Rajesh Power ServicesShare price, financial results, shareholding and management
- Market cap
- ₹1,489 cr
- Stock P/E
- 10.8peers 19.0
- Book value
- ₹226
- Price to book
- 3.67
- EV / operating profit
- -
- Market cap to sales
- 0.91
- ROCE · FY26
- 47.1%
- ROE · FY26
- 41.1%
- ROE, 3-year average
- 43.8%
- Operating margin · FY26
- 12.1%peers 17.0%
- Sales growth, 3 years
- 98.9%
- Profit growth, 3 years
- 169.8%
- Debt to equity
- 0.31peers 0.34
- Borrowings
- ₹127 cr
- Interest cover
- 18.4×
- Cash from business / op. profit
- -21%
- Debtor days
- 78
- Pledged
- 0.00%
- Promoter holding
- 72.70%
- Change in promoter holding
- -0.70 pts
- Shareholders
- 6,172
- 52-week high / low
- ₹1,465 / ₹705
- Dividend yield
- Paid
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Rajesh Power Services share price chart
Close on 6 Nov 2026 · -0.41% on the day · Vol 96,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +9.9%
- 3 months
- -3.7%
- 6 months
- -5.2%
- 1 year
- -41.3%
- Traded a day, 20 days
- ₹4.44 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +47% | +47% |
| 3 years, a year | +99% | +170% |
| Latest half, H2 FY26 | +25% | +22% |
About Rajesh Power Services: business, products and customers
Rajesh Power Services builds underground power cable networks, substations and power lines for electricity companies, mostly state power utilities in Gujarat. Its shares trade on BSE SME.
Rajesh Power Services takes on power projects from design to commissioning: laying underground cables, turning overhead lines into underground ones, building air and gas insulated substations up to 400 kV, and running and repairing networks. The company says the business goes back to 1971, and it holds a Class AA electrical contractor licence in Gujarat and Class A licences in Rajasthan and Madhya Pradesh.
Its customers are mainly Gujarat's power transmission company GETCO and the state's distribution companies such as UGVCL, along with private utilities like Torrent Power and some industrial and railway projects. Work is won through tenders, and the company says most of its projects take 18 to 24 months because underground cables run along existing roads rather than over private land. On 12 October 2026 it announced an order from Madhya Gujarat Vij Company (MGVCL) and on 14 October 2026 an order from Uttar Gujarat Vij Company (UGVCL), each with a press release; only the subject lines of those filings were available here, so the orders' values and scope are not given.
Read more about the business
What is new: in FY26 it signed a 12-year agreement with GUVNL to build and own a 65 MW battery storage plant in Gujarat, won its first 400 kV gas insulated substation orders and formed a joint venture for a railway power project. It also holds 25.48% of HKRP Innovations, which supplies control software for substations.
From the offer document (November 2024), the annual report 2025-26, the November 2025 and April 2026 earnings calls, the April 2026 investor presentation, the August 2025 CRISIL rating note and the subject lines of the company's announcements of 12 and 14 October 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 99% a year over three years.
- It earns a high return on the money it uses: ROCE 47% in FY26.
- The promoters own a large part of the company: 72.70%.
- It paid a dividend in the past year.
To watch
- Execution of the ₹3,326 cr order book held at 31 March 2026 (Investor presentation, Apr 2026, p.17).
- Completion of the 65 MW battery storage plant for GUVNL, due by September 2027 (Earnings call, Apr 2026, p.9).
- Collection of the ₹348.8 cr owed by customers at March 2026, which the company says falls due within 45 to 60 days (Earnings call, Apr 2026, p.11).
- Order wins outside Gujarat, which the company aims to lift to about a fifth of the order book (Earnings call, Apr 2026, p.18).
- Its borrowings rose a lot last year: ₹127 cr, from ₹56 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Rajesh Power Services revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before.
Rajesh Power Services half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 313 | 790.48 | 637.82 | 990.12 |
| Expenses | 276 | 696.87 | 553.88 | 876.90 |
| Operating profit | 37 | 93.61 | 83.94 | 113.22 |
| OPM | 12.0% | 11.8% | 13.2% | 11.4% |
| Interest | 5 | 9.30 | 5.18 | 5.72 |
| Depreciation | 1 | 0.64 | 0.53 | 0.60 |
| Profit before tax | 37 | 86.08 | 80.48 | 109.47 |
| Net profit | 30 | 65.20 | 58.78 | 79.45 |
Rajesh Power Services profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 147 | 207 | 285 | 1,107 | 1,628 |
| Expenses | 136 | 193 | 250 | 973.69 | 1,431 |
| Operating profit | 11 | 14 | 35 | 133.75 | 197.16 |
| OPM | 8.0% | 7.0% | 12.0% | 12.1% | 12.1% |
| Other income | 3 | 4 | 10 | 7.22 | 5.47 |
| Interest | 8 | 8 | 10 | 16.65 | 10.90 |
| Depreciation | 2 | 1 | 1 | 1.21 | 1.14 |
| Profit before tax | 4 | 9 | 34 | 123.12 | 189.95 |
| Tax rate | 25.0% | 22.2% | 23.5% | 24.2% | 27.6% |
| Net profit | 3 | 7 | 26 | 93.37 | 137.51 |
| EPS ₹ | 2.27 | 4.44 | 17.10 | 57.74 | · |
| Dividend payout | 0.0% | 0.0% | 0.0% | 2.0% | 1.0% |
The years to FY24 come rounded to the nearest crore in the source.
Earnings per share is left blank where the source shows zero against a profit.
Rajesh Power Services profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 8.0% | 7.0% | 12.0% | 12.1% | 12.1% |
| Tax rate | 25.0% | 22.2% | 23.5% | 24.2% | 27.6% |
| ROCE | · | 14.7% | 31.4% | 58.1% | 47.1% |
| ROE | · | 12.7% | 36.6% | 53.8% | 41.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 2.0% | 1.0% |
Rajesh Power Services debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Rajesh Power Services balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 15 | 15 | 15 | 18 | 18 |
| Reserves | 37 | 43 | 69 | 245 | 388 |
| Net worth | 52 | 58 | 84 | 263 | 406 |
| Borrowings | 62 | 60 | 78 | 56 | 127 |
| Other liabilities | 62 | 80 | 78 | 220 | 409 |
| Total liabilities | 176 | 198 | 240 | 539 | 942 |
| Fixed assets | 16 | 19 | 20 | 21 | 18 |
| Capital work in progress | 0 | 0 | 0 | 0 | 1 |
| Investments | 12 | 18 | 8 | 0 | 23 |
| Other assets | 148 | 161 | 212 | 518 | 900 |
Rajesh Power Services cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 7 | 15 | -22 | -16 | -41 |
| Cash from investing | -19 | -5 | 16 | -30 | -16 |
| Cash from financing | 6 | -12 | 6 | 47 | 37 |
| Net cash flow | -6 | -2 | 0 | 1 | -20 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 141 | 103 | 94 | 62 | 78 |
| Inventory days | 95 | 82 | 64 | 27 | 34 |
| Days payable | 116 | 76 | 55 | 49 | 90 |
| Cash conversion cycle | 120 | 108 | 103 | 39 | 22 |
| Working capital days | 75 | 53 | 66 | 41 | 7 |
Rajesh Power Services peers and competitors
Listed SME companies in the same industryBy sales, Rajesh Power Services is number 1 of the 15 listed SME companies in other utilities.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Rajesh Power Services | 1,489 | 10.8 | 1,628 | 138 | 12.1% | 0.31 |
| VVIP Infratech | 334 | 7.8 | 345 | 43 | 21.0% | 0.83 |
| Effwa Infra & Research | 826 | 28.8 | 253 | 28.6 | 16.6% | 0.31 |
| Namo eWaste Management | 807 | 56.2 | 195 | 14.4 | 11.6% | 0.03 |
| Urban Enviro Waste Management | 106 | 7.2 | 182 | 14.9 | 17.4% | 0.72 |
| Z-Tech (India) | 733 | 20.3 | 156 | 36 | 28.0% | 0.34 |
| Apex Ecotech | 336 | 19.8 | 149 | 17 | 14.6% | 0.02 |
| Sattva Engineering Construction | 102 | 7.8 | 143 | 13.1 | 15.4% | 0.34 |
| Hi-Green Carbon | 344 | 100.4 | 139 | 3.4 | 16.7% | 0.70 |
| Organic Recycling Systems | 214 | 8.6 | 105 | 25 | 29.0% | 0.37 |
| Felix Industries | 330 | 18.2 | 102 | 18.1 | 27.6% | 0.22 |
| Median of the 10 others | 335 | 19 | 152 | 17.6 | 17.0% | 0.34 |
Rajesh Power Services shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Rajesh Power Services shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Nov 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|
| Promoters | 73.40% | 73.40% | 73.40% | 72.70% |
| Foreign investors (FIIs) | 2.32% | 0.84% | 0.45% | - |
| Indian institutions (DIIs) | 7.43% | 4.88% | 3.39% | - |
| Number of shareholders | 5,191 | 3,048 | 4,646 | 6,172 |
Rajesh Power Services study: the business from its own documents
Read from 10 of the company's own documentsRajesh Power Services so far
From the company's own record
- 12 Oct 2026Order worth ₹472 cr
- 14 Oct 2026An order announced
- 14 Oct 2026Order worth ₹69.00 cr
- 31 March 2026Promoters at 72.70%
- 23 Sept 2025Highest close since listing, ₹1,590.95
Rajesh Power Services key facts from the filings
Each figure with the document it comes from
- Order book
- ₹3,326 cr
- Unexecuted orders, including bids where it was the lowest bidder, at 31 March 2026: about twice FY26 revenue, 71% of it in distribution.Investor presentation, Apr 2026, p.17
- New orders
- ₹2,743 cr
- Orders won during FY26, well above the year's revenue.Investor presentation, Apr 2026, p.17
- Revenue
- ₹1,627.9 cr
- FY26 revenue from operations, up 51.9% from ₹1,072.1 cr in FY25.Investor presentation, Apr 2026, p.10
- Gujarat share
- 85% to 90%
- Share of the order book from Gujarat in April 2026; the company aims to bring this nearer 80% by bidding in other states.Earnings call, Apr 2026, p.18
- Top five customers
- 67.6%
- Share of FY24 revenue from the five largest customers, all government companies; UGVCL alone gave 56.1% in the six months to September 2024.Offer document, p.37 and p.315
Show 5 more facts
- Bids in the pipe
- ₹5,700 cr
- Bids of ₹2,200 cr awaiting results and ₹3,500 cr more to be bid, in April 2026; the company says it usually wins about 40% of what it bids for.Investor presentation, Apr 2026, p.17; Earnings call, Apr 2026, p.16
- Battery storage
- 65 MW / 130 MWh
- Its first battery storage plant, for GUVNL in Gujarat, on a 12-year agreement at ₹1.89 lakh per MW a month, to be finished by September 2027.Investor presentation, Apr 2026, p.21; Earnings call, Apr 2026, p.9
- 400 kV substations
- ₹278 cr
- First orders for 400 kV gas insulated substations, won in FY26.Investor presentation, Apr 2026, p.22
- Money owed by customers
- ₹348.8 cr
- Trade receivables at 31 March 2026, against ₹181.7 cr a year earlier; the company put it down to heavy billing in March and says payment terms are 45 to 60 days.Investor presentation, Apr 2026, p.15; Earnings call, Apr 2026, p.11
- Credit rating
- Crisil A-/Stable
- Long term bank loan rating, raised from Crisil BBB+/Positive in August 2025.Crisil rating note, Aug 2025, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The latest filings announce orders from Uttar Gujarat Vij Company (UGVCL) on 14 October 2026 and from Madhya Gujarat Vij Company (MGVCL) on 12 October 2026, with their values not available here. The company says it had ₹3,326 cr of orders in hand at 31 March 2026, mostly to be executed within 18 to 24 months. On the April 2026 call the management said it is sticking to its earlier guidance of about 40% revenue growth for FY27, with EBITDA margins of about 11% to 12% and profit margins of about 8% to 9%, and that it is aiming for new orders of about ₹4,000 to 5,000 cr during the year. The battery storage plant for GUVNL is due to be finished by September 2027, after which monthly rent from the utility begins.
| What management said | When | What happened |
|---|---|---|
| Revenue growth of about 40% a year over the next few years | Nov 2025 call | FY26 revenue grew 51.9% |
| EBITDA margin of about 11% to 12% | Apr 2026 call | 12.1% in FY26 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Rajesh Power Services earns a thin but steady margin on power cable and substation projects, won by tender from state utilities that are spending heavily on their networks.
Its weak spots are dependence on one state's utilities, prices set by competitive bidding, and money held back by customers until projects are finished.
WatchCan it set its own prices?All of its work comes through tenders, where competition pushes bids down, and materials make up most of its costs.
AverageHow strong is it against rivals?Its licences, long record in underground cabling and fast project times give it a place with Gujarat utilities, but it still has to win each job against other bidders.
WatchWho are its customers?Customers are strong, highly rated state utilities, but most of the work comes from a few of them in one state.
WatchDoes it need a lot of money?It needs little in plant and machinery, but money gets stuck with customers and in retention held back until projects are installed and commissioned.
StrongCan it keep finding new work?It won far more orders last year than it delivered, and Gujarat's utilities have large network spending plans ahead.
AverageDo good and bad years swing a lot?Margins have stayed in a narrow band, but work leans to the second half of each year and depends on how much state utilities choose to spend.
Who runs Rajesh Power Services?
Promoters, directors and officers; tap a name for the background
KRKurang Ramchandra PanchalPromoter and Managing Director · holds 15.05%
Associated with the company since its incorporation and Managing Director since 2010; holds a Bachelor of Commerce from B. K. Arts and Commerce College, Palanpur, and has more than 40 years in the power transmission and distribution sector. Responsible for developing and managing the whole business.
Offer document, p.198, p.201 and p.213; Annual report 2025-26, p.5 and p.161RBRajendra Baldevbhai PatelPromoter and Whole Time Director · holds 8.49%
On the board since 2010 and Whole Time Director since July 2024, after serving as Managing Director; holds a Bachelor of Commerce from L. J. Commerce College, Ahmedabad, and has more than 33 years in the sector, managing operations of power transmission and distribution projects.
Offer document, p.198, p.201, p.204 and p.213; Annual report 2025-26, p.5 and p.161UNUtsav Nehal PanchalPromoter, Director and Chief Executive Officer · holds 8.36%
A director since 2021 and Chief Executive Officer since July 2024; holds an MBA in Marketing and Operations from IIM Kashipur and a Six Sigma Green Belt from the Indian Statistical Institute, Pune, with seven years of experience at the time of the offer, including project management on power transmission EPC projects.
Offer document, p.199, p.201 and p.213; Annual report 2025-26, p.5 and p.161KPKaxil Prafulbhai PatelPromoter, Director and Chief Financial Officer · holds 8.33%
A director since 2019 who manages the company's finances; holds a B.Tech in Electrical Engineering from AIT, Ahmedabad and an M.Tech in Electrical Engineering from Indus University, with an executive course in financial reporting from IIM Ahmedabad, and had seven years of experience at the time of the offer.
Offer document, p.198, p.201 and p.213; Annual report 2025-26, p.5 and p.161SPSujit Prem Kumar GulatiIndependent Director
A retired government official with more than ten years at Joint Secretary level, working in finance, administration and management; holds a B.Tech in Mechanical Engineering from IIT Delhi. On the board since July 2024.
Offer document, p.200 and p.202PPPankti Parth ShahIndependent Director
A Chartered Accountant with an MBA in Finance from K.S. School of Business Management, founder of PSSP & Associates and an ICAI certified GST professional, with nine years of experience. On the board since July 2024.
Offer document, p.199 and p.202Rajesh Power Services latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹990 cr (+25%), net profit ₹79.5 cr (+22%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 73.40% to 72.70%.
- 14 Oct 2026: order worth ₹69.00 cr announced.
- 14 Oct 2026: an order announced.
Rajesh Power Services announcements
7 on record, latest first; each opens the filing on the exchange
- Company UpdatePress Release for Order Received from Uttar Gujarat Vij Company Limited (UGVCL)PDF ↗
- Company UpdateIntimation of Order Received from Uttar Gujarat Vij Company Limited (UGVCL)PDF ↗
- Company UpdatePress Release for Order received from Madhya Gujarat Vij Company Limited (MGVCL)PDF ↗
- Company UpdateIntimation of Order Received from Madhya Gujrat Vij Company Limited (MGVCL)PDF ↗
- Insider Trading / SASTIntimation for Closure of Trading Window form Thursday, October 1,2026 till 48 hours after declaration of Unaudited results for half year ended on September 30,PDF ↗
- Company UpdateDisclosure under Regulation 30 of SEBI (LODR),2015PDF ↗
- AGM/EGMProceedings of 17th Annual General Meeting of the Company on Thursday, September 24,2026PDF ↗
Rajesh Power Services annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 April 2026 ↗read
- 30 Nov 2025 ↗read
- 30 April 2026 ↗read
- 30 Nov 2025 ↗read
- 31 May 2025 ↗read
Rajesh Power Services share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendFinal Dividend - Rs. - 1.0000ex-date 18 Sept 2026
- DividendFinal Dividend - Rs. - 1.0000ex-date 22 Aug 2025
Checks we ran on Rajesh Power Services' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,80,07,392 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Rajesh Power Services
What does Rajesh Power Services do?
Rajesh Power Services builds underground power cable networks, substations and power lines for electricity companies, mostly state power utilities in Gujarat. Its shares trade on BSE SME.
What is the share price of Rajesh Power Services?
₹827 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Rajesh Power Services?
₹1,489 cr at the close on 6 Nov 2026, on 1,80,07,392 shares.
What is the P/E of Rajesh Power Services?
10.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Rajesh Power Services' revenue and profit?
Revenue ₹1,628 cr and profit after tax ₹138 cr in FY26.
Who are the promoters of Rajesh Power Services?
Kurang Ramchandra Panchal, Rajendra Baldevbhai Patel, Utsav Nehal Panchal, Kaxil Prafulbhai Patel; promoters held 72.70% at 31 March 2026.
What is Rajesh Power Services' website?
www.rajeshpower.com
More SME companies like Rajesh Power Services
Other listed SME companies in other utilities, the closest in size first, each read from its own documents.
- Namo eWaste ManagementNAMOEWASTE · NSE Emerge · Other Utilities · listed 2024Market cap ₹776 cr
- Effwa Infra & ResearchEFFWA · NSE Emerge · Other Utilities · listed 2024Market cap ₹736 cr
- Z-Tech (India)ZTECH · NSE Emerge · Other Utilities · listed 2024Market cap ₹612 cr
- VVIP InfratechVVIPIL · BSE SME · Other UtilitiesMarket cap ₹395 cr
- Apex EcotechAPEXECO · NSE Emerge · Other Utilities · listed 2024Market cap ₹347 cr
- Organic Recycling SystemsORGANICREC · BSE SME · Other UtilitiesMarket cap ₹336 cr
Built from 3 investor presentations, 2 earnings call transcripts, 2 annual reports, 2 credit rating notes, 1 offer document, 7 exchange announcements, 4 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.