Rajesh Power H1 revenue up 46% to Rs 929 crore, profit up 35% as order book nears Rs 4,000 crore

Rajesh Power Services Limited builds substations, underground cables and distribution networks that carry power from high-voltage lines to homes and factories, like a large electrical contractor for utilities . On November 3, 2026 it reported unaudited consolidated results for the half year ended September 30, 2026 with revenue of Rs 929 crore, up 46% year on year, EBITDA of Rs 112 crore, up 33%, and PAT of Rs 79 crore, up 35%, alongside an aggregate order book of about Rs 4,000 crore and operating cash flow turning positive . The takeaway is strong execution with multi-quarter visibility, but profit grew slower than sales so margins eased while cash discipline improved.

Growth is fast, and still below the last half

Consolidated sales and profit have grown sharply over the last two years. H1 FY27 continued that run but did not exceed the immediately preceding half .

Source: .

Period	Revenue from operations	EBITDA incl. other income	PAT
FY25	Rs 1,107.44 crore	Rs 140.98 crore	Rs 93.37 crore
FY26	Rs 1,627.94 crore	Rs 201.99 crore	Rs 143.20 crore

FY26 growth over FY25 was 47.0% in revenue, 43.3% in EBITDA and 53.4% in PAT . Basic earnings per share was Rs 79.52 in FY26 against Rs 57.74 in FY25 .

The half-year run shows the same pattern of high growth with profit lagging sales. H1 FY27 revenue growth was 45.7% over H1 FY26, while PAT growth was 34.8% and EBITDA growth was 32.6% .

Source: .

Period	Revenue from operations	EBITDA incl. other income	PAT
H2 FY25	Rs 790.48 crore	Rs 96.02 crore	Rs 65.20 crore
H1 FY26	Rs 637.82 crore	Rs 86.19 crore	Rs 58.78 crore
H2 FY26	Rs 990.12 crore	Rs 115.79 crore	Rs 84.42 crore
H1 FY27	Rs 929.26 crore	Rs 114.28 crore	Rs 79.22 crore

H1 FY27 was therefore continuation of high growth, not acceleration beyond the H2 FY26 run-rate of Rs 990.12 crore revenue and Rs 84.42 crore PAT . Basic earnings per share was Rs 43.99 in H1 FY27 against Rs 32.64 in H1 FY26 .

The longer scale-up frames this half in context. Revenue was Rs 207.18 crore in FY23, Rs 284.97 crore in FY24, Rs 1,072.07 crore in FY25 and Rs 1,627.94 crore in FY26 . FY23 and FY24 were on standalone basis and FY25 on consolidated basis after HKRP Innovations Limited became a public limited company in which Rajesh Power holds 25.48% stake . The presentation's FY25 revenue of Rs 1,072.07 crore differs from the Rs 1,107.44 crore in the filed consolidated financials used in the table above, and the presentation notes FY25 results were restated on adopting Ind AS . On the presentation's figures, FY26 revenue grew 51.85% and PAT 48.19% .

Chairman and Managing Director Kurang Panchal called H1 FY27 a landmark half with strong broad-based growth in topline and bottomline. He credited disciplined on-time execution across GIS and AIS substations, EHV cable, transmission line and distribution projects .

Profit grew slower than sales, so margins eased

EBITDA here means profit before interest, tax and depreciation, a measure of core operating profit, and PAT means final profit after tax . Revenue grew faster than profit in H1 FY27, so profit per rupee of sales eased a little .

Source: .

Measure	H1 FY26	H1 FY27
Revenue from operations	Rs 637.82 crore	Rs 929.26 crore
EBITDA excluding other income	Rs 83.93 crore	Rs 111.69 crore
Profit before tax	Rs 81.20 crore	Rs 106.26 crore
PAT	Rs 58.78 crore	Rs 79.22 crore
Earnings per share	Rs 32.64	Rs 43.99

Growth on that basis was 45.69% in revenue, 33.07% in EBITDA, 30.87% in profit before tax and 34.77% in PAT . Earnings per share growth was described as 35% .

Margins reflect the same mix effect across periods.

Source: .

Margin	H1 FY26	H1 FY27	FY25	FY26
EBITDA margin excluding other income	13.16%	12.02%	11.56%	12.11%
PAT margin	9.22%	8.53%	9.01%	8.80%

Management has guided at project level to EBITDA of around 11% to 12% and PAT of 8% to 9%. It described second-half softness in FY26 as mainly billing mix and noted price escalation clauses are back-to-back with customers so higher aluminium and copper prices are invoiced without time gap .

Standalone results for the half year ended September 30, 2026 were almost the same as consolidated. The small extra profit at group level came from joint ventures .

Source: .

Basis for H1 FY27	Revenue from operations	Profit before tax	PAT
Standalone	Rs 929.26 crore	Rs 105.54 crore	Rs 78.50 crore
Consolidated	Rs 929.26 crore	Rs 106.27 crore	Rs 79.22 crore including Rs 93.83 lakh share from joint ventures

Order book math gives multi-quarter visibility

An order book is future work already won but not yet built, so it signals future sales. Management put the September 30, 2026 book at Rs 3,647 crore after executing Rs 929 crore in H1 FY27 . The press release rounds the aggregate book to about Rs 4,000 crore with good revenue visibility for coming many quarters .

Source: .

Order book bridge	Amount
Order book as on April 1, 2026	Rs 3,326 crore
Fresh orders in H1 FY27	Rs 1,250 crore
Projects executed in H1 FY27	Rs 929 crore
Unexecuted as on September 30, 2026	Rs 3,647 crore
Orders received in October 2026	Rs 458 crore

The September 30, 2026 book splits as power distribution Rs 2,579 crore and power transmission Rs 1,068 crore, shown as 71% and 29% . Distribution covers government distribution companies, private distribution companies, turnkey projects for private distribution companies and operations, engineering and maintenance (OEM) services for discoms .

Transmission covers state transmission utilities, private discoms and private companies needing high-voltage power enhancement . As on March 31, 2026 the unexecuted book was also Rs 3,326 crore with distribution Rs 2,365 crore at 71% and transmission Rs 961 crore at 29%, built on FY26 inflows of Rs 2,743 crore .

In H1 FY26 the unexecuted book including L1 was Rs 3,502 crore with 76% distribution and 24% transmission after inflows of more than Rs 2,200 crore in six months . October added two Gujarat distribution wins that bridge the September book toward Rs 4,000 crore .

Sources: MGVCL Oct 12 order — ; UGVCL Oct 14 order — ; July to August orders — ; June OPTCL order — .

Order	Value and tenure
MGVCL on Oct 12 for 11kV overhead to covered conductor and underground cable	Rs 471.92 crore, 18 months
UGVCL on Oct 14 for shifting network at Adalaj, Kalol, Chhatral and Jagudan with GIS mapping	Rs 69 crore, 12 months
PGVCL on July 9 for underground cable at Bhavnagar, Anjar, Junagadh and Porbandar	Rs 653.12 crore, 18 months
PGVCL ring main unit SCADA work plus RVPNL 220kV cable work on July 17	Rs 21.57 crore plus Rs 12.80 crore
PGVCL covered conductor work at Jamnagar on July 22	Rs 40.58 crore, 12 months
RVPNL 132/33kV GIS substation at Pal Jodhpur on July 27	Rs 75.05 crore, 18 months
PGVCL underground cable with ring main at Jamnagar City-2 on Aug 4	Rs 362.82 crore, 24 months
OPTCL 220kV underground cable Mendhasal to Chandaka-B plus bay extensions on June 17	Rs 211.68 crore, 24 months, entry into Odisha

The OPTCL win was described as entry into Odisha and one of its largest transmission wins .

Execution engine is underground cables and substations for utilities

The company describes itself as an experienced turnkey EPC player since 1971 with end-to-end design, engineering, procurement, execution and commissioning . It offers services from 1.1kV to 400kV including transmission, distribution, operation and maintenance, underground cabling and GIS specialization .

GIS means gas-insulated substation, a compact high-voltage hub for cities and industry, while AIS means air-insulated substation . MVCC means medium-voltage covered conductor, a safer insulated wire that replaces bare overhead lines .

H1 FY27 delivery was spread across substations, EHV cables and distribution networks. Cumulative records include projects completed and those currently under execution .

Source: .

Work	H1 FY27 addition	Cumulative record
AIS substations commissioned	4	104
GIS substations	disclosed cumulatively	16
EHV cables laid	157 km	2,707 km
LT/HT 11kV cables laid	905 km	11,405 km
Ring main units installed	2,747	17,247
Distribution transformers installed	310	6,510
MVCC cables laid	10,815 km	34,815 km
Poles erected	about 12,000	H1 FY27 execution

Projects are typically completed within 18 to 24 months, faster than traditional multi-year transmission EPC . This is because underground work is largely right-of-use with minimal delays compared with right-of-way for overhead lines .

Panchal said the execution model is built around right-of-use projects, shorter execution cycles, established relationships with quality utility customers and relatively lower right-of-way challenges . The presentation adds that high-quality clients including top-rated discoms and multilateral-backed contracts ensure predictable payments and improved working capital efficiency .

FY26 proof points included 132kV GIS at Jodhpur in Rajasthan, 66kV substation for JK Paper in Gujarat, RDSS schemes at Gandhinagar and Ahmedabad for Uttar Gujarat Vij Company Limited, Lalgarh traction substation at Bikaner in Rajasthan, 132kV GIS at Jaipur and 220kV GIS at ATUL for Gujarat .

Scale in FY26 underlines operating leverage in distribution.

Source: .

FY26 distribution strengthening	Volume
Feeders installed	over 350, affecting more than 15 lakh consumers
Ring main units installed	over 4,000
Distribution transformers installed	over 1,200
Cable laid	more than 1,300 km
MVCC work under execution	over 51,000 km

Geography remains Gujarat-led but expanding. The company says it is present in Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Uttarakhand, Uttar Pradesh and Orissa . It is a registered approved contractor as Class AA in Gujarat and Class A in Rajasthan and Madhya Pradesh .

As of March 31, 2026 Gujarat was around 85% to 90% of the order book with the rest outside Gujarat, with intent to move toward an 80:20 split between Gujarat and other states through aggressive bidding outside Gujarat . Named EHV substation clients include GETCO, Grasim, IOCL, SRF, UPL, Saint-Gobain, Torrent Power, NDDB, RRVPNL and GIFT City .

Underground networks have been built in Ahmedabad, Vadodara, Surat, Rajkot, Vapi and GIFT City .

Cash turned positive after a drain

EPC work blocks cash in retention money, security deposits and guarantees, so cash flow matters more than profit alone. Consolidated net cash from operations turned positive in H1 FY27 after a cash drain a year earlier .

Source: .

Operating cash flow	H1 FY26	H1 FY27
Consolidated net cash from operations	negative Rs 22.41 crore	Rs 8.69 crore
Standalone net cash from operations	negative Rs 23.13 crore	Rs 8.94 crore

In FY26 operating cash flow was negative Rs 41.42 crore on both consolidated and standalone basis . The press release describes the H1 FY27 turn as operating cash flow turning positive as financial discipline and execution strengthened .

Balance sheet stocks show growth with leverage contained. Net worth was Rs 483.57 crore as on September 30, 2026, up from Rs 406.17 crore in FY26 and Rs 58.67 crore in FY23 . This was described as more than eight times growth in three years .

Source: .

Balance sheet as on date	September 30, 2025 equivalent Q2 FY26	March 31, 2026	September 30, 2026
Total assets	Rs 665.63 crore	Rs 942.43 crore	Rs 1,037.30 crore
Trade receivables	Rs 174.00 crore	Rs 348.77 crore	Rs 324.11 crore
Inventories	Rs 88.58 crore	Rs 124.95 crore	Rs 122.70 crore
Trade payables	Rs 116.82 crore	Rs 328.32 crore	Rs 334.27 crore

Debt to equity was 0.31 in FY26 against 0.29 in FY25 and 0.92 in FY24 . Annualized return on capital employed was 43.65% and return on equity was 35.26% in FY26 .
Net worth rose 53% year on year to Rs 406 crore in FY26 .

CRISIL upgraded the outlook to Long Term Rating CRISIL A-/Positive from CRISIL A-/Stable with Short Term Rating CRISIL A2+ reaffirmed .

Management said payment terms stay at 45 to 60 days. It called March receivables a short-time spike from very high billing with almost Rs 150 crore of Rs 348 crore received after year-end . It sees a working capital cycle of 30 to 40 days as sustainable with retention of 10% to 30% released partly on installation and partly on commissioning against bank guarantee .

What management is betting on next

Panchal said the power transmission and distribution sector is in a once-in-a-generation investment cycle . Drivers cited are rising peak demand, renewable targets, inter and intra-state expansion under the National Electricity Plan and Green Energy Corridor Phase III, plus RDSS, grid modernisation, underground cabling in cities and demand from data centres and industrial corridors .

The presentation cites Draft National Electricity Policy 2026 to support Viksit Bharat 2047 . It targets 2,000 kWh per-capita consumption by 2030 and over 4,000 kWh by 2047 with focus on capacity expansion, grid reliability and financial viability .

Green Energy Corridor Phase III is framed as a large intra-state opportunity .

Source: .

Green Energy Corridor Phase III	Detail
Purpose	Strengthen intra-state transmission to evacuate up to 135 GW renewable energy and deploy 50 GWh battery storage
Total outlay	Rs 1.86 lakh crore
Intra-state transmission systems	Rs 1.36 lakh crore
Battery storage	Rs 50,000 crore for 50 GWh

Management said this shall create significant opportunity pipeline in intra-state transmission, grid strengthening and renewable power evacuation . It aligns with capabilities in transmission and distribution, substations, underground cabling and emerging energy storage .

The addressable market and bid funnel show how that policy could convert into orders .

Source: .

Demand and funnel	Management view
Addressable market in coming future	roughly Rs 14,000 crore to Rs 15,000 crore
Gujarat transmission utility GETCO annual opportunity	around Rs 10,000 crore, with Rs 4,000 crore to Rs 4,500 crore addressable in underground cable and substations
Gujarat distribution	additional roughly Rs 5,000 crore
GETCO ten-year plan	around Rs 96,000 crore, or Rs 9,000 crore to Rs 10,000 crore per year
Targeted bid book	about Rs 6,000 crore, 75% from Gujarat and 25% from other states
Bids awaiting result plus pipeline	above Rs 2,200 crore awaiting result and around Rs 3,500 crore pipeline
Historic win rate	usually 40%
FY27 inflow and closing book target	inflows of roughly Rs 4,000 crore to Rs 5,000 crore and closing book above Rs 5,000 crore

For FY27 it guided to 40% growth with similar 11% to 12% EBITDA and 8% to 9% PAT, unchanged from prior guidance .

Capability bets to bid larger work span higher voltage, storage, railways and grid software .

Source: .

Adjacent bet	Detail
400kV GIS substations	Rs 278 crore landmark orders, which management in April 2026 expected to commission around September to October 2026, opening 765kV in future
Battery storage project in Gujarat for Gujarat Urja Vikas Nigam Limited	65 MW and 130 MWh at tariff of Rs 1.89 lakh per MW per month for 12 years
Railway transmission	Joint venture with VITS Total Power Solutions as 51% lead for East Central Railway 132kV work
Technology through HKRP Innovations	SCADA managing over 1,500 substations and full ADMS to feeder level

The company will continue to expand into new geographies, bid larger value projects and invest in people, technology and execution capability . It stays focused on timely execution, operational efficiency and quality and safety standards .

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