SYNOPSIS:
RMC Switchgears reported strong H1 FY26 results with revenue up 13 percent HoH and 130 percent YoY to Rs. 241 crores, and net profit rising 96 percent YoY to Rs. 20 crores, driven by Solar EPC growth.
Shares of a prominent player in the electrical infrastructure solutions sector with a strong reputation in the smart meter enclosure market tumbled nearly 8 percent on Tuesday, despite reporting financial results for H1 FY26 with a revenue growth of around 13 percent HoH and 130 percent YoY.
With a market cap of Rs. 717 crores, shares of RMC Switchgears Limited closed in the red at Rs. 681.15 on BSE, down by around 5.4 percent, compared to its previous closing price of Rs. 720.1. The stock has delivered negative returns of around 10 percent in one year, and has fallen over 8 percent in the last one month.
What’s the News
RMC Switchgears Limited announced the financial results for the first half of FY26 on Tuesday during market hours, as per the latest regulatory filings with the BSE. For H1 FY26, the company reported a consolidated revenue from operations of Rs. 221 crores, reflecting a sequential growth of around 13 percent HoH compared to Rs. 213.4 crores in H2 FY25, and a year-on-year increase of nearly 130 percent from Rs. 104.8 crores recorded in H1 FY25.
This robust performance during the quarter was primarily driven by strong traction in the Solar EPC segment, which contributed around Rs. 114 crores to the total revenue. This was followed by Electrical EPC and Electrical Products, contributing Rs. 57 crores and Rs. 50 crores, respectively.
During the quarter, RMC Switchgears delivered a net profit of Rs. 20 crores, representing a decrease of nearly 6 percent HoH from Rs. 21.3 crores, but a significant growth of around 96 percent YoY from Rs. 10.2 crores.
The continued momentum in the Solar EPC business underscores the strategic importance of the company’s upcoming Solar Module Manufacturing Plant, which will serve as a reliable and cost-efficient supply base. Once operational, the facility is expected to strengthen project execution capabilities, enhance supply chain efficiency, and improve overall margins. The strong performance across core business verticals reflects consistent progress and provides a solid foundation for growth in the second half of FY26. As of 30th September 2025, the company maintained a healthy project and order pipeline of Rs. 825 crore, scheduled for execution over the next 12 months.
During the quarter, the company also successfully completed the proof of concept (POC) for its Pulse Box – an intelligent low-tension power distribution system designed to enhance grid safety, prevent electricity theft, and minimise technical losses. The Pulse Box represents a key milestone in RMC’s smart distribution roadmap. Its broader deployment will depend on utility approvals, field performance results, and commercial assessments.
RMC Switchgears Limited is a prominent player in the electrical infrastructure solutions sector, specialising in the manufacture of electrical enclosures designed to prevent electrical theft and enhance safety by reducing the risk of electrocution. The company operates a diversified business model built around four complementary verticals – Electrical Products, Electrical EPC, Solar EPC, and Solar Products.
It manufactures and supplies smart meter enclosures, distribution boxes, and feeder pillars, along with urban underground cabling and RMU systems under its electrical portfolio. In the renewable space, RMC undertakes rooftop and ground-mounted solar EPC projects, including agricultural feeder solarisation initiatives under government programs such as KUSUM, while its solar products division focuses on solar modules, mounting structures, and balance-of-system components.
Written by Shivani Singh
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