RMC Switchgears Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript RMC Switchgears Ltd filed with BSE on 15 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
RMC Switchgears reported consolidated FY26 revenue of Rs. 401.59 crore, up 26.4% year-on-year, with margins affected by product development investment in PulseBox, execution delays and input cost pressure. The company moved from a net loss of Rs. 7.07 crore in Q3 to a net profit of Rs. 9.3 crore in Q4, which management attributed to improved execution, material availability and cost discipline. Management also discussed the unexecuted order book, receivables aging, the PulseBox IoT product, and its FY30 revenue aspiration.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Consolidated revenue: Rs. 401.59 crore (FY26)
p. 2
“We delivered a consolidated revenue of Rs. 401.59 crore, representing a growth of 26.4% over the previous year.”
Mr. Ankit Agarwal, page 2 of the filed PDF · View the filing
Net loss: Rs. 7.07 crore (Q3 FY26)
p. 3
“The company moved from a loss of Rs. 7.07 crore in Q3 to a net profit of Rs. 9.3 crore in Q4.”
Mr. Ankit Agarwal, page 3 of the filed PDF · View the filing
Net profit: Rs. 9.3 crore (Q4 FY26)
p. 3
“The company moved from a loss of Rs. 7.07 crore in Q3 to a net profit of Rs. 9.3 crore in Q4.”
Mr. Ankit Agarwal, page 3 of the filed PDF · View the filing
Unexecuted order book: Rs. 850 crore plus
p. 4
“Okay, so the current, unexecuted order book is around Rs. 850 crore plus, and the tender pipeline is around Rs. 1,500 crore plus.”
Mr. Ankit Agarwal, page 4 of the filed PDF · View the filing
Tender pipeline: Rs. 1,500 crore plus
p. 4
“Okay, so the current, unexecuted order book is around Rs. 850 crore plus, and the tender pipeline is around Rs. 1,500 crore plus.”
Mr. Ankit Agarwal, page 4 of the filed PDF · View the filing
Other current assets: Rs. 58 crore
p. 5
“can you help me understand the other current asset items of Rs. 58 crore? What are... what is that?”
Gunit Singh, page 5 of the filed PDF · View the filing
WPI inflation: 3.88% (March 2026)
p. 3
“With Wholesale Price Index inflation at 3.88% in March 2026, and significant increase in crude petroleum, natural gas, fuel and power, and mineral oils.”
Mr. Ankit Agarwal, page 3 of the filed PDF · View the filing
Total transformers in India: approximately 2.5 crore
p. 3
“Based on the assessment by management, India has an installed base of approximately 2.5 crore distribution transformers.”
Mr. Ankit Agarwal, page 3 of the filed PDF · View the filing
PulseBox addressable market: Rs. 50,000 crore plus
p. 3
“This represents a potential addressable market opportunity for at least Rs. 50,000 crore plus for the Indian market.”
Mr. Ankit Agarwal, page 3 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — Rs. 5,000 crore · by 2030
stated as an aspiration by Mr. Ankit Agarwal
p. 8
“Basically, the segments which we are working on is definitely towards the, aspirational goal we have for Rs. 5,000 crore, which we had made earlier.”
Mr. Ankit Agarwal, page 8 of the filed PDF · View the filing
Revenue growth — 10x · by 2030
stated as an aspiration by Mr. Ankit Agarwal
p. 9
“So, the only thing is, we are talking about 10x, even if not 13x, we are talking about 10x.”
Mr. Ankit Agarwal, page 9 of the filed PDF · View the filing
FY30 revenue aspiration — Rs. 5,000 crore · FY30
stated as an aspiration by Mr. Ankit Agarwal
p. 11
“Sir, I'm very much confident about the aspiration I have. And I'm on my track. So that's what I mean...”
Mr. Ankit Agarwal, page 11 of the filed PDF · View the filing
FY27 performance — FY27
stated conditionally by Mr. Ankit Agarwal
p. 8
“So, we believe that we'll be doing better than the last year, that is for sure.”
Mr. Ankit Agarwal, page 8 of the filed PDF · View the filing
Cash flow — positive cash flow · FY27
stated conditionally by Mr. Ankit Agarwal
p. 5
“And yes, of course, we see a positive cash flow, because as I told earlier that this, the last year is a learning year for us.”
Mr. Ankit Agarwal, page 5 of the filed PDF · View the filing
FY27 revenue/profit guidance — FY27
stated as an aspiration by Mr. Ankit Agarwal
p. 8
“So, as far as the guidance of FY27, I am not supposed to give guidance right now, because we are speaking very early this year.”
Mr. Ankit Agarwal, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Unexecuted order book is around Rs. 850 crore plus and tender pipeline is around Rs. 1,500 crore plus.
Answered by Mr. Ankit Agarwal
Asked by Gunit Singh: What is the current unexecuted order book and bid pipeline?
p. 4
“Okay, so the current, unexecuted order book is around Rs. 850 crore plus, and the tender pipeline is around Rs. 1,500 crore plus.”
Mr. Ankit Agarwal, page 4 of the filed PDF · View the filing
Maximum billing happened in March due to earlier delays, so payment and installation shifted into the next financial year.
Answered by Mr. Ankit Agarwal
Asked by Gunit Singh: Why did trade receivables increase and payment terms lengthen?
p. 4
“So, maximum billing of supply of material happened in the month of March, and you never get money just after the supply.”
Mr. Ankit Agarwal, page 4 of the filed PDF · View the filing
Excluding retention, only about 3-5% of receivables are above 6 months old.
Answered by Mr. Ankit Agarwal
Asked by Gunit Singh: How much of receivables are overdue beyond 6 months?
p. 5
“I think if we, if we remove the retention, I, I would say only, 3% to 5% would be above 6 months.”
Mr. Ankit Agarwal, page 5 of the filed PDF · View the filing
Within electrical products about 30% is government and 70% B2B, but overall only around 5-10% of total revenue is B2B with the rest B2G.
Answered by Mr. Ankit Agarwal
Asked by Kanishk Gupta: What is the B2B vs B2G revenue split for FY26?
p. 5
“So, I think if you will say in complete sense, then I think 10% of the revenue, or 5% of the revenue is B2B, otherwise it is B2G.”
Mr. Ankit Agarwal, page 5 of the filed PDF · View the filing
Management wants to increase B2B and reduce B2G to control debtor days.
Answered by Mr. Ankit Agarwal
Asked by Kanishk Gupta: What is the ideal B2B/B2G mix RMC wants to achieve?
p. 5
“Sir, we want to increase more of B2B, and we want to reduce B2G.”
Mr. Ankit Agarwal, page 5 of the filed PDF · View the filing
Tenders in the green corridor have been delayed pending central approval.
Answered by Mr. Ankit Agarwal
Asked by Rakesh P: Is there progress on green energy initiatives in Andhra Pradesh?
p. 7
“Yeah, so actually, we are awaiting some tenders which, I think, were supposed to happen in December, there were supposed to be some tenders in the green corridor.”
Mr. Ankit Agarwal, page 7 of the filed PDF · View the filing
No confirmed order yet, but one utility has moved to tender specification stage after a successful proof of concept identifying critical alarms.
Answered by Mr. Ankit Agarwal
Asked by Ravi Kumar: Has PulseBox received any confirmed orders?
p. 8
“And I'm very much happy to say that a POC which we had done in one state, within 7 days, we gave them around 388 alarms.”
Mr. Ankit Agarwal, page 8 of the filed PDF · View the filing
Management said RMC is currently the only player addressing this gap.
Answered by Mr. Ankit Agarwal
Asked by Ravi Kumar: Does RMC face competition in the PulseBox space?
p. 8
“Sir, this is the gap we have identified, and right now, we are the only one.”
Mr. Ankit Agarwal, page 8 of the filed PDF · View the filing
Management declined to disclose details, citing trade secrecy.
Answered by Mr. Ankit Agarwal
Asked by Shreyans J: Who is the strategic collaboration partner mentioned in the presentation?
p. 9
“So, actually, I will not be able to share much information about it due to a trade secret, because, as you can understand, when the technology is underway, and anything, even if it is matured, in our own interest, we should remain quiet on that.”
Mr. Ankit Agarwal, page 9 of the filed PDF · View the filing
Management reaffirmed confidence in the aspiration.
Answered by Mr. Ankit Agarwal
Asked by Kanishk Gupta: Is the Rs. 5,000 crore aspiration by FY30 still intact?
p. 11
“Yes, sir, definitely it remains intact.”
Mr. Ankit Agarwal, page 11 of the filed PDF · View the filing
Risks flagged
Extended rainfall delayed site-level execution in Maharashtra
p. 2
“Extended rainfall delayed site-level activity majorly in Maharashtra, and this shifted part of the execution cycle further into the second half.”
Mr. Ankit Agarwal, page 2 of the filed PDF · View the filing
China-linked supply chain disruption and safeguard duty cost movements in solar EPC
p. 2
“In the solar EPC business, China-linked supply chain disruption, safeguard duty-related cost movements, and higher-cost solar input costs affected earlier project assumptions.”
Mr. Ankit Agarwal, page 2 of the filed PDF · View the filing
Older orders cancelled, reworked or deferred due to input price movements
p. 2
“In certain cases, older orders had to be canceled, reworked, or deferred, because input prices had moved beyond the original cost structure.”
Mr. Ankit Agarwal, page 2 of the filed PDF · View the filing
Procurement cycles extended due to supply chain issues
p. 2
“This also increased lead time, with some procurement cycles extended by nearly 2 months.”
Mr. Ankit Agarwal, page 2 of the filed PDF · View the filing
Sharp cost increases in solar-linked inputs like aluminum and silver
p. 3
“Aluminum and silver, both of which are relevant to the solar module ecosystem, saw sharp price movements, which contributed to higher solar module costs and affected our margins.”
Mr. Ankit Agarwal, page 3 of the filed PDF · View the filing
Sheet metal disruptions and broader cost pressure in March
p. 3
“Even in March, the environment remained challenging, with sheet metal linked disruptions and broader pressure across fuel, freight, logistics, and procurement lines.”
Mr. Ankit Agarwal, page 3 of the filed PDF · View the filing
No fixed payment timeline in government contracts, creating collection uncertainty
p. 6
“There's no due date concept in government. The only problem in the government is the process until you make a bill, and it processed, and it is accepted by the utility.”
Mr. Ankit Agarwal, page 6 of the filed PDF · View the filing
Delay in green corridor tenders pending central approval
p. 7
“They are... they are delaying it. I don't know why, because I think the central approval is pending, so as soon as we get it, we will definitely be participating in that.”
Mr. Ankit Agarwal, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.