What’s new

• Won a ₹211.68 crore EPC order from OPTCL for a 220kV underground cable line near Bhubaneswar.
• First project in Odisha, expanding eastern India footprint.
• Order represents ~13% of FY26 revenue and is among its largest transmission segment contracts.

Why it matters

For a micro-cap with a market cap of ₹1,520 crore, a single order of this size materially lifts near-term revenue visibility. The existing order book of ₹3,326 crores receives a meaningful boost, and entry into a new state diversifies geographic risk. Execution within 24 months will determine whether this converts into steady revenue.

What we’re watching

• Progress on the 24-month timeline for the Mendhasal-Chandaka line.
• Potential follow-on orders from OPTCL or other eastern utilities.
• Order book update in the next quarterly presentation.

The full read

Rajesh Power Services has locked in its first Odisha project — a ₹211.68 crore EPC contract from state utility OPTCL. The job involves a 220kV underground cable line connecting two substations near Bhubaneswar, to be delivered in 24 months. For a micro-cap with a market capitalisation of just ₹1,520 crore, this single order is material: it represents roughly 13% of FY26 revenue and is among the largest transmission contracts the company has ever won. The existing order book of ₹3,326 crores gets a meaningful boost, and the geographical diversification into a new state is a positive. Execution risk is moderate given the firm contract from a reputed counterparty, but the real test will be whether this is the start of a broader eastern India pipeline or a one-off.

Primary source: BSE · NSE