RMC Switchgears Q1 FY27 Results (NSE: RMC)
Signal: Steady quarter
The read
The key inflection is margin: consolidated EBITDA margin rose to 22% from 12.31% in Q4FY26 and reversed the -12.26% margin reported in Q3FY26, but revenue fell 73.9% QoQ to ₹37.24 Cr and PAT fell 77.6% to ₹2.08 Cr, making the recovery dependent on project timing rather than yet-proven revenue momentum.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹37.24 Cr | N/A | -73.9% |
| EBIT | ₹6.9 Cr | N/A | |
| Net profit | ₹2.08 Cr | N/A | |
| EPS | ₹1.97 | N/A | |
| EBIT margin | 22% |
P&L walk
Consolidated revenue was ₹37.24 Cr, down 73.9% QoQ from ₹142.94 Cr, but EBITDA margin expanded to 22% from 12.31% and PAT was ₹2.08 Cr; the quarter shows margin resilience but highly uneven project execution.
Segments
Consolidated PAT of ₹2.08 Cr exceeded standalone PAT of ₹1.15 Cr by ₹0.93 Cr, indicating a material subsidiary contribution, although no segment-level table is disclosed.
Key positives
- Consolidated EBITDA margin expanded to 22% from 12.31% in Q4FY26, a +969bps sequential improvement, while EBITDA remained positive at ₹8.2 Cr.
- Consolidated PAT of ₹2.08 Cr was ₹0.93 Cr above standalone PAT of ₹1.15 Cr, indicating earnings contribution from subsidiaries.
- Consolidated other income was ₹0.45 Cr against PBT of ₹2.78 Cr and was classified as clean by the earnings-quality check, so PAT was not primarily driven by non-operating income.
Key concerns
- Revenue declined 73.9% QoQ from ₹142.94 Cr to ₹37.24 Cr, showing substantial quarter-to-quarter execution volatility.
- No Q1 year-ago comparative is available in the verified filing data, limiting confidence in the underlying growth trajectory.
- Standalone other income of ₹0.43 Cr represented 28.1% of standalone PBT of ₹1.53 Cr, making standalone profit quality more dependent on non-operating income.
Research and educational content only. Not investment advice.