The shares of a leading player in the electrical infrastructure solutions sector hit a 5 per cent upper circuit and a new 52-week high at Rs. 1,159.65 on BSE after securing an order worth Rs. 90 crores for the supply of solar pumps in Maharashtra.
The order involves supplying, installing, and commissioning 5,000 solar pumps in Maharashtra. The LoA includes solar pump systems of 3HP, 5HP, and 7HP capacities and is scheduled for completion in the financial year 2025-26.
The Stock is RMC Switchgears Limited is primarily engaged in the business of Switchgear Engineering, and EPC contracts for the power distribution/transmission sector.
Additionally, it has established a strong reputation in the smart meter enclosure market, supporting utilities across India under initiatives such as the Revamped Distribution Sector Scheme (RDSS).
The company is a leading player in the electrical infrastructure solutions sector, specialising in the manufacturing of electrical enclosures that prevent electrical theft and enhance safety by preventing electrocution
Stock Performance:
The stock has delivered positive returns of nearly 98 per cent in one year, as well as around 90.4 per cent returns in the last six months. So far in 2024, the shares of RMC Switchgears have given positive returns of about 96.6 per cent.
Financials:
RMC Switchgears reported a significant growth in revenue from operations, experiencing a year-on-year rise of nearly 37.6 per cent, increasing from Rs. 125 crores in FY23 to Rs. 172 crores in FY24.
Similarly, during the same period, the company’s net profit increased from Rs. 12 crores to Rs. 15 crores, representing a rise of around 25 per cent YoY.
On 9th November, RMC Switchgears signed an MoU with the Government of Rajasthan to set up the state’s first-of-its-kind 1000 MW Ultra Mega Solar Park with integrated battery storage in Jaipur.
The project, expected to be executed over 2-3 years, aims to contribute to RMC’s target of implementing approximately 1 GW of greenfield projects through a mix of EPC and IPP arrangements. It also serves as a key milestone toward the company’s Vision 2030 goal of becoming a Rs. 35,000 crore enterprise.
On 16th December, the company announced plans to set up a 1 GWp Solar Module Manufacturing Plant and a Solar Module Mounting Structure unit in Jaipur, Rajasthan, with an estimated capex of Rs. 100 crores.
The facility, adjoining the existing plant, will ensure operational efficiency and will be funded through internal accruals, equity, and debt. Both units are expected to be operational by July 2025, with commercial revenue starting in August 2025.
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