RMC Switchgears Ltd

₹ 371 5.00%

01 Apr 1:54 p.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 certified company researching, designing, and manufacturing electronic smart energy meter enclosures, distribution boxes & panels, and other electrical safety & distribution equipment. With equipment made of plastics, fibre reinforced plastics, and sheet metals, RMC Switchgears also offers end-to-end solutions, including Engineering, Procurement, and Construction

Website BSE NSE

Market Cap ₹ 392 Cr.
Current Price ₹ 371
High / Low ₹ 897 / 300
Stock P/E 9.71
Book Value ₹ 120
Dividend Yield 0.00 %
ROCE 37.5 %
ROE 38.0 %
Face Value ₹ 10.0

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Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 32.8%

Cons

Company has high debtors of 170 days.

* 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

Industrials Capital Goods Electrical Equipment Other Electrical Equipment

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Detailed Comparison with:

Half Yearly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025
	67	87	85	105	213	241
	55	67	71	85	180	207
Operating Profit	12	20	14	20	33	34
OPM %	18%	23%	16%	19%	16%	14%
	0	-2	1	0	1	1
Interest	3	5	4	4	5	7
Depreciation	1	1	1	1	2	2
Profit before tax	8	12	9	15	28	26
Tax %	32%	35%	24%	32%	23%	25%
	6	8	7	10	21	20
EPS in Rs	5.44	7.83	6.63	9.89	20.15	18.15
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	TTM
	83	132	125	172	318	454
	74	119	99	138	264	387
Operating Profit	9	13	26	34	54	67
OPM %	11%	10%	21%	20%	17%	15%
	1	1	0	-1	1	1
Interest	5	6	7	9	9	11
Depreciation	2	2	3	3	3	4
Profit before tax	3	5	17	21	43	54
Tax %	16%	26%	31%	30%	26%
	3	4	12	15	31	41
EPS in Rs	2.77	4.12	11.40	14.44	29.82	38.30
Dividend Payout %	0%	0%	0%	1%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	139%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	137%

Stock Price CAGR
10 Years:	%
5 Years:	101%
3 Years:	24%
1 Year:	-52%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	33%
Last Year:	38%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	6	6	7	10	11	11
Reserves	17	21	39	50	96	116
	37	41	46	50	59	75
	21	38	24	45	103	119
Total Liabilities	82	106	117	155	269	320
	24	29	30	28	30	31
CWIP	5	0	0	0	8	12
Investments	0	0	0	0	0	0
	52	77	87	128	232	277
Total Assets	82	106	117	155	269	320

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025
	0	3	-0	8	16
	-4	2	-3	-1	-23
	2	-4	4	-5	15
Net Cash Flow	-1	1	0	2	8
Free Cash Flow	-1	1	-4	5	3
CFO/OP	3%	28%	19%	42%	50%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025
Debtor Days	147	140	166	194	170
Inventory Days	61	54	43	39	33
Days Payable	137	145	56	73	124
Cash Conversion Cycle	72	49	154	160	79
Working Capital Days	44	49	95	99	75
ROCE %		18%		32%	38%

Insights

In beta

Mar 1994

Mar 2005

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Manufacturing Capacity: Smart Meter Enclosures
Units per Annum ・Standalone data

			xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
x,xxx	xx,xxx	xxx,xxx	xx,xxx		xxx,xxx
			xx	xxx	xxx	xxx	xxx
					xx	xxx
						xxx.xx	xxx.xx
					xx.xx	xx.xx
					xx.xx	xxx.xx

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Manufacturing Facility Size
Sq. Ft. ・Standalone data

Permanent Employees
Number ・Standalone data

Net Working Capital Cycle
Days ・Standalone data

Order Book / Pipeline
₹ Crore

Revenue Contribution: Electrical EPC
₹ Crore ・Standalone data

Revenue Contribution: Electrical Products
₹ Crore ・Standalone data

Shareholding Pattern

Numbers in percentages

5 Recently

	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Oct 2023	Mar 2024	Sep 2024	Dec 2024	Mar 2025	Sep 2025	Dec 2025
	56.27%	56.27%	55.60%	52.93%	52.93%	52.93%	52.93%	52.93%	52.18%	52.07%	52.07%	52.09%
	0.00%	0.00%	0.00%	0.00%	0.74%	0.74%	2.69%	3.38%	3.88%	5.05%	4.83%	2.70%
	0.00%	0.00%	0.00%	0.00%	0.75%	0.77%	0.83%	0.91%	0.88%	0.80%	1.01%	0.39%
	43.73%	43.73%	44.40%	47.07%	45.59%	45.55%	43.55%	42.77%	43.06%	42.08%	42.08%	44.82%
No. of Shareholders	255	256	238	379	1,014	1,063	1,843	2,287	2,521	2,954	3,793	4,935

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	58.17%	55.84%	56.27%	56.27%	56.27%	56.27%	52.93%	52.93%	52.07%	52.09%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.69%	5.05%	2.70%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.83%	0.80%	0.39%
	41.83%	44.16%	43.73%	43.73%	43.73%	43.73%	47.07%	43.55%	42.08%	44.82%
No. of Shareholders	236	221	243	253	254	256	379	1,843	2,954	4,935

* 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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