RMC Switchgears Reports 112% Revenue Growth and 98% PAT Surge in H1 FY26

RMC Switchgears Limited , a fast-growing player in integrated electrical and renewable energy solutions, has reported impressive financial results for the first half of FY2025-26. The company's performance highlights its strong position in the Solar, T&D, and Smart Infrastructure sectors.

Financial Highlights

Particulars	H1 FY25 (₹ crore)	H1 FY26 (₹ crore)	YoY Change
Revenue from Operations	104.78	221.61	↑ 111.50%
Gross Profit	40.60	54.83	↑ 35.05%
EBITDA	19.83	34.00	↑ 71.46%
PBT	14.95	26.90	↑ 79.93%
PAT	10.13	20.05	↑ 97.93%
EPS (₹)	9.89	19.26	↑ 94.74%

Key Performance Drivers

The company's remarkable growth can be attributed to several factors:

Strong Execution in Solar EPC Projects: RMC Switchgears has demonstrated exceptional performance in executing Solar EPC projects, which has been a primary driver of revenue growth.
Steady Performance in Electrical EPC and Products: The company has maintained consistent performance across its Electrical EPC and Electrical Products segments.
Operational Efficiencies: Despite increased raw material consumption due to project execution, the company has managed to improve its gross profit through operational efficiencies and timely deliveries.
Strategic Focus on Volume Expansion: RMC has prioritized volume expansion and market share in Solar and Electrical EPC segments, leading to higher absolute profits despite a slight dip in EBITDA margin.

Major Developments

Significant Contract Wins: RMC Switchgears secured major contracts worth ₹61 crore in Solar EPC, ₹59 crore in Electrical EPC, and ₹16 crore in the Products segment.
Backward Integration Strategy: The company is progressing with its 1GW solar module manufacturing plant, a key component of its backward integration strategy. The project is moving forward in phases to ensure technological adaptability and long-term competitiveness.
Recognition: RMC Switchgears was included in Forbes Asia's Best Under a Billion 2025 list, acknowledging its governance, innovation, and execution excellence.

Management Commentary

Mr. Ankit Agrawal, Whole-time Director and CEO of RMC Switchgears Limited, stated, "The first half of FY26 reinforces our belief that RMC's growth is structural, not cyclical. Our strategy of scaling with stability is delivering tangible results; revenue has more than doubled year-on-year, while absolute profitability has expanded sharply."

He further added, "With over ₹1,500 crore in tenders already participated in and some under active evaluation, we look forward to our order pipeline growing in the coming quarters."

Future Outlook

RMC Switchgears is well-positioned for continued growth:

The company aims to achieve over 90% capacity utilization in the coming quarters.
Focus on reducing project turnaround times and enhancing vendor partnerships.
Expansion into water management infrastructure by integrating advanced technologies like IoT.
Continued contribution to India's clean energy goals through solar EPC, green energy projects, and IPP solutions.

As RMC Switchgears continues to strengthen its position in the electrical and renewable energy sectors, investors can expect sustained growth and value creation in the coming quarters.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-4.25%	-5.15%	-19.20%	-13.67%	-24.45%	+3,947.86%

RMC Switchgears Limited , a company listed on the BSE, has made two significant announcements that have caught the attention of investors and market watchers.

Rejection of Unauthorized Credit Rating

RMC Switchgears has formally rejected a credit rating published by CARE Ratings Limited on November 12, 2025. The company stated that this rating was issued without their mandate, consent, or engagement. In a communication to the BSE, RMC Switchgears emphasized several key points:

CARE Ratings was never appointed or authorized to conduct any credit rating for the company.
No documents, financial information, or management interaction was provided to CARE for any rating exercise.
The company was neither consulted nor informed prior to the issuance of the rating.
RMC Switchgears considers the rating unilateral, unsolicited, and lacking validity under company governance and credit rating protocols.
The company's debt profile is reported to be fully regular, with all banking facilities in good standing, showing no overdue amounts or stress indicators.

RMC Switchgears has requested CARE to immediately withdraw the rating and discontinue future rating publications without written consent. The company has advised investors, lenders, shareholders, and market participants not to rely on this unauthorized rating.

Key Board Meeting Outcomes

In a separate announcement, RMC Switchgears disclosed the outcomes of its board meeting held on November 13, 2025. The board has approved several significant proposals, subject to shareholder approval:

Proposal	Details	Amount
Loans, Guarantees, and Investments	Approval to give loans, provide guarantees, and make investments	Up to ₹800.00 crores
Transactions with Subsidiaries	Approval for loans, guarantees, and securities for subsidiary companies	Up to ₹500.00 crores
Material Related Party Transactions	Approval for transactions with subsidiary companies	Not specified

Additionally, the board has:

Approved the draft Notice of Postal Ballot and Calendar of Events for seeking shareholder approval on these matters.
Appointed Mr. Manoj Maheshwari as the Scrutinizer for the Postal Ballot process, with Ms. Priyanka Agarwal as the Alternate Scrutinizer.

The company also announced that the 'Trading Window' for trading in the company's shares will be open from November 16, 2025, for all Directors, KMPs, Promoters, Designated Persons, and their immediate relatives.

These developments highlight RMC Switchgears' proactive approach in addressing unauthorized ratings and its strategic plans for future financial activities, pending shareholder approval.