RMC Switchgears Limited (RMC)

RMC Switchgears Limited has received a Letter of Award (LOA) valued at ₹3.94 Cr (₹3,93,69,826.47) from domestic utility M.P. Poorv Kshetra Vidhyut Vitraran Co. Ltd. The contract involves the supply of L.T. Distribution Boxes to be executed over a period of 36 months. Given RMC's TTM revenue of ₹302 Cr, this order represents approximately 1.3% of annual sales, indicating a modest and routine inflow of work spread across three years.

• Received Letter of Award amounting to ₹3,93,69,826.47 (~₹3.94 Cr)
• Contract awarded by M.P. Poorv Kshetra Vidhyut Vitraran Co. Ltd. for L.T. Distribution Boxes
• Execution timeline spans 36 months
• Transaction is domestic with no related-party or promoter interest

RMC Switchgears resubmitted its voting results and Scrutinizer's Report to correct a minor clerical error following a postal ballot concluded on October 12, 2026. Shareholders approved the purchase of industrial land from related party Mr. Ankit Agrawal via an ordinary resolution, with 87.91% of polled votes in favour (promoters abstained as interested parties). Additionally, the appointment of Mr. Dilip Panjwani as an Independent Director was passed as a special resolution with 99.90% approval across 55.42 lakh polled votes.

• Resolution 1 (Land purchase from related party Mr. Ankit Agrawal) passed with 87.91% votes in favour out of 1,00,320 polled votes
• Promoters (holding 54,96,655 shares) did not vote on Resolution 1 as interested parties
• Resolution 2 (Appointment of Dilip Panjwani as Independent Director) passed with 99.90% approval across 55,41,580 polled votes
• Remote e-voting was open from September 13, 2026 to October 12, 2026 across 8,477 registered shareholders

RMC Switchgears Limited has submitted its quarterly compliance certificate pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 03, 2026, confirms that securities received for dematerialisation were processed and confirmed to depositories within prescribed timelines. No operational or financial metrics were reported in this filing.

• Compliance certificate submitted for the quarter ended September 30, 2026
• Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
• Certificate received from Registrar and Share Transfer Agent MUFG Intime India Private Limited dated October 03, 2026

RMC Switchgears announced that its Board of Directors has approved a proposed fundraise via a rights issue of fully paid-up equity shares (face value ₹10) for an aggregate amount not exceeding ₹30 crore. The proposed ₹30 crore fundraise represents approximately 15.1% of the company's current market cap of ₹199 crore and about 24.2% of its net worth of ₹124 crore. Specific terms such as issue price, entitlement ratio, and record date will be determined subsequently. The capital infusion could help support operations or balance sheet deleveraging against current debt of ₹103 crore.

• Rights issue approved for an aggregate amount not exceeding ₹30 crore
• Securities to be issued are fully paid-up equity shares of face value ₹10 each
• Issue price, rights entitlement ratio, and record date to be decided in due course
• Board meeting commenced at 11:00 AM IST and concluded at 11:20 AM IST on October 09, 2026

RMC Switchgears Limited announced that its Board of Directors approved the change of Registrar and Share Transfer Agent (RTA) on October 1, 2026. The company is replacing MUFG Intime India Private Limited, which has served as its RTA since 2017, with Skyline Financial Services Private Limited. MUFG Intime will continue to manage services until connectivity is formally shifted and confirmed by NSDL and CDSL. The effective transition date is yet to be finalized and will be disclosed later.

• Board approved the RTA change via circular resolution on October 1, 2026
• MUFG Intime India (formerly Link Intime) served as RTA since 2017
• Appointed M/s Skyline Financial Services Private Limited as the new RTA
• Effective handover date to be communicated following NSDL and CDSL connectivity

RMC Switchgears Limited announced that its shareholders approved an amendment to the Capital Clause of its Memorandum of Association (MOA) at the AGM held on September 19, 2026. The company's authorised share capital has been increased from Rs 15.00 crore to Rs 20.00 crore. This raises the headroom from 1.50 crore equity shares to 2.00 crore equity shares of face value Rs 10 each. The move expands the company's capital base capacity, often preceding future equity issuances or corporate actions.

• Authorised share capital increased from Rs 15,00,00,000 to Rs 20,00,00,000
• Share headroom raised from 1,50,00,000 to 2,00,00,000 equity shares of Rs 10 each
• Ordinary resolution passed by shareholders at the AGM held on September 19, 2026

RMC Switchgears Limited announced that all 7 resolutions at its 32nd Annual General Meeting held on September 19, 2026, have been passed with the requisite majority. Key approvals include an increase in the authorized share capital, ratification of cost auditor remuneration, and approval of material related-party transactions with subsidiaries. Additionally, shareholders approved a special resolution enabling the company to grant loans, give guarantees, and provide securities to subsidiary companies under Section 185.

• AGM held on September 19, 2026, with all 7 ordinary and special resolutions approved
• Special resolution to grant loans/guarantees to subsidiaries passed with 97.96% of votes polled in favour
• Resolution on material related-party transactions with subsidiaries passed with 98.06% approval
• Remuneration approval for Non-Executive Director Akhilesh Kumar Jain passed with 99.97% votes in favour

RMC Switchgears conducted its 32nd Annual General Meeting on September 19, 2026, with 37 members attending via video conferencing. Key agenda items included increasing authorized share capital, approvals for loans and guarantees to subsidiaries under Section 185, and material related-party transactions. The company reported that the Secretarial Auditor's Report contained 5 qualifications, while the Statutory Auditor gave an unqualified report. Formal voting results and the Scrutinizer's report will be declared within two working days.

• 32nd AGM conducted on September 19, 2026, lasting from 12:00 PM to 13:05 PM IST
• Total of 37 members attended the meeting via video conference
• 7 agenda resolutions tabled, including increasing Authorised Share Capital and loans/guarantees to subsidiaries
• Secretarial Auditor's Report contained 5 qualifications, while Statutory Auditor had no qualifications

RMC Switchgears has designated Mr. Tarun Kumar Sharma as Chief Operating Officer (COO), Smart Solutions at Jaipur (HO), categorized as Senior Management Personnel (SMP) effective September 16, 2026. The appointment was approved by the Board via circular resolution following the recommendation of the Nomination and Remuneration Committee. Mr. Sharma brings over 34 years of professional experience, including a 5-year tenure at VHEL Limited, and holds an MBA. The addition strengthens the leadership team of the Rs 213 Cr market cap electrical equipment maker.

• Appointment of Tarun Kumar Sharma as COO, Smart Solutions effective September 16, 2026
• Designated as Senior Management Personnel (SMP) by Board resolution passed on September 16, 2026
• Appointee possesses over 34 years of total experience, including 5 years with VHEL Limited

RMC Switchgears released its Q1 FY27 investor presentation, reporting consolidated revenue of ₹37.24 crore, down 55.95% YoY from ₹84.53 crore due to project mobilization phases and lower Solar EPC contribution. Despite the revenue contraction, consolidated EBITDA margin expanded to 20.81% (vs 10.50% in Q1 FY26), yielding PAT of ₹2.08 crore (down 48.97% YoY). The company highlighted a robust confirmed unexecuted order book of approximately ₹1,188 crore (over 3x TTM revenue), aided by ₹369.63 crore in new awards received between July and August 2026. Management identified high working capital intensity and collection periods (161 days in FY26) as key operational challenges to address.

• Consolidated revenue fell 55.95% YoY to ₹37.24 crore from ₹84.53 crore in Q1 FY26
• Consolidated PAT decreased 48.97% YoY to ₹2.08 crore, with EPS at ₹1.97
• Confirmed unexecuted order book reached approximately ₹1,188 crore
• Won ₹369.63 crore in new orders across July-August 2026, including ₹333.80 crore from PGVCL
• Consolidated EBITDA margin expanded to 20.81% compared to 10.50% in Q1 FY26 due to revenue mix change

RMC Switchgears has appointed Mr. Dilip Panjwani as an Additional Non-Executive Independent Director, effective September 12, 2026, subject to shareholder approval. Mr. Panjwani brings over 25 years of experience across corporate finance, governance, and M&A. Concurrently, the Board approved a proposal to acquire industrial land from a related party, also subject to shareholder clearance via postal ballot. Mrs. Megha Khandelwal has been appointed as the scrutinizer for the postal ballot process.

• Appointment of Mr. Dilip Panjwani as Additional Non-Executive Independent Director effective September 12, 2026
• Dilip Panjwani brings over 25 years of experience in strategic finance, governance, and restructuring
• Board approved a proposal for the purchase of industrial land from a related party, subject to shareholder approval
• Mrs. Megha Khandelwal (FCS: 10237) appointed as Scrutinizer for the upcoming postal ballot
• Trading window for designated persons reopens on September 15, 2026

RMC Switchgears has submitted a clarification to the National Stock Exchange (NSE) regarding its Q1 FY27 financial results filing. The company clarified that it operates in a single reportable business/geographical segment under Ind AS 108 and furnished the board meeting outcome in a searchable machine-readable format. The attached board outcome reiterated previous approvals, including an increase in authorized share capital from ₹15 crore to ₹20 crore and enabling resolutions for subsidiary support up to ₹500 crore ahead of the AGM on September 19, 2026.

• Clarified to NSE that no separate segment reporting is applicable under Ind AS 108
• Resubmitted board meeting outcome from August 12, 2026 in machine-readable format
• Proposed increase in authorized share capital from ₹15.00 crore to ₹20.00 crore
• Proposed enabling limit for loans and guarantees to subsidiaries up to ₹500 crore subject to AGM approval on September 19, 2026
• Approved grant of 1,500 stock options to eligible employees under ESOS 2024

RMC Switchgears Limited's Board of Directors approved the pledge of its entire 51% equity holding in associate company Intelligent Hydel Solutions Private Limited (IHSPL). The pledge is executed in favor of CTL Trusteeship Limited to secure credit facilities extended to IHSPL by Aseem Infrastructure Finance Limited. In addition, the Board approved a proposed investment to acquire a 51% controlling stake in RMC NextGen Systems LLP.

• Approved pledge of 51% shareholding held by RMC in associate company IHSPL
• Pledge created in favor of CTL Trusteeship Limited to secure borrowing from Aseem Infrastructure Finance Limited
• Co-shareholder Saatvik Cleantech EPC Private Limited holds the remaining 49% in IHSPL
• Board also approved acquiring a 51% stake in RMC NextGen Systems LLP