Smart meter stock jumps 9% after securing orders worth ₹200 Cr from Rajasthan Govt

SYNOPSIS: RMC Switchgears secured two RDSS-based turnkey LOIs worth Rs. 200.86 crore from Jaipur Discom for 11 kV feeder segregation projects in Rajasthan, strengthening its order book.

During Tuesday’s trading session, shares of a prominent player in the electrical infrastructure solutions sector with a strong reputation in the smart meter enclosure market surged over 9 percent on BSE, after securing an order worth more than Rs. 200 crores from Jaipur Vidyut Vitran Nigam Limited.

With a market cap of Rs. 435 crores, shares of RMC Switchgears Limited were trading in the green at Rs. 413 on BSE, up by around 8 percent, as against its previous closing price of Rs. 383.95. The stock has delivered negative returns of around 56 percent in one year, and has fallen by over 2 percent in the last one month.

What’s the News

As per the latest regulatory filings with the BSE, RMC Switchgears Limited has secured two Letters of Intent (LOIs) from Jaipur Vidyut Vitran Nigam Limited, with a combined project value of around Rs. 200.86 crore. The orders have been awarded under the Revamped Reforms-based and Results-linked Distribution Sector Scheme (RDSS) and will be executed on a turnkey basis.

The first LOI, valued at around Rs. 116.48 crores, involves the development of distribution infrastructure work for segregation of 11 KV mixed feeders at Dholpur Circle of Jaipur Discom of Rajasthan.

The second LOI, worth around Rs. 84.37 crores, pertains to similar distribution infrastructure development for the segregation of 11 KV mixed load feeders at Jhalawar Circle of Jaipur Discom of Rajasthan.

As per the terms of the award, RMC Switchgears is required to commence work within 15 days from the date of award of the LOIs, with execution timelines to follow the programme schedule specified by the Project Manager/Engineer-in-Charge/Site Engineer.

Financial Highlights & more

For H1 FY26, the company reported a consolidated revenue from operations of Rs. 241 crores, reflecting a year-on-year increase of nearly 130 percent from Rs. 104.8 crores recorded in H1 FY25. This robust performance during the quarter was primarily driven by strong traction in the Solar EPC segment, which contributed around Rs. 114.5 crores to the total revenue. This was followed by Electrical EPC and Electrical Products, contributing Rs. 57.5 crores and around Rs. 50 crores, respectively.

During the same quarter, the net profit of RMC Switchgears nearly doubled to Rs. 20 crores, representing a significant growth of around 96 percent YoY from Rs. 10.2 crores.

With more than Rs. 1,500 crore worth of tenders already participated in and several currently under evaluation, the company expects its order pipeline to strengthen further in the coming quarters.

RMC Switchgears Limited is a prominent player in the electrical infrastructure solutions sector, specialising in the manufacture of electrical enclosures designed to prevent electrical theft and enhance safety by reducing the risk of electrocution. It operates a diversified business model built around four complementary verticals: Electrical Products, Electrical EPC, Solar EPC, and Solar Products. 

The company manufactures and supplies smart meter enclosures, distribution boxes, and feeder pillars, along with urban underground cabling and RMU systems under its electrical portfolio. In the renewable space, RMC undertakes rooftop and ground-mounted solar EPC projects, including agricultural feeder solarisation initiatives under government programs such as KUSUM, while its solar products division focuses on solar modules, mounting structures, and balance-of-system components.

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