RMC Switchgears Limited reported a 26.39% year-on-year increase in consolidated revenue from operations to ₹401.59 crore for the financial year ended March 31, 2026. Profit After Tax for the year declined by 27.32% to ₹22.45 crore, impacted by elevated input costs and currency depreciation. During an earnings call on June 11, 2026, management outlined a strategic roadmap targeting a ₹50,000 crore market opportunity through its indigenous PulseBox technology, while holding an unexecuted order book of ₹850 crore.

Financial Performance

For the full year FY26, the company achieved a consolidated EBITDA of ₹47.10 crore, a decrease of 10.06% compared to the previous year. The EBITDA margin stood at 11.73%. In Q4 FY26, revenue from operations was ₹142.94 crore, a decrease of 13.72% year-on-year, while Profit After Tax for the quarter was ₹9.30 crore. The company returned to profitability in Q4 after reporting a loss of ₹7.07 crore in Q3, driven by improved execution and tighter cost control.

Segment Performance

The Solar EPC segment emerged as the primary revenue driver, contributing ₹208.99 crore, which accounts for approximately 52% of the total topline. Electrical EPC contributed ₹96.13 crore (26%), and Electrical Products contributed ₹96.48 crore (22%). The company reported a total confirmed order book exceeding ₹850 crore, with active tenders surpassing ₹1,500 crore.

Strategic Growth Plans and PulseBox Opportunity

Management highlighted the progress of its indigenous IoT technology, PulseBox, which is India's first IS 14772-certified Smart LT Distribution Box. Proof-of-concept deployments have been completed across three states, with active discussions underway with five utilities. The company estimates a potential addressable market opportunity of at least ₹50,000 crore for the Indian market, targeting 75 lakh urban transformers out of an installed base of 2.5 crore distribution transformers. The product aims to address the gap in monitoring LT distribution nodes, providing real-time alerts for overload and theft detection.

Margin Pressures and Mitigation Measures

Management attributed margin compression in FY26 to external factors such as elevated costs for copper, aluminium, and solar components, a ~9% depreciation of the Rupee against the USD, and emergency procurement premiums due to the Red Sea crisis. To mitigate future risks, the company stated that significant EPC bids from Q3 FY26 include explicit price-escalation provisions. Looking ahead to FY27, the company expects positive cash flows and a stronger balance sheet by focusing on project selection based on bottom-line and cash flow generation rather than top-line growth alone.

RMC Switchgears Limited has submitted its annual disclosure regarding the encumbrance of shares by its promoters and promoter group for the financial year ended March 31, 2026. The filing confirms that no shares were encumbered directly or indirectly during FY26. This disclosure was made in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011.

The company's promoters and promoter group entities reported their respective shareholdings, totaling 65,65,655 shares. The disclosures were submitted individually by Ashok Kumar Agarwal, Ankit Agrawal, Neha Agarwal, and their respective Hindu Undivided Families (HUFs), along with Atika Agarwal. Each entity confirmed that they had not created any encumbrance on their holdings during the specified period.

Shareholding Details

The following table outlines the shareholding details of the promoters and promoter group as of March 31, 2026:

Regulatory Compliance

The disclosures were addressed to the Department of Corporate Relationship at BSE Limited and the Corporate Relationship Department at National Stock Exchange of India Limited. The letters were signed by the respective shareholders and submitted on April 06, 2026. Shivani Bairathi, Compliance Officer & Company Secretary of RMC Switchgears Limited, submitted the consolidated disclosure to the exchanges on behalf of the company.