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.

RMC Switchgears Limited has scheduled its 32nd Annual General Meeting for Saturday, September 19, 2026, at 12:00 pm IST, to be held via video conferencing or other audio visual means.

The company filed an intimation with BSE Limited and the National Stock Exchange of India on August 27, 2026, confirming that a newspaper advertisement regarding the AGM notice was published in the Financial Express (English) and Business Remedies (vernacular) on August 27, 2026. The filing was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Shivani Bairathi, Compliance Officer and Company Secretary, signed the submission.

AGM and e-voting details

The following table summarises the key dates and details for the 32nd AGM:

Members holding shares as on the cut-off date of September 12, 2026 are eligible to cast their vote electronically on the ordinary and special business set out in the AGM notice. The remote e-voting module will be disabled by CDSL after September 18, 2026 at 5:00 pm IST. Once a vote is cast, it cannot be changed subsequently.

Annual report and regulatory compliance

The annual report for FY26, including audited financial statements for the financial year ended March 31, 2026, was sent by email to all members with registered email IDs on August 26, 2026. In compliance with Regulation 36(1)(b) of the Listing Regulations, letters providing a web link to access the integrated annual report for FY26 were also dispatched to shareholders who have not registered their email addresses. The annual report and AGM notice are available on the company's website as well as on the websites of BSE Limited, NSE, and CDSL.

Since the AGM is being held through video conferencing, the appointment of proxies by members is not applicable, in accordance with the applicable MCA circulars. Members who cast their vote by remote e-voting prior to the AGM may participate in the meeting through video conferencing but will not be entitled to cast their vote again during the AGM.

Corporate details

RMC Switchgears is registered under CIN L25111RJ1994PLC008698. Its registered office and factory are located in Kotkhawda, Rajasthan, and its corporate office is in Jaipur, Rajasthan.