Order Book
₹3,326 Cr
+22% YoY
Unexecuted order book as of March 2026, with 71% from distribution and 29% from transmission.
RAJESHPOWER
Energy
15 May 2026
Rajesh Power Services Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Order Inflow
₹2,743 Cr
+15% YoY
Order inflows during FY26, supported by wins across government, utility, and private sector projects.
Bid Book
₹6,000 Cr
N/A
Targeted robust bid book, with 75% from Gujarat and 25% from other states.
CAGR (FY23-26)
99%
N/A
Revenue compounded annual growth rate over the last three years, reflecting scalability.
Management Guidance
FY27 revenue growth of 40%
Management reaffirmed its guidance of 40% revenue growth for FY27, with no revision from previous commitment.
Management guidance revenueOrder inflow target of ₹4,000-5,000 crore for FY27
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 guidance growthStable EBITDA margin of 11-12%
Management expects to maintain EBITDA margins in the 11-12% range and PAT margins of 8-9% going forward.
Management guidance marginsBESS project commissioning by September 2027
The 65 MW/130 MWh BESS project is expected to be commissioned by September 2027, with monthly rental revenue starting thereafter.
Management guidance expansionKey Risks
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.
medium · analyst_questionGeographic concentration in Gujarat
85-90% of order book is from Gujarat. While management is diversifying, any slowdown in Gujarat state spending could impact growth.
medium · management_commentaryExecution 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.
low · data_observationCompetition in underground cabling and GIS
Management noted 1-2 new competitors entering each year, which could intensify pricing pressure over time.
low · management_commentaryNotable 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.
Frequently Asked Questions
What was Rajesh Power Services's revenue in Q4 FY26?
Rajesh Power Services reported revenue of ₹990 Cr in Q4 FY26, representing a +52% change compared to the same quarter last year.
What guidance did Rajesh Power Services management give for FY27?
FY27 revenue growth of 40%: Management reaffirmed its guidance of 40% revenue growth for FY27, with no revision from previous commitment. Order inflow target of ₹4,000-5,000 crore for FY27: 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. Stable EBITDA margin of 11-12%: Management expects to maintain EBITDA margins in the 11-12% range and PAT margins of 8-9% going forward. BESS project commissioning by September 2027: The 65 MW/130 MWh BESS project is expected to be commissioned by September 2027, with monthly rental revenue starting thereafter.
What are the key risks for Rajesh Power Services in FY27?
Key risks include 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.; 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..
Did Rajesh Power Services meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Rajesh Power Services Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.