Rmc Switchgears Limited (RMC)

About

RMC Switchgears manufactures electrical equipment and switchgear components within the industrials sector. At ₹275.28 Cr market cap with 51.97% promoter control and minimal institutional ownership (FII 2.7%, DII 0.48%), it is a small-cap operator. Latest quarter (Jun 2026) reported ₹31.85 Cr revenue with 19.75% operating margins and ROE of 17.11%, but the stock has fallen 68.61% over 12 months amid a severe revenue decline.

Face value: ₹10

Market cap

₹215 Cr

P/E

9.6×

P/B

1.6×

Dividend yield

0%

ROE

17.1%

ROCE

29.7%

Debt / equity

0.79

OPM

11.7%

EPS (TTM)

₹21.1

Book value

₹123.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Revenue collapse: Latest quarter ₹31.85 Cr is 78% below prior-year quarter (₹142.94 Cr); verify whether this reflects temporary demand softness or structural market loss
Operating margin instability: OPM ranges from 11% to 20.78% across recent quarters; investigate drivers of current 19.75% level and whether it is sustainable
Leverage amid sales contraction: D/E ratio of 0.79 is moderate but material during 78% year-on-year revenue decline; assess debt-servicing headroom and refinancing risk
Illiquidity and retail dependency: Combined FII + DII holdings of just 3.18% with ₹275 Cr market cap leaves stock vulnerable to sentiment swings; verify liquidity depth in key holdings

Generated analysis · source review pending

Growth drivers

Profitable capital base: ROE of 17.11% demonstrates capital efficiency; renewed revenue growth could unlock earnings leverage through this profitable asset base
Margin expansion headroom: Latest quarter OPM of 19.75% significantly exceeds 11.72% trailing average; establish whether this operational improvement is structural or temporary, as sustainability would drive earnings outpacing revenue growth
Sector exposure to industrial capex: Electrical equipment manufacturers typically benefit from infrastructure and industrial modernization spending; verify timing and scale of capex recovery in RMC's key end-markets

Generated analysis · source review pending

1,586 historical price candles were omitted because the exchange source has not been verified.

₹202.6-3.7%1Y

Quick read

rule-based

Pros

+High return on capital employed of 29.7%

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

71/100

Business quality: 46
Valuation: 96

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Apar Industries LimitedAPARINDSAPARINDS	₹70,945 Cr	₹71,785 Cr	₹24,389 Cr	₹2,159 Cr	8.2%	₹1,182 Cr	4.3%	32.6%	19.7%	30
Waaree Energies LimitedWAAREEENERWAAREEENER	₹67,322 Cr	₹69,813 Cr	₹30,043 Cr	₹6,351 Cr	22.3%	₹2,763 Cr	14.6%	39.7%	30.9%	95
Premier Energies LimitedPREMIERENEPREMIERENE	₹39,863 Cr	₹43,480 Cr	₹8,466 Cr	₹2,543 Cr	30.4%	₹1,665 Cr	19.3%	36.3%	42.4%	115
Mtar Technologies LimitedMTARTECHMTARTECH	₹24,015 Cr	₹24,384 Cr	₹1,080 Cr	₹228 Cr	19.5%	₹133 Cr	10.7%	17.2%	12.1%	419
Emmvee Photovoltaic Power LimitedEMMVEEEMMVEE	₹21,177 Cr	₹21,355 Cr	₹5,578 Cr	₹1,932 Cr	34.3%	₹1,274 Cr	21.4%	43.6%	51.1%	159
Diamond Power Infrastructure LimitedDIACABSDIACABS	₹18,182 Cr	₹20,711 Cr	₹2,298 Cr	₹270 Cr	11.7%	₹197 Cr	8.3%	12.4%	—	93
Avalon Technologies LimitedAVALONAVALON	₹15,232 Cr	₹15,415 Cr	₹1,764 Cr	₹201 Cr	10.8%	₹134 Cr	7.1%	23.4%	16.9%	160
Fujiyama Power Systems LimitedUTLSOLARUTLSOLAR	₹12,327 Cr	₹12,788 Cr	₹3,403 Cr	₹639 Cr	18.5%	₹294 Cr	11.5%	29.6%	23.9%	123
Genus Power Infrastructures LimitedGENUSPOWERGENUSPOWER	₹8,518 Cr	₹10,817 Cr	₹5,173 Cr	₹973 Cr	19.2%	₹652 Cr	12.5%	31%	29%	188
Waaree Renewable Technologies LimitedWAAREERTLWAAREERTL	₹8,436 Cr	₹8,517 Cr	₹3,652 Cr	₹697 Cr	19.2%	₹511 Cr	14.4%	84.1%	68.9%	37
Ram Ratna Wires LimitedRAMRATRAMRAT	₹5,752 Cr	₹6,407 Cr	₹6,047 Cr	₹310 Cr	5.1%	₹127 Cr	2.1%	30.4%	20.1%	33
Vikram Solar LimitedVIKRAMSOLRVIKRAMSOLR	₹5,594 Cr	₹5,694 Cr	₹5,232 Cr	₹800 Cr	19.1%	₹357 Cr	9.8%	31.4%	21.3%	11

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2026
Revenue	402
COGS	307
Gross profit	95
	48
	47
OPM %	11.7%
Depreciation	5
Interest	14
	2
Profit before tax	30
Tax	8
Tax %	26.2%
PAT	22
PAT margin %	5.6%
EPS (₹)	21.2
EPS adjusted (₹)	21.1

₹ Cr	Mar 2026
Equity capital	11
Reserves	120
Minority interest	0
	103
	133
Total equity & liabilities	367
	56
CWIP	0
Investments	0
	311
Total assets	367

₹ Cr	Mar 2026
	-12
	-25
	33
Net cash flow	-4
Free cash flow	-34
CFO / Operating profit %	-24.7%

Return on equity

7 years: —
5 years: —
3 years: —
Last year: 17%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Switchgears Engineering and EPC contract for power distrubution/Transmissions Sector	401.59	44.22	366.88	366.88

SegmentFigure

Switchgears Engineering and EPC contract for power distrubution/Transmissions Sector · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2026
Margins
Gross margin %	23.7%
EBITDA margin %	11.7%
EBIT margin %	10.6%
PAT margin %	5.6%
Working capital
Receivable days	186
Inventory days	22
Payable days	75
NWC days	134
Leverage
Current ratio	1.32
Debt to EBITDA	2.19
Debt to equity	0.79
Interest coverage	3.2
Asset turnover	1.09
Return ratios
Return on assets %	6.1%
Return on capital employed %	29.7%
Return on equity %	17.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Mar 2022	Sep 2022	Dec 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.27%	55.6%	52.93%	52.93%	52.93%	52.93%	52.93%	52.07%	52.07%	52.09%	51.97%	51.97%
	0%	0%	0%	0%	0.74%	2.69%	3.38%	5.05%	4.83%	2.7%	2.69%	2.7%
	0%	0%	0%	0%	0.75%	0.83%	0.91%	0.8%	1.01%	0.39%	0.39%	0.48%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	43.73%	44.4%	47.07%	47.07%	45.58%	43.55%	42.78%	42.08%	42.09%	44.82%	44.95%	44.85%
No. of shareholders	—	—	—	—	—	—	—	—	3,793	4,935	5,036	6,867

Promoter holding down 4.3 percentage points since Mar 2022.

31 deals · 9 Feb 2022 – 22 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
22 Jun 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	75,397	₹350.67	₹2.64 Cr
22 Jun 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	69,383	₹353.04	₹2.45 Cr
27 May 2026	ARGENT LEASING AND FINANCE PRIVATE LIMITED	Bulk	BSE	Sell	54,980	₹400.75	₹2.20 Cr
28 Aug 2025	RITU BAPNA	Bulk	BSE	Buy	59,375	₹839.91	₹4.99 Cr
28 Aug 2025	ANIL YADAV	Bulk	BSE	Sell	55,000	₹840.00	₹4.62 Cr
2 Jun 2025	ANIL YADAV	Bulk	BSE	Buy	55,000	₹872.55	₹4.80 Cr
16 May 2025	MANUSHREE AGARWAL	Bulk	BSE	Sell	57,500	₹628.74	₹3.62 Cr
31 Aug 2023	ARGENT LEASING AND FINANCE PRIVATE LIMITED	Bulk	BSE	Sell	1,01,500	₹701.30	₹7.12 Cr
31 Aug 2023	BLUE LOTUS CAPITAL MULTI BAGGER FUND II	Bulk	BSE	Buy	51,500	₹701.53	₹3.61 Cr
31 Aug 2023	INDIA EMERGING GIANTS FUND LIMITED	Bulk	BSE	Buy	51,000	₹703.25	₹3.59 Cr

1–10 of 31

1 / 4

Mr. ASHOK KUMARAGARWALExecutive Director-Chairperson-MD
Mr. ANKIT AGRAWALExecutive Director-CEO
Mrs. NEHA AGARWALExecutive Director
Mr. KULDEEP KUMAR GUPTANon-Executive - Independent Director
Mr. Manish MantriChief Operating Officer
Mrs. KRATI AGARWALNon-Executive - Independent Director
Mr. SHRIRAM VISHWASRAOMANENon-Executive - Independent Director
Mr. AKHILESH KUMAR JAINNon-Executive - Non Independent Director
Mr. Ankit AgrawalChief Executive Officer
Mrs. MANISHA GODARANon-Executive - Independent Director
Mrs. Shivani BairathiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Rmc Switchgears Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

12

Credit ratings

3

Investor Presentation and earnings call

2

Jun 2026Transcript AI Summary PPTREC
Nov 2025Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Interim dividend21 Nov 2023 · ex-date₹0.2

1

Board meeting to consider results12 Aug 2026

1

Bonus 1:213 Oct 2023 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

51 announcementsExport CSV

1 Oct 2026, 3:08 pmBoard Meeting

Board Meeting Intimation for Fund Raising By Rights Issue

Exchange filing PDF

1 Oct 2026, 2:20 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in RTA

Allotment of Warrants PDF

22 Sept 2026, 4:21 pmCompany Update

Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association

Amendments to Memorandum & Articles of Association PDF

22 Sept 2026, 4:00 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

19 Sept 2026, 6:24 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

16 Sept 2026, 4:09 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

16 Sept 2026, 11:11 amCompany Update

Announcement under Regulation 30 (LODR)-Investor Presentation

Investor Presentation PDF

14 Sept 2026, 10:12 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
1 Oct 2026, 3:08 pm	Board Meeting	Board Meeting Intimation for Fund Raising By Rights Issue	PDF
1 Oct 2026, 2:20 pm	Company Update Allotment of Warrants	Announcement under Regulation 30 (LODR)-Change in RTA

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Rmc Switchgears Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Return on equity

Segment results

Switchgears Engineering and EPC contract for power distrubution/Transmissions Sector · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends1

Board meetings1

Bonus issues1

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Dividends1

Board meetings1

Bonus issues1

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Return on equity

Segment results

Switchgears Engineering and EPC contract for power distrubution/Transmissions Sector · revenue

1

1

1

1

1

1