Quarterly Business Update
Rajesh Power Services Reports ₹436.62 Crore Q1 FY27 Revenue; Order Book Reaches ₹3,741.79 Crore
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Rajesh Power Services Limited (RPSL) shared its Q1 FY2026-27 business update, reporting ₹436.62 crore in revenue from operations and an unexecuted order book of ₹3,741.79 crore as of June 30, 2026. During the quarter, the company secured major transmission and underground power distribution projects worth over ₹864 crore, while CRISIL revised its long-term rating outlook to Positive and reaffirmed the CRISIL A- rating.
PRICE-SENSITIVE TRIGGER
Event: Rajesh Power Services announced its Q1 FY2026-27 business update highlighting revenue growth, a strong order book, significant project wins, and an improved credit rating outlook.
Type: Quarterly Business Update
Impact: Positive
Immediate Effect: The update reflects healthy execution momentum, continued order inflows, and an improved credit profile, strengthening revenue visibility for future quarters.
financials:
Key Metrics:
- Revenue from Operations (Q1 FY27): ₹436.62 crore (Unaudited)
- Unexecuted Order Book (June 30, 2026): ₹3,741.79 crore
- Odisha Transmission Project: ₹211.68 crore (including taxes)
- PGVCL Underground Distribution Projects: ₹653.12 crore (including taxes)
Highlight:
- Order Book: ₹3,741.79 crore as of June 30, 2026
What Happened ?
Rajesh Power Services Limited released its business update for the quarter ended June 30, 2026, highlighting strong operational performance supported by robust project execution and new order inflows.
The company reported ₹436.62 crore in revenue from operations during Q1 FY27 and maintained an unexecuted order book of ₹3,741.79 crore, providing strong revenue visibility.
The quarter also witnessed significant project wins in transmission and underground power distribution infrastructure, along with an improved credit rating outlook from CRISIL.
key details
Business Highlights:
- Reported ₹436.62 crore revenue from operations during Q1 FY2026-27.
- Unexecuted order book stood at ₹3,741.79 crore as on June 30, 2026.
- Secured a ₹211.68 crore transmission project from Odisha Power Transmission Corporation Limited (OPTCL).
- The Odisha project involves construction of a 220 kV underground transmission cable connecting the Mendhasal Grid Substation with the Chandaka B Gas Insulated Substation, including extension of AIS and GIS bays.
- Won underground power distribution contracts worth ₹653.12 crore from Paschim Gujarat Vij Company Limited (PGVCL).
- The Gujarat projects involve conversion of existing 11 kV High Tension (HT) and Low Tension (LT) overhead networks into underground cable systems with Ring Main System (RMS), GIS mapping, and asset tagging across Bhavnagar, Anjar, Junagadh, and Porbandar.
- CRISIL revised the company’s Long-Term Rating Outlook from Stable to Positive, while reaffirming the CRISIL A- rating.
Note:
- The combination of a sizeable order backlog, new infrastructure contracts, and an improved credit outlook strengthens the company’s execution pipeline and financing profile for upcoming quarters.
Risk Analysis
Summary:
- Despite strong order inflows and operational momentum, timely project execution and working capital management remain key factors influencing future performance.
Key Risks:
- Execution delays on large EPC projects could impact revenue recognition.
- Infrastructure projects remain subject to customer approvals and milestone-based payments.
- Rising input costs or project cost overruns may affect margins.
- Working capital requirements could increase with a growing order book.
- Revenue conversion depends on timely execution of the existing project pipeline.
Worst Case:
- Delays in project execution or slower conversion of the order book into revenue could impact earnings growth and cash flow generation.
Risk Level: Medium
Company Commentary
- Revenue from operations for Q1 FY27 stood at ₹436.62 crore.
- Unexecuted order book reached ₹3,741.79 crore as of June 30, 2026.
- The company entered Odisha through one of its largest transmission project wins.
- Secured major underground power distribution contracts across multiple cities in Gujarat.
- CRISIL revised the company’s long-term rating outlook to Positive while reaffirming the CRISIL A- rating.
Official Exchange Filing: Rajesh Power Services Limited
