Rajesh Power Services: ₹3,742 Cr Order Book FY27 Update

Key update: revenue visibility rises with fresh utility wins

Rajesh Power Services Limited, an engineering, procurement and construction (EPC) company focused on power transmission and distribution, reported revenue from operations of ₹436.62 crore for the first quarter of FY27. Alongside the quarterly performance, the company disclosed an unexecuted order book of ₹3,741.79 crore (including L1) as on June 30, 2026. The combination of quarterly revenue and pending executable work is closely tracked by investors in EPC businesses because it indicates near-term utilisation and cash flow potential.

Order momentum was supported by multiple domestic project wins across Gujarat and Odisha, with utilities such as Paschim Gujarat Vij Company Limited (PGVCL), Uttar Gujarat Vij Company Limited (UGVCL), and Odisha Power Transmission Corporation Limited (OPTCL) appearing in the company’s disclosed order announcements. A separate “order value trend” data point in the provided information also shows FY 2026-27 order value at ₹2,782.56 crore with a quarter-on-quarter growth of 457.26%.

Company profile and operating segments

Rajesh Power Services Ltd is engaged in EPC activities, with work concentrated in power transmission and distribution. The company undertakes turnkey execution of GIS and AIS substations, extra-high-voltage power cables, transmission lines and distribution systems, primarily for government and institutional customers.

Its client list, as provided, includes major public and private utilities such as GETCO, GUVNL and its subsidiaries (UGVCL, PGVCL, MGVCL and DGVCL), Torrent Power Ltd, and Adani Electricity Mumbai Ltd. The company also offers services to both the renewable power sector (solar power) and the non-renewable power sector.

Order book snapshot as of June 30, 2026

The company stated that its unexecuted order book stood at ₹3,741.79 crore (including L1) as on June 30, 2026. In EPC contracting, this metric is used to indicate the value of work yet to be executed, and it often influences expectations around revenue visibility over upcoming quarters.

Separately, an “order value trend” figure shows FY 2026-27 order value at ₹2,782.56 crore, with QoQ growth reported at 457.26%. While the underlying base quarter is not specified in the provided data, the figure signals a sharp jump in order inflows during the period being referenced.

Odisha entry: OPTCL underground transmission project

During the quarter, Rajesh Power Services marked its entry into Odisha by securing a transmission order worth ₹211.68 crore (including taxes) from OPTCL. The scope includes construction of a 220 kV underground transmission cable connecting the Mendhasal Grid Substation (GSS) with the Chandaka B Gas Insulated Substation (GIS).

The project scope also includes extension of the AIS bay at Mendhasal and the GIS bay at Chandaka B. For an EPC contractor, such multi-scope jobs typically combine cabling and substation bay works, expanding the work mix across specialised segments.

Gujarat focus: PGVCL underground distribution projects

Rajesh Power Services also secured ₹653.12 crore (including taxes) worth of underground power distribution projects from PGVCL. The contract involves converting the existing 11 kV High Tension (HT) and Low Tension (LT) overhead network into an underground cable network. The scope includes Ring Main Systems, GIS mapping and asset tagging.

The work spans the Bhavnagar, Anjar, Junagadh and Porbandar circles of Gujarat, as per the provided details. Undergrounding projects are operationally significant because they involve coordination across local distribution networks and can include civil works, cable laying, and network integration.

Regulation 30 order intimation: PGVCL MVCC work in Jamnagar

As per an order update posted on 2026-07-22 (IST), Rajesh Power Services received an order from PGVCL for a turnkey contract for supply, installation, testing and commissioning of 11 kV Medium Voltage Covered Conductor (MVCC) with accessories and allied items. The work is to be carried out in an 11 kV feeder under the Jamnagar Circle of PGVCL under the System Improvement (SI) Scheme.

The disclosed order size was ₹40.58 crore (including taxes). MVCC and related system improvement orders are typically linked to reducing faults and improving reliability in distribution feeders.

Other disclosed wins: PGVCL, RVPNL and UGVCL

The provided information also notes that Rajesh Power Services gained after securing a ₹362.82 crore PGVCL order (dated 06 Aug 2026). In another update, the company disclosed new domestic orders worth ₹34.37 crore (including taxes) from PGVCL and Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPNL).

Separately, Rajesh Power Services announced new project wins worth ₹9,219 million (including taxes) from UGVCL. Normalised to a single base unit, ₹9,219 million equals ₹921.9 crore. The turnkey projects involve conversion of existing 11 kV high-tension overhead networks into underground cable systems, along with installation of 11 kV MVCC across locations including Himmatnagar, Palanpur, Mehsana, and Sabarmati circles of UGVCL.

Credit rating and corporate actions

During the quarter, CRISIL revised the company’s long-term rating outlook to “Positive” from “Stable” and reaffirmed its CRISIL A- long-term credit rating, as stated in the provided details. For EPC companies, rating actions matter because they can influence working capital lines and the cost of bank guarantees, both of which are central to executing utility contracts.

In corporate actions, the company’s last dividend declared was ₹1.00 per share, declared on 22/04/2026.

Timeline of disclosed milestones

Market impact: what the numbers indicate

The disclosed ₹436.62 crore Q1 FY27 revenue provides a recent run-rate reference point for the company’s operations. The ₹3,741.79 crore unexecuted order book (including L1) indicates a sizeable pipeline relative to the reported quarterly revenue, which is a key marker of revenue visibility in the EPC model.

The order mix described in the updates spans underground distribution conversion, covered conductors under system improvement schemes, and a 220 kV underground transmission cable project. This mix matters because execution requirements differ across distribution and transmission, and the company’s disclosed wins show participation in both segments. The FY 2026-27 order value figure of ₹2,782.56 crore with QoQ growth of 457.26% further reinforces the presence of elevated order inflows during the referenced period, although the base quarter is not detailed in the provided data.

Analysis: why this set of updates matters

The sequence of wins from state-run utilities such as PGVCL and UGVCL, and the Odisha entry via OPTCL, illustrates how the company’s order pipeline is being built across multiple geographies. For an EPC contractor working largely with government and institutional customers, diversified state exposure can reduce dependence on a single utility’s tender cycle.

The disclosed PGVCL underground distribution projects across multiple circles, and the MVCC order under the SI scheme, also highlight a theme of grid strengthening work within distribution networks. Meanwhile, the 220 kV underground transmission project in Odisha adds a transmission-layer job that includes both cable and bay extension works, indicating multi-scope execution capability based on the provided scope details.

Conclusion

Rajesh Power Services’ latest disclosed figures show ₹436.62 crore in Q1 FY27 revenue and an unexecuted order book of ₹3,741.79 crore (including L1) as on June 30, 2026. The company has also reported multiple order wins from PGVCL and UGVCL in Gujarat, and a transmission project from OPTCL marking entry into Odisha. The next set of confirmed milestones for investors to track would be further Regulation 30 order updates and subsequent quarterly disclosures that indicate execution progress on the stated project scopes.