How did Rulka achieve the profit jump in FY26?

Management attributed the 45.8% rise in net profit to ₹3.29 cr to executing 36 projects and deliberately shifting away from low-margin civil work. That mix shift lifted profitability even as revenue grew 38.2% to ₹110 cr.

What does the ₹90 cr capital raise fund?

The raise backs a strategic pivot toward large-ticket projects of ₹50-70 cr each. It follows an early win at Maharashtra Transco and turnkey MEP work at Mumbai and Lucknow airports, which are the first jobs in the new verticals.

How much debt does the company carry now?

Total debt fell 45% to just ₹4.80 cr, leaving Rulka nearly debt-free. The low leverage gives it room to raise the ₹90 cr without overburdening the balance sheet.

What are the new business verticals?

Rulka is entering EHV transmission, solar EPC, and airport infrastructure. These are the large-ticket segments management believes can eventually push revenue past ₹1,000 cr.

Concalls · Electric Equipment · Micro cap

Rulka cuts debt 45%, now chasing ₹50-70 cr projects

FY26 revenue rose 38% to ₹110 cr and net profit jumped 46% to ₹3.29 cr. The ₹90 cr capital raise is to fund the pivot to bigger jobs.

RULKA By Tipsheet Editorial 8 Jun 2026 · 5:43 PM IST Verify on NSE

Mkt cap₹39.6 cr

P/E12.04×

ROE45.92%

Debt / eq.0.83

₹144 cr Order book, up from ₹90 cr at the end of FY25.

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 this 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.

Questions answered

How did Rulka achieve the profit jump in FY26?: Management attributed the 45.8% rise in net profit to ₹3.29 cr to executing 36 projects and deliberately shifting away from low-margin civil work. That mix shift lifted profitability even as revenue grew 38.2% to ₹110 cr.
What does the ₹90 cr capital raise fund?: The raise backs a strategic pivot toward large-ticket projects of ₹50-70 cr each. It follows an early win at Maharashtra Transco and turnkey MEP work at Mumbai and Lucknow airports, which are the first jobs in the new verticals.
How much debt does the company carry now?: Total debt fell 45% to just ₹4.80 cr, leaving Rulka nearly debt-free. The low leverage gives it room to raise the ₹90 cr without overburdening the balance sheet.
What are the new business verticals?: Rulka is entering EHV transmission, solar EPC, and airport infrastructure. These are the large-ticket segments management believes can eventually push revenue past ₹1,000 cr.

Mentioned: Maharashtra Transco · ₹90 cr capital raise · Mumbai and Lucknow airports

Primary source NSE

An independent reading of the company's own disclosure — the primary filing above is the final word.