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Revenue
₹990 Cr
verified against source
Revenue YoY
52%
reported change
EBITDA
₹197 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Rajesh Power delivered a strong FY26 with revenue of ₹1,628 crore (+52% YoY) and EBITDA of ₹197 crore (+59% YoY), driven by robust execution of its diversified order book. The unexecuted order book stood at ₹3,326 crore as of March 2026, providing 2x revenue visibility. Management maintained its 40% revenue growth guidance for FY27 and guided for order inflows of ₹4,000-5,000 crore. The company is expanding into BESS (65 MW/130 MWh project) and targeting pan-India transmission opportunities. Margins are expected to remain stable at 11-12% EBITDA. Key risk: working capital normalization if March billing spike reverses slowly.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed its guidance of 40% revenue growth for FY27, with no revision from previous commitment.
- The company targets order inflows of ₹4,000-5,000 crore in FY27, aiming to close the year with an order book above ₹5,000 crore.
- Management expects to maintain EBITDA margins in the 11-12% range and PAT margins of 8-9% going forward.
- The 65 MW/130 MWh BESS project is expected to be commissioned by September 2027, with monthly rental revenue starting thereafter.
Risks flagged
- Trade receivables doubled to ₹350 crore, with days outstanding increasing. Management attributes this to March billing spike, but normalization is key.
- 85-90% of order book is from Gujarat. While management is diversifying, any slowdown in Gujarat state spending could impact growth.
- Expansion into new states and BESS (a new segment) may face project delays or margin pressure if local conditions differ from Gujarat.
- Management noted 1-2 new competitors entering each year, which could intensify pricing pressure over time.
Key quotes
- We are confident on achieving executing the projects within the timeline of 18 to 24 months which is the ideal timeline of our majority of our projects.
- We are sticking with our previously committed guidance. No revision.
- The only reason of this higher receivables you see is because of very good billing in the month of March.
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