### **Overview** **RMC Switchgears Limited**, originally incorporated in 1994 as *RFH Metal Castings Private Limited*, has evolved from a niche manufacturer of electrical enclosures into a vertically integrated infrastructure and clean energy solutions provider. Headquartered in Jaipur, Rajasthan, the company operates at the intersection of power distribution, smart infrastructure, and renewable energy, with a strategic vision to become a **₹5,000 crore enterprise by FY2030**. Aligned with India's national development goals—including the Revamped Distribution Sector Scheme (RDSS), PM-KUSUM, renewable energy targets, and smart city initiatives—RMC leverages deep engineering expertise to deliver **end-to-end, customized solutions** that enhance grid safety, reduce losses (especially AT&C losses), and combat electricity theft and electrocution. --- ### **Corporate Evolution & Key Milestones** - **1994**: Founded as an OEM supplier of meter boxes. - **2003–2004**: Secured first state orders from Rajasthan and Maharashtra, marking entry into public utility engagements. - **2008–2009**: Established dedicated SMC and polycarbonate enclosure manufacturing facilities in Chaksu, Jaipur. - **2014**: Entered turnkey EPC projects with the RAPDRP project in Jodhpur. - **2017**: Listed on the BSE SME platform. - **2022**: Formalized Vision 2030 to achieve ₹5,000 crore in revenue. - **2024**: Incorporated two strategic subsidiaries: - **Intelligent Hydel Solutions Pvt. Ltd.** (51% stake): Focused on IoT-based smart water management. - **RMC Green Energy Pvt. Ltd.**: To expand in green energy and IPP projects. - **2025**: Named in *Forbes Asia’s "Best Under a Billion"* list, validating its growth and governance standards. - **2025**: Awaiting Letter of Award (LOA) after receiving Notice of Award (NOA) in the transmission sector—marking entry into India’s ₹9 lakh crore transmission upgrade pipeline. --- ### **Business Model & Verticals** RMC operates through **four integrated business verticals**, creating strong synergies and enabling vertical integration: | **Vertical** | **Core Offerings** | **Strategic Advantage** | |-------------|---------------------|--------------------------| | **1. Electrical Products** | Smart meter enclosures, feeder pillars, distribution boxes, junction boxes, SMC/FRP sheets, bus bars, pole-mounted boxes. | IP-protected, compliant with IS/BS/ASTM; designed for harsh environments. High margin via standardization and economies of scale. | | **2. Electrical EPC** | Turnkey transmission & distribution (T&D) projects: underground cabling, RMUs, substation automation, feeder segregation, smart grids. | Engaged in RDSS, IPDS, World Bank/ADB-funded projects. Pre-qualified for large PSU and government tenders. | | **3. Solar EPC** | Rooftop and ground-mounted solar projects, solar feeder electrification (PM-KUSUM), solar parks, IPPs. | Strong track record: 200+ MWp executed, including landmark **₹320 crore rooftop solar EPC deal with O&M** under RREC. | | **4. Solar Products** | Backward-integrated solar module and mounting structure manufacturing. | 1 GW module plant under development; reduces import dependence and improves bid competitiveness under ALMM/PLI schemes. | --- ### **Strategic Initiatives & Expansion (As of Nov 2025)** #### **1. Smart Water Management via New Subsidiary** - Launched **Intelligent Hydel Solutions Pvt. Ltd. (51% stake)** in 2024. - Offers **IoT-based smart water solutions** for distribution, treatment, conservation, monitoring, and advanced wastewater treatment. - Targets **₹30,000 crore market opportunity** in water infrastructure, aligning with municipal modernization and sustainability goals. #### **2. Solar Module Manufacturing (1 GW Plant)** - **Initially delayed** due to uncertainties in domestic cell availability and rapid technology shifts (transition from PERC to TopCon/HJT). - Decision reflects **prudent capital allocation**, avoiding obsolescence risks as Domestic Content Requirement (DCR) for cells begins June 2026. - When commissioned, plant will: - Enable **self-sufficiency in modules** for internal EPC projects. - Improve **bid competitiveness** and **pricing flexibility**. - Generate **surplus sales revenue** and improve **working capital efficiency**. - Support **PLI scheme** and **Make in India**. #### **3. Entry into Transmission Sector** - Received **Notice of Award (NOA)** for a major transmission project; LOA awaited. - Opens access to **₹9 lakh crore national transmission investment plan**. - Positions RMC as a **full-stack EPC player** in both transmission and distribution segments. #### **4. Innovation: PulseBox** - A new **smart Low-Tension (LT) distribution system** designed to: - Improve grid safety. - Prevent electricity theft. - Reduce technical losses. - **Proof of Concept (PoC) completed in Q2 FY26.** - Next steps: Utility approvals, pilot deployments (e.g., in Maharashtra), and commercial roll-out. - Target customers: State DISCOMs, AMISPs, solar & electrical EPC firms. #### **5. Vertical Integration & Manufacturing Strength** - Operates **India’s largest electrical enclosure manufacturing facility**: - **800,000 sq. ft.** footprint. - **Chaksu, Jaipur**: Integrated hub for SMC compounding, pultrusion, metal fabrication, mould/die making. - SMC production capacity being scaled to **15,000 MT/year** by H2 FY26. - **In-house tooling & moulding** enables rapid customization, faster time-to-market, and cost control. --- ### **Market Positioning & Competitive Edge** - **Smart Meter Enclosures Market Leader**: - Supplies to 95%+ state utilities and all major AMISPs. - **Annual production capacity: 400,000 smart meter enclosures**. - Projected **250 million smart meter replacements** in India over next 5 years—huge tailwind. - **Pre-qualified for PSU Tenders**: Barrier to entry for smaller players. RMC benefits from **scale, quality, and financial stability**. - **Robust Order Book & Bidding Activity**: - Ongoing tender participation exceeding **₹1,500 crore**. - L1 (lowest bidder) in tenders worth **₹70 crore**. - Order conversion rate: **30–35%**. - Key clients: Adani, GMR, Genus, Monte Carlo, IntelliSmart, JVVNL, UGVCL, MAHAGENCO. - **Hybrid Project Execution Model**: Uses **Special Purpose Vehicles (SPVs)** for EPC projects, ensuring flexibility, transparency, and governance. --- ### **Financial & Operational Strategy** - **Revenue Model**: Diversified across: 1. Sale of electrical enclosures and panels. 2. Electrical EPC project contracts. 3. Solar EPC and O&M services. 4. Future solar module sales (from FY27). 5. IoT-driven intelligent infrastructure systems (smart grids, water). - **Funding**: Mix of **internal accruals and term loans**. Awaiting SIDBI funding for solar plant. - **Margins & Efficiency**: - Focus on **over 90% capacity utilization**. - Lean manufacturing, automation, ERP integration, and digitized QA to enhance throughput and reduce rework. - **Capital Expenditure**: Significant investments in: - SMC/FRP production scaling. - Solar module and mounting structure manufacturing. - Smart & IoT-enabled product development. --- ### **Key Strategic Goals for FY26–FY30** | **Goal** | **Timeline/Target** | |--------|---------------------| | Expand SMC production to 15,000 MT/year | H2 FY26 | | Commission 1 GW solar module plant | Delayed; likely post-FY27 | | Grow order book and secure ₹1,500+ crore in new contracts | Ongoing | | Expand presence in Maharashtra, Gujarat, North & East India | FY26 focus | | Pilot PulseBox with DISCOMs | FY26 | | Strengthen water infrastructure solutions via Intelligent Hydel | Medium-term revenue contributor | | Migrate from BSE SME to BSE Main Board | Pending updated eligibility norms | --- ### **Vision, Values & Governance** - **Vision 2030**: ₹5,000 crore revenue as a vertically integrated **clean energy and utility infrastructure powerhouse**. - **Three Pillars**: Growth, Governance, Green Energy. - **Commitment to ESG**: Safety-first design, waste reduction, water conservation, domestic manufacturing. - **Leadership Team**: - **Mr. Ankit Agrawal** – CEO, driving innovation and diversification. - **Mr. Samujjal Ganguly** – Head, RMC Green Energy (ex-Waaree, Vikram Solar). - **Mr. Manish Mantri** – COO (operations & project execution). - **Mr. Anand Chaturvedi** – CFO (financial governance). - **Mr. Sajal Kumar Ghosh** – Chief Growth Officer (materials & composites expertise). - **Dr. Akhilesh K. Jain** – Chief Mentor (electronics, energy systems). ---