Smart Meter Stock Jumps 6% After Company to Migrate from SME to NSE Mainboard

Synopsis: A stock, given a compounded return of 42 percent in the last three years, received NSE Main Board approval to migrate from the SME platform. The company in context has seen a 130 percent YoY revenue growth.

A micro-cap stock in the electrical infrastructure and renewable energy EPC business surged by 6 percent today, after receiving in-principle approval to migrate from the SME platform to the NSE Main Board. The company in context  sees its Solar EPC business segment contributing the largest share of revenue at 52 percent.

With a market cap of about Rs 450 Cr, RMC Switchgears Ltd saw its stock hit an intraday high of Rs 430 which is 10 percent higher than the previous close of Rs 389. The company stock has given a compounded return of 42 percent in the last three years.

What’s the news?

RMC Switchgears Limited has received in-principle approvals from NSE to migrate from the SME platform of BSE to the NSE Main Board. This migration would cover more than 1.05 crore shares. Previously, the company had received BSE’s in-principal approval on 6th February 2026. The NSE approval is valid for 45 days, and was granted on March 17, 2026. The company is completing formalities, with the listing date yet to be announced.

Business Segments

RMC Switchgears operates through three primary verticals. Solar EPC is the largest contributor, generating approximately 52 percent of the topline by focusing on ground-mounted projects, rooftop installations, and solar pumps. Electrical EPC follows with a 26 percent contribution, specializing in T&D infrastructure, smart grid development, and critical substation automation projects.

The Electrical Products segment contributes approximately 22 percent of total revenue. This division manufactures essential hardware, including smart meter enclosures, feeder pillars, and electrical panels. Together, these segments provide a comprehensive energy infrastructure portfolio.

Business & Financial Overview

RMC Switchgears Ltd is an India-based electrical infrastructure company engaged in designing and manufacturing smart meter enclosures, distribution boxes, and switchgear equipment. It also undertakes engineering, procurement, and construction (EPC) projects in power distribution and renewable energy, supporting utilities with solutions that enhance safety, reduce losses, and prevent electrical theft.

The company’s prodictline includes a meter box for energy meters, distribution boxes, junction boxes, cable trays, and bus bars. The company has a strong customer base that includes major private giants like L&T, NCC Limited, Bajaj, Adani Group, GMR, and TATA. Apart from them, RMC Switchgears also caters to several state power utilities such as of Jammu and Kashmir, Haryana, Himachal Pradesh, and Punjab.

In the latest result, the company’s half year sales grew by 130 percent, from Rs 105 Crore in H1FY25 to Rs. 241 Crore in H1FY26, and the YoY Net Profits have grown by 100 percent, going up from Rs 10 Cr in H1FY25 to Rs 20 Cr in H1FY26.

The company has a 3 year sales CAGR of 97 percent, while the TTM is at 114 percent. The company’s 3 year profit CAGR is at 278 percent, while the TTM number is at 138 percent. The company also has a ROCE of 37 percent and a ROE of 37 percent.

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