RMC Reports Strong H1 Growth Driven By Solar And Electrical EPC

18 Nov 2025 CW Team

RMC Switchgears Limited, a fast-growing provider of integrated electrical and renewable-energy solutions, has reported its consolidated financial results for the first half of FY2025–26, registering a strong 112 per cent year-on-year increase in revenue supported by accelerated execution across key business verticals.

RMC recorded Revenue from Operations of Rs 2.22 billion in H1 FY26, up from Rs 1.05 billion in H1 FY25. The growth was led by strong Solar EPC execution and steady performance in Electrical EPC and Electrical Products. The Cost of Goods Sold rose to Rs 1.67 billion from Rs 641.8 million in the previous year, reflecting higher raw-material consumption and operational scale-up. Despite this, Gross Profit increased to Rs 548.3 million, up 35.05 per cent year-on-year. Gross Margin stood at 24.74 per cent, compared with 25.37 per cent a year earlier, mainly due to a higher share of EPC revenue.

EBITDA rose sharply to Rs 340 million in H1 FY26 from Rs 198.3 million in H1 FY25, an increase of 71.46 per cent year-on-year, driven by execution scale, manufacturing efficiencies, and tighter logistics and procurement control. The EBITDA margin stood at 15.34 per cent versus 15.65 per cent in the prior year, reflecting a deliberate margin recalibration as the company prioritised absolute profit growth over percentage margins.

Profit Before Tax increased to Rs 269 million, up from Rs 149.5 million in H1 FY25—a 79.93 per cent rise. The PBT margin was 12.14 per cent, compared with 12.98 per cent last year, owing to higher contributions from Solar EPC and increased finance costs associated with expansion. Profit After Tax nearly doubled to Rs 200.5 million from Rs 101.3 million in the prior year, representing a 97.93 per cent year-on-year increase. EPS improved to Rs 19.26 from Rs 9.89 in H1 FY25.

RMC maintained its growth momentum during the first half, supported by strong execution discipline, healthy order inflows, and a robust operational framework. Major project wins included Solar EPC contracts worth Rs 610 million, Electrical EPC orders of Rs 590 million, and Products orders of Rs 160 million, strengthening the company’s leadership in the power and renewable-infrastructure sectors. Process optimisation, digital project monitoring, and supply-chain integration further improved delivery performance.

The Solar Module Manufacturing Plant—central to RMC’s backward-integration strategy—has seen revised timelines to incorporate design refinements and regulatory alignment. With SIDBI funding secured, the project is progressing in phases to ensure long-term technological competitiveness.

The company remains optimistic about the solar-manufacturing landscape, supported by strong domestic demand, localisation initiatives under PLI and ALMM, and global supply-chain diversification. RMC’s SPV-based project model continues to enhance execution flexibility and financial transparency, allowing the group to pursue large-scale EPC opportunities while maintaining governance focus.

Looking ahead, RMC aims to sustain over 90 per cent capacity utilisation, reduce project turnaround times, and strengthen vendor partnerships. With solutions such as the Pulse Box and a clear roadmap for capacity expansion, the company is poised for continued growth moving into H2 FY26 and FY27.

Commenting on the company’s performance, Mr Ankit Agrawal, Whole-time Director and CEO, said: “The first half of FY26 reinforces our belief that RMC’s growth is structural, not cyclical. Revenue has more than doubled year-on-year, and absolute profitability has strengthened significantly. The slight dip in EBITDA margin is strategic, reflecting our focus on scaling volumes and expanding market share rather than short-term percentage margins.”

He added that working capital remains tightly managed, with a cash-conversion cycle of around 60 days, enabling smooth execution of large EPC projects. With tenders worth over Rs 15 billion already participated in and several under evaluation, the company expects a stronger order pipeline in the coming quarters. RMC also highlighted key operational milestones, including major order wins, leadership additions, and recognition in Forbes Asia’s Best Under a Billion 2025

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