RAJESH POWER SERVICES LIMITED

Builds and commissions power transmission and distribution infrastructure on a turnkey EPC basis. Work splits into two streams: distribution (71% of the order book) covering underground cabling of 11 kV HT and LT lines, medium voltage covered conductor (MVCC) systems, ring main units, distribution transformers and SCADA upgrades; and transmission (29%) covering high-voltage substations including gas-insulated substations (GIS) up to 400 kV, overhead lines and underground cable transmission corridors. Customers are state-owned power utilities — DISCOMs such as PGVCL and state transmission companies such as GETCO, RVPNL and OPTCL. In FY26, revenue was INR 1,628 crore (up 52% year-on-year) at a 12.1% EBITDA margin. The unexecuted order book stood at INR 3,326 crore at FY26 end, with a targeted bid pipeline of about INR 6,000 crore, and order inflows of INR 2,743 crore in FY26. The company has entered battery energy storage with a 65 MW / 130 MWh standalone project from GUVNL, targeted for commissioning by September 2027. Materials account for 85.5% of revenue, reflecting the cable, conductor and substation equipment content of each project.