Working capital stress from rising receivables
Trade receivables doubled to ₹350 crore, with days outstanding increasing. Management attributes this to March billing spike, but normalization is key.
RAJESHPOWER / bear-case history
Track the concerns that keep returning.
Rajesh Power Services · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Geographic concentration in Gujarat
85-90% of order book is from Gujarat. While management is diversifying, any slowdown in Gujarat state spending could impact growth.
Execution risk in new states and BESS
Expansion into new states and BESS (a new segment) may face project delays or margin pressure if local conditions differ from Gujarat.
Competition in underground cabling and GIS
Management noted 1-2 new competitors entering each year, which could intensify pricing pressure over time.