Solar Growth and Market Transition: RMC Switchgears Shares Key Project and Listing Updates

JAIPUR, India, Sept. 23, 2025 /PRNewswire/ -- RMC Switchgears Limited (BSE: RMC) today shared an update on three key developments — progress on its 1 GW Solar Module Manufacturing Plant in Jaipur, the award of a significant ₹59.12 crore order under the Revamped Distribution Sector Scheme (RDSS), and the status of its migration to the BSE Main Board. Progress Update: 1 GW Solar Module Manufacturing Plant at Jaipur RMC Switchgears Limited continues to make substantial progress on the development of its 1 GW Solar Module Manufacturing Plant in Jaipur. This ambitious initiative, representing a significant investment of ₹100 crore, is a cornerstone of the company's strategy to expand its presence in the renewable energy sector.

Project Timeline and Funding While the initial plan targeted an operational launch in October 2025, unavoidable delays have necessitated an adjustment to the original schedule. The timeline has now been revised to Q4 of the current financial year. Despite these challenges, RMC has proactively secured the required funding for the project through a combination of internal accruals and debt from SIDBI. This robust financial backing has enabled the company to commence the early stages of project execution.

Operational Readiness and Staffing To ensure a smooth transition into full-scale operations, RMC has strengthened its team by recruiting key personnel to oversee and manage plant operations. The company has also placed orders for the essential capital equipment, with delivery, installation, and commissioning processes proceeding according to the revised timeline.

Strategic Impact and Market Positioning The facility is expected to provide a strong backward integration for RMC's growing EPC business. Once operational, it will not only reduce procurement risks but also enhance pricing competitiveness in government tenders and private sector opportunities, supported by the benefits of the Rajasthan Investment Promotion Scheme (RIPS) 2024. With these advantages, RMC expects the plant to be operational at full scale by FY26, thereby strengthening its ability to deliver cost-efficient and reliable solar EPC projects.

RMC Secures ₹59.12 Crore RDSS Order from Jaipur Discom In parallel, RMC Switchgears has received a Letter of Intent from Jaipur Vidyut Vitran Nigam Ltd. (JVVNL) for a contract valued at ₹59.12 crore under the Revamped Distribution Sector Scheme (RDSS). The scope of work includes the development of distribution infrastructure for segregation of 11 KV mixed feeders at Tonk Circle in Rajasthan, to be executed on a turnkey basis.

This order reaffirms RMC's strong credentials in executing large-scale distribution infrastructure projects and complements its presence in the renewable energy EPC segment. Together, these initiatives highlight the Company's dual focus on building integrated capabilities in solar manufacturing and executing forward-looking power distribution projects across India. Migration to the BSE Main Board: Status and Next Steps Migration to the BSE Main Board: Status and Next Steps On the corporate front, RMC confirms that its application for migration to the BSE Main Board is fully prepared. Following recent changes in the eligibility criteria, the Company is currently awaiting final confirmation from BSE. Once received, RMC will proceed promptly with the filing process. The management reiterated that the migration remains an important step in enhancing market visibility, improving liquidity, and widening access to a larger pool of institutional investors.

Commenting on the developments, Mr. Ankit Agrawal, Whole-time Director and CEO of RMC Switchgears Limited, said: "Our progress on the 1 GW Solar Module Manufacturing Plant in Jaipur is not merely an operational milestone; it represents a strategic pillar in our efforts to build an integrated solar value chain. With funding secured from SIDBI and the added pricing advantages available under Rajasthan's RIPS 2024 scheme, we are confident this plant will ensure cost efficiency, strengthen our EPC business, and align with India's renewable energy ambitions. This backward integration is designed to provide a reliable supply chain for our projects while positioning us as a meaningful contributor to the 'Make in India' initiative in the solar sector.

"Alongside this, we are pleased to have secured a new ₹59.12 crore order from Jaipur Discom under the Revamped Distribution Sector Scheme (RDSS). This contract for feeder segregation in Tonk Circle reflects our execution strength in distribution infrastructure and complements our presence in the renewable EPC domain. Together, these initiatives demonstrate our ability to balance backward integration with forward execution, reinforcing our role in building resilient and modern power systems.

"Consciously, we are also preparing for migration to the BSE Main Board. While we await final confirmation from the exchange on revised eligibility norms, our application is fully ready, and we view this as a strategic step towards enhanced transparency, stronger governance, and deeper engagement with investors.

"These endeavours, spanning solar manufacturing, distribution infrastructure projects, and capital market readiness, coupled with our ongoing work in smart water management through Intelligent Hydel Solutions and power sector modernisation under schemes like RDSS, collectively define RMC Switchgears as a dynamic and future-ready company. We are making tangible progress in diversifying our portfolio and capabilities to drive exponential growth and create sustainable impact across India's critical energy and utility sectors." About RMC Switchgears Limited: RMC Switchgears 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. The Company has built a strong reputation in the smart meter enclosure market, actively supporting utilities across India through initiatives such as the Revamped Distribution Sector Scheme (RDSS). RMC's offerings span manufacturing, installation, and Operations & Maintenance (O&M), making it a reliable partner for AMISPs, utilities, and state entities as India modernises its power distribution networks. Additionally, RMC is positioning itself to participate in the ₹9 trillion investments planned by the Government of India for the transmission sector through its EPC model.

RMC's foray into renewable energy is a natural progression. The company is contributing to India's clean energy goals by leveraging its expertise in electrical infrastructure. The Company is expanding into solar EPC, green energy projects, and IPP solutions. RMC is also pursuing backward integration with a proposed 1 GW solar module manufacturing plant to strengthen its position in the sector, aligning with India's vision to reduce import dependencies and promote local manufacturing.

Complementing its legacy business, RMC is also advancing into water management infrastructure by integrating advanced technologies like IoT. Through high-value, customised solutions for DISCOMs, RMC continues to enhance efficiency, reduce losses, and support India's power security objectives, reinforcing its role as a key contributor to the nation's sustainable infrastructure development.

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