Rajesh Power jumps 5.6% on Rs 653.12 cr PGVCL order

Stock jumps after fresh Gujarat discom order

Rajesh Power Services’ share price rose sharply on July 9, 2026 after the company disclosed a new order win from Paschim Gujarat Vij Company Limited (PGVCL). The stock was trading around Rs 865, up 5.59% for the day. It moved in a wide intraday band, with the day’s range reported between Rs 816.15 and Rs 873.90. The stock also touched an intraday high of Rs 873.90 before settling around Rs 865. The trigger for the move was the announcement of new orders worth Rs 653.12 crore, including taxes. PGVCL is described as a Government of Gujarat undertaking.

What the company announced

Rajesh Power Services said it had secured new orders worth Rs 653.12 crore (inclusive of taxes) from PGVCL. PGVCL is one of Gujarat’s four state-owned power distribution utilities. The company did not provide more granular project-level break-up in the provided details, but the market reaction suggested investors treated the contract size as meaningful. The order value was highlighted as a sizeable single order win that adds to near-term revenue visibility. The announcement also reaffirmed the company’s positioning as an EPC player serving power distribution utilities.

Why the counter moved: price action on July 9, 2026

The day’s move was concentrated around the order headline. At about Rs 865, the stock was up 5.59% on the day. The intraday high of Rs 873.90 shows the stock briefly extended gains beyond the closing vicinity. The session’s low of Rs 816.15 indicates volatility during the trading day. Such swings are not unusual when order announcements are absorbed by the market, especially when the order size is large relative to typical daily news flow. The move also came with the context that Rajesh Power Services has been a regular participant in Gujarat discom tenders.

PGVCL’s role in Gujarat’s power distribution

PGVCL handles electricity distribution across western Gujarat and covers a large geographic and customer base, as described in the provided information. The utility regularly floats large tenders for system strengthening, rural electrification, and distribution infrastructure upgrades. These projects are typically awarded to specialised power sector EPC contractors. For contractors, discom work can be recurring because distribution networks require ongoing upgrade and reinforcement. In this context, a large PGVCL award can be read as part of a continuing capex and reliability-improvement cycle in the state’s distribution grid.

Key facts at a glance

How this win fits into the company’s recent order flow

The PGVCL order adds to a series of distribution-side wins referenced in the provided material. Rajesh Power Services previously announced orders worth Rs 921.89 crore (including taxes) from Uttar Gujarat Vij Company Limited (UGVCL), with the disclosure dated October 16, 2025. Those turnkey projects were described as conversion of existing 11kV HT overhead networks into underground cable systems and installation of 11kV Medium Voltage Covered Conductors (MVCC) across multiple locations, including Himmatnagar, Palanpur, Mehsana and Sabarmati circles.

In another update dated September 5, 2025, the company reported it had won two orders together valued at Rs 277.62 crore (inclusive of taxes). One order was from Madhya Gujarat Vij Company Limited (MGVCL), while the second was from an undisclosed private entity. The MGVCL scope referenced conversion of existing 11kV high-tension network to underground cable or MVCC under a “Systems Improvement (SI)” scheme in Mehmadabad, Anand, Petlad and Nadiad areas. The material also notes a similar turnkey order worth Rs 143.11 crore from Dakshin Gujarat Vij Company Limited (DGVCL) under the SI scheme, covering Valsad City, Valsad Rural, and Surat Rural regions.

Earlier PGVCL work and other client wins mentioned

The provided information also references an earlier PGVCL contract: a turnkey project worth Rs 61.53 crore from PGVCL, Rajkot for supply, installation, testing and commissioning of 11 kV MVCC in Porbandar Circle under the Kisan Suryodaya Yojana scheme, to be executed within nine months.

Separately, the company’s past wins cited include an out-of-state contract with Rajasthan Rajya Vidyut Prasaran Nigam Ltd. (RRVPN), Jaipur worth Rs 70 crore, involving 132kV underground cable and GIS substation work on a turnkey basis. The material also mentions a SCADA/DMS and OMS software plus hardware order for power distribution management at UGVCL (Mehsana) worth Rs 142 crore. Other named clients include GIFT City, Gujarat Metro Rail Corporation, Torrent Power, and industrial customers, along with a reference to March 2024 orders in Gujarat’s power distribution sector totalling Rs 900 crore.

Market impact: what investors are likely tracking

The immediate market impact was visible in the single-session gain of 5.59% as the order headline reached investors. A Rs 653.12 crore order (including taxes) is sizeable enough to influence perceptions of near-term execution pipeline and billing potential. The company’s repeated presence across multiple Gujarat discoms - PGVCL, UGVCL, MGVCL, and DGVCL - also signals ongoing participation in state distribution capex programmes, including underground cabling and MVCC work referenced in earlier announcements. Investors typically watch order inflows alongside the company’s ability to execute turnkey projects across multiple circles and regions. The day’s trading range also suggests the market actively repriced the stock as the news was digested.

Analysis: why the PGVCL award matters

This PGVCL award matters primarily because it reinforces Rajesh Power Services’ positioning in power transmission and distribution EPC work tied to state utilities. Discom-led projects such as network conversion to underground cable and MVCC are recurring themes in the company’s disclosed wins across Gujarat. The latest Rs 653.12 crore order sits within a pattern of large, tax-inclusive contract announcements, including the Rs 921.89 crore UGVCL win in 2025 and other SI-scheme orders in 2025.

The narrative in the provided information suggests that Gujarat’s discoms continue to float large tenders for network strengthening and upgrades. For an EPC contractor, repeat awards from multiple discoms can help smooth tender-to-tender variability. But the market will still watch project execution and timelines because large turnkey awards can stretch working capital and operational bandwidth, even when the order book looks strong.

Company footprint and basic information mentioned

Rajesh Power Services’ registered office address is listed as 380/3, Siddhi House, Opp. Lal Bunglows, B/H Sasuji Dinning Hall, Off C.G. Road, Navrangpura, Ahmedabad, Gujarat 380006. The company’s website is stated as http://www.rajeshpower.com. The material also notes a proposed dividend of Rs 0.50 per share for the financial year ended March 31, 2024, absorbing Rs 0.7608 crore.

Conclusion

Rajesh Power Services’ stock rose 5.59% on July 9, 2026 after the company announced a Rs 653.12 crore (including taxes) order from PGVCL. The share traded between Rs 816.15 and Rs 873.90 and hovered around Rs 865 after touching Rs 873.90 intraday. The win adds to a run of Gujarat discom-linked order announcements cited in the provided information, including large tax-inclusive awards from UGVCL, MGVCL, and DGVCL. Investors are likely to track subsequent exchange filings for scope, timelines, and execution updates tied to the PGVCL project.