Rajesh Power Services wins ₹40.58 cr PGVCL order

Order win: 11 kV MVCC work under SI scheme

Rajesh Power Services Limited said it has received an order from Paschim Gujarat Vij Company Limited (PGVCL) for a turnkey contract in Gujarat. The scope covers supply, installation, testing, and commissioning of 11 kV Medium Voltage Covered Conductor (MVCC) with accessories and allied items. The work is to be executed on an 11 kV feeder under the Jamnagar Circle of PGVCL. The project is under PGVCL’s System Improvement (SI) Scheme.

The company disclosed the order value at ₹40.58 crore, including taxes. The update adds to a series of power distribution and grid modernisation contracts being awarded by state utilities, where covered conductors and allied accessories are typically deployed to improve reliability and reduce fault-related outages.

Stock reaction on BSE after the update

Following the order update, Rajesh Power Services shares were last seen trading at ₹859.65 on BSE, compared with a previous close of ₹850.45. The stock moved within a reported intraday range of ₹843.20 to ₹861.50.

The company’s trading activity was also reported at 35,576,195 shares in the cited market snapshot. Separately, another trading snapshot in the provided information mentioned the stock at ₹866.60 versus a previous close of ₹870.20 after earlier order disclosures.

Additional utility orders: PGVCL SCADA readiness and RVPNL work

In another set of order announcements referenced in the provided information, Rajesh Power Services reported work from PGVCL for SCADA readiness and rectification of Ring Main Units (RMUs). The scope includes a Complete Cover Warranty Maintenance Contract (CMC). The work spans jurisdictions under Bhavnagar Circle, Jamnagar Circle, and Rajkot Circle.

The company also reported an order from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPNL). The RVPNL scope involves modification of an existing 220 kV D/C Jodhpur-CHB line into a 220 kV underground cable system, including a monopole, at Jodhpur.

These orders were disclosed as aggregating to ₹34.37 crore, including taxes, and were stated to have been received in the normal course of business.

Q1 FY27 business update: revenue and backlog position

Rajesh Power Services shared Q1 FY27 business updates, reporting unaudited revenue from operations of ₹436.62 crore for the quarter ended June 30, 2026. The company also disclosed an unexecuted order book (including L1 status contracts) of ₹3,741.79 crore as of June 30, 2026.

The update positions the company as having significant revenue visibility, supported by its project pipeline. In the same set of disclosures, the company highlighted that new orders worth ₹864.80 crore added to visibility, and the order inflow was described as nearly twice its reported Q1 FY27 revenue of ₹436.62 crore.

Large-ticket wins: PGVCL ₹653.12 crore and OPTCL ₹211.68 crore

Two large contracts were cited as major recent wins. On July 9, 2026, the company announced what it described as its largest-ever home state utility contract: a ₹653.12 crore order from PGVCL. The scope includes underground cabling, RMS installation, and GIS mapping, with conversion of existing 11 kV high tension and low tension overhead lines into underground cable networks with ring main systems across Bhavnagar, Anjar, Junagadh, and Porbandar circles in Gujarat.

On June 17, 2026, the company disclosed a ₹211.68 crore contract from Odisha Power Transmission Corporation Limited (OPTCL), marking a geographic entry into Odisha. The scope covers construction of a 220 kV underground transmission cable connecting the Mendhasal grid substation with the Chandaka B gas insulated substation, along with bay extensions.

The company also referred to execution and milestone billing over an 18-month timeline for the ₹653.12 crore PGVCL project.

Credit rating outlook upgrade

Alongside operating and order updates, Rajesh Power Services reported a credit rating outlook upgrade. The long-term rating was reaffirmed, while the outlook was revised to CRISIL A-, Positive, from a prior Stable outlook.

Such outlook changes are typically watched by lenders and investors, as they can influence borrowing costs and financing flexibility, especially for EPC players managing working capital cycles tied to milestone billing.

Snapshot table: key disclosed numbers

Why these updates matter for investors tracking EPC execution

Rajesh Power Services operates as a specialised EPC contractor across transmission and distribution, including turnkey execution of GIS and AIS substations, extra high voltage power cables, transmission lines, and distribution systems. The disclosed mix of contracts spans both distribution (MVCC, underground cabling, RMUs) and transmission (220 kV underground cable projects).

The numbers disclosed in the business update highlight two key operating levers: quarterly revenue conversion and backlog support. With an unexecuted order book of ₹3,741.79 crore and Q1 FY27 revenue of ₹436.62 crore, investors typically track how quickly large orders translate into measurable execution and billing, particularly for multi-circle utility projects.

Conclusion

Rajesh Power Services’ ₹40.58 crore PGVCL MVCC order adds to its continuing flow of utility-led distribution upgrades, while the company’s Q1 FY27 update shows ₹436.62 crore in unaudited revenue and a ₹3,741.79 crore unexecuted order book. Recent disclosures also include the ₹653.12 crore PGVCL underground cabling project and the ₹211.68 crore OPTCL transmission contract. Investors are likely to watch execution timelines and milestone billing progress, especially on the large PGVCL work cited with an 18-month schedule.