RMC Switchgears: Disclosed Order Book Reaches ₹1,188 Crore After Consecutive Discom Awards
On 16 September 2026, RMC Switchgears (NSE: RMC, BSE: 540358) filed an investor presentation disclosing a confirmed unexecuted order book of ₹1,188 crore (source: BSE filing, investor presentation, 16 September 2026). Two months earlier, the company had aggregated roughly ₹345 crore in fresh letters of award across a single week. The filings trace a concentrated inflow of utility contracts — predominantly from state electricity distribution companies — alongside early moves toward B2B segments and internal organisational buildout.
The order book built through a sequence of disclosed awards
The first award in the current cycle appeared on 24 July 2026, when RMC reported a ₹2.84 crore Letter of Award from Jaipur Vidyut Vitran Nigam Limited for 100 Amp L.T. distribution kiosks, to be executed within six months (source: BSE filing, 24 July 2026). The same day, the company disclosed a ₹5.01 crore order from Genus Power Infrastructures Limited for solar panel mounting structures, also executable within six months (source: BSE filing, 24 July 2026).
On 4 August 2026, the scale shifted. RMC filed that it had received 12 Letters of Award aggregating ₹333.80 crore from Paschim Gujarat VIJ Company Limited for turnkey conversion of overhead 11 kV HT and LT lines to underground cable networks across multiple subdivisions in Gujarat. The filing stated execution timelines of 12 to 18 months following a 45-day commencement period (source: BSE filing, 4 August 2026). The same day, a separate filing disclosed a ₹2.44 crore order from Southern Power Distribution Company of Telangana Limited for LT Distribution Boxes, with a 12-month execution window (source: BSE filing, 4 August 2026).
On 5 August 2026, the company consolidated these entries into a single filing, reporting fresh orders totalling ₹344.10 crore — the PGVCL mandate of ₹333.80 crore, plus the smaller awards from Genus Power Infrastructures (₹5.02 crore), Jaipur Vidyut Vitran Nigam (₹2.84 crore), and the Telangana discom (₹2.44 crore) (source: BSE filing, 5 August 2026).
The inflow continued. On 13 August 2026, RMC filed a ₹1.89 crore Letter of Award from Anand Transformers Private Limited for a turnkey contract covering new service connections with infrastructure extension for transformer distribution boxes (source: BSE filing, 13 August 2026). On 8 September 2026, the company disclosed a ₹14.98 crore award from Maharashtra State Electricity Distribution Company Limited (MAHAVITRAN) for off-grid DC solar photovoltaic water pumping systems of 3 HP, 5 HP, and 7.5 HP capacity at farmer sites under the PM KUSUM scheme, including a five-year complete system warranty and remote monitoring system (source: BSE filing, 8 September 2026).
By 16 September 2026, the cumulative unexecuted order book figure the company filed stood at ₹1,188 crore (source: BSE filing, investor presentation, 16 September 2026).
Revenue in Q1FY27 shows quarterly lumpiness
Between the order announcements, RMC filed its Q1FY27 results on 12 August 2026 (source: BSE filing, results, 12 August 2026). The filing showed consolidated revenue of ₹37.24 crore and a PAT of ₹2.08 crore for the quarter. The company highlighted that EBITDA margin had moved to 22% in Q1FY27, compared with 12.31% in Q4FY26, while noting a 73.9% sequential revenue decline — a figure management attributed to lumpiness in project execution (source: BSE filing, results commentary, 12 August 2026).
The prior full-year result had been disclosed in the company’s first investor concall on 15 June 2026. Revenue for FY26 was filed at ₹401.6 crore, which the company stated was a 26.4% increase year-on-year, while Q4FY26 net profit was reported as ₹9.3 crore, recovering from a loss in Q3FY26 (source: BSE filing, concall transcript, 15 June 2026).
The stated mix-shift intent: reducing B2G share
In the same 15 June 2026 concall, management articulated a plan to alter the revenue composition. The filing records management stating: “we want to increase more of B2B, and we want to reduce B2G” (source: BSE filing, concall transcript, 15 June 2026). The company framed this around possible entry into medium/high voltage panels for solar plants and data centres, and organising the retail enclosure market. Management described the feasibility as under study and indicated the initiative was “not too related to any capex, but rather it is related to the human resource” (source: BSE filing, concall transcript, 15 June 2026). The same filing contained a management claim that RMC would select projects based on bottom line and cash flows rather than top line going forward.
No target date for achieving a specific B2B/B2G split was disclosed.
Organisational changes across September 2026
On 12 September 2026, RMC filed board approvals for the purchase of industrial land from a related party — subject to shareholder approval — and the appointment of Mr. Dilip Panjwani as an Additional Independent Director (source: BSE filing, 12 September 2026).
On 16 September 2026, the same day as the investor presentation, the company filed the appointment of Mr. Tarun Kumar Sharma as Chief Operating Officer of Smart Solutions at its Jaipur headquarters, designated as Senior Management Personnel, effective 16 September 2026 (source: BSE filing, 16 September 2026).
What the filings state as next steps
The company’s investor presentation of 16 September 2026 describes a transition “toward intelligent power infrastructure solutions” (source: BSE filing, investor presentation, 16 September 2026). Execution timelines for the disclosed orders span from six months (the earliest awards) to 18 months from commencement (the PGVCL turnkey contracts). The concall of 15 June 2026 references a ₹5,000 crore revenue aspiration by FY30 and a ₹50,000+ crore addressable market for a product referred to as PulseBox (source: BSE filing, concall transcript, 15 June 2026). These are company-stated aspirations; no filings to date provide a periodic breakdown or committed trajectory toward either figure.
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The filing evidence
| Date | What the filing said | Detail | Source |
|---|---|---|---|
| 24 Jul 2026 | RMC Switchgears receives ₹2.84 Cr Letter of Award from Jaipur Vidyut Vitran Nigam for 100 Amp L.T. distribution kiosks for underground cabling. | RMC Switchgears Limited has received a Letter of Award (LOA) from Jaipur Vidyut Vitran Nigam Limited valued at ₹2.84 crore for the supply of 100 Amp L.T. Distribution Kiosks suitable for underground cabling. The order is to be executed within 6 months. | filing |
| 24 Jul 2026 | RMC Switchgears receives ₹5.01 Cr order from Genus Power Infrastructures for solar panel mounting structures | RMC Switchgears has received a Letter of Award from Genus Power Infrastructures Limited valued at ₹5,01,72,500 for the supply of UND S_Panel mounting structures (1.1KW, 600/1200MM) with a minimum ground clearance of 600mm. The order is to be executed within 6 months. | filing |
| 4 Aug 2026 | RMC Switchgears receives 12 Letters of Award worth ₹333.80 crore from Paschim Gujarat VIJ Company Limited for turnkey underground cable network conversion in Gujarat. | RMC Switchgears Limited has received 12 Letters of Award (LOAs) aggregating to ₹333.80 crore from Paschim Gujarat VIJ Company Limited (PGVCL) for turnkey contracts covering site survey, design, engineering, supply, installation, testing, and commissioning for conversion of existing 11 kV HT and LT overhead lines to underground cable networks across multiple subdivisions in Gujarat, with execution timelines ranging from 12 to 18 months after a 45-day commencement period. | filing |
| 4 Aug 2026 | RMC Switchgears receives ₹2.44 Cr order from Telangana discom for LT Distribution Boxes | RMC Switchgears has received 12 Letters of Award from Southern Power Distribution Company of Telangana Limited for the supply of LT Distribution Boxes worth ₹2.44 crore, with execution within 12 months. | filing |
| 5 Aug 2026 | RMC Switchgears receives orders aggregating ₹344.10 crore, led by a ₹333.80 crore underground cabling mandate from PGVCL | RMC Switchgears announced receipt of fresh orders totaling ₹344.10 crore, including 12 Letters of Acceptance from Paschim Gujarat Vij Company Limited worth ₹333.80 crore for turnkey underground cable network conversion, along with smaller orders from Genus Power Infrastructures (₹5.02 crore), Jaipur Vidyut Vitran Nigam (₹2.84 crore), and Telangana discom (₹2.44 crore). | filing |
| 13 Aug 2026 | RMC Switchgears receives ₹1.89 crore order from Anand Transformers Private Limited for transformer distribution boxes. | RMC Switchgears has received a Letter of Award worth ₹1.89 crore from Anand Transformers Private Limited for a turnkey contract to provide new service connections with infrastructure extension (Phase III) for transformer distribution boxes. | filing |
| 8 Sept 2026 | RMC Switchgears receives ₹14.99 crore order from MAHAVITRAN for solar water pumping systems under PM KUSUM scheme. | RMC Switchgears has received a Letter of Award worth ₹14.98 crore from Maharashtra State Electricity Distribution Co. Ltd. (MAHAVITRAN) for design, manufacture, supply, transport, installation, testing and commissioning of off-grid DC solar photovoltaic water pumping systems of 3 HP, 5 HP and 7.5 HP capacity at farmer sites in Maharashtra, including a 5-year complete system warranty and remote monitoring system. | filing |
| Project selection criteria | RMC will select projects based on bottom line and cash flows rather than top line [going forward]. | ||
| 15 Jun 2026 | RMC Switchgears posts FY26 revenue of ₹401.6 Cr (+26.4% YoY) with Q4 net profit of ₹9.3 Cr rebounding from Q3 loss, unveils ₹50,000+ Cr PulseBox addressable market and maintains ₹5,000 Cr revenue aspiration by FY30. | filing | |
| 16 Sept 2026 | RMC Switchgears expands its confirmed unexecuted order book to ₹1,188 crore following major utility awards while transitioning toward intelligent power infrastructure solutions. | filing | |
| 12 Aug 2026 | Q1FY27 consolidated revenue was ₹37.24 Cr and PAT ₹2.08 Cr, while EBITDA margin rose to 22% from 12.31% in Q4FY26 despite a 73.9% sequential revenue decline, indicating strong but currently lumpy execution. | filing | |
| 12 Sept 2026 | RMC Switchgears board approves appointment of Mr. Dilip Panjwani as Independent Director and purchase of industrial land from related party, subject to shareholder approval. | The Board of Directors approved the purchase of industrial land from a related party (subject to shareholder approval) and appointed Mr. Dilip Panjwani as an Additional Independent Director, along with approving the notice of postal ballot and appointment of scrutinizer. | filing |
| 16 Sept 2026 | RMC Switchgears appoints Tarun Kumar Sharma as Chief Operating Officer (COO) with effect from September 16, 2026. | RMC Switchgears, based on the recommendation of the Nomination and Remuneration Committee, approved the appointment of Mr. Tarun Kumar Sharma as Chief Operating Officer (COO) of Smart Solutions at Jaipur (HO), designated as Senior Management Personnel, effective September 16, 2026. | filing |
Quick answers
- What did RMC Switchgears disclose?
- On 16 September 2026, RMC Switchgears (NSE: RMC, BSE: 540358) filed an investor presentation disclosing a confirmed unexecuted order book of ₹1,188 crore (source: BSE filing, investor presentation, 16 September 2026). Two months earlier, the company had aggregated roughly ₹345 crore in fresh letters of award across a single week.
- What are the key numbers?
- The first award in the current cycle appeared on 24 July 2026, when RMC reported a ₹2.84 crore Letter of Award from Jaipur Vidyut Vitran Nigam Limited for 100 Amp L.T. distribution kiosks, to be executed within six months (source: BSE filing, 24 July 2026).
- What does RMC Switchgears say comes next?
- In the same 15 June 2026 concall, management articulated a plan to alter the revenue composition. The filing records management stating: “we want to increase more of B2B, and we want to reduce B2G” (source: BSE filing, concall transcript, 15 June 2026).
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