RMC Switchgears has issued a postal ballot notice seeking shareholder approval for the purchase of industrial land from a related party and the appointment of Mr. Dilip Panjwani as an independent director. The voting window opens on September 13, 2026, and closes on October 12, 2026.

The Board of Directors approved both resolutions on September 12, 2026, during a meeting held via video conferencing at its Jaipur office. Shareholders holding shares as on September 4, 2026, are eligible to vote via remote e-voting through Central Depository Services Limited (CDSL).

Land Purchase Details

The company proposes to acquire industrial land situated in Jaipur from Mr. Ankit Agrawal, a related party, for a total consideration of ₹22.2 crore. The property is currently used by the company’s subsidiary, RMC Green Energy Private Limited.

The transaction is structured as an ordinary resolution under Section 188 of the Companies Act, 2013. The proposed consideration is ₹22.32 lakh lower than the assessed fair market value of ₹22.42 crore. The acquisition aims to eliminate recurring rental expenses of ₹3 lakh per month currently paid by the subsidiary, thereby providing long-term operational stability.

The company’s annual consolidated turnover for FY26 was ₹401.59 crore. The proposed transaction value does not exceed 10% of this turnover (₹40.159 crore), meaning it does not qualify as a material related-party transaction under Regulation 23 of the SEBI LODR Regulations. Consequently, shareholder approval is sought pursuant to Section 188 of the Companies Act rather than Regulation 23(4) of SEBI LODR.

Director Appointment

Mr. Dilip Panjwani (DIN: 02205645) has been appointed as an Additional Director in the category of Non-Executive Independent Director, effective September 12, 2026. His formal appointment as an Independent Director for a three-year term until September 11, 2029, requires shareholder approval via a special resolution.

Mr. Panjwani brings over 25 years of experience in financial management, corporate governance, and mergers & acquisitions. He is a Chartered Accountant and Company Secretary with prior senior roles including CFO at Hinduja Group and Waaree Renewable Technologies Limited. He will receive sitting fees of ₹7,000 per meeting.

Voting Process

Mrs. Megha Khandelwal (FCS: 10237) has been appointed as the scrutinizer for the postal ballot process. The results will be declared on or before October 14, 2026. Physical copies of the notice are not being sent; voting is exclusively through the remote e-voting system.

The trading window for designated persons remains closed until September 15, 2026, following the mandatory 48-hour cooling-off period post-board meeting.

What Happened

Rmc Switchgears has secured a work order valued at Rs 14.99 crore from Mahavitrn. As per the exchange filing dated September 8, 2026, the contract is classified as significant. It covers the design, manufacture, supply, transport, installation, testing, and commissioning of off-grid DC solar photovoltaic water pumping systems.

The systems have capacities of 3 HP, 5 HP, and 7.5 HP for identified farmer sites in Maharashtra. The scope includes a complete system warranty, repair, maintenance, and a remote monitoring system for five years under the Magel Tyala Saur Krushi Pump Yojana or PM KUSUM B Scheme.

Order In Financial Context

The Rs 14.99 crore order is substantial relative to recent disclosures. Prior to this disclosure, the total disclosed order book stood at Rs 7.86 crore across two orders in Q2FY27. This new addition significantly boosts the visible order pipeline. The average quarterly revenue for the last four quarters was Rs 93.93 crore, indicating that the current order book provides limited coverage against annual revenue run rates.

Company Order Track Record

Rmc Switchgears has recorded consistent order inflows in Q2FY27 from multiple domestic clients. The latest win from Mahavitrn complements earlier orders from Genus Power Infrastructures Limited and Jaipur Vidyut Vitran Nigam Limited.

Note: The Rs 14.99 crore order from Mahavitrn was disclosed on September 8, 2026, and is not included in the pre-computed Q2FY27 summary above.

Execution And Revenue Quality

Revenue execution has shown volatility recently. Q4FY26 reported revenue of Rs 143.60 crore with a net profit of Rs 9.30 crore and an operating profit margin (OPM) of 12.31%. This followed a difficult Q3FY26 where the company posted a net loss of Rs 7.10 crore and a negative OPM of 12.26%. The recovery in Q4 suggests stabilization in margin quality.

Revenue Growth - Order Wins Translating To Revenue

As Rmc Switchgears has sustained order wins, its annual revenue has grown from Rs 319.00 crore in FY25 to Rs 403.30 crore in FY26, representing a YoY growth of 26.4% based on the latest annual data. However, net profit declined by 27.0% in FY26, indicating that top-line growth has not yet translated proportionally to bottom-line improvement.

Working Capital And Execution Capacity

The balance sheet shows a current ratio of 1.32x, providing adequate short-term liquidity to fund working capital requirements for new projects. Total liabilities to equity stands at 1.81x, which includes trade payables and other non-debt liabilities alongside any borrowings. Operating cashflow was negative at Rs 11.60 crore in FY26, suggesting challenges in cash conversion despite positive operating profits in prior periods.

Key Observations

• New Order Win: Secured Rs 14.99 crore order from Mahavitrn for solar water pumping systems.
• Margin Stress: Net loss of Rs 7.10 crore in Q3FY26; execution stress visible in quarterly data.
• Backlog Signal: The company continues to secure orders from diverse domestic entities, including power distribution companies and infrastructure firms.