Smart meter stock jumps 3% after receiving ₹127 Cr order from Maharashtra Govt

During Wednesday’s trading session, the shares of a leading player in the electrical infrastructure solutions sector surged nearly 3.2 percent on BSE, after the company announced securing work orders worth a total of over Rs. 127 crores from the Maharashtra Government and others.

Stock Performance

With a market cap of Rs. 1,000 crores, at 02:48 p.m., the shares of RMC Switchgears Limited were trading in the green at Rs. 970, up by nearly 2.2 percent, as against its previous closing price of Rs. 949.3. The stock delivered positive returns of nearly 79 percent in one year, but around 1.5 percent of negative returns in the last one month.

What’s the news

RMC Switchgears Limited, as per its latest regulatory filings with the BSE, announced receiving two work orders worth a total of about Rs. 127.4 crores from the Maharashtra Government and others.

The first work order, valued at Rs. 108.05 crores, has been awarded by private contractor Swastik Infra Private Limited, to be executed by 31st December 2025.

This order involves the development of distribution infrastructure for the 11 KV underground cable and RMU system in select districts of Gujarat, under the Revamped Reforms-Based and Results-Linked Distribution Sector scheme in MGVCL.

The second work order, worth around Rs. 19.34 crores, has been issued by Maharashtra State Power Generation Company Limited (MAHAGENCO), to be delivered within 270 days from the date the land is handed over to the contractor. 

This order includes the design, engineering, and supply (excluding PV modules), as well as the unloading of PV modules provided by MAHAGENCO. The project also involves the erection, testing, and commissioning of a 10 MWAC cumulative capacity crystalline ground-mounted solar PV system. 

This system will be part of a grid-interactive distributed agricultural feeder solarization project at the 33/11 KV Sakali Substation in Yawal Taluka, Jalgaon District, Maharashtra, under the MSKVY 2.0 scheme. The order also includes 3 years of O&M under an EPC contract.

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Previous Orders

17th December 2024: RMC Switchgears Limited received a Letter of Acceptance (LOA) valued at Rs. 90 crores from a renowned system integrator. The project is scheduled for completion in FY25-26.

The order involved the supply, installation, and commissioning of 5,000 solar pumps across Maharashtra, which will include 3HP, 5HP, and 7HP solar pump systems. 

23rd December 2024: The company secured a work order worth Rs. 5.42 crores from Suncity Urja Private Limited. 

This order involves the construction of various transmission elements, including the 220KV and 132KV associated lines at the 220KV GSS Sheo (District Barmer). The scope of work includes a survey, supply of all necessary equipment and materials, erection (including civil works), and testing and commissioning.

Financials

RMC Switchgears reported a significant growth in revenue from operations, experiencing a year-on-year rise of nearly 20.7 percent, increasing from Rs. 87 crores in H1 FY24 to Rs. 105 crores in H1 FY25.

Similarly, during the same period, the company’s net profit increased from Rs. 8 crores to Rs. 10 crores, representing a rise of around 25 percent YoY.

About the company

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.

Written by Shivani Singh

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