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Working capital stress from rising receivables
View Risks →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.
bullish
high
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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.
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Order Book
₹3,326 Cr
+22% YoY
Unexecuted order book as of March 2026, with 71% from distribution and 29% from transmission.
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.
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Guidance and risk preview
Management reaffirmed its guidance of 40% revenue growth for FY27, with no revision from previous commitment.
Trade receivables doubled to ₹350 crore, with days outstanding increasing.
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