RMC Switchgears Ltd

₹ 541 -0.59%

23 Apr 11:34 a.m.

About

Incorporated in 1994, RMC Switchgears Ltd is in the business of Switchgear Engineering, ECI contracts for power distribution/ transmission sector^[1]

Key Points

Business Overview:^[1]^[2]
RMCSL is an ISO 9001:2008, ISO 14001:2015, ISO 27001:2013 and OHSAS 18001:2007 certified company. It is in the business of researching, designing and manufacturing electronic smart energy meter enclosures, distribution boxes & panels, and other electrical safety & distribution equipment. With equipment made in plastics, fibre reinforced plastics and sheet metals, RMC Switchgears also offers end-to-end solutions including Engineering, Procurement and Construction

Website BSE

Market Cap ₹ 558 Cr.
Current Price ₹ 541
High / Low ₹ 675 / 190
Stock P/E 37.2
Book Value ₹ 52.2
Dividend Yield 0.04 %
ROCE 29.5 %
ROE 31.7 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 36.1% CAGR over last 5 years
Debtor days have improved from 226 to 166 days.

Cons

Stock is trading at 10.4 times its book value
Company has a low return on equity of 13.8% over last 3 years.
Company has high debtors of 166 days.
Promoter holding has decreased over last 3 years: -3.34%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Capital Goods - Electrical Equipment Industry: Electric Equipment

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Detailed Comparison with:

Half Yearly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Sep 2019	Mar 2020	Sep 2020	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023
	71	26	33	13	23	18	24	58	67	87
	64	23	29	11	19	15	21	44	55	67
Operating Profit	7	4	4	3	4	3	3	14	12	20
OPM %	10%	14%	13%	19%	18%	17%	11%	24%	18%	23%
	0	0	0	0	0	1	0	0	0	-2
Interest	4	2	3	2	2	2	1	4	3	5
Depreciation	1	1	1	1	1	1	2	1	1	1
Profit before tax	3	1	0	-0	0	0	-0	9	8	12
Tax %	23%	57%	-40%	-56%	-89%	-9%	238%	30%	32%	35%
	2	0	0	-0	1	0	0	6	6	8
EPS in Rs	2.19	0.25	0.08	-0.43	0.92	0.52	0.11	6.75	5.44	7.83
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	32	38	40	45	55	51	83	132	59	37	42	125	155
	28	34	35	40	49	45	74	119	51	30	36	99	122
Operating Profit	3	4	5	5	7	6	9	13	8	7	6	26	33
OPM %	10%	11%	12%	11%	12%	11%	11%	10%	14%	18%	13%	21%	21%
	0	0	0	1	0	2	1	1	0	0	1	0	-2
Interest	3	3	4	4	5	4	5	6	5	4	3	7	8
Depreciation	1	1	1	1	1	2	2	2	2	3	3	3	3
Profit before tax	0	0	0	0	1	1	3	5	1	0	0	17	21
Tax %	1,300%	-138%	35%	31%	81%	-3%	16%	26%	49%	-137%	-68%	31%
	-0	0	0	0	0	2	3	4	0	0	1	12	14
EPS in Rs	-2.40	2.00	1.25	1.50	1.38	2.01	2.77	4.18	0.33	0.49	0.64	11.40	13.27
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	13%
5 Years:	9%
3 Years:	28%
TTM:	89%

Compounded Profit Growth
10 Years:	50%
5 Years:	36%
3 Years:	229%
TTM:	140%

Stock Price CAGR
10 Years:	%
5 Years:	87%
3 Years:	269%
1 Year:	181%

Return on Equity
10 Years:	11%
5 Years:	12%
3 Years:	14%
Last Year:	32%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	1	1	1	1	1	5	6	6	6	6	6	7	7
Reserves	6	6	8	8	9	9	17	21	21	22	22	39	47
	29	26	24	24	27	29	37	41	41	39	42	46	43
	13	16	10	12	12	16	21	38	24	15	13	24	39
Total Liabilities	49	48	43	46	49	59	82	107	92	82	83	117	136
	15	14	19	20	23	23	24	29	29	30	29	30	26
CWIP	6	7	2	3	0	0	5	0	0	0	0	0	0
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0
	28	27	22	23	26	36	52	77	63	52	54	87	110
Total Assets	49	48	43	46	49	59	82	107	92	82	83	117	136

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	3	6	5	4	0	3	7	9	3	4
	0	-2	-1	-1	-4	2	-4	-3	-2	-3
	-3	-5	-4	-3	2	-4	-5	-6	-1	4
Net Cash Flow	-0	-1	-0	1	-1	1	-2	-0	-0	4

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	164	117	97	85	107	170	147	140	237	299	212	166
Inventory Days	304	164	76	92	68	53	61	54	96	145	183	43
Days Payable	361	270	117	100	121	181	137	145	179	129	113	56
Cash Conversion Cycle	108	12	56	77	54	42	72	49	155	315	282	154
Working Capital Days	163	77	87	91	79	105	105	91	211	354	338	164
ROCE %	8%	10%	13%	12%	16%	14%	16%	18%	9%	6%	5%	30%

Shareholding Pattern

Numbers in percentages

	Mar 2019	Sep 2019	Mar 2020	Sep 2020	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Oct 2023	Mar 2024
	56.27%	56.27%	56.27%	56.27%	56.27%	56.27%	56.27%	55.60%	52.93%	52.93%	52.93%	52.93%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.74%	0.74%	2.69%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.75%	0.77%	0.83%
	43.73%	43.73%	43.73%	43.73%	43.73%	43.73%	43.73%	44.40%	47.07%	45.59%	45.55%	43.55%
No. of Shareholders	243	247	253	253	254	255	256	238	379	1,014	1,063	1,843

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	58.17%	55.84%	56.27%	56.27%	56.27%	56.27%	52.93%	52.93%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.69%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.83%
	41.83%	44.16%	43.73%	43.73%	43.73%	43.73%	47.07%	43.55%
No. of Shareholders	236	221	243	253	254	256	379	1,843

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Nov 2023

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