Rajesh Power Services Ltd

- Current order book stands at approximately INR 3,326 crores as of H2FY26. - Around 85% to 90% of the current order book is linked to Gujarat, with plans to increase projects outside Gujarat to an 80-20 split. - Order inflow for FY26 was around INR 2,743 crores, including some L1 orders (~INR 210 crores). - Management is targeting an order book closing above INR 5,000 crores for FY27. - Bids worth INR 2,200 crores, awaited with results expected by May end to June early 2026. - Plans to aggressively bid outside Gujarat to diversify the order book. - The addressable market opportunity from key states (Gujarat, Rajasthan, Uttarakhand) is estimated at INR 14,000-15,000 crores annually.

- Management mentioned working with lenders for project financing, targeting around 70% to 80% debt financing from banks, with the remaining being equity from the company. - The exact project size and corresponding equity amount are still being determined, so no specific numbers were provided yet. - There was no explicit mention of new equity fundraising plans during the call. - The company appears focused on balancing debt and equity financing to fund ongoing and upcoming projects but has not announced any immediate new fundraising through debt or equity.

- Rajesh Power Services is developing a 65 MW Battery Energy Storage System (BESS) project with GUVNL, expected to commission by September-October 2027. - The BESS project will be owned by the company, generating monthly rental income from the government (tariff rentals). - The company plans to invest equity in the BESS project, with 70%-80% project financing expected from banks and the rest through equity. - CapEx for BESS infrastructure is approximately INR 1.5 to 2.5 crore per MW. - The BESS project serves as a strategic entry to understand the BESS ecosystem, aiding in bidding for larger BESS EPC projects. - Rajesh Power is expanding capabilities beyond 220 kV transmission to 400 kV GIS substations, with this new capability positioning them for future 765 kV segment opportunities. - They are exploring automation, e.g., automated cable winch machines, to scale cable laying operations efficiently.

- Rajesh Power Services Ltd. is targeting a revenue CAGR of approximately 40% over the next 2 to 3 years. - The company aims to achieve 40% growth specifically in FY27, maintaining a consistent growth trajectory. - Order inflows are targeted at INR 4,000 to INR 5,000 crores annually in the near term, with similar levels expected in FY28. - The company plans to expand beyond its strong Gujarat market presence (currently 85%-90% of order book) with a goal to shift towards an 80%-20% order book split between Gujarat and other states. - Execution timelines for projects are typically 18 to 24 months, supporting steady revenue realization aligned with order inflows. - Growth is driven by increasing opportunities in transmission and distribution segments across multiple states including Maharashtra, Orissa, Jharkhand, Rajasthan, and Uttarakhand. - The company is also entering new segments like Battery Energy Storage Systems (BESS), adding potential new revenue streams.

- Rajesh Power Services Ltd. targets a revenue CAGR of approximately 40% over the next 2-3 years, continuing their strong growth trajectory (Page 16, 13). - EBITDA margins are expected to stabilize around 11% to 12%, with PAT margins around 8% to 9%, maintaining healthy profitability (Pages 16, 36). - The company plans order inflows in the range of INR 4,000 to INR 5,000 crore yearly, supporting revenue growth (Page 16). - BESS (Battery Energy Storage Systems) segment is seen as a new growth engine, with the company aiming to expand its share in EPC projects there, though exact contribution to revenue is currently uncertain (Pages 13, 22). - Strong execution capabilities and operational efficiencies are expected to support these margins and growth rates. - Overall, sustained profitable growth and operational excellence are the focus areas according to the management’s strategy (Page 7).