Rajesh Power Services Ltd Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 24 May 2026 | Other Utilities | Market Cap: ₹1.5K Cr
Rajesh Power Services Ltd. Rajesh Power Services Ltd.
From Rajesh Power Services Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹831
Market Cap
₹1.5K Cr
P/E Ratio
10.9
Revenue Rank
Margin Rank
How does Rajesh Power Services Ltd rank in Other Utilities?
Compare Rajesh Power Services Ltd against every Other Utilities company this quarter on revenue, margins and earnings-call signals.
📊 Revenue & Sales Performance
Rank 1- →Rajesh Power Services Ltd. targets a revenue growth CAGR of around 40% for the next 2 to 3 years.
- →For FY’27 specifically, the company is looking at 40% growth.
- →Order inflow targets are approximately INR 4,000 to INR 5,000 crores for the current financial year.
- →Execution timelines for projects are typically 18 to 24 months, with phased mobilizations already underway.
- →Expansion in non-Gujarat states is expected to raise the contribution from outside Gujarat closer to 20% of the order book.
- →The company foresees executing projects worth INR 4,500 crore in the near term, with a robust pipeline including bids worth around INR 2,200 crore pending results.
- →Growth is expected from both transmission and distribution segments, as well as new areas like BESS (Battery Energy Storage Systems).
- →Management does not currently plan to revise growth guidance upward despite an increased total addressable market.
📈 Profitability & Margins
Rank 3- →Rajesh Power Services Ltd. projects a **40% CAGR revenue growth** over the next 2 to 3 years (Page 16, 33).
- →EBITDA margins are expected to remain **stable around 11%-12%**, with PAT margins around **8%-9%** (Pages 15, 16, 36).
- →The company targets a **consolidated order inflow of INR 4,000 to 5,000 crores annually** in the near term, supporting growth outlook (Pages 16, 34).
- →Expansion into the **BESS EPC segment** is seen as a new growth engine, expected to contribute a meaningful portion of revenues in 2-3 years, though exact contribution percentages are yet to be finalized (Pages 13, 21).
- →Management remains confident on **executable project timelines** of 18-24 months, supporting steady revenue recognition (Page 13).
- →EPS is aligned with rising PAT growth; PAT grew 48% in FY26 and is expected to increase with scaling operations and steady margins (Page 7, 36).
🏗️ Capital Expenditure Plans
Yes- →The company is developing a 65 MW Battery Energy Storage System (BESS) project, which they will own and operate under a build-operate model, expected to commission by September–October 2027.
- →For the BESS project, they plan to finance 70% to 80% through bank financing with the balance through company equity; exact equity amount is yet to be determined.
- →CapEx for BESS infrastructure is estimated broadly at INR 1.5 to 2.5 crores per megawatt.
- →The BESS project is strategic to understand the ecosystem and strengthen bidding capabilities for future BESS EPC projects.
- →The company is expanding capabilities beyond 220 kV into the 400 kV GIS segment, with a project expected to commission around September–October 2026.
- →No specific new capex amounts were disclosed beyond these projects; procurement is managed through bulk buying with strong vendor relationships.
💰 Fundraising & Capital Structure
Yes- →Management mentioned they are working with lenders to secure financing for projects, targeting 70% to 80% debt financing by banks and the rest equity by the company (Page 19).
- →The exact equity amount is still being determined as the project size is not finalized yet (Page 19).
- →No specific details were shared about immediate or new fundraising plans through debt or equity.
- →Short-term borrowings have increased from INR 29 crore to INR 82 crore but were discussed in context of working capital management rather than fresh fundraising (Page 26).
- →Overall, current fundraising efforts seem focused on project financing with a bank-equity mix, but no new large-scale debt or equity fundraises were explicitly announced during the call.
📋 Order Book & Pipeline
Yes- →As of the latest update, the current order book is approximately INR 3,326 crores.
- →Gujarat accounts for around 85% to 90% of the current order book.
- →The company is targeting to close the FY27 order book above INR 5,000 crores.
- →For FY26, order inflow was around INR 2,743 crores (excluding GST), with an expected additional order inflow of INR 4,000 to INR 5,000 crores by year-end.
- →The order book includes confirmed orders and around INR 210 crores in L1 tender status.
- →There are pending bids of INR 2,200 crores with results awaited by May-June.
- →The addressable opportunity size from GETCO alone is INR 5,000 crores.
- →The company expects growth opportunities beyond Gujarat, aiming to shift from 85-90% Gujarat share towards approximately 80% Gujarat and 20% outside in the near term.
Key Metrics
Revenue
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Capex
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Order Book
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Frequently Asked Questions
What were Rajesh Power Services Ltd Q4 FY26 results?
Rajesh Power Services Ltd. Rajesh Power Services Ltd.
What is Rajesh Power Services Ltd share price analysis?
Rajesh Power Services Ltd currently shows a strong growth signal based on ranking data. The stock trades at a P/E of 10.9 with a market cap of ₹1,506 Cr. Investors should review the full earnings analysis for detailed insights.
Is Rajesh Power Services Ltd planning capital expenditure?
The company is developing a 65 MW Battery Energy Storage System (BESS) project, which they will own and operate under a build-operate model, expected to commission by September–October 2027.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.