Rajesh Power Q1 revenue at ₹436.62 cr, order book ₹3,741.79 cr
A routine quarterly update with no fresh surprises. Revenue is broadly in line with recent order inflows, while the order book signals a strong pipeline. Previously disclosed wins and a CRISIL upgrade are repackaged.
— 4 earlier stories on Rajesh Power Services Ltd. →What's new
- Unaudited Q1 FY27 revenue of ₹436.62 crore, a fresh data point.
- Order book of ₹3,741.79 crore as of June 30, 2026.
- Previously disclosed wins — ₹211.68 cr OPTCL and ₹653.12 cr PGVCL orders — and CRISIL upgrade repeated.
Why this matters
The quarterly revenue confirms the run-rate implied by recent large orders, which the analyst sees as 'broadly in line'. No estimate revision is forced. The order book's scale remains the key story, but the filing is a routine update that keeps the narrative steady. It doesn't catalyze a rerating.
What we're watching
- Next quarterly results for margin and execution pace.
- Conversion of the ₹3,741.79 crore order book into revenue.
- Any new order wins that expand the Odisha or Gujarat footholds.
The full read
Rajesh Power's Q1 business update is a moderate reminder rather than a market mover. The headline number, ₹436.62 crore of unaudited revenue for the June quarter, is a fresh data point that the analyst says is 'broadly in line' with the trend implied by the company's recent large order wins. The order book of ₹3,741.79 crore (including L1 contracts) remains the key metric, providing multi-year visibility given trailing annual revenue of ₹990 crore. But the filing repackages three previously disclosed events: the ₹211.68 crore OPTCL order for Odisha entry, the ₹653.12 crore PGVCL underground cabling contract, and the CRISIL outlook upgrade, none of which are new. For a micro-cap (market cap ₹1,473 crore), such selective updates are routine. They don't force estimate changes or catalyze a rerating. The stock keeps its existing story: a strong order book, low debt/equity (0.21), and high ROE (35.4%). What changes from here is execution: how quickly the order book converts to cash flow and margins.
Questions answered
- How does Q1 FY27 revenue compare with the previous quarter?
- The filing does not provide sequential comparison. The latest reported quarter (Mar 2026) had sales of ₹990 crore. Q1 revenue of ₹436.62 crore suggests a lower quarterly run-rate, but analysts see it as broadly in line with the trend.
- What is the unexecuted order book and why does it matter?
- The order book of ₹3,741.79 crore includes contracts won but not yet completed. It provides strong revenue visibility for the next few years, given trailing annual revenue of ₹990 crore.
- Were the OPTCL and PGVCL orders already known?
- Yes. The ₹211.68 crore OPTCL transmission project (entry into Odisha) was disclosed on June 17, 2026. The ₹653.12 crore PGVCL underground cabling order was disclosed on July 9, 2026. Both are repackaged here.
- Did the filing include any profit details?
- No. Only 'revenue from operations' and order book figures were provided. No profit, margin, or cost data. It is a business update, not a full earnings release.
- What is the significance of the CRISIL outlook upgrade?
- CRISIL revised its outlook on Rajesh Power to 'Positive' on July 15, 2026, affecting ₹363 crore of bank facilities. It reflects improving credit profile but was already announced separately.
Rajesh Power Services Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on RAJESH →- 16 Jul 2026 · 10:22 AM IST Rajesh Power Q1 revenue at ₹436.62 cr, order book ₹3,741.79 cr
- today Rajesh Power wins ₹34.37 cr in state utility orders, enters Rajasthan
- 2d ago CRISIL lifts Rajesh Power outlook to Positive
- 8d ago Rajesh Power lands ₹653 cr Gujarat order, triple its last big win
- 30d ago Rajesh Power wins ₹211.68 cr OPTCL order, enters Odisha