RMC Switchgears reports ₹37.24 crore revenue, ₹1,188 crore order book

Q1 FY27 revenue from operations stood at ₹37.24 crore compared with ₹84.53 crore in Q1 FY26.
The company reported an unexecuted order book of approximately ₹1,188 crore during the quarter.

Reader Takeaway: Strong order visibility supports growth, but execution and working capital remain key challenges.

What just happened

RMC Switchgears reported a decline in consolidated revenue during the first quarter of FY27, mainly due to the timing of infrastructure project execution.

The company said billing in infrastructure projects generally happens after commissioning, while several large contracts during the quarter were still in survey, design and mobilisation stages.

Consolidated profit after tax declined to ₹2.08 crore in Q1 FY27 from ₹4.08 crore in the year-ago period. Earnings per share fell to ₹1.97 from ₹3.86.

Why this matters

Despite lower revenue, RMC Switchgears reported improvement in operating margins. EBITDA margin increased to 20.81% in Q1 FY27 from 10.50% in Q1 FY26, supported by a change in product mix.

The company indicated that the lower-margin Solar EPC segment contributed less revenue during the quarter, helping improve overall profitability metrics.

Order book and business update

The company’s order book stood at around ₹1,188 crore, providing visibility for future execution. Between July and August 2026, RMC Switchgears received new orders worth ₹369.63 crore.

This included 12 Letters of Award from Paschim Gujarat Vij Company Limited worth ₹333.80 crore for underground cabling works. These projects are expected to be executed over 12 to 18 months.

Growth strategy

RMC Switchgears is focusing on two business platforms. The utility EPC and enclosure business remains the core operating segment, while technology-led products such as smart LT distribution boxes and PulseBox are positioned as future growth areas.

Management has outlined a target of achieving more than 30% CAGR growth over the next three to five years, while reducing working capital intensity remains a key priority.

Risks to watch

The company’s future performance will depend on converting the large order book into revenue and maintaining cash flow discipline during project execution.

Infrastructure businesses often face delays between order wins and revenue recognition, making execution speed and working capital management important factors for investors.

What to track next

Investors should monitor quarterly order execution, revenue conversion from the existing pipeline and progress in technology-led product expansion.