RMC Switchgears Limited, a rapidly expanding provider of integrated electrical and renewable energy solutions, has announced an impressive performance for the first half of FY2025–26, achieving 112% year-on-year revenue growth driven by strong execution across its major business segments. The company reported Revenue from Operations of ₹221.61 crore in H1 FY26, a significant rise from ₹104.78 crore in the previous year, with growth led primarily by Solar EPC projects and supported by steady contributions from Electrical EPC and Electrical Products.
Cost of Goods Sold increased to ₹166.78 crore due to expanded operations and higher raw-material consumption, yet Gross Profit rose to ₹54.83 crore, marking a 35.05% year-on-year increase. Gross Margin stood at 24.74% in H1 FY26, compared with 25.37% in H1 FY25, reflecting a slight contraction linked to a greater share of EPC revenue. Margins remained largely consistent with H2 FY25, demonstrating the company’s ability to maintain pricing strength at scale.
EBITDA climbed to ₹34.00 crore, up 71.46% from ₹19.83 crore in H1 FY25, supported by higher execution volumes, efficient procurement, and better manufacturing throughput. The EBITDA margin was 15.34%, compared to 15.65% a year earlier, reflecting a deliberate strategy to prioritise absolute profit growth over percentage margins as all business verticals achieved breakeven. The margin remained stable relative to H2 FY25.
Profit Before Tax rose to ₹26.90 crore from ₹14.95 crore, a 79.93% increase year-on-year, with a PBT margin of 12.14%. While this reflected a minor decline due to higher Solar EPC contributions and increased finance costs, profitability levels were steady when viewed against H2 FY25. Profit After Tax nearly doubled to ₹20.05 crore, delivering a 97.93% year-on-year increase, with PAT margins remaining stable compared with the previous half-year period. EPS improved significantly to ₹19.26 from ₹9.89 in H1 FY25.
The company continued its growth trajectory supported by strong order inflows and disciplined project execution. Major project wins—₹61 crore in Solar EPC, ₹59 crore in Electrical EPC and ₹16 crore in Products—reinforced RMC’s industry position. Improvements in process standardisation, digital monitoring and integrated supply chains further strengthened operating efficiency.
RMC’s Solar Module Manufacturing Plant, a key part of its backward integration strategy, has had its timelines realigned to allow for design enhancements and phased implementation. With SIDBI funding secured, the project is progressing steadily, aligning long-term capacity building with evolving policy and global market conditions. The company remains confident in the solar manufacturing outlook, emphasising that strong domestic demand, supportive policies such as PLI and ALMM, and global supply-chain diversification create room for sustainable growth.
The project-based SPV structure continues to enhance operational clarity and financial transparency, enabling RMC to pursue large-scale EPC opportunities while maintaining disciplined governance across each vertical. With innovations like the Pulse Box and a clear expansion strategy, the company enters the next phase with a strong order book, operational resilience and long-term business visibility. Priorities for H2 FY26 and FY27 include achieving over 90% manufacturing utilisation, reducing project timelines, strengthening vendor partnerships and improving margins and efficiency.
Ankit Agrawal, Whole-time Director and CEO of RMC Switchgears Limited, stated that the company’s first-half performance reinforces the belief that its growth is fundamentally structural. He highlighted that although EBITDA margins dipped slightly, the focus on scaling volumes in Solar and Electrical EPC segments has strengthened cash flows and long-term earnings capability. With tight working-capital control and participation in tenders exceeding ₹1,500 crore, he noted that the company expects a strong order pipeline in the coming quarters. Agrawal further emphasised that key order wins, leadership additions and recognition in Forbes Asia’s Best Under a Billion 2025 underscore RMC’s governance and execution excellence. The company remains focused on enhancing manufacturing utilisation, improving turnaround times and strengthening its supply chain to deliver sustained value.
RMC Switchgears is a recognised name in electrical infrastructure solutions, specialising in electrical enclosures that enhance safety, deter power theft and support utilities across India in modernising their networks. The company is a key contributor to initiatives like the Revamped Distribution Sector Scheme (RDSS) and offers comprehensive solutions spanning manufacturing, installation and O&M. With increasing participation in India’s planned ₹9 trillion transmission sector investments and a growing presence in renewable energy, RMC continues to play an integral role in building a reliable and modern power ecosystem.
