Rajesh Power wins ₹34.37 cr in state utility orders, enters Rajasthan
Two contracts from Gujarat and Rajasthan utilities add to order book but are modest relative to FY26 revenue of ₹1,628 cr and an existing order book of ₹3,741.79 cr.
— 4 earlier stories on Rajesh Power Services Ltd. →What's new
- PGVCL awarded a ₹21.57 cr SCADA maintenance contract across three Gujarat circles.
- RVPNL placed a ₹12.80 cr turnkey order for a 220kV line conversion in Jodhpur.
- The RVPNL contract marks Rajesh Power's first entry into Rajasthan's transmission infrastructure.
Why this matters
The orders are small, roughly 1% of the existing order book and dwarfed by last week's ₹653 cr PGVCL win. But the Rajasthan entry diversifies the geographic base beyond Gujarat and Odisha, which is strategic for a micro-cap EPC player. Execution will test the company's ability to manage short 9–12 month timelines across new states.
What we're watching
- Whether more Rajasthan tenders follow from RVPNL or other state utilities.
- Execution pace on both contracts given the tight 9–12 month timelines.
- Order book accretion after these inflows — currently ₹3,741.79 cr unexecuted.
The full read
Rajesh Power Services has bagged two state utility orders worth ₹34.37 crore: a ₹21.57 crore SCADA maintenance contract from PGVCL and a ₹12.80 crore 220kV line modification from RVPNL. The Rajasthan order is a first for the company, adding a third state to its operating map. That is the strategic angle. The size is modest: at 2.1% of FY26 revenue and barely 1% of the existing ₹3,741.79 crore order book, these awards are incremental relative to the company's scale. The deep order book and the recent ₹653 crore PGVCL win remain the headlines. Still, binding contracts with state utilities add near-term revenue visibility, and the Rajasthan foothold opens a new geography for future tenders. Execution on the 9–12 month timelines will be the near-term test.
Questions answered
- How do these orders compare to Rajesh Power's size?
- The combined ₹34.37 cr is about 2.1% of FY26 revenue of ₹1,628 cr and 2.25% of market cap. It adds modestly to an order book of ₹3,741.79 cr.
- What is the significance of the RVPNL order?
- It is Rajesh Power's first project in Rajasthan, diversifying its geographic footprint beyond its established Gujarat and Odisha presence.
- Are these orders related to any promoters?
- No. Both awards are from domestic state utilities and the company confirmed no promoter interest or related-party transactions are involved.
- What are the execution timelines?
- The PGVCL maintenance contract is for 12 months; the RVPNL turnkey project is for 9 months.
Rajesh Power Services Ltd.
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All notes on RAJESH →- 17 Jul 2026 · 10:22 AM IST Rajesh Power wins ₹34.37 cr in state utility orders, enters Rajasthan
- 1d ago Rajesh Power Q1 revenue at ₹436.62 cr, order book ₹3,741.79 cr
- 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