What’s new

• FY26 revenue rose 38.2% to ₹110 cr; net profit jumped 45.8% to ₹3.29 cr.
• Order book strengthened to ₹144 cr; total debt slashed 45% to ₹4.80 cr.
• Plans a ₹90 cr capital raise to fund a pivot to large-ticket projects of ₹50-70 cr each.

Why it matters

Rulka is no longer a small civil-work contractor. The ₹144 cr order book is larger than last year's revenue, and the company is raising ₹90 cr to chase even bigger jobs. The shift to EHV transmission, solar EPC, and airport MEP work explains the margin improvement and sets up a sharper growth trajectory.

What we’re watching

• Execution on the new Maharashtra Transco and airport MEP orders.
• Progress of the ₹90 cr capital raise and its terms.
• Whether large-ticket wins keep landing to backfill the ₹1,000 cr revenue ambition.

The full read

Rulka Electricals is trying to outgrow itself. FY26 revenue rose 38.2% to ₹110 cr and net profit jumped 45.8% to ₹3.29 cr on the back of 36 projects, but the real story is what comes next. The company is raising ₹90 cr to chase projects of ₹50-70 cr each, up from jobs that were a fraction of that size. The order book stands at ₹144 cr and management is betting on EHV transmission, solar EPC, and airport infrastructure to get to ₹1,000 cr revenue. Early wins at Maharashtra Transco and Mumbai and Lucknow airports give that ambition some proof of concept. Meanwhile, debt fell 45% to ₹4.80 cr, leaving the balance sheet clean enough to support the raise. The margin improvement, driven by a deliberate exit from low-margin civil work, suggests the pivot is already lifting profitability.

Primary source: NSE