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Rajesh Power Services Q2 FY27 results: net profit up 34.8% to ₹79.22 crore, revenue up 45.7%
Rajesh Power Services Ltd reported consolidated revenue of ₹929.26 crore and a net profit of ₹79.22 crore for Q2 FY27, compared with ₹637.82 crore and ₹58.78 crore in Q2 FY26. EBITDA rose to ₹111.69 crore, while the margin declined to 12.0% from 13.2%; basic EPS was ₹43.99.
Key points
- Consolidated revenue rose to ₹929.26 crore in Q2 FY27 from ₹637.82 crore in Q2 FY26, an increase of 45.7%.
- EBITDA was ₹111.69 crore, up from ₹83.93 crore, while the margin declined to 12.0% from 13.2%.
- Net profit rose to ₹79.22 crore from ₹58.78 crore, and basic EPS increased to ₹43.99 from ₹32.64.
- Total expenses increased to ₹826.52 crore from ₹559.59 crore, with cost of materials rising to ₹748.65 crore.
- The company maintained FY27 revenue-growth guidance at 40%, EBITDA-margin guidance at 11–12% and PAT-margin guidance at 8–9%.
How did Rajesh Power Services perform in Q2 FY27?
Rajesh Power Services reported consolidated revenue of ₹929.26 crore for Q2 FY27, compared with ₹637.82 crore in Q2 FY26, an increase of 45.7%. EBITDA rose to ₹111.69 crore from ₹83.93 crore, but the margin declined to 12.0% from 13.2%. The company reported a net profit of ₹79.22 crore, against ₹58.78 crore, and basic EPS of ₹43.99 against ₹32.64.
Profit before tax was ₹105.33 crore in Q2 FY27, compared with ₹80.48 crore in Q2 FY26, while tax expense was ₹27.04 crore against ₹22.42 crore. The standalone figures for the quarter were revenue of ₹929.26 crore and a net profit of ₹78.5 crore, with profit before tax of ₹58.06 crore.
The filing did not provide previous-quarter consolidated figures for Q2 FY27, so a quarter-on-quarter comparison is not available. The company also reported an order book of ₹3,647 crore at September-end in its H1 FY27 investor presentation.
| ₹ crore | Q2 FY27 | Q2 FY26 | YoY |
|---|---|---|---|
| Revenue from operations | 929.26 | 637.82 | +45.7% |
| Other income | 2.59 | 2.26 | +14.6% |
| Total expenses | 826.52 | 559.59 | +47.7% |
| EBITDA | 111.69 | 83.93 | +33.1% |
| EBITDA margin | 12.0% | 13.2% | −1.2 pp |
| Profit before tax | 105.33 | 80.48 | +30.9% |
| Tax | 27.04 | 22.42 | +20.6% |
| Net profit | 79.22 | 58.78 | +34.8% |
| EPS (₹) | 43.99 | 32.64 | +34.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Rajesh Power Services' costs and profit?
Total expenses rose to ₹826.52 crore from ₹559.59 crore in the year-ago quarter, an increase of 47.7%. Cost of materials increased by ₹228.87 crore to ₹748.65 crore, employee costs declined by ₹8.18 crore to ₹28.39 crore, and other expenses increased by ₹15.03 crore to ₹38.29 crore. Finance costs rose by ₹3.18 crore to ₹8.36 crore, while depreciation increased by ₹0.06 crore to ₹0.59 crore.
Other income was ₹2.59 crore, up by ₹0.33 crore from ₹2.26 crore in the year-ago quarter. The company reported no exceptional item. Tax expense increased by ₹4.62 crore to ₹27.04 crore. The filing gives the movements in these cost lines but does not state reasons for the changes.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 748.65 | 519.78 | +228.87 | +44.0% |
| Employee cost | 28.39 | 36.57 | −8.18 | −22.4% |
| Finance costs | 8.36 | 5.18 | +3.18 | +61.4% |
| Depreciation | 0.59 | 0.53 | +0.06 | +11.3% |
| Other expenses | 38.29 | 23.26 | +15.03 | +64.6% |
| Total expenses | 826.52 | 559.59 | +266.93 | +47.7% |
| Other income | 2.59 | 2.26 | +0.33 | +14.6% |
| Tax | 27.04 | 22.42 | +4.62 | +20.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹1,037.3 crore, compared with ₹942.43 crore at 31 March 2026. Total equity was ₹483.57 crore against ₹406.17 crore, while borrowings were ₹151.45 crore compared with ₹127.23 crore. Cash was ₹3.65 crore against ₹1.35 crore.
Inventories were ₹122.7 crore, compared with ₹124.95 crore at the previous balance-sheet date. Trade receivables were ₹324.11 crore against ₹348.77 crore, and trade payables were ₹334.27 crore against ₹328.32 crore. For H1 FY27, operating cash flow was ₹8.69 crore, compared with negative ₹22.41 crore in H1 FY26; investing cash flow was negative ₹20.6 crore against ₹1.25 crore, and financing cash flow was ₹14.21 crore against negative ₹0.69 crore. Capital expenditure was ₹1.98 crore against ₹0.66 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,037 | 942.43 |
| Total equity | 483.57 | 406.17 |
| Borrowings | 151.45 | 127.23 |
| Cash and equivalents | 3.65 | 1.35 |
| Inventories | 122.70 | 124.95 |
| Trade receivables | 324.11 | 348.77 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 8.69 | −22.41 |
| Cash from investing | −20.60 | 1.25 |
| Cash from financing | 14.21 | −0.69 |
| Capital expenditure | 1.98 | 0.66 |
Source: Company's results filing (XBRL).
What else did the company announce?
On 2 November 2026, the board approved the company’s unaudited standalone and consolidated financial results for the half year ended 30 September 2026, together with the relevant statements of assets and liabilities, cash-flow statements and limited-review reports. The company also submitted an investor presentation for the H1 FY27 results. The available same-day filings do not mention a dividend, fund raise or appointment.
What did Rajesh Power Services' management say?
Management maintained FY27 revenue-growth guidance at 40%, EBITDA-margin guidance at 11–12% and PAT-margin guidance at 8–9%. It also targets positive operating cash flow for the full financial year and an FY27 closing order book of around ₹5,000 crore. Management said the order book was ₹3,647 crore at September-end, with HCRP standalone revenue targeted at approximately ₹150 crore.
The company’s priorities are to strengthen distribution, scale transmission capabilities, build its presence in energy storage and technology, and selectively explore new geographical markets. Management said the H1 growth reflected execution in distribution, expansion into higher-voltage transmission and entry into energy storage. It identified working-capital and collection discipline, H2 execution requirements and early-stage BESS and data-centre opportunities as areas of attention.
How did Rajesh Power Services shares react?
After the filing appeared, the stock fell 1.7% after 5 minutes, 2.2% after 15 minutes and 1.9% after 30 minutes. On the reaction day, it rose 4.5% from the previous close, compared with a 1.4% median move for the Other Utilities industry; the stock’s excess move was 3.1 percentage points. By the next day’s close, the stock was up 0.2% from its pre-results close, while the industry median was up 2.1%, giving an excess move of negative 2.2 percentage points. No five-day movement was available.
Earlier results-day reactions were negative: the stock fell 1.2% on 10 September 2026, 4.9% on 23 April 2026, 0.2% on 13 November 2025 and 4.3% on 15 May 2025. The nearest market benchmark, the Nifty Microcap 250, was up 1.4% on the reaction day.
| After the filing | Stock | Other Utilities median |
|---|---|---|
| 5 minutes | −1.7% | |
| 15 minutes | −2.2% | |
| 30 minutes | −1.9% | |
| Reaction day | +4.5% | +1.4% |
| Next day | −0.2% | +2.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 10 September 2026 | −1.2% |
| 23 April 2026 | −4.9% |
| 13 November 2025 | −0.2% |
| 15 May 2025 | −4.3% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Rajesh Power Services' revenue in Q2 FY27?
Revenue from operations was ₹929.26 crore, up 45.7% from ₹637.82 crore in Q2 FY26 (consolidated).
Did Rajesh Power Services make a profit in Q2 FY27?
Yes. Net profit was ₹79.22 crore, against a net profit of ₹58.78 crore in Q2 FY26.
What was Rajesh Power Services' EPS in Q2 FY27?
Basic earnings per share were ₹43.99, against ₹32.64 in Q2 FY26.
How did Rajesh Power Services shares react to the Q2 FY27 results?
On the reaction day the stock moved +4.5% from the previous close; the median Other Utilities stock moved +1.4%.
When did Rajesh Power Services announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results Half Year Ended September 30, 2026 (BSE, 28 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting And Submission Of The Unaudited Standalone & Consolidated Financial Results For The Half Year Ended On September 30, 2026 (BSE, 2 November 2026) · PDF
- The earnings call (3 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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