Rajesh Power Services wins OPTCL Odisha order, ₹21168 cr

What Rajesh Power Services announced

Rajesh Power Services said it has secured new contracts from Odisha Transmission Corporation Ltd (OPTCL) valued at ₹21168 crore. The company disclosed the win in a statement issued on Wednesday. The award is tied to transmission infrastructure work in Odisha. Rajesh Power also described the contracts as one of its largest wins in the transmission segment. The announcement adds to a string of recent order wins that the company has reported across states and client categories. The company is listed on the BSE (544291) and works mainly on turnkey power distribution and transmission projects.

OPTCL project scope: 220 kV underground line

According to the company’s statement, the OPTCL scope includes establishing a 220 kV underground transmission line in Odisha. The line will connect Grid Substation (G) Mendhasal to Gas Insulated Substation (GIS) Chandaka B. Underground EHV cabling typically involves coordinated civil works, cable laying, jointing, testing, and commissioning, and it also requires careful integration with existing substations. In this case, the connection between Mendhasal and Chandaka B is explicitly positioned as the core of the project package.

Substation expansion work included in the order

Rajesh Power Services said the OPTCL project also includes bay expansion at two locations. The scope covers expansion of the Air Insulated Substation (AIS) bay at Mendhasal. It also covers expansion of the GIS bay at Chandaka B. Bay expansion work generally includes additional switchgear and associated equipment integration, along with testing and commissioning. With both the underground line and bay expansions included, the contract spans line and substation elements rather than a single work package.

First entry into Odisha and a wider national footprint

The company said this order represents its first entry into Odisha. Rajesh Power added that the win broadens its operational reach across India. In the statement, Managing Director Kurang Panchal indicated that the OPTCL contracts mark a milestone and support the company’s expansion into Odisha. This geographic diversification is notable because Rajesh Power has historically been associated with strong activity in Gujarat-based utilities and schemes, while also reporting wins in other states over time.

Why the OPTCL order matters for the transmission business

Rajesh Power described the OPTCL contracts as one of the largest it has secured in the transmission segment. The company’s broader order book has meaningful exposure to both distribution and transmission work. In an earlier disclosure dated May 15, 2025, Rajesh Power reported a total order book of ₹3,628 crore (excluding GST), with 28% or ₹1,029 crore in power transmission and 72% or ₹2,599 crore in power distribution. Against that backdrop, a large transmission-sector contract can influence the mix of execution over coming quarters.

Order book and order inflows: FY26 snapshot

Rajesh Power Services reported that it finished FY26 with an unexecuted order book of ₹3,326 crore as of March 31, 2026. During FY26, it also reported order inflows of ₹2,743 crore. The company highlighted some of the wins that contributed to this pipeline, including turnkey underground cable system and MVCC orders from UGVCL. It also reported entry into newer segments such as 400 kV GIS.

Key recent wins cited by the company

The company’s disclosures referenced several significant orders across transmission and distribution categories. Key wins include turnkey orders worth ₹922 crore from UGVCL for underground cable systems and MVCC. Rajesh Power also reported that it entered the 400 kV GIS segment with orders worth ₹278 crore. It cited “recent significant orders” including ₹1,116 crore in April 2025 and ₹59.79 crore from Gift Power in June 2025. Separately, it disclosed two infrastructure orders totaling ₹85.24 crore, comprising a ₹40.08 crore underground cable project from GETCO and a ₹45.16 crore transmission line project from East Central Railway.

Joint venture for railway transmission work

Rajesh Power Services also announced a joint venture with VITS Total Power Solutions for a 132 kV transmission line project under East Central Railway’s Danapur division. The company said it holds a 51% stake in this partnership. Railway-linked transmission work can involve distinct timelines, approvals, and interface requirements compared with typical state utility projects. This JV structure suggests a route to pursue specific opportunities where partnership execution or credentials are relevant.

Summary table: major contracts and disclosed metrics

Market impact and what investors typically track

Such contract announcements mainly matter through execution visibility, working capital needs, and segment mix between distribution and transmission. Rajesh Power’s disclosures provide multiple reference points for this, including the unexecuted order book at FY26 end and the reported FY26 inflows. Investors also tend to watch the blend of underground cabling, GIS-linked work, and turnkey MVCC projects, as each can differ in margins, procurement complexity, and execution cycles. In addition, geographic expansion, such as the Odisha entry flagged with OPTCL, can broaden the addressable market but also introduces new operating interfaces and local execution requirements.

Conclusion

Rajesh Power Services’ OPTCL award covers a 220 kV underground transmission link and substation bay expansions in Odisha, marking the company’s first entry into the state. The company has also reported a sizeable FY26 unexecuted order book of ₹3,326 crore and FY26 order inflows of ₹2,743 crore. With multiple wins cited across underground cabling, MVCC, GIS, and railway-linked transmission work, the next key datapoints for the market will be project execution progress and any further order book updates in subsequent disclosures.