RMC Switchgears Reports 112% YoY Revenue & >97% PAT Growth in H1 FY26; Strengthens Position in Solar, T&D, and Smart Infrastructure
JAIPUR, India, Nov. 19, 2025 /PRNewswire/ -- RMC Switchgears Limited, a fast-growing player in integrated electrical and renewable energy solutions, announced its consolidated financial results for the first half of FY2025–26, posting a strong 112% year-on-year revenue growth, driven by accelerated execution across major business verticals. Financial Highlights: Particulars H1 FY25 H1 FY26 YoY Change Revenue from Operations 104.78 221.61 ↑ 111.50% Gross Profit 40.60 54.83 ↑ 35.05% EBITDA 19.83 34.00 ↑ 71.46% PBT 14.95 26.90 ↑ 79.93% PAT 10.13 20.05 ↑ 97.93% Minority Interest 0.04 0.57 1325.00 % EPS (₹) 9.89 19.26 ↑ 94.74% * Consolidated figure Revenue and Gross Margin • RMC Switchgears Limited recorded Revenue from Operations of ₹221.61 crore in H1 FY26, marking a robust 111.5% year-on-year growth over ₹104.78 crore in H1 FY25. The growth was primarily driven by strong execution in Solar EPC projects and steady performance across Electrical EPC and Electrical Products. • The Cost of Goods Sold (COGS) stood at ₹166.78 crore, up from ₹64.18 crore in H1 FY25, reflecting the scale-up of operations and higher raw-material consumption during EPC project execution. Despite this, Gross Profit increased to ₹54.83 crore, up35.05% YoY, supported by operational efficiencies and timely deliveries. • The Gross Margin moderated to 24.74% in H1 FY26, from 25.37% in H1 FY25, a contraction of 63 basis points YoY (-1401 bps when compared to the earlier base period), mainly due to a higher EPC revenue share. Encouragingly, margins remained broadly stable compared with H2 FY25 (38.75%), underscoring RMC's ability to maintain pricing discipline even at larger volumes. EBITDA and EBITDA Margin • EBITDA rose sharply to ₹ 34.00 crore in H1 FY26, from ₹ 19.83 crore in H1 FY25, an increase of 71.46% YoY. The growth was fuelled by higher execution scale, cost control in logistics and procurement, and improved manufacturing throughput. • The EBITDA margin stood at 15.34%, compared to 15.65% in H1 FY25, reflecting a modest and strategic recalibration of 31 basis points. As the Company expanded volumes and achieved breakeven across all operating verticals, management consciously prioritised absolute profit growth over percentage margins. Importantly, EBITDA margin remained broadly stable versus H2 FY25 (18.93%), indicating that operating efficiency has normalised at a sustainable level. PBT and PBT Margin • Profit Before Tax (PBT) came in at ₹26.90 crore, up from ₹14.95 crore in H1 FY25, translating into a strong 79.93% year-on-year rise. The PBT margin stood at 12.14%, compared with 12.98% in H1 FY25. The marginal decline of 84 basis points was attributed to higher contributions from Solar EPC projects and increased finance costs from scale expansion. • However, when compared with H2 FY25 (14.27%), margins remained largely steady, demonstrating RMC's ability to sustain profitability while growing aggressively across sectors. PAT and PAT Margin • Profit After Tax (PAT) stood at ₹ 20.05 crore, nearly doubling from ₹ 10.13 crore in H1 FY25, delivering a 97.93% YoY increase. The PAT margin was 9.05% versus 10.00% in the prior-year period, a 95-basis-point YoY correction, but stable relative to H2 FY25 (9.67%). • The steady margin performance, despite rapid business expansion, highlights robust cost control, prudent financial management, and efficient working-capital practices. Earnings Per Share (EPS) stood at ₹19.26, compared to ₹9.89 in H1 FY25, reflecting a 94.7% YoY improvement. Operational Context and Future Outlook RMC Switchgears sustained its growth momentum in H1 FY26, underpinned by strong execution, healthy order inflows, and operational discipline. Large project wins across Solar EPC, Electrical EPC, and Products, including contracts worth ₹61 crore, ₹59 crore, and ₹16 crore respectively, reinforced the Company's leadership in power and renewable infrastructure. Process standardisation, digital project monitoring, and supply-chain integration continued to strengthen execution efficiency, enabling the business to scale rapidly while maintaining financial prudence. The Solar Module Manufacturing Plant, a cornerstone in RMC's backward integration strategy, has seen its implementation timelines adjusted to accommodate procedural and design refinements. With SIDBI funding now secured, the project is moving forward in phases to ensure technological adaptability and long-term competitiveness. These revisions reflect a measured approach to expansion, aligning capacity creation with evolving policy frameworks and global market dynamics. Looking ahead, RMC remains optimistic about the solar manufacturing opportunity. Industry indicators suggest that concerns about overcapacity are overstated, given strong domestic demand, localisation policies under PLI and ALMM, and the global shift toward supply-chain diversification. The initiative positions RMC not merely as a participant but as a futur
