Rajesh Power Services Reports Strong H1FY26 Performance: Revenue Soars 104%, Order Book Exceeds ₹3,500 Crore

Rajesh Power Services Limited (RPSL) has reported impressive financial results for the first half of fiscal year 2026 (H1FY26), showcasing robust growth across key metrics. The company's performance underscores its strong position in the power transmission and distribution sector.

Financial Highlights

RPSL achieved significant growth in H1FY26:

Metric	H1FY26 Value	YoY Growth
Revenue	₹638.00 crore	104%
EBITDA	₹84.00 crore	126%
PAT	₹59.00 crore	99%
Net Worth	₹322.00 crore	189%

The company's EBITDA margin improved to 13.16%, while the PAT margin stood at 9.22%.

Order Book and Business Expansion

RPSL's unexecuted order book has surpassed ₹3,500 crore, with order inflows exceeding ₹2,200 crore in the first six months of FY26. This strong order book provides visibility for future revenue growth.

The company has made significant strides in expanding its geographical footprint beyond its core market of Gujarat. RPSL is now actively operating in five states, including Rajasthan, Uttarakhand, and Madhya Pradesh, with plans to enter Orissa, Jharkhand, and parts of South India.

Key Developments

Entry into 400 kV GIS Segment: RPSL has entered the 400 kV gas-insulated substation (GIS) segment, positioning itself for larger projects with Power Grid and interstate transmission opportunities.
Private Sector Partnerships: The company has strengthened its position as a preferred partner for private sector clients, including SRF Limited, United Phosphorus Limited, Coca-Cola, Grasim Industries, and Asian Paints, for power supply arrangement projects.
Distribution Network Strengthening: RPSL completed 92 feeders for Uttar Gujarat Vij Company Limited, powering over 5 lakh consumers, and installed 2,000 ring main units, 1,000 distribution transformers, and laid more than 1,000 km of underground cable.

Future Outlook

RPSL's management has provided guidance for a 40% CAGR in revenue over the next few years. The company expects to close FY26 with an unexecuted order book of approximately ₹4,500 crore.

The company is actively pursuing opportunities in new geographies, with significant tenders expected in states like Uttarakhand, Rajasthan, Jharkhand, and Orissa. RPSL aims to maintain its current EBITDA margins of around 13-14% in the coming years.

Management Commentary

Utsav Panchal, Director and CEO of Rajesh Power Services Limited, stated, "H1FY26 has been a defining period for Rajesh Power, marked by strong operational performance, strategic diversification, and meaningful progress towards building smarter, more resilient power infrastructure. We remain committed to driving sustainable growth, delivering value to our stakeholders, and contributing to India's energy transition journey."

As RPSL continues to expand its presence across India and diversify its project portfolio, the company appears well-positioned to capitalize on the growing opportunities in the power transmission and distribution sector. Investors should, however, keep an eye on the company's ability to manage its working capital requirements and maintain profitability as it scales up operations.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-3.21%	-12.50%	-22.50%	-13.54%	+54.73%	+70.58%

Rajesh Power Services Limited (RPSL) has announced the acquisition of two significant infrastructure orders totaling Rs. 85.24 crores, marking a substantial boost to its project portfolio in the power transmission sector.

Order Details

Particulars	Order 1	Order 2
Client	Gujarat Energy Transmission Corporation Limited (GETCO)	East Central Railway
Project Scope	Supply, Installation, Testing & Commissioning of 220kV Underground Cable at proposed 220kV Dholera Substation	Design, Supply, Erection, Testing & Commissioning of 132kV Transmission Line and associated Line Bays at GSS Nabinagar (in Joint Venture with a Private Company)
Order Value	Rs. 40.08 Crores (Incl. Taxes)	Rs. 45.16 Crores (Incl. Taxes)
Execution Timeline	6 Months	18 Months
Nature of Contract	Turnkey	Turnkey

Project Significance

These orders represent a significant milestone for Rajesh Power Services Limited, showcasing the company's growing presence in the power infrastructure sector. The projects involve critical components of power transmission infrastructure, highlighting RPSL's capabilities in handling complex electrical engineering projects.

Company's Disclosure

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, RPSL has officially informed the BSE Limited about these new orders. The company clarified that these contracts were secured in the normal course of business and do not involve any related party transactions.

Market Implications

The acquisition of these orders is likely to strengthen Rajesh Power Services Limited's position in the power infrastructure market. With a combined value of Rs. 85.24 crores, these projects are expected to contribute significantly to the company's order book and potentially impact its financial performance in the coming quarters.

Execution Challenges and Opportunities

While the orders present substantial opportunities, they also come with execution challenges. The varying timelines - 6 months for the GETCO project and 18 months for the East Central Railway project - will require efficient project management and resource allocation from RPSL.

The successful completion of these projects, particularly the underground cable installation and the transmission line commissioning, could potentially open doors for more such high-value contracts in the future, both in the public and private sectors.

As Rajesh Power Services Limited embarks on these new projects, stakeholders will be keenly watching the company's execution capabilities and the impact of these orders on its financial performance in the coming fiscal periods.