RMC
RMC Switchgears financials
- Market cap
- ₹228 Cr
- Sector
- Capital Goods
- Calls analysed
- 2
RMC Q4 FY26
What went well
- Consolidated revenue of Rs. 401.59 crore, representing a growth of 26.4% over the previous year.
- Company moved from a loss of Rs. 7.07 crore in Q3 to a net profit of Rs. 9.3 crore in Q4.
- Current unexecuted order book is around Rs. 850 crore plus.
What to watch
- FY26 profitability was lower than expectations due to product development investments, project execution delays, and input cost pressure.
- Trade receivables increased from Rs. 148 crore to Rs. 205 crore.
Guidance record · Q4 FY26
what the last two calls moved 8 tracked 1 delivered 2 missed 5 open- Strategic Focus delivered said Q2 FY26 Promised: Water projects have been put on hold to focus on the electrical sector. Q4 FY26: Confirmed the strategic decision: 'we are not going ahead with the water management now anymore, because we are focusing on energy now.'
- Order Inflow (Transmission) went quiet said Q2 FY26 Promised: Receive Letter of Award (LOA) 'soon' for ₹70 crore L1 tenders. Q4 FY26: No update was provided on the status of this specific ₹70 crore LOA in the subsequent earnings call.
- PulseBox Orders at risk said Q2 FY26 Promised: Expect to get some orders for PulseBox in six to eight months. Q4 FY26: At the ~7-month mark (June 2026), management reported discussions are only now moving 'towards formal specification and tender-oriented evaluation.' No orders confirmed, suggesting the original timeline is unlikely to be met.
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 58.0%, net profit down 54.5% against the same quarter last year.
| Line item | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 85 | 105 | 164 | 76 | 241 +184% | 18 −83% | 91 −45% | 32 −58% |
| EBITDA | 14 | 20 | 16 | 7 | 34 +143% | -5 −126% | 10 −38% | 6 −8% |
| Net profit | 7 | 10 | 10 | 3 | 20 +186% | -7 −175% | 4 −61% | 1 −55% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −42.9% YTD
YTD: ₹370.9 on 1 Apr 2026 → ₹211.68. High ₹521.2 (22 Apr 2026), low ₹211.68 (11 Sept 2026).
How the price took the results
close before → close after
- Q4 FY26
- −3.8%
- 11 Jun
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹425 Cr |
| Operating profit | ₹46 Cr |
| Operating margin | 10.7% |
| Interest | ₹18 Cr |
| Depreciation | ₹5 Cr |
| Net profit | ₹19 Cr |
| Net margin | 4.4% |
| Cash from operations | ₹-19 Cr |
| Free cash flow | ₹-33 Cr |
| ROCE | 18.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹6 Cr | ₹6 Cr | ₹7 Cr | ₹10 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹22 Cr | ₹22 Cr | ₹39 Cr | ₹50 Cr | ₹116 Cr | ₹113 Cr |
| Borrowings | ₹39 Cr | ₹42 Cr | ₹46 Cr | ₹50 Cr | ₹75 Cr | ₹103 Cr |
| Other liabilities | ₹15 Cr | ₹13 Cr | ₹24 Cr | ₹45 Cr | ₹119 Cr | ₹109 Cr |
| Total liabilities | ₹82 Cr | ₹83 Cr | ₹117 Cr | ₹155 Cr | ₹320 Cr | ₹336 Cr |
| Fixed assets | ₹30 Cr | ₹29 Cr | ₹30 Cr | ₹28 Cr | ₹31 Cr | ₹42 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹12 Cr | ₹3 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹12 Cr |
| Other assets | ₹52 Cr | ₹54 Cr | ₹87 Cr | ₹127 Cr | ₹277 Cr | ₹279 Cr |
| Total assets | ₹82 Cr | ₹83 Cr | ₹117 Cr | ₹155 Cr | ₹320 Cr | ₹336 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Mar 2025, the public added +2.77 pp while FIIs trimmed −2.35 pp. The shareholder count grew 132% to 6,867.
- Promoters
- 52.0%
- FIIs
- 2.7%
- DIIs
- 0.5%
- Public
- 44.9%
Since Mar 2025
- Public +2.77 pp
- FIIs −2.35 pp
- DIIs −0.32 pp
How it drifted, 12 quarters
Over this window promoters fell from 55.6% to 52.0% — −3.6 pp.
Ownership split by quarter, oldest first. Sep '22: Promoters 55.6%, Public 44.4%.Mar '23: Promoters 52.9%, Public 47.1%.Sep '23: Promoters 52.9%, FIIs 0.7%, DIIs 0.8%, Public 45.6%.Oct '23: Promoters 52.9%, FIIs 0.7%, DIIs 0.8%, Public 45.5%.Mar '24: Promoters 52.9%, FIIs 2.7%, DIIs 0.8%, Public 43.5%.Sep '24: Promoters 52.9%, FIIs 3.4%, DIIs 0.9%, Public 42.8%.Dec '24: Promoters 52.2%, FIIs 3.9%, DIIs 0.9%, Public 43.1%.Mar '25: Promoters 52.1%, FIIs 5.0%, DIIs 0.8%, Public 42.1%.Sep '25: Promoters 52.1%, FIIs 4.8%, DIIs 1.0%, Public 42.1%.Dec '25: Promoters 52.1%, FIIs 2.7%, DIIs 0.4%, Public 44.8%.Mar '26: Promoters 52.0%, FIIs 2.7%, DIIs 0.4%, Public 45.0%.Jun '26: Promoters 52.0%, FIIs 2.7%, DIIs 0.5%, Public 44.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Ashok Kumar Agarwal newly disclosed 22.64% held
The same filing shows 2 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of RMC Switchgears Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ashok Kumar Agarwal | 22.64% | newly disclosed |
| Ankit Agrawal . | 17.68% | unchanged |
| Neha Agrawal | 6.67% | unchanged |
| Ashok Kumar Agarwal Huf | 3.02% | unchanged |
| Iegfl - Multi Opportunity FPI fund | 2.68% | unchanged |
| Ritu Bapna | 1.90% | −0.12 pp |
| Ankit Agarwal Huf | 1.47% | unchanged |
| Vikram Karnawat | 1.40% | unchanged |
| Rashmi Rani Pahwa | 1.27% | −0.43 pp |
| Sunit Karnawat | 1.26% | unchanged |
| Atika Agarwal | 0.49% | unchanged |
| Parwati Bai Agarwal | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse RMC Switchgears Limited
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