Rajesh Power Services Limited order book rises to Rs 3,647 crore

Rajesh Power Services Limited reported an unexecuted order book of Rs 3,647 crore as of September 30, 2026, up Rs 321 crore from Rs 3,326 crore on April 1, 2026. Rajesh Power received Rs 1,250 crore of fresh H1FY27 orders, exceeding Rs 929 crore of projects executed, while power distribution accounted for 71% of the closing pipeline.

How did Rajesh Power’s order book change in H1FY27?

Rajesh Power’s unexecuted order book increased by Rs 321 crore during H1FY27 because Rs 1,250 crore of fresh orders exceeded Rs 929 crore of projects executed. The company reported an opening order book of Rs 3,326 crore on April 1, 2026, and a closing unexecuted balance of Rs 3,647 crore on September 30, 2026.

The disclosed figures provide an order-book bridge: the Rs 3,326 crore opening balance plus Rs 1,250 crore of orders received, less Rs 929 crore of execution, equals the Rs 3,647 crore closing balance. New orders were therefore Rs 321 crore higher than projects executed in the six-month period.

Rajesh Power separately disclosed Rs 458 crore of orders received in October 2026, after the September 30 order-book date. The presentation does not state that this October intake is included in the Rs 3,647 crore balance, so the two figures should remain separate until a later company update.

What is the mix of Rajesh Power’s Rs 3,647 crore order book?

Rajesh Power’s September 30 order book was led by power distribution, which represented Rs 2,579 crore, or 71%, of the Rs 3,647 crore total. Power transmission accounted for Rs 1,068 crore, or 29%, making the distribution pipeline Rs 1,511 crore larger than the transmission pipeline.

The distribution segment includes orders from government distribution companies, private distribution companies, turnkey projects for private distribution companies, and original equipment manufacturer services for distribution companies. This makes distribution-network work the larger component of Rajesh Power’s disclosed backlog.

The transmission segment includes orders from state transmission utilities, private distribution companies and private companies seeking extra-high-voltage power enhancement or application. Rajesh Power does not disclose a schedule for revenue conversion or completion by segment for the Rs 2,579 crore distribution and Rs 1,068 crore transmission order books.

What execution did Rajesh Power report in H1FY27?

Rajesh Power installed 2,747 ring main units and 310 distribution transformers during H1FY27. It also laid 905 kilometres of low-tension and high-tension 11 kilovolt cables, while cumulative installations reached 17,247 ring main units and 6,510 distribution transformers.

In cable and conductor work, Rajesh Power laid 10,815 kilometres of medium-voltage covered conductor cable during H1FY27, taking cumulative medium-voltage covered conductor length to 34,815 kilometres. The company also reported approximately 25,000 kilometres of medium-voltage covered conductor cable under execution.

Rajesh Power commissioned four air-insulated substations during H1FY27, lifting cumulative air-insulated substation commissions to 104. It laid 157 kilometres of extra-high-voltage cable during the half year, bringing cumulative extra-high-voltage cable length to 2,707 kilometres, and reported 16 gas-insulated substations commissioned cumulatively.

The company also reported approximately 12,000 poles erected during H1FY27. Its FY27 distribution-network milestones separately cited more than 2,700 ring main units, 310 distribution transformers and 905 kilometres of cables laid, consistent with the more detailed half-year operating disclosures.

Which FY27 projects show Rajesh Power’s delivery range?

Rajesh Power listed several power transmission and distribution projects executed in FY27, including underground cable laying between the 220 kilovolt and 132 kilovolt Sitapura grid substations in Rajasthan. Other examples were a 66 kilovolt GETCO bay for Asian Paints Polymers Private Limited and a 132 kilovolt power-supply infrastructure project for GMRC at Koba.

The FY27 list also included a 66/11 kilovolt switchyard project at DCM Shriram in Jhagadia, a 220 kilovolt Wagra substation voltage-conversion project for Grasim Industries Ltd, and a 66 kilovolt feeder bay at GETCO Bhutiya substation. Rajesh Power does not disclose individual contract values, completion dates or revenue contributions for these named projects.

Earlier examples in the presentation include the 66 kilovolt Suryaashish GJ-1 Solar Park at GETCO Jangral, the Amulfed-2 dairy plant in Rajkot, the 220 kilovolt Khodri-Jhajra line loop-in loop-out project at Selaqui in Dehradun, and medium-voltage covered conductor work at Madhavpur. The projects span solar-park, industrial, substation, line and distribution-network applications.

Rajesh Power reported consolidated H1FY27 revenue of Rs 929.26 crore, compared with Rs 637.82 crore in H1FY26, a 46% increase. Management attributed the increase to project execution and a diversified order book; the presentation reports Rs 929 crore of executed projects in its separate order-book bridge.

Conclusion

Rajesh Power’s H1FY27 disclosures show that order intake exceeded execution by Rs 321 crore, raising the unexecuted balance from Rs 3,326 crore on April 1, 2026, to Rs 3,647 crore on September 30, 2026. Distribution represented Rs 2,579 crore of the pipeline, while reported operating activity included 2,747 ring main units installed and 10,815 kilometres of medium-voltage covered conductor cable laid.

The next disclosed development to watch is the Rs 458 crore of orders received in October 2026, which followed the September 30 reporting date. Progress on approximately 25,000 kilometres of medium-voltage covered conductor cable under execution and conversion of the Rs 2,579 crore distribution pipeline will indicate how the reported backlog develops.