RMC Switchgears Ltd. – Company Report
1. Company Overview
RMC Switchgears Ltd., founded in 1994 and headquartered in Jaipur, Rajasthan, is a leading Indian player in the power distribution engineering and switchgear sector. The company specializes in researching, designing, and manufacturing enclosures for energy meters, LT/HT distribution boxes and panels, junction boxes, feeder pillars, and related switchgear equipment—all engineered from advanced materials like plastics, fibre-reinforced plastics, and various metals. RMC also executes EPC (Engineering, Procurement & Construction) contracts for power transmission and substation projects. Its manufacturing facility in Chaksu, near Jaipur, spans 800,000 sq. ft., combining modern automated processes with rigorous in-house quality labs. The workforce consists of about 200–500 employees.
Key Highlights
- Incorporated: 1994 (Public since 2008; renamed RMC Switchgears in 2016)
- Headquarters: Jaipur, Rajasthan, India
- Employees: 200–500
- Certifications: ISO 9001:2015
- Manufacturing Facility: Advanced 800,000 sq.ft. plant near Jaipur
- Unique Strengths: Vertical integration, proprietary innovation (e.g., Pulse Box), in-house quality testing, EPC and green energy exposure
- Listed: NSE, BSE (Code: 540358)
- Market Cap (Aug 2025): ~₹879 crore
- Leadership: Gaurav Vijay Dalal (Chairman & MD)
- Order Book: Exceeded ₹700 crore (as of July 2025)
2. Products and Services
Switchgear Panels
- Low-voltage (up to 1kV), medium-voltage, and high-voltage (above 36kV) switchgear panels
Energy Meter Enclosures
- Anti-theft, weather-resistant enclosures for both smart and conventional meters
Distribution Boxes & Feeder Pillars
- Manufactured using SMC, DMC, MS, SS for LT/HT power line distribution and protection
EPC Contracts
- Turnkey infrastructure for transmission, substations, solar projects, and electrification
Custom FRP Fabrication
- Pultruded gratings, molded components, customized power enclosures
Innovation Focus
- Pulse Box for real-time grid monitoring and anti-theft control; smart electrification solutions
Client Segments: State discoms, utilities, EPC contractors, real estate developers, and industrial users across India and select overseas markets
3. Recent News and Business Developments (2025)
Major Project Wins:
July 13, 2024: The order valued at ₹86.48 crore involves supply and installation of solar equipment, a 220kV substation, and a 5-km transmission line material for a 25 MWac ground-mounted solar plant with a single-axis tracker in Bhuj, Gujarat.
September 17, 2024: RMC Switchgears Limited has been awarded a contract by the Maharashtra State Electricity Distribution Company Limited (MSEDCL) to develop a 41 MW (AC) solar photovoltaic power project.
October 9, 2024: Awarded a contract as the lead member of a consortium to solarize agricultural feeders in Maharashtra. Secured through a competitive bidding process and e-reverse auction, this milestone includes three separate EPC contracts and three years of O&M contracts in Ahmednagar district, totaling ₹201 crores.
December 16, 2024: In a press release, RMC Switchgears Limited said that it continues to make progress on the development of its 1 GW Solar Module Manufacturing Plant in Jaipur. This initiative involves an ₹100 crore investment to enable the company to expand its renewable energy presence.
December 17, 2024: Secured a ₹90 crore solar pump installation project across Maharashtra (5,000 units) which will include 3HP, 5HP, and 7HP solar pump systems.
December 24, 2024: RMC Switchgears announced that it has received a work order worth ₹5.42 crore from Suncity Urja for the construction of various transmission elements in Rajasthan.
February 5, 2025: RMC Switchgears Limited, as per its latest regulatory filings with the BSE, announced receiving two work orders worth a total of about ₹127.4 crores from the Maharashtra Government and others.
- The first work order, valued at ₹108.05 crores, has been awarded by private contractor Swastik Infra Private Limited, to be executed by 31st December 2025.
- The second work order, worth around ₹19.34 crores, has been issued by Maharashtra State Power Generation Company Limited (MAHAGENCO), to be delivered within 270 days from the date the land is handed over to the contractor.
March 17, 2025: Secured a ₹320 crore rooftop solar LoA from Govt. of Rajasthan for 50 MW on govt. buildings. This order has a one-time revenue opportunity of ₹229 crore and recurring revenue of ₹91 crore over the next 25 years.
July 31, 2025: RMC Switchgears Limited has completed a proof of concept for its innovative 'Pulse Box' smart automation system for low-tension power distribution. The technology aims to replace traditional distribution boxes on 11 kV lines, offering enhanced grid safety, reduced technical losses, improved last-mile visibility, support for smart metering, theft prevention, and predictive maintenance capabilities.
September 17, 2025: RMC Switchgears Limited has received a Letter of Intent from JVVNL for a ₹59.12 crore project to develop distribution infrastructure and segregate 11 KV mixed feeders at Tonk Circle. The turnkey project, part of the RDSS scheme, is to be completed within 15 months.
October 1, 2025: RMC Switchgears Ltd, engaged in designing, manufacturing, and supplying electrical infrastructure solutions, has received two Letters of Award (LOAs) from Suncity Urja Private Limited, totaling approximately ₹100.19 crore.
- The first order, valued at ₹66.39 crore, is for the supply and erection of items for the development of distribution infrastructure at the Jhalawar Circle of Jaipur Discom under the RDSS scheme.
- The second order, worth ₹33.79 crore, pertains to the supply and development of distribution infrastructure for loss reduction works at the Kota Circle of Rajasthan under the Revamped Distribution Sector Scheme.
November 21, 2025: Received a letter of intent (LoI) worth ₹27.77 crore from Rajasthan Rajya Vidyut Prasaran Nigam (RRVPNL). The order covers the construction of a 132 kV GSS at Kaparda SEZ (Jodhpur), associated LILO works of the BilaraJhalamand line, and the 132 kV BhawadKirmarsariya line, including bays at both substations, along with other works and commissioning on a supply-ETC basis, and is to be executed within 18 months.
Strategic Vision
- RMC Green targets contributing 1% of India’s renewable energy capacity by 2030
- CFO Mr. Anand Chaturvedi resigned in April 2025 for personal reasons (stock fell 2%)
4. Financial Performance (FY2025)
| Metric | FY2025 |
|---|---|
| Total Revenue | ₹317.98 crore |
| Net Profit (PAT) | ₹31.5 crore |
| Operating Margin | 17% |
| Net Profit Margin | 9.9% |
| EPS | ₹29.9 |
| Dividend | None declared (reinvested) |