Rajesh Power Services Limited wins Rs 1,628.74 crore DGVCL order

Rajesh Power Services Limited (RAJESH) has secured a Rs 1,628.74 crore tax-inclusive turnkey order from Dakshin Gujarat Vij Company Limited (DGVCL), lifting its disclosed aggregate order book to about Rs 5,400 crore from Rs 4,000 crore. The 24-month project will convert 11/22 kilovolt overhead distribution networks into underground cable systems.

What does RAJESH's DGVCL order include?

RAJESH will convert existing 11/22 kilovolt (kV) high-tension (HT) and low-tension (LT) overhead electricity distribution networks into underground cable systems under the Rs 1,628.74 crore DGVCL order. The contract is turnkey and covers multiple locations under DGVCL's SI Scheme, according to the November 5, 2026 announcement. The stated value includes taxes.

The new underground systems will use supervisory control and data acquisition (SCADA)-compatible equipment. RAJESH did not disclose cable length, the number of locations, the number of network connections, equipment quantities or a separate split between cabling, equipment and other work within the Rs 1,628.74 crore contract.

RAJESH has a 24-month execution timeline for the DGVCL project. The announcement does not provide a commencement date, quarterly construction schedule, billing milestones or a completion date. It also does not specify how much revenue the company expects to recognise in H1 FY27 or subsequent financial periods from the 24-month work programme.

How did RAJESH's order book change after the DGVCL award?

RAJESH said its aggregate order book rose by about 35% to approximately Rs 5,400 crore after the DGVCL award, compared with Rs 4,000 crore before it. The company presented the Rs 1,628.74 crore order as part of back-to-back mega order wins from Gujarat power utilities and said the larger book provides multi-year execution visibility.

The disclosed post-award book is approximately Rs 1,400 crore above the pre-award level, while the DGVCL order itself is Rs 1,628.74 crore. RAJESH did not provide a contract-by-contract bridge explaining the difference between those two amounts, and the Rs 5,400 crore order-book figure is approximate.

Measured against the disclosed post-award order book, the Rs 1,628.74 crore DGVCL contract represents roughly 30%. That calculation compares a tax-inclusive individual contract with an aggregate order-book figure stated as approximately Rs 5,400 crore, so it does not establish the value or execution status of RAJESH's other outstanding orders.

How does the DGVCL order compare with RAJESH's other disclosed figures?

RAJESH's Rs 1,628.74 crore DGVCL award is about 3.5 times the Rs 471.92 crore previous order identified as MGVCL in the release. The DGVCL contract is Rs 1,156.82 crore larger than the earlier MGVCL order based on the disclosed values. RAJESH did not state the date, scope, execution period or full entity name for the MGVCL award.

RAJESH also reported 46% year-on-year revenue growth in H1 FY27, with H1 meaning the first half and FY meaning financial year. Management said the period was accompanied by profitability and improving cash generation, but the announcement does not disclose revenue, profit, margin, operating cash flow or free cash flow amounts.

The 46% H1 FY27 figure is a revenue-growth rate, whereas Rs 1,628.74 crore is a contract value. The 24-month execution period means the contract value does not show how much revenue will be recorded in a particular financial half-year. RAJESH has not disclosed an annual revenue contribution or margin expectation for the DGVCL project.

What execution profile does RAJESH disclose for this work?

RAJESH describes itself as a specialised engineering, procurement and construction company in India's power transmission and distribution sector with over five decades of experience. Its stated capabilities include gas-insulated and air-insulated substations, extra-high-voltage power cables, transmission lines, distribution infrastructure, underground cabling and operation and maintenance services. The underground-cabling capability is relevant to the 11/22 kV conversion required under the DGVCL order.

RAJESH says it operates across six states: Gujarat, Rajasthan, Uttarakhand, Maharashtra, Madhya Pradesh and Odisha. The Rs 1,628.74 crore award is from DGVCL, while the release does not identify the personnel, subcontractors, equipment base or other resources that will be used across the 24-month project.

The company also lists five International Organization for Standardization certifications: ISO 9001, ISO 14001, ISO 45001, ISO 50001 and ISO 55001. RAJESH associates these with quality, environmental management, occupational health and safety, energy management and asset management. The filing does not state whether any of these certifications is a condition of the DGVCL contract.

Conclusion

The Rs 1,628.74 crore DGVCL award adds a defined 24-month underground-distribution project to RAJESH's disclosed order pipeline, which moved from Rs 4,000 crore to approximately Rs 5,400 crore. The project covers conversion of existing 11/22 kV HT and LT overhead networks and specifies SCADA-compatible equipment, while the company reported 46% year-on-year revenue growth in H1 FY27.

The next point to watch is execution over the stated 24-month timeline, including any future disclosure of project milestones, billing or revenue recognition. RAJESH has not provided a detailed order-book reconciliation, a delivery schedule for the multiple DGVCL locations, or quantified profitability and cash-generation figures linked to the Rs 1,628.74 crore order.