Rajesh Power bags ₹75 cr substation order from Rajasthan utility
The turnkey project for a 132/33 kV GIS substation and transmission line in Jodhpur adds to the company's strong order book, with an 18-month execution timeline.
— 5 earlier stories on Rajesh Power Services Ltd. →What's new
- Won ₹75.05 cr turnkey order from Rajasthan state utility for a GIS substation and transmission line.
- Project to be executed over 18 months; scope includes supply, civil works, testing and commissioning.
- Order is in normal course, not a related-party transaction.
Why this matters
At 4.6% of FY26 revenue, the order provides near-term revenue visibility and demonstrates repeat business from state transmission utilities. It adds to an already strong order book of ₹3,741.79 cr as of June 30, 2026.
What we're watching
- Execution pace: the 18-month timeline for a ₹75 cr project is moderate.
- Further orders from Rajasthan or other states as the company expands its transmission footprint.
- Margin profile on GIS substation projects compared to historical averages.
The full read
Rajesh Power Services has secured a ₹75.05 crore turnkey order from Rajasthan Rajya Vidyut Prasaran Nigam for a 132/33 kV GIS substation and transmission line in Jodhpur. The order, at roughly 4.6% of FY26 revenue, is not the largest the company has won but it reinforces its presence in the state — the second Rajasthan utility order this month. With an order book of ₹3,741.79 crore as of June, revenue visibility is already strong. Execution over 18 months is a moderate timeline, and the absence of related-party conflict reduces governance noise. For a micro-cap with a ₹1,473 crore market cap and a trailing ROE of 35.4%, this is an incremental positive that keeps the momentum going.
Questions answered
- How significant is this order relative to Rajesh Power's revenue?
- The ₹75.05 cr order represents about 4.6% of FY26 revenue. While not a mega order, it adds to visibility and is material for a micro-cap.
- What does the order include?
- The turnkey project covers survey, supply of equipment and materials, civil works, erection, testing, and commissioning of a 132/33 kV, 2x50 MVA gas-insulated substation and associated transmission line at Pal, Jodhpur.
- Is this order related to any promoter or group company?
- No. The company confirmed that neither the promoter nor any group company has an interest in the awarding entity, and it is not a related-party transaction.
- What is Rajesh Power's current order book?
- As of June 30, 2026, the unexecuted order book stood at ₹3,741.79 cr, including L1 contracts. This new order adds to that.
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All notes on RAJESH →- 27 Jul 2026 · 11:34 AM IST Rajesh Power bags ₹75 cr substation order from Rajasthan utility
- 10d ago Rajesh Power wins ₹34.37 cr in state utility orders, enters Rajasthan
- 11d ago Rajesh Power Q1 revenue at ₹436.62 cr, order book ₹3,741.79 cr
- 12d ago CRISIL lifts Rajesh Power outlook to Positive
- 18d ago Rajesh Power lands ₹653 cr Gujarat order, triple its last big win