The Transcript of half year ended on September 30,2025 (H1FY26) Earnings conference call with the Investors held on November 14,2025 at 11:00 A.M.
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Rajesh Power Services reported a strong H1FY26 with revenue of ₹638 crore, up 104% YoY, driven by solid project execution and a diversified order book. EBITDA rose 126% to ₹84 crore (margin 13.16%) and PAT grew 99% to ₹59 crore (margin 9.22%). Annualized ROCE and ROE stood at 42.86% and 36.53% respectively, while debt-to-equity improved to 0.26. The company, which listed in December 2024, saw its first-ever earnings call with order inflow crossing ₹2,200 crore in H1 and unexecuted order book reaching ₹3,500 crore (76% distribution, 24% transmission). Management guided a ~40% CAGR across key metrics over the next few years and expects order book to close FY26 at ~₹4,500 crore. The company entered the 400 kV gas-insulated substation segment and is expanding beyond Gujarat into Rajasthan, Uttarakhand, MP, Orissa, Jharkhand and South India.
Positive for shareholders — strong revenue and earnings growth, healthy return ratios, and a visible multi-year order pipeline support the 40% CAGR guidance. No equity fundraising is planned near-term, with banking limits being expanded from ₹270 cr to ₹400 cr to fund working capital, which could limit dilution risk.