Current/ Expected Orderbook/ Pending Orders?

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 (Gujara

Any current/future new fundraising through debt or equity?

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.

Any current/future capex/capital investment/strategic investment?

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 pr

Future growth expectations in sales/revenue/volumes?

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, support

Future growth expectations in earnings/operating earnings/profits/EPS?

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

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Rajesh Power Services LtdQ4 FY27Other Utilities

Rajesh Power Services Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹803P/E: 11.1Market Cap: ₹1.5K CrSector: Other Utilities

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→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.

Margin guidance

Category 3

→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).

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Fundraise plans

Yes

→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.

Order book

Yes

→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.

Capex plans

Yes

→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.

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