RMC Switchgears has received a Letter of Acceptance (LOA) from a reputed system integrator for the supply, installation, and commissioning of 5,000 solar pumps in Maharashtra. Valued at Rs 90 crore (excluding taxes), the LOA comprises 3HP, 5HP, and 7HP solar pump systems and is slated for completion in FY25-26.Powered by Capital Market - Live

The said LOA comprises 3HP, 5HP, and 7HP solar pump systems and is slated for completion in FY25-26. RMC's recent order marks a significant milestone in India's clean energy transition, particularly in Maharashtra's push for 1.5 million solar pumps with an Rs 100 billion allocation to boost the agricultural sector. With over 100,000 solar pumps already installed, the state's program shows tremendous growth potential. RMC's involvement positions the company to provide sustainable irrigation solutions for farmers and contribute to India's renewable energy goals. This project aligns with RMC's strategy to expand its solar EPC and IPP portfolio, strengthening its role in India's renewable energy sector. The announcement follows RMC's recent decision to establish a state-of-the-art solar module manufacturing plant in Jaipur, Rajasthan, with an investment of Rs 100 crore. This backward integration strategy is aimed at reducing reliance on external suppliers and supporting the growing demand for solar modules in large-scale projects such as this solar pump initiative. Ankit Agrawal, CEO and Whole-Time Director, RMC Switchgears, said: 'This LOA is a significant milestone for RMC's solar-based EPC business, showcasing our capabilities in delivering real-world solar solutions and aligning with Maharashtra's clean energy ambitions. It reinforces the strategic rationale behind our investment in solar module manufacturing, enabling us to efficiently execute projects and contribute to the nation's renewable energy objectives. As we continue to expand our portfolio, this project represents another step forward in achieving our 'Vision-2030' goals.' RMC Switchgears is primarily engaged in the business of switchgear engineering and ECI contracts for the power distribution/transmission sector. On a full-year basis, the company's consolidated net profit jumped 26.8% to Rs 14.89 crore in FY24 as against Rs 11.74 crore posted in FY23. Revenue from operations surged 37.8% to Rs 172.63 crore in FY24 as compared to Rs 125.27 crore recorded in FY23.Powered by Capital Market - Live

RMC Switchgears announced its plans to exploit its manufacturing strengths to establish a state of the art Solar module manufacturing plant with an Annual Production Capacity of 1 GWp and manufacture the Solar Module Mounting structure with the same capacity at Badodiya Village, Chaksu Tehsil, Jaipur, Rajasthan. This ambitious project, with an estimated capital expenditure of Rs 100 crore, reflects RMC's commitment to strengthening its renewable energy capabilities and driving sustainable growth. The new facility will be located on land adjoining the company's current operational plant, ensuring seamless integration and operational e'iciency. The project's CAPEX will be financed through a prudent mix of internal accruals, equity, and debt, underscoring RMC's disciplined financial strategy. Both Plants are expected to be operational by July 2025, and commercial revenues are expected from August 2025. Powered by Capital Market - Live

According to the exchange filing, the company revealed that it intends to leverage its manufacturing strengths to establish a state-of-the-art solar module manufacturing plant with an annual production capacity of 1 GWp. Additionally, it will produce solar module mounting structures with the same capacity at a new site in Badodiya Village, Chaksu Tehsil, Jaipur, Rajasthan. The project, estimated to cost Rs 100 crore, will be executed through RMC Green Energy, a subsidiary of the company. As part of the plan, RMC will increase its ownership in RMC Green Energy from 51% to nearly 100%, making it a wholly owned subsidiary through equity infusion and the purchase of shares in a fresh issue. This strategic move aims to enhance RMC's operational control and strengthen its renewable energy capabilities. The new facility will be located adjacent to RMC's current operational plant, ensuring seamless integration. The capital expenditure for the project will be funded through a mix of internal accruals, equity, and debt. The company expects both plants to be operational by July 2025, with commercial revenues anticipated from August 2025. As RMC actively explores new opportunities in solar engineering, procurement, and construction (EPC) and Independent Power Producer (IPP) projects, this expansion marks a crucial step toward backward integration. The Solar Module Manufacturing Plant will reduce RMC's dependency on external suppliers by catering to the internal requirements of ongoing and future projects. This integration will enhance cost efficiency, ensure timely execution, and improve supply chain reliability. Apart from the captive consumption of these products, strong market demand will ensure a robust top line and bottom line for the company in FY 26. This initiative aligns with RMC's Vision 2030 of becoming a Rs 5,000-crore enterprise while supporting India's ambitious renewable energy targets. The plant will contribute to RMC's ability to execute large-scale Solar EPC projects efficiently and solidify its presence in the renewable energy ecosystem. Ankit Agrawal, CEO and whole-time director of RMC Switchgears, said, 'This solar module & module mounting structure manufacturing plants is a strategic backward integration for RMC, enabling us to reduce external dependencies and strengthen our ability to deliver Solar EPC and IPP projects seamlessly. By leveraging RMC Green Energy, we are not only supporting our current pipeline but also creating opportunities for commercial sales, positioning RMC as a significant player in the solar module market. This investment reinforces our commitment to innovation, sustainability, and delivering long-term value for our stakeholders. The addition to these lines will add the maximum products in our range such as EPC'both solar and transmission, modules, structures, solar electrical panels and solar distribution boxes, etc.' RMC Switchgears is primarily engaged in the business of switchgear engineering and ECI contracts for the power distribution/transmission sector. On a full-year basis, the company's consolidated net profit jumped 26.8% to Rs 14.89 crore in FY24 as against Rs 11.74 crore posted in FY23. Revenue from operations surged 37.8% to Rs 172.63 crore in FY24 as compared to Rs 125.27 crore recorded in FY23. Powered by Capital Market - Live

RMC Switchgears will hold a meeting of the Board of Directors of the Company on 17 December 2024.Powered by Capital Market - Live

RMC Switchgears will hold a meeting of the Board of Directors of the Company on 14 November 2024Powered by Capital Market - Live

The consortium has received three separate EPC contracts along with three-year operations and maintenance (O&M) contracts in the Ahmednagar district of Maharashtra. According to company, 'These new orders not only reinforce RMC Switchgears role in advancing renewable energy but also significantly contribute to India's climate action commitments under the Paris Agreement. The company is actively pursuing additional tenders exceeding 500 MWp and engaging with both public and private sector entities to achieve its ambitious goal of securing 1 GWp in renewable energy.' By collaborating with installation and commissioning experts across multiple states and leveraging its in-house team of skilled designers and supervisors, RMC is positioning itself at the forefront of the green energy revolution. The company's expansion into solar projects helps reduce carbon emissions, fosters economic growth, and creates green jobs, thereby contributing to India's goal of achieving 450 GW of renewable energy capacity by 2030, it added. With a dedicated business development unit continuously seeking new opportunities, RMC's efforts in the renewable sector are aligned with India's ambitious environmental targets. This initiative underscores RMC's commitment to innovation and sustainability, highlighting its role in helping India meets its climate goals and positioning the country as a global leader in renewable energy technologies. Ankit Agrawal, CEO and whole-time director, RMC Switchgears, said: 'These contracts represent a significant step forward for us, enhancing our presence in Maharashtra as we work to broaden our impact in the renewable energy sector. The development of these 46` MW (AC) solar photovoltaic projects not only underscores our commitment to driving the transition from fossil fuels to sustainable energy sources but also aims to provide a sustainable and reliable power supply to farmers in the region.' RMC Switchgears is primarily engaged in the business of `Switchgear Engineering', `ECI contracts for power distribution/ transmission sector'. The company reported standalone net profit of Rs 9.38 crore in H1 FY24 as against Rs 6.14 crore posted in H1 FY23. Net sales stood at Rs 87.42 crore in H1 FY24, up 50.6% year on year. The company has current market capitalisation of Rs 813.38 crore on the BSE. Powered by Capital Market - Live

RMC Switchgears announced that the 30th Annual General Meeting (AGM) of the company will be held on 28 September 2024.Powered by Capital Market - Live

RMC Switchgears has revised the meeting of the Board of Directors which was scheduled to be held on 29 August 2024. The meeting will now be held on 31 August 2024.Powered by Capital Market - Live

RMC Switchgears will hold a meeting of the Board of Directors of the Company on 29 August 2024.Powered by Capital Market - Live