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_questionRajesh 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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Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
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.
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_commentary