Smart Meter Stock Hits 5% Upper Circuit After NSE, BSE Mainboard Listing

SYNOPSIS: Shares of a prominent player in the electrical infrastructure solutions sector migrated from the SME Platform, while also approving a share pledge agreement to secure a Rs. 1.36 crore loan backed by subsidiary stake.

During Wednesday’s trading session, shares of a prominent player in the electrical infrastructure solutions sector with a strong reputation in the smart meter enclosure market hit a 5 percent upper circuit on the stock exchanges, after NSE and BSE mainboard listing.

With a market cap of Rs. 392.3 crores, shares of RMC Switchgears Limited hit a 5 percent upper circuit at Rs. 370.9 on BSE, as against its previous closing price of Rs. 353.25.

What’s the News

As per the latest regulatory filings with the stock exchanges, RMC Switchgears Limited announced that, with effect from 1st April 2026, its equity shares have been successfully migrated from the SME Platform of BSE to the Main Board of BSE Limited, and for the listing and trading in equity shares of the company on Capital Market Segment (Main Board) of National Stock Exchange of India Limited (NSE).

This transition marks a significant milestone in the company’s growth journey, reflecting its operational progress and commitment to improving governance standards, transparency, and investor engagement.

The company believes that its presence on the main boards of both BSE and NSE will enhance its visibility in the capital markets, attract broader participation from retail and institutional investors, and strengthen its connection with the wider investment community.

Separately, the Board of Directors, in its meeting held on 31st March 2026, approved the execution of a Loan-cum-Share Pledge Agreement with Saatvik Cleantech EPC Private Limited. Under this agreement, the company will pledge shares held in its subsidiary, Intelligent Hydel Solutions Private Limited (IHSPL), as collateral.

The agreement has been entered into to secure financial assistance of Rs. 1.36 crore, backed by the pledge of 51 percent shareholding in the subsidiary. It establishes a continuing security interest in favour of the lender, ensuring repayment obligations are met as per agreed terms.

As part of the arrangement, the lender is granted necessary rights and remedies, including the ability to invoke the pledge or dispose of the pledged shares, subject to applicable laws, in case of any default.

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 (or 52 percent) to the total revenue. This was followed by Electrical EPC and Electrical Products, contributing Rs. 57.5 crores (or 26 percent) and around Rs. 50 crores (or 22 percent), 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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