Rajesh Power Services has secured a significant order worth ₹211.68 crores from Odisha Power Transmission Corporation Limited (OPTCL) for the construction of a 220kV SC line through underground cable. The project, awarded on an EPC (Engineering, Procurement, and Construction) basis, marks the company's entry into the state of Odisha and expands its footprint in the eastern region. This contract is among the largest orders secured by the company in the transmission segment and is expected to contribute meaningfully to its long-term growth and execution pipeline.

Order Details

The key parameters of the newly secured contract are outlined below:

Strategic Significance

The receipt of this EPC order underscores the company's continued engagement in power transmission infrastructure projects. By securing this project from a leading power transmission utility, Rajesh Power Services has demonstrated its capabilities in executing complex transmission infrastructure projects. The award reinforces the confidence reposed in the company by utilities and strengthens its order book.

Rajesh Power Services has announced its audited standalone and consolidated financial results for FY26, showcasing exceptional growth across all key financial metrics. The integrated turnkey EPC player reported revenue growth of 51.85% to ₹1,627.94 crore for the full year, demonstrating strong execution excellence and operational efficiency.

Outstanding Financial Performance

The company's FY26 results reflect robust performance with significant improvements across revenue, profitability, and margins. The financial results were approved by the Board of Directors on April 23, 2026, in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

The company's net worth increased by 53% year-on-year to ₹406 crore in FY26. Annualized ROCE and ROE stood at 43.65% and 35.26%, respectively, in H2FY26, demonstrating efficient capital deployment. The debt-equity ratio remained comfortable at 0.31 as of the period end.

Half-Yearly Performance Highlights

The second half of FY26 (H2FY26) continued the strong momentum with revenue from operations reaching ₹990.12 crore compared to ₹759.01 crore in H2FY25, marking a 30.45% year-on-year growth. EBITDA for H2FY26 stood at ₹113.22 crore with a margin of 11.44%, while profit after tax increased 25.91% to ₹84.42 crore.

Order Book and Strategic Initiatives

As of March 31, 2026, the company's unexecuted order book stood at ₹3,326 crore. The power distribution segment accounted for 71% (₹2,365 crore), while the power transmission segment constituted 29% (₹961 crore). During FY26, the company recorded order inflows of ₹2,743 crore across government, utility, and private sector projects.

FY26 marked a strategic milestone with the company's entry into Battery Energy Storage Systems (BESS). Rajesh Power signed a 65 MW/130 MWh standalone BESS project awarded by GUVNL in Gujarat. The project is expected to be completed by September 2027, with annual revenue of ₹14-15 crore through monthly tariff rentals. The company is targeting an IRR of 10-12% on this project.

Operational Excellence and Future Outlook

During FY26, the company successfully executed and commissioned several key projects including 132 kV gas insulated substations at Jodhpur and Jaipur, 66 kV substation for JK Paper in Gujarat, RDSS schemes in Gandhinagar and Ahmedabad, and a 220 kV GIS project at ATUL for Gujarat. The company installed over 350 feeders affecting more than 15 lakh consumers, over 4,000 ring main units, and over 1,200 distribution transformers, along with laying more than 1,300 kilometers of cable.

Management maintained its revenue growth guidance of 40% for FY27. The company is targeting order inflows of ₹4,000-5,000 crore and aims to close the order book above ₹5,000 crore by FY27 end. The bid book stands at approximately ₹6,000 crore, with 75% originating from Gujarat and 25% from other states including Rajasthan, Uttarakhand, Maharashtra, Bihar, and Odisha.

Management Commentary

Mr. Utsav Panchal, Director and CEO, stated that FY26 has been a milestone year marked by strong growth in revenue and profitability driven by timely project execution, operational efficiencies, and a well-diversified order book. He emphasized that the company is well positioned to sustain growth momentum, supported by strong policy visibility in India's power transmission and distribution sector under the Viksit Bharat @2047 vision.

The company's total revenue has grown at a CAGR of 99% over the last three years (FY23-FY26), reflecting the scalability of its business model. Rajesh Power operates on a differentiated transmission and distribution platform with strong leadership in underground cabling, enabling project execution within 18-24 months compared to longer timelines in traditional transmission EPC models.