RMC Switchgears (NSE:RMC) Operating Income: ₹425 Mil (TTM As of Mar. 2026)

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NSE:RMC RMC Switchgears Ltd NSE:RMC
60 GF Score
Price ₹267.00
GF Value ₹1,381.60
Valuation Possible Value Trap
! 5 Warning Signs
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What is RMC Switchgears Operating Income?

RMC Switchgears NSE:RMC -0.15% 60 Operating Income is ₹425 Mil as of Mar. 2026. GuruFocus rates NSE:RMC with a GF Score™ of 60/100 and a GF Value™ of ₹1,381.60 (Possible Value Trap). The stock has 5 warning signs investors should review.

RMC Switchgears's Operating Income for the six months ended in Mar. 2026 was ₹103 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ₹425 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. RMC Switchgears's Operating Income for the six months ended in Mar. 2026 was ₹103 Mil. RMC Switchgears's Revenue for the six months ended in Mar. 2026 was ₹1,605 Mil. Therefore, RMC Switchgears's Operating Margin % for the quarter that ended in Mar. 2026 was 6.45%.

Good Sign:

RMC Switchgears Ltd operating margin is expanding. Margin expansion is usually a good sign.

RMC Switchgears's 5-Year average Growth Rate for Operating Margin % was 6.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. RMC Switchgears's annualized ROC % for the quarter that ended in Mar. 2026 was 6.14%. RMC Switchgears's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 13.45%.


RMC Switchgears  (NSE:RMC) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

RMC Switchgears's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=206.928 * ( 1 - 30.64% )/( (2122.995 + 2555.433)/ 2 )
=143.5252608/2339.214
=6.14 %

where

Invested Capital(Q: Sep. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=3204.742 - 992.391 - ( 89.356 - max(0, 1741.697 - 2729.791+89.356))
=2122.995

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=3668.807 - 640.396 - ( 472.978 - max(0, 2178.702 - 2871.758+472.978))
=2555.433

Note: The Operating Income data used here is two times the semi-annual (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

RMC Switchgears's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=228.636/( ( (429.3 + max(1294.807, 0)) + (561.035 + max(1115.186, 0)) )/ 2 )
=228.636/( ( 1724.107 + 1676.221 )/ 2 )
=228.636/1700.164
=13.45 %

where Working Capital is:

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1235.468 + 378.969 + 836.846) - (992.391 + 0 + 164.085)
=1294.807

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2051.827 + 184.957 + 161.996) - (640.396 + 0 + 643.198)
=1115.186

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

RMC Switchgears's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=103.464/1604.967
=6.45 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


RMC Switchgears Operating Income Related Terms


RMC Switchgears Operating Income Historical Data

* Premium members only.

The historical data trend for RMC Switchgears's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

RMC Switchgears Operating Income Chart

RMC Switchgears Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 27.46 249.38 372.75 491.43 425.38

RMC Switchgears Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 183.12 184.39 307.03 321.91 103.46
NSE:RMC
60GF Score
RMC Switchgears Ltd NSE:RMC
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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RMC Switchgears Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was ₹425 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of ₹425 Mil mean?
RMC Switchgears (NSE:RMC) has a Operating Income of ₹425 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on RMC Switchgears and its competitors.
Is RMC Switchgears' Operating Income too high?
RMC Switchgears' current Operating Income is ₹425 Mil. Overall, RMC Switchgears has a GF Score™ of 60/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does RMC Switchgears' Operating Income compare to VRT and BE?
RMC Switchgears' Operating Income of ₹425 Mil can be compared against companies in the Industrial Products industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for an Industrial Products company?
A good Operating Income depends on the Industrial Products industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on RMC Switchgears and its competitors. RMC Switchgears's current Operating Income is ₹425 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is RMC Switchgears stock overvalued right now?
Based on GuruFocus' analysis, RMC Switchgears (NSE:RMC) is currently considered Possible Value Trap. The stock's GF Value™ is ₹1,381.60, compared to a current price of ₹267.00 — trading 80.7% below its estimated fair value. The current Operating Income is ₹425 Mil. RMC Switchgears' overall GF Score™ is 60/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For RMC Switchgears (NSE:RMC), the current Operating Income is ₹425 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is RMC Switchgears (NSE:RMC) Overvalued in 2026?

Based on GuruFocus' analysis, RMC Switchgears stock appears to be undervalued. The current stock price of ₹267.00 is trading 80.7% below its estimated GF Value™ of ₹1,381.60. GuruFocus considers RMC Switchgears to be Possible Value Trap.

Key valuation signals for NSE:RMC:

  • Operating Income: ₹425 Mil
  • GF Value™: ₹1,381.60 vs. price of ₹267.00 (80.7% below fair value)
  • GF Score™: 60/100 with 5 warning signs

No single metric tells the full story. See the NSE:RMC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


RMC Switchgears Business Description

Other Exchanges 540358:India
Address B-11 (B&C), Malviya Industrial Area, Jaipur, RJ, IND, 302017
RMC Switchgears Ltd designs and manufactures electronic energy meters, enclosures for energy metering, distribution boxes, panels, sheet moulding compounds, bulk moulding compounds, and solar power equipment, and provides turnkey contracts. The company operates in two segments: primary and secondary. The primary segment is engaged in "Switch Gear Engineering" and "Construction contracts for the power distribution/transmission sector." The secondary segment operates mainly within the geographical limits of India.
60GF Score

Get the complete analysis for NSE:RMC

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹267.00
Price
₹1,381.60
GF Value