BSE: 544291
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. 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).
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ 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 |
Exhibit 3: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.3 | 13.6 | 3 of 14 | 85% |
| P/B | 3.3 | 2.1 | 8 of 11 | 30% |
| ROCE | 41.1 | 15.4 | 1 of 16 | 100% |
| ROE | 35.3 | 13.5 | 1 of 11 | 100% |
| Debt / Equity | 0.3 | 0.3 | 7 of 11 | 40% |
| EBITDA margin | 11.7 | 17.6 | 10 of 12 | 18% |
| Market cap | 1326 | 711 | 6 of 16 | 67% |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Rajesh Power bags ₹69 cr order from UGVCL; second win within a week | compliance | low | — | — |
| 14 Oct 2026 · Rajesh Power wins Rs 69 Cr turnkey contract for UGVCL network shifting | business updates | high | — | — |
| 12 Oct 2026 · Certificate under Regulation 74(5) for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 12 Oct 2026 · Rajesh Power wins Rs 471.92 cr order from MGVCL, order book nears Rs 4,000 cr | business updates | high | — | — |
| 12 Oct 2026 · Rs 471.92 Cr Order from MGVCL for Power Line Conversion | business updates | high | — | — |
| 26 Sept 2026 · Trading Window Closed from Oct 1, 2026 Till H1 Results Announcement | compliance | minimal | — | — |
| 25 Sept 2026 · Newspaper ad filed for variation in IPO proceeds use and timeline | compliance | minimal | — | — |
| 25 Sept 2026 · 17th AGM Results: All 12 Resolutions Passed, Final Dividend Declared | board shareholder meetings | medium | — | — |
| 15 Sept 2026 · Dividend record date set for September 18, 2026 at Rs 1 per share | corporate actions | medium | — | — |
| 10 Sept 2026 · Rajesh Power FY26 Annual Report: Revenue up 52%, EBITDA grows 59% | results | high | — | — |
How to read this document
| 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 |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.