RMC Switchgears hit an upper circuit of 5% at Rs 1,159.65 after the firm received a letter of acceptance (LOA) from a reputed system integrator for the supply, installation and commissioning of 5,000 solar pumps in Maharashtra valued at Rs 90 crore.
The said LOA comprises 3HP, 5HP, and 7HP solar pump systems and is slated for completion in FY25-26.RMCs recent order marks a significant milestone in India's clean energy transition, particularly in Maharashtra's push for 1.5 million solar pumps with an Rs 100 billion allocation to boost the agricultural sector. With over 100,000 solar pumps already installed, the states program shows tremendous growth potential.
RMCs involvement positions the company to provide sustainable irrigation solutions for farmers and contribute to India's renewable energy goals. This project aligns with RMC's strategy to expand its solar EPC and IPP portfolio, strengthening its role in Indias renewable energy sector.
The announcement follows RMCs recent decision to establish a state-of-the-art solar module manufacturing plant in Jaipur, Rajasthan, with an investment of Rs 100 crore. This backward integration strategy is aimed at reducing reliance on external suppliers and supporting the growing demand for solar modules in large-scale projects such as this solar pump initiative.
Ankit Agrawal, CEO and Whole-Time Director, RMC Switchgears, said: This LOA is a significant milestone for RMCs solar-based EPC business, showcasing our capabilities in delivering real-world solar solutions and aligning with Maharashtras clean energy ambitions.
It reinforces the strategic rationale behind our investment in solar module manufacturing, enabling us to efficiently execute projects and contribute to the nations renewable energy objectives. As we continue to expand our portfolio, this project represents another step forward in achieving our Vision-2030 goals.
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RMC Switchgears is primarily engaged in the business of switchgear engineering and ECI contracts for the power distribution/transmission sector.
On a full-year basis, the company's consolidated net profit jumped 26.8% to Rs 14.89 crore in FY24 as against Rs 11.74 crore posted in FY23. Revenue from operations surged 37.8% to Rs 172.63 crore in FY24 as compared to Rs 125.27 crore recorded in FY23.
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