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RMC Switchgears Ltd — Important, 09-06-2026: Company Update
+91 141 4400222
www.rmcindia.in
admin@rmcindia.in
CIN : L25111RJ1994PLC008698
Corp. Office : B-11 (B&C), Malviya Industrial Area, Jaipur-302017 (Rajasthan)
Regd. Office & Factory : Khasra No. 163, 164, Village-Badodiya, Tehsil-Kotkhawada, District- Jaipur,Rajasthan-303908
Date: 08.06.2026
To
Sr. General Manager
Department of Corporate Services
BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street Mumbai - 400001
Scrip Code: 540358
To
Sr. General Manager
Listing Department
National Stock Exchange of India Limited
Exchange Plaza, C-1, Block G
Bandra Kurla Complex Bandra (E),
Mumbai - 400 051
Symbol: RMC
Subject: Investor Presentation or Communication
Dear Sir/Madam,
We hereby inform you that in compliance with the applicable requirements of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“Listing Regulations”), as amended, from time to time, enclosing herewith a copy of the Investor
Presentation or Communication, in connection with the Audited Standalone and Consolidated
Financial Results of the Company for the quarter and financial year ended on March 31, 2026
In compliance with the Regulation 46 of the Listing Regulations, the aforesaid presentation will also
be hosted on the website of the Company and same can be accessed at www.rmcindia.in
You are requested to take the above information on record.
Thanking You
For and on behalf of RMC Switchgears Limited
Shivani Bairathi
Compliance Officer & Company Secretary
ACS-42636
----------------Page (0) Break----------------
INVESTOR PRESENTATION
From Electrical EPC to Modern Electrical
Technology, Engineering Safety, Quality, and
Intelligent Power Infrastructure for India.
RMCSWITCHGEARS LIMITED
Q4 & FY26
Investor
Presentation
Chapter 1: Company Overview 04
Chapter 2: India Drivers 20
Chapter 3: Business Strategy 31
Chapter 4: Financial Results 39
----------------Page (1) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
2
Forward looking statements
This presentation and the ensuing discussion may include forward-looking
statements from RMC Switchgears Ltd that are not rooted in historical
data.
Statements regarding new products, pilot projects, market opportunities,
order pipelines, and future business prospects are forward-looking and
based on current expectations; actual results may differ materially.
These forward-looking statements are contingent upon multiple risks and
uncertainties, including regulatory alterations, economic variability,
technological progressions, and other determinants that could
substantially deviate from the expected outcomes outlined in the related
forward-looking statements.
RMC Switchgears Ltd disclaims responsibility for any actions taken based
on such statements and does not pledge to publicly revise these forward-
looking statements to reflect subsequent events or circumstances.
----------------Page (2) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
3
Investment Rationale
Established company with
over 30 years of experience in
the electrical and power industry.Strong leadership team spearheaded
by Ashok Kumar Agarwal who has
more than 4 decades of experience.
A wide product range across the
power sector, increasingly anchored
by certified, intelligent technology
like PulseBox - shifting the mix
toward higher-margin, defensible
products.
Strategic partnerships and collaborations
with state PSUs, private utilities, EPC
entities, meter manufacturers etc.
Robust manufacturing capabilities with
state-of-the-art facilities, quality focus
and skilled workforce.
Innovative problem-solving
approach to reducing power theft,
safeguarding transformers, etc.
Growth from FY22 to FY26
Revenue: 401.6 from 41.6
EBITDA: 47.1 from 5.6
PAT: 22.5 from 0.58
Strategically aligned with India's renewable
energy and electrification objectives,
positioning itself to make a significant
impact in the solar energy sector.
Ventured into the new avenues for water
conservation, treatment, and management.
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Company
Overview
Chapter 1
INVESTOR PRESENTATION
Q4 & FY26
4
----------------Page (4) Break----------------
INVESTOR PRESENTATION
Q4 & FY26
Empowering India,
with Every
Solution
From Humble Beginnings to
Powering a Nation:
RMC has undergone a transformative
journey, evolving from a small enclosures
company with a 5,000 sq. ft. production
facility to becoming a leader in India's power
technology revolution, with its production
facility now expanding to 8,00,000 sq. ft.
Innovating for India's Tomorrow:
From smart enclosures to certified intelligent
products like PulseBox, our focus is on
secure, sustainable, and advanced power
solutions for every corner of India.
Partners in Progress:
Collaborating closely with State PSUs,
visionary Private Utilities, and leading EPC
entities, we're laying the foundation for
India's next-generation power infrastructure.
Discover the potential.
Explore RMC's vision for an electrified India.
5
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Q4 & FY26 INVESTOR PRESENTATION
6
India is being rewired, not metaphorically, but literally. Across every state, corridor, and rooftop,
the infrastructure of India's energy future is being laid down at a scale this country has never
witnessed. In almost 31 of my 43 years in this industry, I have seen decades of policy ambivalence
and underinvestment. What I see today is categorically different: a government with the will, the
budget, and the machinery to transform how India generates, transmits, and distributes electricity.
₹9 lakh crore for transmission, ₹5 lakh crore for distribution, a 500 GW renewable mandate. India
is no longer discussing its energy future; it is building it. I founded RMC thirty-one years ago for
exactly this moment.
What moves me most about FY2026 is not the revenue, though ₹402 crore, a 10x increase in four
years, is a milestone I celebrate with the entire RMC family. It is our strategic position: credentials
across Transmission, Solar, Distribution EPC and Underground Cabling; recognition by Forbes Asia
among the Best Under a Billion 2025; migration to the Mainboard of the NSE and BSE; and proof-
of-concept deployments of PulseBox - an indigenous IoT technology I believe marks the moment
RMC became an infrastructure technology company. These are the markers of a company crossing
a threshold — from promising to proven, from contractor to solution provider.
To our long-term investors directly: FY2026 was a year when commodity inflation, currency
depreciation, and supply chain disruption compressed margins across our sector. We chose to
absorb those pressures rather than compromise our commitments or client relationships. A
company's reputation is built not in the easy years but in the hard ones, when you honour your
word anyway. RMC has done so for thirty-one years, and no quarterly figure will erode that.
The decade ahead belongs to companies with the credentials, capital, and conviction to serve
India's infrastructure imperative - and RMC is one of them. The journey from a 5,000 sq. ft. meter-
box factory in 1994 to a Mainboard-listed, Forbes-recognised, multi-vertical infrastructure and
technology company in 2026 is our answer to everyone who doubted what a disciplined Indian
MSME could become. Our best chapters are still ahead of us.
Mr. Ashok Kumar Agarwal
Chairman & Managing Director
Message from the Chairman & Managing Director
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Q4 & FY26 INVESTOR PRESENTATION
7
Mr. Ankit Agrawal
Whole-time Director & CEO
Message from the Whole-time Director & CEO
Let me begin with the number that matters most. In FY2026, RMC delivered Revenue from
Operations of ₹402 crore, up 27% year-on-year, continuing our four-year compounding
trajectory. Profit After Tax, however, moderated versus FY25, and you deserve a precise account of
why and what we did about it.
Three measurable factors drove the compression. Input costs, copper, aluminium, electrical-
grade steel, and solar components, stayed elevated through H2, which is a sector-wide headwind.
The Rupee depreciated ~9% against the USD (₹85.6 to ₹93.4 by April 2026), raising import-linked
costs that our fixed-price contracts could only partially absorb. And the Red Sea crisis forced
premium emergency procurement, especially in H1. These factors are external, documented, and
already addressed: every significant EPC bid from Q3 FY26 now includes explicit price-escalation
provisions. That is a permanent change to how we price risk.
On execution, FY2026 delivered results I am proud of. We won our first Transmission EPC order in
Rajasthan, worth ₹70 crore, with billing starting in Q2 FY27. Our Solar EPC order book stands at
₹125 crore with ₹400 crore in active tenders, and Electrical Products is executing ₹35 crore
against an ₹89 crore pipeline. The total confirmed order book exceeds ₹800 crore, with active
tenders exceeding ₹1,500 crore.
Our FY27–FY29 plan runs three engines in parallel: our core Electrical EPC business, Transmission,
Distribution, and Underground Cabling, scaling on India's infrastructure commitment; Electrical
Products, expanding through MV/HV panel entry, LV retail, and Smart Meter Enclosure scale-up;
and, the one to watch most closely, PulseBox, with proof-of-concept completed in three states,
active discussions with five utilities, and a dedicated manufacturing line being established.
RMC enters FY27 with its order book intact, a healthy balance sheet at 0.38x debt-to-equity, a
BBB– rating, and the strongest positioning in our history. FY26's margin headwinds are structural
fixes, not ongoing conditions, and PulseBox represents a genuine re-rating opportunity I look
forward to demonstrating, one quarter at a time.
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Q4 & FY26 INVESTOR PRESENTATION
8
Key Milestone in Our Journey
2000
Started as OEM to
various meter
manufacturing
companies by
supplying meter boxes
1994
Company incorporated
in 5000 sq. ft.
2003
Received first order
from Rajasthan State
for meter boxes
supply
2005
Factory area increases
to 35000 sq. ft.
2009
Set up a new plant for
manufacturing SMC
and Polycarbonate
enclosures
2017
Listed on Bombay
Stock Exchange-SME
2004
Received first order
from Maharashtra
State for meter boxes
supply
2008
Set up new plant at
Chaksu, Jaipur
2014
Entered into the
Turnkey business with
the R-APDRP Project in
Jodhpur
2024
Incorporation of Intelligent
Hydel Solutions Pvt. Ltd.
& RMC Green Energy Pvt. Ltd.
Scaled up to 3 Lakh smart
meter enclosures annually.
2025
RMC Named in Forbes Asia’s Best
Under a Billion 2025
2026
Listed on the BSE and
NSE Main Board
Launched PulseBox,
India's first IS 14772-
certified Smart LT
Distribution Box
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Q4 & FY26 INVESTOR PRESENTATION
9
RMC's Diverse Offerings: Our Business Verticals Snapshot
Segment
Electrical ProductsElectrical EPCSolar EPC
What we doSmart Meter Enclosures, Feeder Pillars & Distribution Boxes, Electrical Panels.T&D Infrastructure, Smart Grid & Substation Automation, Special Electrical Projects.Ground-Mounted Solar, Solar Pumps, Rooftop Solar Installations.
Revenue FY202696.48 Crore96.13 Crore208.99 Crore
Contribution to
topline~22%~26%~52%
Margin Profile~9%~18%~17%
Growth DriversSmart metering push, T&D upgrades, and RDSS incentives.
₹2.5 trillion in smart grid investments;
increased private sector participation.
GOI India plans to invest ₹9.12 lakh crore in power
transmission upgrades by 2032
280 GW solar target by 2030;
domestic solar manufacturing
incentives.
----------------Page (9) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
Integrated Business Model: How our segments complement each other
10
SegmentElectrical ProductsElectrical EPCSolar EPC
Supports &
Benefits
Supplies smart meter enclosures,
feeder pillars, and LT panels, essential
building blocks for smart metering
and power distribution infrastructure.
Executes T&D infrastructure,
substation automation, and special
electrical projects, integrating RMC's
own products for end-to-end delivery.
Delivers turnkey solar execution,
ground-mounted, rooftop, and solar
pumps, drawing on RMC's electrical
products and EPC capabilities for
integrated project delivery.
Impact on
Growth
Creates captive demand within EPC
and utility projects; shift toward
certified intelligent products (e.g.,
PulseBox) lifts blended margins.
Captive product usage improves cost
efficiency and project win rates,
strengthening competitiveness in
utility tenders.
Largest revenue vertical; cross-sells
with Electrical Products and EPC for
larger, bundled project wins and
stronger execution efficiency.
End-to-End Synergy for Maximum Growth & Profitability
Higher Revenue : Cross-selling, bundled solutions, and larger project wins
Better Margins : Cost savings from in-house product usage
Scalability : Faster execution with internal supply chain efficiency
Risk Mitigation : Diversified business model ensures resilience to market fluctuations
How It Boosts Top-Line & Bottom-Line Growth
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Q4 & FY26 INVESTOR PRESENTATION
11
Meter Box For Energy MeterDistribution BoxJunction Box
RMC's portfolio spans the full distribution chain — from proven enclosures, FRP, and panel products to certified intelligent
technology like PulseBox — engineered for safety, quality, and modern infrastructure.
RMC's Diverse Offerings: Our Product Portfolio
SMC / FRP Chequered
SMC / FRP Sheets
Cable Tray
FRP GratingsPole Mounted Street Light Boxes
FRP V-Cross Arm
Bus Bars
Feeder PillarsPulseBox
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Q4 & FY26 INVESTOR PRESENTATION
12
State-of-the-Art Facilities
Our manufacturing hubs are equipped with the latest
technologies, ensuring precision, efficiency, and scalability in
every process.
Quality at the Core
From raw materials to finished products, we adhere to
stringent quality checks, guaranteeing that only the best
reaches our customers.
Skilled Workforce
A team of dedicated professionals, trained in specialized
domains, brings together a blend of expertise and passion to
our production lines.
Eco-conscious Production:
Committed to sustainability, our manufacturing processes
are optimized to minimize environmental impact, ensuring a
greener tomorrow.
Continuous Innovation:
Leveraging R&D, we continually refine our methodologies,
introducing innovative solutions that set new benchmarks in
the industry.
RMC’s Manufacturing Excellence
SMC & Metal Block
Pultrusion & SMC Block
Office Admin Block
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Q4 & FY26 INVESTOR PRESENTATION
13
Ongoing Projects :
Development of Distribution Infrastructure at Jalna Circle and Satara Circle of MSEDCL
Service connection workInstallation of Conductor Jumpers
LT Line with Stud poleDanger board with Barbed wire
SUMMARY OF DETAILED SCOPE
•Site Survey: Conduct site surveys in
coordination with MSEDCL officers to
identify optimal locations for SMC Multi
Meter Boxes, targeting high-loss areas.
•Installation: Install SMC Multi-Meter
Boxes for 12 single-phase meters, either
pole or wall-mounted, with LT earthing
as per MSEDCL standards.
•Wiring: Supply and install ISI-marked 2.5
sq.mm copper wiring for internal
connections from the bus bar to meters
and outgoing terminal blocks.
•Cabling: Supply and install LT armoured
cable (3.5C x 35 sqmm) from the nearest
LT overhead line pole or mini pillar to
the bus bar of the SMC Multi-Meter
Boxes.
•Service Wire: Provide and fix 2.5 sqmm
aluminium service wire, ensuring
adequate service cable provision where
existing cables are insufficient.
•Meter Installation: Fix existing single-
phase energy meters from consumer
premises into the SMC Multi-Meter
Boxes on LT poles or nearby walls.
Pole erection at site
Cable laying work
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Q4 & FY26 INVESTOR PRESENTATION
14
Mr. Ashok Kumar Agarwal
Chairman & Managing Director
A visionary with more than 4 decades in the field, Mr. Agarwal's dynamic
leadership has been pivotal in shaping RMC's trajectory. His
dedication to the electrical industry sees him spearheading strategic
decisions and upholding the company's core values.
Mrs. Neha Agarwal
Executive Director
With 16 years of experience, Mrs.
Agarwal manages daily operations
and administration. A strong advocate
for women empowerment, she
continually bolsters the company's
commitment to social responsibilities.
Mr. Ankit Agrawal
Whole-time Director & CEO
Bringing 23 years of industry experience, Mr. Ankit Agarwal plays a
vital role in RMC's growth and diversification. His leadership spans
sales, marketing, and quality assurance.
Mr. Kuldeep Kumar Gupta
Independent Director
An accomplished Chartered
Accountant with 39 years of expertise,
Mr. Gupta has made notable
contributions in areas like taxation,
finance, and advisory. He has lent his
acumen to various renowned firms,
both listed and unlisted.
Mrs. Krati Agarwal
Independent Director
Mrs. Krati Agarwal, an entrepreneur
with a knack for economics and
manufacturing, brings a fresh and
dynamic perspective to the board,
enriching it with her insights and vast
experience.
Mr. Shriram Vishwasrao Mane
Independent Director
With a background spanning 18 years
in civil, convincing, and finance law,
Mr. Mane offers invaluable legal
counsel, playing a critical role in the
company's legal and financial facets.
Steering RMC: Visionaries at the Helm
Mr. Akhilesh Kumar Jain
Non-Executive Director
A visionary with 40+ years in the field of Electronics,
Energy, Electric Mobility and IT Mr. Jain brings a
wealth of expertise to RMC’s Team. He is known for
his innovative and out-of-the-box sustainable ideas,
he has committed to applying for societal benefits,
focusing on Smart Electronics, Solar Energy, Energy
Storage and Electric Mobility.
CS Manisha Godara
Independent Director
A practising Company Secretary with over a decade
of experience, Ms Manisha specialises in corporate
governance, regulatory compliance, and secretarial
advisory. Her expertise in listed-company
compliance and strategic oversight strengthens the
Company's governance framework and its
commitment to sustainable growth.
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Q4 & FY26 INVESTOR PRESENTATION
15
Steering RMC: Key Managerial Personnel
Mr. Manish Mantri
Chief Operating Officer
A seasoned expert with around 30 years of diverse experience in the manufacturing and service sectors, Mr. Manish Mantri has
demonstrated exceptional proficiency in project management, operational efficiency, and driving profitability. His career highlights
include pioneering the setup of new plants at Aditya Birla Group and RR Kabel, leading HV/EHV projects at Sterlite Technologies, and
managing large-scale EPC/EHV projects at Kei Industries. Mr. Mantri holds a degree in Chemical Engineering from MREC (MNIT), Jaipur,
and excels in innovation, leadership, and strategic execution.
Mr. Vikas Verma
Deputy CFO
A seasoned financial leader with over 22 years of rich experience in financial management, corporate governance, and strategic fiscal
planning. Mr. Vikas Verma is a qualified Chartered Accountant (2005 batch) with a proven track record of driving capital efficiency and
robust financial controls. His career highlights include a key leadership role at South Asia LPG Company Pvt Ltd (a prestigious joint
venture between Hindustan Petroleum and TotalEnergies, France). Mr. Verma excels in corporate finance, strategic risk management,
and delivering long-term stakeholder value.
Mrs. Shivani Bairathi
Compliance Officer
A qualified Company Secretary with strong expertise in corporate and regulatory compliance, Mrs. Shivani Bairathi brings over four
years of experience in secretarial functions and SEBI Listing Regulation frameworks. An Associate Member of ICSI, she strengthens
RMC’s governance and compliance infrastructure as the Company expands across its electrical, EPC, and green energy verticals.
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Q4 & FY26 INVESTOR PRESENTATION
16
Team RMC: Leadership Team
Ashok Kumar Agarwal
CMD
Ankit Agrawal
WTD & CEO
Neha Agarwal
WTD & CFO
Manish Mantri
COO
Sudhir Bisnoi
Business Head
(Electricals)
Manish Dhadhich
AVP-Operations
Sajal Kumar Ghosh
Chief Growth Officer
Akhilesh Kumar Jain
Chief Mentor
Prabhat Kumar
GM Solar Projects
Ojas Sethi
Head of Finance and Account
Vikash Verma
Deputy CFO
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Q4 & FY26 INVESTOR PRESENTATION
Innovation Driven:
At our core, we're always looking for better ways to serve the power sector,
pushing boundaries and challenging the status quo.
Safety & Quality First:
Every milestone reflects our commitment to certified, compliant, and
durable solutions that protect lives and infrastructure — delivering only the
best to our customers.
Sustainability Focused:
As architects of change in the power technology space, we prioritize
solutions that are not only innovative but also sustainable and eco-friendly.
Customer-Centric:
Our growth and accomplishments stem from our deep understanding of
our customers' needs and our dedication to fulfilling them.
17
The Essence of RMC:
Our Guiding Principles
Value Your Way:
Uncompromising ethics and integrity ("Value"), delivered through solutions
engineered around each customer's real needs ("Your Way"). Honesty and
transparency guide every action, sustaining the trust our stakeholders place
in us.
Collaborative Spirit:
We believe in the power of collaboration. Our partnerships and alliances
across the industry amplify our impact and reach.
Future Ready:
We don’t just adapt to the changing power landscape; we anticipate it,
ensuring we're always a step ahead in serving India's future.
Sustainability & Impact:
It's not just about growth, but growth that matters. Our
focus is on creating lasting, sustainable impacts in the
sectors we operate, reinforcing our unwavering
commitment to a brighter, more prosperous India.
Innovation at the Forefront:
At RMC, we believe in the relentless pursuit of advanced
power technology solutions. Our aim is to always be at the
cutting-edge, addressing the ever-evolving challenges faced
by distribution utilities and DISCOMs.
Elevating Power Infrastructure:
A robust power infrastructure is the backbone of a thriving
nation. We are unwavering in our dedication to fortify and
enhance this crucial sector, ensuring India's steady march
towards progress.
Sustained, Disciplined Growth:
Our aspirations extend beyond the present. Through
consistent performance and thoughtful diversification, we
aim to build durable value that stands the test of time.
Our Mission
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Q4 & FY26 INVESTOR PRESENTATION
18
J&K Power
Distribution co. Ltd
State Power Utilities
Uttar Haryana
Bijli Vitaran
Punjab State
Power Corp Ltd
Dakshin Haryana
Bijli Vitaran
HP State
Power corporation
Jaipur Vidyut
Vitaran NigamAjmer Vidyut Vitaran Nigam
Jodhpur Vidyut
Vitaran Nigam
Uttar Pradesh
Power Corporation
Assam State Power
Distribution co. Ltd
Maharashtra State
Electricity Distribution
co. Ltd
Uttarakhand
Power Corporation
Kerala State
Electricity Board
Chhattisgarh State Power
Distribution co. Ltd
MP State
Power Corporation
TANGEDCO
Strong base of Pedigree Customers
(1)
Maharashtra State Power
Generation Company
Bihar State Power
Generation Company
Andhra Pradesh Power
Generation Corporation Limited
Karnataka Power
Corporation Limited
Electricity Department
Govt. of Goa
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Q4 & FY26 INVESTOR PRESENTATION
19
EPC / Smart Metering EPC
(Larsen & Toubro)Ashoka BuildconNCC LimitedBajaj ElectricalsVoltas ElectricalSterling WilsonTATA Projects Limited
Meter Manufacturers
Genus PowerHPL ElectricSecure MetersL&T Meters
PSU’s
Strong base of Pedigree Customers
(2)
NTPC
Adani Energy SolutionsMontecarlo LtdIntellismart
GailREIL
GMR InfraShirdi Sai ElectricalsJaksonPolycab
Suncity Urja
----------------Page (19) Break----------------
India’s
Drivers
Chapter 2
INVESTOR PRESENTATION
Q4 & FY26
20
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Q4 & FY26 INVESTOR PRESENTATION
21
Scaling at Record Pace:
India's installed power capacity reached 520.51 GW as of
January 2026, with a record 52,537 MW added in FY2025–26,
the highest-ever single-year addition. Peak demand of 242.49
GW was met with a power shortage of just 0.03%, down from
4.2% a decade ago.
Source: PIB, Ministry of Power, March 2026
A Decade of Investment Ahead:
The National Electricity Plan (2023–2032) commits an estimated
₹9.15 lakh crore to transmission, expanding the network from 5
lakh ckm to 6.48 lakh ckm and transformation capacity from
1,407 GVA to 2,345 GVA by 2032, building the backbone for a 458
GW peak-demand future.
Source: PIB / National Electricity Plan
Distribution at the Centre of Reform:
DISCOM health is transforming. AT&C losses fell from 22.62%
(FY14) to 15.04% (FY25), the ACS–ARR gap narrowed to ₹0.06/unit,
and utilities posted a maiden ₹2,701 crore profit in FY25, reversing
₹67,962 crore of FY14 losses. A financially healthier distribution
sector means sustained capex on the infrastructure RMC supplies.
Source: PIB, March 2026
The Smart Metering Wave:
Under the ₹3.03 lakh crore RDSS (₹2.8 lakh crore already
approved), 4.05 crore smart meters have been installed under
the scheme, and 5.62 crore in total nationwide, with the
consumer, feeder, and DT metering rollouts driving demand for
enclosures, distribution boxes, and intelligent LT infrastructure.
Source: PIB, March 2026
The Surge of India's Power Appetite
RDSS — The Distribution Backbone
₹3.03 lakh crore total outlay; ₹2.8 lakh crore approved. Targeting AT&C losses of 12–15%
and ACS–ARR parity. Smart metering of consumers, feeders, and distribution transformers
is the scheme's core — the layer where RMC's products operate.
Source: PIB, March 2026
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Q4 & FY26 INVESTOR PRESENTATION
22
Revamped Distribution Sector Scheme (RDSS)
Launched 2021 with a ₹3.03 lakh crore outlay; ₹2.8 lakh crore
of projects already approved. Targeting AT&C losses of 12–15%
and ACS–ARR parity. AT&C losses have already fallen to 15.04%
(FY25) from 22.62% (FY14), with smart metering of consumers,
feeders, and distribution transformers at the scheme's core.
Transmission Network Expansion
India's grid, the world's largest synchronous network, has
surpassed 5 lakh circuit km and will expand to 6.48 lakh circuit
km by 2032 under the National Electricity Plan, backed by ₹9.15
lakh crore in investment. Transformation capacity rises from
1,407 GVA to 2,345 GVA, directly expanding demand for
substation, T&D, and distribution infrastructure.
Transition to Electric Vehicles
The government is pushing forward to create a sustainable
vehicular ecosystem. By 2030, the sale of conventionally fueled
vehicles will be prohibited. In line with this vision, it's projected
that 30% of vehicles will be electric, while the remaining 70% will
transition away from traditional fuel sources.
Universal Household Electrification
Under Saubhagya, DDUGJY, and IPDS, backed by ~₹1.85 lakh
crore of investment, over 18,374 villages were electrified and
~2.86 crore households connected. Rural daily supply rose from
12.5 hours (FY14) to 22.6 hours (FY25), and per-capita
consumption climbed ~52.6% to 1,460 kWh. PM-KUSUM
continues to extend solar-powered access to farmers.
Capitalising on India's Electrification Momentum
Control Panels for Data Centre
The Indian data center industry is booming due to rapid
digitalization, advanced technologies (5G, AI, blockchain, cloud
computing), and improved infrastructure. This, coupled with
proactive regulations, attracts investments. Electrical control
panels ensure seamless power distribution and management,
maintaining operations during power surges or outages.
----------------Page (22) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
Need of Future Ready Transmission Network
Future-proofing the transmission network is crucial for integrating renewable
energy, managing demand growth, and enhancing reliability. This ensures a
stable, efficient energy supply and supports the shift towards sustainable
energy sources.
Advancements in Transmission Technologies for a Sustainable Future
Technological changes in the Transmission Network are geared towards
enhancing grid efficiency and reliability. This includes adopting smart grid
technologies, integrating renewable energy sources, deploying advanced
control systems for real-time monitoring, and utilizing big data analytics for
predictive maintenance. These advancements ensure the grid can handle
variable energy sources and demand, improving the overall stability and
sustainability of the power system.
Microgrids: Empowering Localized Energy Solutions
Microgrids present a significant opportunity by enabling localized energy
generation and consumption, enhancing resilience against grid outages, and
facilitating the integration of renewable energy sources. They support
decentralized energy systems, contribute to energy security, and promote
sustainable community development.
Building capacity for increasing demand from AMISPs
CAPACITY ADDED:
Added production capacity to 300,000 SMC
enclosures annually
Ongoing Capital Expenditure (Capex):
Approximately ₹4 to ₹6 crore.
SOURCES OF FINANCE:
Own Reserves and Term Loan
CLIENTALE ADDED:
Genus, Adani, GMR, Monte Carlo, IntelliSmart etc.
23
Capacity Building to meet future demand
Automation & Intelligence Gap
Industry analysis highlights that new and existing transmission and distribution
lines largely lack built-in AI/ML capabilities, leading to suboptimal capacity
utilisation, pilferage, and poor energy-flow mapping, while standardisation
remains weak at lower voltage levels (220/132 kV and below). Closing this gap at
the distribution and LT layer is the next frontier of grid modernisation.
----------------Page (23) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
Renewable Energy Ambition
India targets 500 GW of non-fossil fuel capacity by 2030. Solar has surged from
3 GW (2014) to 140 GW (Jan 2026), with wind at 54.65 GW. On 29 July 2025,
renewables met a record 51.5% of daily electricity demand for the first time.
The PM-KUSUM Scheme
Launched Feb 2024 with a ₹75,021 crore outlay, targeting rooftop solar in 1
crore households by FY2026–27; 31.04 lakh households already benefited as of
Feb 2026. PM-KUSUM continues driving decentralized solar for farmers.
Akshay Urja & IRIX Portal
The Ministry of New and Renewable Energy facilitates energy discussions
through its Akshay Urja Portal and the India Renewable Idea Exchange (IRIX).
The latter offers a platform for global energy enthusiasts to share and
brainstorm innovative ideas.
Additional Transformative Initiatives
SAUBHAGYA:
Universal Electrification
GEC:
Enhancing Energy Distribution
NSGM & Smart Meter Programme:
Revolutionizing Energy Management
FAME:
Paving Way for Electric Mobility
ISA:
Harnessing Solar Potential Globally
24
Building on India's Green Energy Initiatives
Solar Parks Development Scheme
The scheme targets 40,000 MW capacity, developing infrastructure like land,
roads, power evacuation, and water facilities with necessary clearances,
facilitating rapid growth of large-scale solar projects in India.
----------------Page (24) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
25
Embracing Our Roots:
Our journey commenced with a solid grounding in
enclosures, forming the backbone of our legacy. It's from
this foundation that our commitment to pioneering the
future of power technology is fostered.
Rising to Contemporary Challenges:
Beyond enclosures, we now engineer intelligent solutions
for monitoring, verification, and fault protection, embodied
by PulseBox, our certified smart LT distribution box. This
is our deliberate shift from commodity products toward
high-value electrical technology.
Visionary Roadmap in Action:
The blend of our deep-rooted DNA with our forward-
thinking strategies is evident. Whether expanding into
essential sectors, maintaining our commitment to
excellence, or innovating for tomorrow, RMC remains
dedicated to a powered, prosperous India.
Strategic Collaborations:
While we hold our cards close, our strategic collaborations
are a testament to our ambition. Though the name
remains unveiled for now, our partnership aims to bolster
our transition from a legacy business model to delivering
high-value solutions.
Business Evolution: From Legacy Foundations to High-Value Futures
----------------Page (25) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
26
Making the Transformer Node Intelligent
Introducing PulseBox — India’s First IS 14772-Certified Smart LT Distribution Box
India’s ₹3.03 Lakh Crore RDSS programme
installed smart meters at the consumer and
Distribution Transformer (DT) levels, for the first
time, India’s utilities can measure energy at scale.
But measurement alone does not prevent
failure. Between the transformer and the
consumer, one critical node remains
unmonitored, uncertified, and invisible, the LT
Distribution Box. Every transformer has one. Not
one is certified for electric shock protection. Not
one sends a real-time alert before it fails.
That is the gap PulseBox was built to close.
250 Lakh+
Estimated LT Distribution Boxes
across India (addressable universe)
₹0
Current investment in LT Box
monitoring across the national grid
IS 14772
The only certification standard for
shock protection — PulseBox is
India’s first to achieve it
RDSS Compliant
Designed as the action layer to
RDSS’s measurement layer
----------------Page (26) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
27
What PulseBox Does — And Why No One Else Can
Field-Validated. Nationally Certified. Commercially De-Risked.
Transformer Failure Prevention
Real-time busbar temperature & overload monitoring detects
thermal stress before burnout. Our Nashik pilot detected sustained
30%+ overload invisible to the DT meter; in Lucknow, over 100%.
Bypass & Theft Detection
Current-differential monitoring between the incoming feeder and
individual MCCB outputs identifies physical bypass attempts in real
time — not at the next billing cycle.
Safety Liability Elimination
The non-conductive FRP enclosure, IS 14772 certified and CPRI
type-tested, eliminates the statutory electrocution liability that
metal LT boxes carry.
MERC Regulatory Compliance
Individual MCCB feeder discrimination lets utilities demonstrate
Supply Code compliance under MERC Standards of Performance —
currently unmet at the LT level.
What we have achieved (FY2025–26)
Proof of Concept deployed across 5+ states — cross-geography
applicability and robustness in diverse field conditions
10 pilot Distribution Transformers actively running — generating real
data on overload, transformer health & theft detection
Advanced commercial engagement in 3 states — DISCOM discussions
progressed beyond demonstration to deployment planning
Consistent field performance — confirmed detection of DT failures,
overload, and stress events invisible to smart meters
Strong engagement signal — every DISCOM that has seen field data has
requested deeper discussion. No pilot discontinued.
10 DTs Live | 5+ States | 3 States in Advanced Discussions
10 DTs Live | 5+ States | 3 States in Advanced Discussions
India’s DISCOMs manage over 2.5 crore distribution points. RDSS Phase II is expected to expand investment in LT infrastructure. PulseBox is positioned as
the certified standard for the next generation of smart LT infrastructure - a category it currently leads.
----------------Page (27) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
28
Reducing Electrical
Loss in Maharashtra's
High-Density Zones
Problem:
▪Energy meters were situated in deeply recessed, poorly lit areas,
making access and reading challenging.
▪Rampant meter tampering incidents were reported. Even when
detected, intimidation and threats prevented whistleblowing.
▪Regions like Kalyan, close to Mumbai, witnessed up to 53% power
loss primarily due to illicit power theft.
Innovative Solution:
▪Introduction of RMC's Multi Meter Boxes: These units encapsulate
12 meters in a single structure, complicating consumer efforts to single
out their individual meters.
▪By eliminating easy access points, these boxes ensure protection
against tampering attempts.
▪Strategically relocating these boxes to main roads achieves dual
objectives: simplifying meter reading tasks and reducing tampering.
Their public positioning acts as a deterrent, making tampering
attempts risky and less likely.
Case Studies of High-Value Solutions
(1)
----------------Page (28) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
29
Safeguarding Distribution
Transformer Centres in
Jaipur
Challenge & Government Guidelines:
▪Rising incidents of public electrocutions due to
unguarded access to electrical distribution
infrastructure in Jaipur.
▪Activities like using transformer corners as urinals
introduced grounding issues, amplifying electrocution
risks.
▪Central Electricity Authority (CEA) stipulates fencing
around accessible transformers:
1.Shield uninformed public and animals from
electrocution dangers.
2.Contain potential fires and mishaps within the
transformer vicinity.
3.Ward off street vendors and unaware individuals,
ensuring their safety.
4.Preserve the cleanliness and functionality of
transformer areas for lineman safety and repair
efficacy.
Solution & Implementation:
▪The shift to FRP fencing aims to not only safeguard
the public but also ensure the durability and efficiency
of the Distribution Transformer Centres.
▪Metal Fencing: Initially adopted across Rajasthan.
While effective, they were frequently stolen due to
resale value, posing financial and technical challenges
for Discom.
FRP (Fibre Reinforced Plastic) Fencing Advantages:
▪Theft-resistant due to zero resale value
▪Sturdy and equivalent to metal
▪Minimal maintenance and cost-effective
▪Rust-proof
Case Studies of High-Value Solutions
(2)
----------------Page (29) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
30
Making the Transformer
Node Intelligent —
PulseBox
Problem:
▪The LT distribution box at the base of every
distribution transformer is the last node in the power
chain that remains unmonitored, uncertified, and
invisible, even after RDSS brought smart meters to
consumers and transformers.
▪Conventional metal LT boxes give no warning of
transformer overload or thermal stress before failure
and detect physical bypass only after the loss appears
in the next billing cycle.
▪Being conductive, they also carry a statutory
electrocution liability risk at the distribution point.
Innovative Solution — PulseBox:
▪Transformer failure prevention: Real-time busbar
temperature and overload monitoring detect thermal
stress before burnout. In RMC's Nashik pilot,
PulseBox detected sustained overload of 30%+ that
was invisible to the DT meter; in Lucknow, it detected
overload exceeding 100%, conditions that would
otherwise have gone unseen until failure.
▪Real-time theft & bypass detection: Current-
differential monitoring between the incoming feeder
and individual outputs flags physical bypass attempts
as they happen, not at the next billing cycle.
▪Safety liability eliminated: A non-conductive FRP
enclosure, IS 14772-certified and CPRI type-tested,
removes the electrocution liability that metal LT boxes
carry.
Field Validation:
▪10 pilot distribution transformers live across 5+
states, generating real operational data on overload,
transformer health, and theft.
▪Consistent performance across diverse field
conditions; no pilot has discontinued to date.
Case Studies of High-Value Solutions
(3)
----------------Page (30) Break----------------
Business
Strategy
Chapter 3
INVESTOR PRESENTATION
Q4 & FY26
3131
----------------Page (31) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
32
Rich Experience Set Us Apart:
Our reach experience in the power sector highlight our
enhanced capabilities and dedication, ensuring we meet
stringent industry standards and always deliver our best.
Undeniable Credentials:
RMC's longstanding history and our achievements stand
testament to our credibility in the industry. Every accolade and
recognition adds another feather to our cap, reinforcing our
position as leaders in the field.
Bespoke EPC Choices:
Our tailored EPC (Engineering, Procurement, and Construction)
choices mean we're not just another solution provider. We align
our offerings to cater specifically to the unique needs and
challenges of each client.
Strategies for Tomorrow:
As we look to the future, our go-to-market strategies will
emphasize these strengths, ensuring we remain at the forefront
of the industry. With adaptability, innovation, and client-centricity
at our core, RMC is geared up for the next chapter in powering
India's growth.
Forging Ahead: RMC's Competitive Edge & Future Strategies
----------------Page (32) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
33
At RMC Switchgears, our employees are our most valuable resource. We align human
resource practices with business priorities, investing in people and processes to
enhance service delivery.
Key Aspects of Our Working Culture:
Employee Development:
We attract, develop, and retain talent in a competitive work environment that fosters
excellence and innovation. Regular training and skill development initiatives keep our
employees up to date with industry trends.
Inclusive Culture:
We are committed to diversity, providing equal opportunities in recruitment, training,
and career progression. Women make up 21.9% of our total workforce, 122 of 557,
across our head office and Chaksu manufacturing facilities, reflecting our
commitment to women's empowerment and an inclusive workplace.
Performance Management:
Our performance management system balances business needs with individual
aspirations through key result areas and performance indicators. Employee
engagement surveys and feedback help align our strategies with employee
expectations.
Employee Well-being:
Employee health and safety are paramount. We maintain stringent safety protocols
and provide necessary protective equipment and training.
Ethics and Compliance:
We adhere to a strict code of ethics and fair corporate practices, ensuring a workplace
where privacy and personal dignity are respected and protected from offensive
behaviour.
Working culture at RMC
----------------Page (33) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
34
Strategic Approach:
At RMC, we have meticulously designed our go-to-market strategies
to align with both the current industry landscape and the evolving
needs of our customers. Our approach combines deep market
insights with innovative solutions, ensuring we remain at the
forefront of power technology.
Focused Client Landscape:
From state utilities and DISCOMs to EPC majors and meter
manufacturers, our clients span the electrical and power distribution
value chain. This is focused breadth, deep expertise across one core
domain, serving varied customers within it.
Geographic Footprint:
From our roots in Rajasthan to a growing multi-state presence, RMC's
reach now extends across northern, western, and central India,
deepening our footprint within the markets we serve best.
Focusing on Core Strengths:
By leveraging our certified products, engineering capability, pre-
qualifications, and proven execution credentials, we deliver unmatched
value, solidifying our position as a modern electrical technology
partner of choice.
Future Outlook:
As we continue our journey, our expanding business profile will be
fuelled by innovation, strategic partnerships, and a relentless drive to
power India's future sustainably and efficiently.
Ambitious Growth Vision:
Our aspirations are not bound by the present. Aiming for a growth rate
of over 30% CAGR in the upcoming 3-5 years, we're setting the stage
for unparalleled expansion and reach.
RMC's Horizon: Business Growth & Expansive Vision
----------------Page (34) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
35
Beyond Business:
From our roots in Rajasthan to a growing multi-state presence,
RMC's reach now extends across northern, western, and central
India, deepening our footprint within the markets we serve best.
Transform Power, Transform Lives:
Every advancement we make, every certified solution we introduce,
resonates with this purpose. By making power distribution safer,
smarter, and more reliable, we play a pivotal role in uplifting
countless lives.
Our Commitment to India:
As we journey through India's electrification, our focus remains
unwavering, to contribute to the nation's growth story with safety,
quality, and modern infrastructure, ensuring no home remains in
the dark.
Be the Change with RMC:
We invite you to join us in building a modern electrical technology
company defined by safety, quality, and integrity. This is Value Your
Way — doing right by every stakeholder, and engineering for every
need. Together, let's empower a brighter, more illuminated India.
Empowering a Brighter Future with RMC
----------------Page (35) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
36
Renewable Energy Integration:
We have invested significantly in renewable energy, highlighted by
our new 249 kW solar plant at our manufacturing facility. This
initiative reduces carbon emissions and supports India's target of
450 GW of renewable energy by 2030.
Environmental Sustainability Initiatives:
RMC's Environment and Resource Protection program includes solar
energy generation, water conservation drives, and plantation
initiatives. These efforts ensure our emissions and waste remain
within regulatory limits.
Commitment to Sustainability and Governance:
Our corporate governance framework prioritizes sustainability,
ethical practices, and stakeholder responsibility. We integrate
sustainability into our core operations and adhere to ISO 9001:2015,
maintaining safe and clean operations. Provide Photos if any for this
section, other than Solar Plant.
Green Initiatives RMC
----------------Page (36) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
37
CSR & Community Impact
Blood Donation Camp
RMC organised a Blood Donation
Camp that collected ~400 units of
blood. With each unit able to benefit
up to three patients, the drive can
potentially support up to 1,200
individuals — from accident and
surgical patients to those battling
cancer and blood disorders.
Solar Street Lighting
Anushree Foundation
In partnership with the Anushree
Foundation, RMC installed solar-
powered streetlights along the
previously unlit Chaksu Road leading
to its facility. The lighting improves
road safety and security for
surrounding villages while advancing
green infrastructure.
----------------Page (37) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
38
Women's participation across RMC
21.9%
women
122 women across a total
workforce of 557
Women across locations
Head Office (Malviya Nagar)13
Chaksu Plant (RMC roll)60
Chaksu Plant (contract roll)49
Figures represent total workforce including contract labour. Bar length shows each location's count relative to the largest.
----------------Page (38) Break----------------
Financial
Results
Chapter 4
INVESTOR PRESENTATION
Q4 & FY26
39
----------------Page (39) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
Earning Snapshot
(Q4 FY26 : Consolidated)
40
Revenues & GP Margin (%)
165.66142.94
18.0%
22.1%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0
20
40
60
80
100
120
140
160
180
Q4FY25Q4FY26
RevenuesGP Margin (%)
PAT & Margin (%)
9.859.30
6.0%
6.5%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
0
2
4
6
8
10
12
Q4FY25Q4FY26
PATMargin (%)
PBT & Margin (%)
13.7512.98
8.3%
9.1%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
Q4 FY25Q4 FY26
PBTMargin (%)
EBITDA & Margin (%)
16.6617.63
10.1%
12.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
0.00
5.00
10.00
15.00
20.00
Q4FY25Q4FY26
EBITDAMargin (%)
In ₹ croreIn ₹ crore
In ₹ croreIn ₹ crore
----------------Page (40) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
Earning Snapshot
(FY26 : Consolidated)
41
Revenues & GP Margin (%)
317.73401.59
29.7%
23.7%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
0
50
100
150
200
250
300
350
400
450
FY25FY26
RevenuesGP Margin (%)
PAT & Margin (%)
30.8922.45
9.7%
5.6%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
5
10
15
20
25
30
35
FY25FY26
PATMargin (%)
PBT & Margin (%)
41.9730.40
13.2%
7.6%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
FY25FY26
PBTMargin (%)
EBITDA & Margin (%)
52.3647.10
16.5%
11.7%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
0.00
10.00
20.00
30.00
40.00
50.00
60.00
FY25FY26
EBITDAMargin (%)
In ₹ croreIn ₹ crore
In ₹ croreIn ₹ crore
----------------Page (41) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
Earning Snapshot
(5-year history of full year performance FY22 – FY26: Consolidated)
42
Revenue from Operations
41.6
125.3
172.6
317.7
401.6
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
FY22FY23FY24FY25FY26
FY22FY23FY24FY25FY26
37.8%
201.4%
84.3%
26.4%
PAT
0.58
11.74
14.90
30.89
22.45
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
FY22FY23FY24FY25FY26
FY22FY23FY24FY25FY26
1924%
27%
111%
PBT
0.35
16.95
23.48
41.97
30.40
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
FY22FY23FY24FY25FY26
FY22FY23FY24FY25FY26
4743%
39%
82%
EBITDA
5.6
25.2
34.1
52.4
47.1
0.0
10.0
20.0
30.0
40.0
50.0
60.0
FY22FY23FY24FY25FY26
FY22FY23FY24FY25FY26
In ₹ croreIn ₹ crore
In ₹ croreIn ₹ crore
-353.9%
35.5%
56.0%
-10.1%
-27.6%
-27.3%
----------------Page (42) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
Efficiency Ratios
(Consolidated)
43
Accounts Payable & Collection Period
585665
157
138
161
0
20
40
60
80
100
120
140
160
180
FY24FY25FY26
Accounts Payable (Days)Collection Period (Days)
Debt to Equity Ratio
0.26
0.53
0.79
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
FY24FY25FY26
Debt to Equity Ratio
Current Ratio
1.64 1.55
1.32
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
FY24FY25FY26
Current Ratio
Inventory & Net Working Capital
37
2523
103
91
63
0
20
40
60
80
100
120
FY24FY25FY26
Inventory (Days)Net Working Capital (Days)
(Days)(Days)
No. of TimesNo. of Times
----------------Page (43) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
Standalone Profit and Loss Statement
44
ParticularsQ4 FY26Q4 FY25% Change YoYFY26FY25% Change YoY
Revenue From Operation90.87 163.80 -44.53%303.47 315.88 -3.93%
COGS69.47 134.46 -48.33%224.71 222.48 1.00%
Gross Profit21.39 29.34 -27.09%78.76 93.40 -15.67%
Gross Margin %23.54%17.91%563 bps25.95%29.57%-361 bps
Employee Expenses3.57 3.87 -7.97%17.50 16.31 7.28%
Other Expenses7.79 9.04 -13.80%23.30 25.19 -7.52%
EBIDTA10.04 16.43 -38.91%37.97 51.90 -26.85%
EBIDTA Margin %11.04%10.03%101 bps12.51%16.43%-392 bps
Finance Cost3.95 2.23 77.51%13.73 8.67 58.48%
Depreciation1.19 0.89 34.40%4.26 2.99 42.68%
Other Income0.66 0.62 7.04%1.63 1.68 -2.64%
Profit Before Tax5.55 13.93 -60.16%21.60 41.92 -48.47%
PBT Margin6.11%8.50%-240 bps7.12%13.27%-615 bps
Exceptional items- - - - - -
Taxes1.72 3.89 -55.82%5.76 11.08 -48.04%
Profit after Tax*3.83 10.04 -61.85%15.85 30.85 -48.62%
PAT Margin %4.21%6.13%-191 bps5.22%9.76%-454 bps
Earnings Per Share (EPS) in Rs.3.63 9.74 -62.74%15.01 29.77 -49.57%
(Rs. In Crore)
----------------Page (44) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
Consolidated Profit and Loss Statement
45
ParticularsQ4 FY26Q4 FY25% Change YoYFY26FY25% Change YoY
Revenue From Operation142.94 165.66 -13.72%401.59 317.73 26.39%
COGS111.33 135.85 -18.05%306.54 223.43 37.20%
Gross Profit31.61 29.81 6.04%95.06 94.31 0.79%
Gross Margin %22.11%17.99%412 bps23.67%29.68%-601 bps
Employee Expenses4.40 4.11 7.05%20.21 16.31 23.93%
Other Expenses9.58 9.04 5.96%27.75 25.63 8.24%
EBIDTA17.63 16.66 5.84%47.10 52.36 -10.06%
EBIDTA Margin %12.34%10.06%228 bps11.73%16.48%-475 bps
Finance Cost3.98 2.23 78.92%13.85 8.67 59.80%
Depreciation1.32 0.89 49.00%4.53 2.99 51.60%
Other Income0.65 0.20 219.73%1.69 1.26 33.30%
Profit Before Tax12.98 13.75 -5.61%30.40 41.97 -27.57%
PBT Margin9.08%8.30%103 bps7.57%13.21%-568 bps
Exceptional items- - - - - -
Taxes3.68 3.90 -5.67%7.95 11.09 -28.25%
Profit after Tax*9.30 9.85 -5.59%22.45 30.89 -27.32%
PAT Margin %6.51%5.95%81 bps5.59%9.72%-417 bps
Earnings Per Share (EPS) in Rs.8.81 9.53 -7.53%21.18 29.80 -28.94%
(Rs. In Crore)
----------------Page (45) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
Standalone Balance Sheet
46
Equity And LiabilitiesFY26FY25AssetsFY26FY25
Shareholder's FundNon-Current Assets
Equity Share Capital10.5810.55Tangible Assets41.7134.32
Reserve and Surplus113.3396.57Intangible Assets3.010.07
Investments11.899.23
Minorities Interest0.000.00Other Financial Assets11.585.42
Non-Current LiabilitiesOther Non-Current Assets1.241.40
Long Term Borrowings13.7016.27
Deffered Tax Liabilities (Net)1.991.95Current Assets
Long Term Provisions0.720.50Current Investments0.000.00
Inventories16.4620.10
Current LiabilitiesTrade Receivables175.78147.25
Short Term Borrowings89.3840.37Cash and Bank Balance11.2613.34
Trade Payable44.3556.61Other Financial Assets47.0620.76
Other Financial Liabilities58.3041.01Other current assets15.5716.61
Other Current Liabilities2.001.61
Short Term Provisions0.310.26
Current Tax Liabilities0.872.79
Total Equity and Liabilities335.54268.51Total Assets335.54268.51
(Rs. In Crore)
----------------Page (46) Break----------------
Q4 & FY26 INVESTOR PRESENTATION
Consolidated Balance Sheet
47
Equity And LiabilitiesFY26FY25AssetsFY26FY25
Shareholder's FundNon-Current Assets
Equity Share Capital10.5810.55Tangible Assets52.5037.47
Reserve and Surplus119.8896.61Intangible Assets3.020.07
Lease Assets3.603.97
Minorities Interest0.180.16Investments0.050.00
Non-Current LiabilitiesOther Financial Assets12.596.28
Lease Liabilities2.112.24Other Non-Current Assets7.951.40
Long Term Borrowings13.7016.27
Deffered Tax Liabilities (Net)1.841.94Current Assets
Long Term Provisions0.720.50Current Investments
Inventories18.5020.10
Current LiabilitiesTrade Receivables205.18148.27
Short Term Borrowings89.3840.37Cash and Bank Balance13.2313.48
Trade Payable62.6056.68Other Financial Assets34.0618.21
Lease Liabilities0.130.13Other current assets16.2022.09
Other Financial Liabilities58.3241.02
Other Current Liabilities5.691.79
Short Term Provisions0.310.26
Current Tax Liabilities1.442.81
Total Equity and Liabilities366.88271.34Total Assets366.88271.34
(Rs. In Crore)
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Q4 & FY26 INVESTOR PRESENTATION
Standalone Fund Flow Statement
48
ParticularsFY26FY25% Change YoY
Shareholder's Funds123.91 107.1315.67%
Minority Interest- - -
Loan Funds13.70 16.27-15.79%
Provisions0.72 0.5043.49%
Deffered Tax Liabilities1.99 1.952.21%
Sources of Funds140.33 125.85 11.50%
Net Block44.71 34.3930.02%
Investments11.89 9.2328.78%
Other Non-Current Financial Assets11.58 5.42113.64%
Other Long-Term Assets1.24 1.40-11.10%
Total Non-Current Assets69.42 50.44 37.64%
Inventory16.46 20.10-18.14%
Debtors175.78 147.2519.37%
Cash and Bank Balance11.26 13.34-15.63%
Other Current Assets62.62 37.3767.56%
Total Current Assets266.12 218.07 22.03%
Current Liabilities195.21 142.6536.84%
Net Current Assets70.91 75.42-5.98%
Application of Funds140.33125.8511.50%
(Rs. In Crore)
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Q4 & FY26 INVESTOR PRESENTATION
Consolidated Fund Flow Statement
49
ParticularsFY26FY25% Change YoY
Shareholder's Funds130.46 107.17 21.73%
Minority Interest0.18 0.16 12.36%
Lease Liabilities2.11 2.24 -5.88%
Loan Funds13.70 16.27 -15.79%
Provisions0.72 0.50 43.49%
Deffered Tax Liabilities1.84 1.94 -5.10%
Sources of Funds149.01 128.28 16.16%
Net Block55.52 37.54 47.91%
Leased Assets3.60 3.97 -9.30%
Investments0.05 - -
Other Non-Current Financial Assets12.59 6.28 100.30%
Other Long-Term Assets7.95 1.40 469.33%
Total Non-Current Assets79.70 49.18 62.06%
Inventory18.50 20.10 -8.00%
Debtors205.18 148.27 38.38%
Cash and Bank Balance13.23 13.48 -1.80%
Other Current Assets50.26 40.31 24.70%
Total Current Assets287.18 222.16 29.27%
Current Liabilities217.87 143.06 52.29%
Net Current Assets69.31 79.10 -12.38%
Application of Funds149.01 128.28 16.16%
(Rs. In Crore)
----------------Page (49) Break----------------
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