RMC Switchgears

- The company has evaluated part-funding the planned solar module plant through an equity raise but found current market conditions unfavorable, as issuing equity would be value-destructive and dilutive to existing shareholders. - Therefore, the Board has chosen to defer the CAPEX and protect shareholder value. - Growth will be funded through internal accruals, selective debt, and operational cash flows. - Investments already made in land, subsidiary capitalization, and equipment remain strategic for when the manufacturing ecosystem matures. - No specific new fundraising through debt or equity is planned currently; focus is on disciplined capital allocation and financial prudence.

- 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. - The company continues to invest in strengthening EPC execution capabilities and expanding product portfolio via operational and management capacity building. - Water management subsidiary projects have been put on hold to focus on electrical EPC opportunities. Overall, capex focus is disciplined, with a future-ready approach to manufacturing and execution.

- 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. - Solar module manufacturing plans are paused until market and policy clarity emerges, affecting related growth projections. - Overall growth expected to be steady, backed by significant government investments in electrical and solar infrastructure sectors.

- 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. - Previous aggressive growth targets (30% CAGR and ₹3,000 crore revenue by FY30) are currently under review and may be revised. - The company is prioritizing absolute profit growth and scale over margin percentage, accepting temporary margin dilution as a strategic choice. - Order book stands around ₹800 crore with execution expected over the next 12 months, indicating near-term revenue visibility. - Participation in tenders worth ₹1,500 crore with about 30%-35% order conversion suggests a positive outlook for order inflows in FY27 and beyond. - Smart metering enclosure segment expected to grow double-digit year-on-year. - The planned solar module manufacturing expansion is deferred, affecting growth projections tied to that segment. - Management emphasizes steady growth supported by government investments and execution strength rather than aggressive margin expansion.

- 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. - There is no impact expected on current orders despite the Central Government halting certain 42 Gigawatt contracts, as EPC contracts are honored. - RMC is targeting additional orders from various state governments, including Andhra Pradesh, which is focusing on developing green energy corridors.