RMC Switchgears Limited has announced the appointment of Mrs. Manisha Godara as Additional Director in the category of Non-Executive Independent Director, effective March 2nd, 2026. The appointment strengthens the company's board composition with experienced corporate governance expertise.

Board Appointment Details

The Board of Directors approved Mrs. Godara's appointment through a resolution passed by circulation on March 2nd, 2026, based on the recommendation of the Nomination and Remuneration Committee. The appointment is subject to shareholder approval and follows regulatory requirements under SEBI LODR Regulations.

Professional Background and Qualifications

Mrs. Godara brings substantial expertise to the RMC Switchgears board with her comprehensive educational background and professional experience. She holds Bachelor's and Master's degrees in Commerce from the University of Rajasthan, along with a Rajasthan State Certificate in Information Technology.

As a member of The Institute of Company Secretaries of India, she has over 12 years of post-qualification experience and has been in professional practice since 2014 under "Manisha Godara & Associates." Her academic achievements include securing All-India Rank 23rd in the Company Secretaries Foundation Examination and earning merit distinction in the All India Commerce Talent Search Examination.

Corporate Experience and Current Roles

Mrs. Godara has handled diverse corporate assignments including:

• Initial public offerings (IPOs)
• Listed companies' securities issuance
• Secretarial audits and compliance matters
• Corporate governance practices

She is registered in the Independent Directors Database for lifetime and currently serves in multiple directorship roles:

Regulatory Compliance

The company has confirmed that Mrs. Godara is not related to any existing director of RMC Switchgears Limited, ensuring independence in her role. Additionally, it has been verified that she is not debarred from holding the office of Director by virtue of any SEBI order or other regulatory authority, meeting all compliance requirements under BSE circular no LIST/COMP/14/2018-19.

Strategic Value Addition

With her extensive background in corporate governance and strategic decision-making, Mrs. Godara is expected to contribute valuable insights to drive the company's growth initiatives. Her expertise in compliance matters and corporate excellence aligns with RMC Switchgears' commitment to maintaining high governance standards and regulatory adherence.

RMC Switchgears Limited has received credit rating upgrades from Infomerics Ratings on its bank facilities, reflecting the company's improved financial performance and business prospects. The rating agency upgraded both long-term and short-term bank facilities totaling Rs.190.00 crore.

Credit Rating Upgrades

Infomerics Ratings upgraded RMC Switchgears' credit ratings across its bank facilities, demonstrating confidence in the company's financial strength and operational capabilities.

The upgrade in long-term facilities from IVR BBB-; Stable to IVR BBB; Stable and short-term facilities from IVR A3 to IVR A3+ reflects the rating agency's positive assessment of the company's business performance and financial risk profile.

Strong Business Performance in H1FY26

The rating upgrade is underpinned by RMC Switchgears' strong business performance during the first half of FY26. The company demonstrated significant growth driven by enhanced product offerings in smart metering solutions and higher execution of Solar EPC contracts.

The company's revenue growth of approximately 111% year-on-year was primarily driven by the execution of Solar EPC contracts and strengthened market presence in smart metering solutions.

Robust Order Book and Business Prospects

RMC Switchgears maintains a strong order book position that provides near to medium-term revenue visibility. As of December 31, 2025, the company held an unexecuted order book of Rs.571.63 crore.

Approximately Rs.220-230 crore from the total unexecuted order book is expected to be executed by March 31, 2026. The company also secured a Letter of Intent worth Rs.200.86 crore for an additional Electrical EPC contract on February 3, 2026.

Financial Risk Profile and Capital Structure

The rating agency noted RMC Switchgears' satisfactory financial risk profile, supported by comfortable capital structure metrics. As of September 30, 2025, the company maintained a tangible net worth of Rs.127.14 crore with total debt of Rs.74.79 crore.

The company's debt coverage metrics showed improvement, with the Interest Service Coverage Ratio increasing to 5.77x in H1FY26 from 5.07x in H1FY25.

Rating Outlook and Key Factors

Infomerics Ratings assigned a stable outlook, reflecting expected stable business performance supported by timely order execution and experienced management. The ratings continue to derive strength from the company's long operational track record of nearly three decades and diversified clientele base including reputed government entities and DISCOMs.

However, the ratings remain constrained by the working capital intensive nature of operations, tender-driven business model, and exposure to raw material price volatility. The company's top five customers contribute approximately 83% of total sales, indicating high client concentration risk.