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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Distribution EPC (71%), Transmission EPC (29%). Asset-light EPC services in power T&D with working capital tied up in receivables (78 days vs 60-day norm).
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,107 | 1,628 |
| EBITDA (ex other income) | — | 197 |
| margin % | — | 12.1 |
| Owners' profit | — | 143 |
| EPS, as reported (₹) | 57.74 | 79.52 |
| ROE % · ROCE % | — · 43.6 | 35.3 · 43.5 |
| Debt / equity (x) | — | 0.31 |
| Cash from operations | (16) | (41) |
| Capex | (3) | (2) |
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 790 | 638 | 990 |
| Profit before tax | 86 | 80 | 109 |
| Net profit | — | 59 | 84 |
| EPS (₹) | 38.08 | 32.64 | 46.88 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.8 | 16.1 | 3 of 14 | 85% |
| P/B | 3.5 | 2.5 | 8 of 11 | 30% |
| ROCE | 41.1 | 15.4 | 1 of 16 | 100% |
| ROE | 35.3 | 13.4 | 1 of 12 | 100% |
| Debt / Equity | 0.3 | 0.2 | 8 of 12 | 36% |
| EBITDA margin | 11.7 | 17.6 | 10 of 12 | 18% |
| Market cap | 1429 | 807 | 6 of 16 | 67% |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Rajesh Power FY26 Annual Report: Revenue up 52%, EBITDA grows 59% | results | high | — | — |
| 3 Sept 2026 · Annual Report FY26: Revenue up 52 percent, Order Book at 3326 Cr | investor communications | medium | — | — |
| 3 Sept 2026 · Board appoints independent director, MD elevated to Chairman | management changes | medium | — | — |
| 3 Sept 2026 · Board appoints independent director, elevates MD to Chairman and MD | management changes | medium | — | — |
| 12 Aug 2026 · Independent Director Mr. Viral Ranpura resigns citing personal reasons | management changes | medium | — | — |
| 4 Aug 2026 · Rajesh Power bags Rs 362.83 cr PGVCL underground cabling order | compliance | low | — | — |
| 4 Aug 2026 · Rajesh Power wins Rs 362.82 Cr order from PGVCL for Jamnagar underground cable work | business updates | high | — | — |
| 27 Jul 2026 · Order win of Rs 75.05 Cr from RVPNL for GIS substation in Jodhpur | business updates | high | — | — |
| 22 Jul 2026 · Rajesh Power bags Rs 40.58 Cr order from PGVCL | business updates | high | — | — |
| 17 Jul 2026 · Routine SEBI Regulation 74(5) compliance certificate filed for Q1 FY27 | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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