RMC Switchgears Q2 Profit Falls 48.1% to ₹8.3 Crore

RMC Switchgears Ltd reported consolidated net profit of ₹8.3 crore in Q2 FY27, down 48.1% year on year, while revenue from operations declined 35.2% to ₹88.8 crore for the quarter ended September 30, 2026. The Board approved the unaudited standalone and consolidated results on November 14, along with the auditor's limited review report.

What did RMC Switchgears report for Q2 FY27?

RMC Switchgears Ltd, referred to as RMC, recorded total income of ₹89.3 crore in Q2 FY27, compared with ₹137.5 crore in Q2 FY26 and ₹37.7 crore in Q1 FY27. Revenue from operations was ₹88.8 crore, while other income was ₹0.5 crore. The year-on-year decline in revenue was 35.2%.

Profit before exceptional items and tax was ₹10.6 crore, against ₹21.4 crore a year earlier. Since no separate exceptional item was reported in the provided results summary, profit before tax was also ₹10.6 crore. Net profit stood at ₹8.3 crore, compared with ₹16.0 crore in Q2 FY26. This represented a 48.1% decline from the corresponding quarter of the previous year.

How did the quarter compare with Q1 FY27 and Q2 FY26?

RMC's Q2 FY27 performance improved sequentially from a weak Q1 FY27 base, even as it remained below the prior-year quarter. Revenue rose from ₹37.2 crore in Q1 FY27 to ₹88.8 crore in Q2 FY27. Net profit increased from ₹2.1 crore to ₹8.3 crore over the same period, which the reported figures place at 295.2% quarter-on-quarter growth.

The comparison with Q2 FY26 shows the extent of the year-on-year contraction. Revenue fell from ₹137.1 crore to ₹88.8 crore, while profit before tax declined from ₹21.4 crore to ₹10.6 crore. Operating profit was reported to have fallen 51.9% year on year, although it rose 320.8% from Q1 FY27. The quarter therefore reflected sequential recovery but lower activity and profitability than a year earlier.

What did the Board and auditor approve?

RMC's Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The results were considered at the Board meeting held on November 14, 2026, which had been scheduled to review the company's Q2 FY27 performance.

The filing included a limited review report from Rakesh Ashok & Co. The Board reviewed the results, confirmed that there were no material misstatements in the reviewed financial statements, and noted compliance with the applicable SEBI Listing Regulations. The disclosures also covered assets, liabilities and cash flows for the half-year period.

Why are the Q2 results important for investors?

The Q2 results follow a subdued Q1 FY27, when RMC reported consolidated revenue of ₹37.24 crore and profit after tax of ₹2.08 crore. The September-quarter figures show a substantial sequential increase in both revenue and profit, but they do not offset the year-on-year decline in the latest quarter.

Operating margin improved to 11.9% from 7.4% in Q1 FY27, but was below the 15.6% reported in Q2 FY26. This means the company generated better operating profitability on a sequential basis while remaining less profitable than it was in the comparable quarter last year. For investors, the revenue trend, margin movement and pace of profit recovery remain the central reported indicators.

How does Q2 fit into RMC's recent financial record?

RMC had reported consolidated revenue of ₹401.59 crore in FY26, up 26.4% from ₹317.73 crore in FY25. However, FY26 EBITDA declined 10.0% to ₹47.10 crore and profit after tax fell 27.3% to ₹22.45 crore. EBITDA margin narrowed to 11.73% from 16.48% in the prior year.

The provided FY26 information attributed the profitability pressure to investments, project delays and input costs. RMC operates across electrical products, electrical EPC and solar EPC verticals. Its Q1 FY27 revenue decline was linked in the supplied information to delayed project billing, while the reported order book had increased to ₹1,188 crore after ₹370 crore of new awards. These disclosures provide context for the uneven quarterly revenue pattern.

Conclusion

RMC's Q2 FY27 results show a sequential recovery from Q1, with revenue rising to ₹88.8 crore and net profit increasing to ₹8.3 crore. Yet, the company remained below its Q2 FY26 levels, with revenue down 35.2%, net profit down 48.1% and operating margin lower by 3.7 percentage points year on year.

The next areas to watch are whether project billing supports revenue conversion, how margins develop across RMC's operating verticals, and whether the reported ₹1,188 crore order book translates into future financial performance. The Board's approval and the limited review report formally complete the reported Q2 FY27 financial disclosure process.