF / Net Profit	0.09	0.70	-0.03	0.52	0.50
Cumulative 5-Year FCF	0	0	0	0	0

Mar 2018

: 0
Cash from Investing: -3
Cash from Financing: 2
: -1
Free Cash Flow: 0
OCF / Net Profit: 0.09
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.09
Cumulative 5-Year FCF: 0

Mar 2019

: 3
Cash from Investing: 2
Cash from Financing: -4
: 1
Free Cash Flow: 1
OCF / Net Profit: 0.70
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.70
Cumulative 5-Year FCF: 0

Mar 2023

: -0
Cash from Investing: -3
Cash from Financing: 4
: 0
Free Cash Flow: -10
OCF / Net Profit: -0.03
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.03
Cumulative 5-Year FCF: 0

Mar 2024

: 8
Cash from Investing: -1
Cash from Financing: -5
: 2
Free Cash Flow: 8
OCF / Net Profit: 0.52
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.52
Cumulative 5-Year FCF: 0

Mar 2025

: 16
Cash from Investing: -23
Cash from Financing: 15
: 8
Free Cash Flow: 3
OCF / Net Profit: 0.50
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.50
Cumulative 5-Year FCF: 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-
EPS (₹)	4.14	6.16	17.08	14.44	29.81
Book Value (₹)	37.91	44.19	66.13	58.47	101.32
Dividend per Share (₹)	0.00	0.00	0.00	0.20	0.00
Cash EPS (₹)	4.58	6.53	13.98	17.04	32.77
PROFITABILITY	-	-	-	-	-
Operating Margin %	11.55%	10.36%	18.02%	16.70%	14.18%
Net Margin %	2.98%	2.85%	7.96%	7.32%	8.38%
ROE %	10.92%	15.01%	32.45%	28.16%	37.64%
ROCE %	13.52%	17.90%	29.94%	29.74%	37.26%
	3.09%	3.99%	10.53%	10.96%	14.83%
EFFICIENCY	-	-	-	-	-
Debtor Days	144	116	133	133	117
Inventory Days	30	25	25	17	15
Payable Days	137	110	102	59	78
	38	32	56	92	54
FINANCIAL HEALTH	-	-	-	-	-
Debt to Equity (x)	1.60x	1.52x	1.02x	0.83x	0.55x
Interest Coverage (x)	1.59x	1.80x	3.44x	3.48x	5.89x
	1.33x	1.37x	1.65x	1.64x	1.52x
GROWTH	-	-	-	-	-
Revenue Growth %	0.00%	58.62%	-4.91%	37.81%	84.30%
Operating Profit Growth %	0.00%	39.69%	94.76%	30.92%	56.61%
Net Profit Growth %	0.00%	48.85%	212.73%	26.80%	111.34%
	0.00%	0.00%	0.00%	-15.47%	106.39%
VALUATION	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	27.74x	24.25x
P/B (x)	0.00x	0.00x	0.00x	6.85x	7.14x
Dividend Yield %	0.00%	0.00%	0.00%	0.05%	0.00%
	0.00x	0.00x	0.00x	13.24x	14.90x

Mar 2018

EPS (₹): 4.14
Book Value (₹): 37.91
Dividend per Share (₹): 0.00
Cash EPS (₹): 4.58
Operating Margin %: 11.55%
Net Margin %: 2.98%
ROE %: 10.92%
ROCE %: 13.52%
: 3.09%
Debtor Days: 144
Inventory Days: 30
Payable Days: 137
: 38
Debt to Equity (x): 1.60x
Interest Coverage (x): 1.59x
: 1.33x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 6.16
Book Value (₹): 44.19
Dividend per Share (₹): 0.00
Cash EPS (₹): 6.53
Operating Margin %: 10.36%
Net Margin %: 2.85%
ROE %: 15.01%
ROCE %: 17.90%
: 3.99%
Debtor Days: 116
Inventory Days: 25
Payable Days: 110
: 32
Debt to Equity (x): 1.52x
Interest Coverage (x): 1.80x
: 1.37x
Revenue Growth %: 58.62%
Operating Profit Growth %: 39.69%
Net Profit Growth %: 48.85%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 17.08
Book Value (₹): 66.13
Dividend per Share (₹): 0.00
Cash EPS (₹): 13.98
Operating Margin %: 18.02%
Net Margin %: 7.96%
ROE %: 32.45%
ROCE %: 29.94%
: 10.53%
Debtor Days: 133
Inventory Days: 25
Payable Days: 102
: 56
Debt to Equity (x): 1.02x
Interest Coverage (x): 3.44x
: 1.65x
Revenue Growth %: -4.91%
Operating Profit Growth %: 94.76%
Net Profit Growth %: 212.73%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 14.44
Book Value (₹): 58.47
Dividend per Share (₹): 0.20
Cash EPS (₹): 17.04
Operating Margin %: 16.70%
Net Margin %: 7.32%
ROE %: 28.16%
ROCE %: 29.74%
: 10.96%
Debtor Days: 133
Inventory Days: 17
Payable Days: 59
: 92
Debt to Equity (x): 0.83x
Interest Coverage (x): 3.48x
: 1.64x
Revenue Growth %: 37.81%
Operating Profit Growth %: 30.92%
Net Profit Growth %: 26.80%
: -15.47%
P/E (x): 27.74x
P/B (x): 6.85x
Dividend Yield %: 0.05%
: 13.24x

Mar 2025

EPS (₹): 29.81
Book Value (₹): 101.32
Dividend per Share (₹): 0.00
Cash EPS (₹): 32.77
Operating Margin %: 14.18%
Net Margin %: 8.38%
ROE %: 37.64%
ROCE %: 37.26%
: 14.83%
Debtor Days: 117
Inventory Days: 15
Payable Days: 78
: 54
Debt to Equity (x): 0.55x
Interest Coverage (x): 5.89x
: 1.52x
Revenue Growth %: 84.30%
Operating Profit Growth %: 56.61%
Net Profit Growth %: 111.34%
: 106.39%
P/E (x): 24.25x
P/B (x): 7.14x
Dividend Yield %: 0.00%
: 14.90x

Shareholding Pattern

Numbers in percentages

TRADES

	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

Mar 2023

: 52.93
: 0.00
: 0.00
Government: 0.00
: 47.07

Sep 2023

: 52.93
: 0.74
: 0.75
Government: 0.00
: 45.58

Mar 2024

: 52.93
: 2.69
: 0.83
Government: 0.00
: 43.55

Sep 2024

: 52.93
: 3.38
: 0.91
Government: 0.00
: 42.78

Mar 2025

: 52.07
: 5.05
: 0.80
Government: 0.00
: 42.07

Sep 2025

: 52.07
: 4.83
: 1.01
Government: 0.00
: 42.09

Dec 2025

: 52.09
: 2.70
: 0.39
Government: 0.00
: 44.82

Mar 2026

: 51.97
: 2.69
: 0.39
Government: 0.00
: 44.95

Jun 2026

: 51.97
: 2.70
: 0.48
Government: 0.00
: 44.85

Documents

Announcements

Rescission/termination(s)
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)
Copy of Newspaper Publication
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

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Jun 2026
Transcript PPTREC
Nov 2025
Transcript PPTREC
Jun 2025
TranscriptPPTREC