Rajesh Power Services wins Rs 1,628.74 crore DGVCL contract

Rajesh Power Services Limited on November 4, 2026 disclosed Rs 1,628.74 crore of tax-inclusive domestic turnkey contracts from Dakshin Gujarat Vij Company Limited for converting existing 11/22kV overhead HT and LT networks into underground cable systems in Gujarat within 24 months. The company said the award is not a related-party transaction.

What is the value and scope of the DGVCL order?

Rajesh Power Services received contracts with broad consideration of Rs 1,628.74 crore, including taxes, from Dakshin Gujarat Vij Company Limited, or DGVCL. The November 4, 2026 filing describes the work as turnkey conversion of existing 11/22 kilovolt, or kV, high-tension, or HT, and low-tension, or LT, overhead networks into underground, or UG, cable systems at various DGVCL locations in Gujarat.

The disclosed Rs 1,628.74 crore is a combined figure for the contracts, rather than separate values for 11kV and 22kV systems or for HT and LT work. The filing therefore shows that the scope covers two voltage classes and two network categories, but it does not provide a comparison of value, cable quantities or work volumes between those segments.

The company described the contracts as received in the normal course of business. It did not disclose a payment schedule, retention terms, location-wise allocation or the number of cables, feeders, substations or consumer connections involved in the Rs 1,628.74 crore programme.

What work will Rajesh Power Services perform for DGVCL?

Rajesh Power Services will convert DGVCL's existing 11/22kV HT and LT overhead network into an underground cable system, with supervisory control and data acquisition, or SCADA, compatible equipment. The company described the mandate as turnkey work under the SI Scheme at various Gujarat locations served by DGVCL.

The announced technical scope combines network conversion and SCADA compatibility. However, the November 4, 2026 disclosure does not identify a SCADA platform, equipment supplier, cable type, circuit length or equipment quantities for either the 11kV or 22kV portions of the Rs 1,628.74 crore contracts.

A turnkey contract is the stated nature of the award, but the filing does not break out individual activities such as engineering, civil works, cable laying, testing, commissioning or maintenance. Those activities may be associated with such projects, but Rajesh Power Services did not list them as separate deliverables in its 24-month disclosure.

The reference to both HT and LT networks indicates that the announced work is not limited to one part of the specified overhead system. Still, the filing does not state whether HT or LT conversion represents a larger share of the Rs 1,628.74 crore consideration, and it gives no milestone separating the 11kV and 22kV components.

When must Rajesh Power Services complete the DGVCL contracts?

Rajesh Power Services must execute the DGVCL contracts within 24 months, according to the annexure to its November 4, 2026 Regulation 30 filing. The 24-month period applies to the combined Rs 1,628.74 crore domestic turnkey award, not to a separately disclosed contract value for each Gujarat location or voltage class.

The company did not disclose a project start date, interim targets, commissioning dates or separate completion windows for 11kV, 22kV, HT or LT work. It also did not disclose the billing stages through which the tax-inclusive Rs 1,628.74 crore consideration may be recognised during the 24-month execution period.

The schedule places several stated elements, including underground conversion and SCADA-compatible equipment, within one reported timeframe. There is no source-backed basis to determine whether the 11kV segment will be completed before the 22kV segment, or whether any part of the contract has a shorter deadline than the overall 24 months.

The filing also does not state liquidated-damages provisions, extension terms, performance guarantees or acceptance conditions. Accordingly, the reported timetable is limited to the 24-month execution period specified for the domestic DGVCL contracts.

Is the DGVCL award a related-party transaction?

No, Rajesh Power Services stated that the DGVCL contracts do not fall within related-party transactions. In the November 4, 2026 annexure for the Rs 1,628.74 crore award, the company also said its promoter, promoter group and group companies have no interest in DGVCL.

The company classified DGVCL as a domestic entity and the contracts as domestic. This distinguishes the 24-month award from an international contract for disclosure purposes, while the filing provides no additional details on the tender process, competing bidders or award criteria.

Because Rajesh Power Services reported no related-party transaction, the disclosure does not provide an arm's-length assessment. The stated absence of promoter or group-company interest applies to DGVCL as the awarding entity; it does not identify suppliers, subcontractors or providers of SCADA-compatible equipment for the 11/22kV programme.

The company made the disclosure under Regulation 30 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. The annexure records the Rs 1,628.74 crore consideration, 24-month execution period, domestic classification and related-party status, but not commercial terms beyond those items.

Conclusion

Rajesh Power Services has disclosed a Rs 1,628.74 crore, tax-inclusive domestic turnkey programme to replace DGVCL's existing 11/22kV HT and LT overhead networks with underground cable systems in Gujarat. The contract combines conversion work with SCADA-compatible equipment, covers various locations and has one reported 24-month execution period. The company also stated that DGVCL is not a related party and that its promoter group has no interest in the awarding entity.

The next disclosed matter to watch is progress against the 24-month timetable. Rajesh Power Services has not provided interim milestones, location counts, cable quantities, payment terms or a value split between 11kV, 22kV, HT and LT work, so any subsequent company update on these items or on execution under the SI Scheme could add detail on delivery of the Rs 1,628.74 crore contracts.