Unaudited Financial Results for Half yearly ended on September 30,2025
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Rajesh Power Services, an EPC company listed on BSE SME platform (since Dec 2024 IPO), reported a strong H1 FY26. Standalone revenue from operations more than doubled to ₹637.82 crores from ₹313.06 crores in H1 FY25 (about 104% growth). Standalone net profit surged nearly 120% to ₹58.06 crores from ₹26.42 crores, and consolidated PAT grew ~99% to ₹58.78 crores. Profitability margins improved, with PBT margin expanding to ~12.6% from ~10.8%. However, operating cash flow turned sharply negative at -₹23.13 crores (standalone) versus +₹7.28 crores in the prior period, largely due to a spike in inventory, other financial assets, and other current assets tying up cash. This is the company's first set of results prepared under Ind AS (transitioned from Indian GAAP effective April 1, 2025), with prior period figures restated. The statutory auditor (Dinesh R. Thakkar & Co.) issued an unmodified limited review opinion with an emphasis of matter on the Ind AS transition.
Strong revenue and profit growth reflect robust order execution and business momentum, likely positive for the stock. However, the swing to negative operating cash flow despite record profits is a red flag for working capital health, as receivables and other current assets ballooned, which could pressure short-term liquidity if the trend persists.