Rajesh Power Services wins OPTCL, GETCO orders in 2026

Key development: OPTCL awards a large Odisha project

Rajesh Power Services said on Wednesday that it has secured new contracts valued at ₹21,168 crore from Odisha Transmission Corporation Ltd (OPTCL). The company said the contracts relate to building a 220 kV underground transmission line in Odisha. As per the company’s statement, the line will connect Grid Substation Mendhasal to the GIS substation at Chandaka B. The scope also includes expansion work at both ends of the project. The announcement is notable because the company described it as its first entry into Odisha. Rajesh Power also said the contract is among the largest it has received in the transmission segment.

What the OPTCL contract covers

According to the statement, the project includes establishing the 220 kV underground transmission line from GSS Mendhasal to GIS Chandaka B. In addition, it includes expansion of the Air Insulated Substation (AIS) bay at Mendhasal and the GIS bay at Chandaka B. The company positioned the order as a step that broadens its operational reach in India. It also highlights the growing use of underground cable systems and GIS infrastructure for high-voltage networks in urban and high-load corridors. The company did not provide additional technical parameters beyond voltage level, route endpoints, and bay expansion. Rajesh Power’s managing director, Kurang Panchal, said the OPTCL order marks an important step as the company expands into Odisha.

Commercial terms and execution timeline

Rajesh Power said the purchase order has been awarded on a “kms rate basis with PV formulae.” The company stated that the execution period is from 1 January 2026 to 30 June 2026. It also clarified that the order has been awarded by a domestic entity. The company added that neither its promoters nor related parties have any interest in the awarding entity. It further stated that the contract does not fall under related-party transactions. These disclosures are typically tracked closely by investors in EPC and utility-linked contracting businesses.

More wins: ₹85.24 crore of turnkey orders

Separately, the company said it received two domestic transmission orders worth ₹85.24 crore in total. It described both as turnkey contracts and stated that there is no related-party involvement. The orders were awarded by Gujarat Energy Transmission Corporation (GETCO) and East Central Railway. Rajesh Power said these wins improve order visibility for its transmission portfolio. The contracts cover underground cable works as well as an overhead transmission line and associated bays. The company’s order mix indicates activity across utility and railway-linked power infrastructure.

GETCO order: 220 kV underground cable for Dholera substation

Rajesh Power said it secured an order worth ₹40.08 crore (including taxes) from GETCO. The scope includes supply, installation, testing, and commissioning of a 220 kV underground cable at the proposed 220 kV Dholera substation. The company stated that the order has a six-month execution timeline. The Dholera reference is significant because it is a large industrial and infrastructure development zone in Gujarat, where reliable transmission capacity and substation readiness can be a key requirement for load growth. The company did not provide further details such as cable length or specific configuration.

East Central Railway order: 132 kV line and bays via joint venture

The second order is worth ₹45.16 crore (including taxes) from East Central Railway, Rajesh Power said. The company stated the project will be executed through a joint venture with a private company. The scope includes design, supply, erection, testing, and commissioning of a 132 kV transmission line and associated line bays at GSS Nabinagar. Rajesh Power said the contract is slated for completion in 18 months. Railway-linked power projects often involve time-bound delivery because they can be tied to operational upgrades and network reliability requirements.

Other referenced orders and business positioning

The provided material also mentions that Rajesh Power shares surged after it secured multiple orders from Madhya Gujarat Vij Company Limited (MGVCL). Those works relate to supplying, installing, testing, and commissioning 11 kV medium voltage covered conductor (MVCC) at multiple locations under the Vanbandhu Kalyan Yojana (VKY-2) scheme and Kisan Suryoday Yojana (KSY) scheme. The value for that MGVCL order is stated as ₹220 crore, with a nine-month completion requirement. Another referenced order is from Gift Power Company for ₹60 crore for distribution and backup power systems in GIFT City’s SEZ and DTA areas, with an 18-month timeline. The text also describes Rajesh Power Services as an infrastructure EPC company with capabilities in underground transmission and power infrastructure services.

Market context and investor datapoints mentioned

The material includes a reference to a “₹3,628 crore order book” in connection with a power transmission and distribution company securing orders worth ₹278 crore, including a landmark order in the 400 kV GIS segment, though it does not clearly attribute this to Rajesh Power Services within the same paragraph. It also states that the stock has delivered multibagger returns of over 150% from its 52-week low of ₹636.50 per share. A separate snippet mentions “Rajesh Power Services Bags Order Worth INR 1.8 Billion,” which equals ₹180 crore, and another line states “The order, valued at ₹143.11 crore, is scheduled for execution over 18 months,” without specifying the counterparty in the provided text.

Summary table of contracts cited in the material

Why the set of orders matters

The OPTCL project, if executed as scheduled, expands Rajesh Power Services into Odisha and adds a large transmission-sector reference tied to a state transmission utility. The GETCO and East Central Railway orders add additional visibility in core areas the company highlighted: underground cable systems, transmission lines, and associated bay work. The company’s disclosures on related-party status and promoter interest are also relevant for investors assessing governance and counterparty risk. The stated contract structures and timelines show a mix of shorter-cycle execution (GETCO’s six months) and longer-cycle delivery (East Central Railway’s 18 months), alongside the OPTCL schedule running through the first half of 2026.

Closing note

Rajesh Power Services has disclosed multiple contract wins spanning state utilities and railway-linked infrastructure, with defined timelines and turnkey scope in several cases. The next set of updates investors may track are project execution milestones, billing progress, and any further order announcements from domestic utilities and public-sector counterparts.