RMC Switchgears Ltd
RMC Switchgears Q2 FY26: Order Book ₹800 Cr
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
No specific revenue, EBITDA, or PAT guidance for FY26 and FY27 currently due to a recent change in strategy; guidance will be shared once finalized. No formal revenue, EBITDA, PAT, or EPS guidance has been provided for FY26 and FY27 due to recent strategic changes; management is working on updated guidance.
From RMC Switchgears Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- No specific revenue, EBITDA, or PAT guidance for FY26 and FY27 currently due to a recent change in strategy; guidance will be shared once finalized.
- Previous aggressive growth plans, including ₹3,000 crore by FY30, are under review and may be revised.
- H1 FY26 showed strong revenue growth at 111.5% year-on-year, indicating a good execution foundation.
- Order book currently stands at around ₹800 crore, with execution expected over the next 12 months.
- Active bidding in tenders worth ₹1,500 crore, with a 30-35% order conversion ratio, providing visibility into future order inflows.
- Smart metering enclosure segment expected to grow at a double-digit rate year-on-year, reflecting a key growth vertical.
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Profitability & Margins
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Capital Expenditure Plans
- The planned 1 Gigawatt solar module manufacturing plant capex has been paused and deferred due to policy and technology uncertainties, particularly with domestic cell quality and upcoming technology shifts (PERC to TopCon, HJT). This is a strategic pause, not abandonment, to avoid value destruction and ensure entry at the right time with stable policies and mature technology.
- Growth will be funded through internal accruals, selective debt, and operational cash flows; no immediate equity raise for capex is planned.
- No other significant CAPEX measures are currently underway or planned for H2 FY26, pending government policy clarity and market maturity.
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Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- The current order book stands at around ₹800 crore.
- The expected completion period for these orders is the next 12 months.
- The company has participated in tenders worth ₹1,500 crore, with ongoing participation in more tenders.
- Order conversion ratio is around 30% to 35% of bids.
- The company expects to enter FY27 with a good amount of order book based on current bids.
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What RMC Switchgears's management said in earlier quarters
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Frequently Asked Questions
What were RMC Switchgears Ltd Q2 FY26 results?
No specific revenue, EBITDA, or PAT guidance for FY26 and FY27 currently due to a recent change in strategy; guidance will be shared once finalized. No formal revenue, EBITDA, PAT, or EPS guidance has been provided for FY26 and FY27 due to recent strategic changes; management is working on updated guidance.
What is RMC Switchgears Ltd share price analysis?
RMC Switchgears Ltd currently shows a neutral. The stock trades at a P/E of 15.9 with a market cap of ₹357 Cr. Investors should review the full earnings analysis for detailed insights.
Is RMC Switchgears Ltd planning capital expenditure?
The planned 1 Gigawatt solar module manufacturing plant capex has been paused and deferred due to policy and technology uncertainties, particularly with domestic cell quality and upcoming technology shifts (PERC to TopCon, HJT).
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.