Rajesh Power Services Ltd

BSE: 544291

₹ 727-5.15%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,309 crWebsite: www.rajeshpower.comUpdated: 24 Oct 2026

About

Rajesh Power Services is an Ahmedabad-based turnkey EPC company for power transmission and distribution, working on systems from 11 kV distribution networks up to 440 kV extra-high-voltage systems. It was founded in 1971. FY26 revenue from operations was Rs 1,627.94 Cr, and its unexecuted order book including L1 positions was Rs 3,326 Cr as of 31 March 2026.^[1][2][3]

Order book

Unexecuted consolidated order book including L1 positions was Rs 3,326 Cr as of 31 March 2026, compared with Rs 3,502 Cr in H1 FY26 and Rs 3,628 Cr as of 15 May 2025.^[1][4][5]
Order book mix as of 31 March 2026: power distribution Rs 2,365 Cr (71%) and power transmission Rs 961 Cr (29%). In H1 FY26 the split was 76% distribution and 24% transmission.^[1][4]
Order inflow was Rs 2,743 Cr in FY26, including Rs 1,929 Cr (excluding GST) in H1 FY26.^[3][4]
At the Q4 FY26 call, bids worth Rs 2,200 Cr were awaiting results and the bid pipeline stood at Rs 3,500 Cr.^[3]

Services and scope

The company offers turnkey EPC across the full voltage range, from 11 kV distribution networks to 440 kV extra-high-voltage systems.^[1]
It entered the 400 kV GIS segment with orders worth about Rs 278 Cr, which management says give it access to Power Grid and interstate transmission projects.^[1][4]
It signed a 12-year battery storage purchase agreement (BESPA) with GUVNL for a 65 MW/130 MWh battery energy storage system (BESS), at a tariff of Rs 1.89 lakh per MW per month.^[3]

Execution track record

Cumulative execution, completed and ongoing, as of FY26: over 51,000 km of MVCC, over 10,500 km of LT cables and over 2,550 km of EHV cable.^[1]
Cumulative execution as of FY26 also includes over 14,500 ring main units and over 6,200 distribution transformers.^[1]
About 27,000 km of MVCC was under execution at the Q4 FY26 call, compared with about 27,300 km at the Q4 FY25 call.^[3][5]

Customers and geography

Substation clients include GETCO, Grasim, IOCL, SRF, UPL, Saint-Gobain, Torrent Power, NDDB, RRVPNL and GIFT City.^[1]
Won new turnkey orders worth Rs 922 Cr from UGVCL for underground cabling and MVCC conversion.^[3][1]
The company was present in 7 states as of FY26, compared with five states at the Q2 FY26 call, and is expanding beyond Gujarat into Rajasthan, Madhya Pradesh and other states.^[1][4]
The Rajasthan order book was about Rs 200-250 Cr as of the Q2 FY26 call.^[4]

HKRP Innovations associate

The company holds a 25.48% stake in HKRP Innovations, its smart energy technology arm, which provides IoT, SCADA and cloud solutions.^[1]
For GETCO, HKRP moved over 1,500 distribution substations onto a single SCADA platform. It manages over 4,00,000 solar pumps and over 40,000 smart grid nodes.^[1]
Limits proposed for FY27 related-party transactions with HKRP: purchases of Rs 500 Cr and sales of Rs 95 Cr.^[1]

Expansion plans

Management plans to build a large BESS portfolio across several states and to pursue BESS EPC opportunities.^[3]
Management plans to repeat its Gujarat model in other Indian states and to target international markets for its integrated T&D capability.^[3]
Management plans to pilot AI-based demand forecasting with discoms through HKRP.^[3]

Recent developments

Formed a joint venture with VITS Total Power Solutions, with RPSL as lead partner holding 51%, to execute a 132 kV railway transmission project for East Central Railway.^[3]
Holds a CRISIL A-/Stable credit rating as of FY26, compared with BBB+/Stable/A2 after an earlier CRISIL upgrade. It also holds a Class AA contractor rating in Gujarat.^[1][5]
Raised Rs 160 Cr through an SME IPO for capital expenditure, working capital and general corporate purposes.^[5]

Market Cap

₹1,309 Cr

High / Low

₹1,605 / 705

Stock P/E

10.4

Price / Book

3.6

Book Value

₹226

EPS

₹79.5

No. of Shares

1.8 Cr

ROCE

48.6%

ROE

42.8%

OPM

12.3%

Debt / Equity

0.31

Sales

₹1,628 Cr

Net Profit

₹143 Cr

Promoter holding

71.9%

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