Rajesh Power Services Bags Underground Power Network Projects
Rajesh Power Services Ltd (RPSL) announced that it has received turnkey contracts totaling Rs.653.12 crore (taxes included) from Paschim Gujarat Vij Company Ltd (PGVCL) for underground power distribution initiatives throughout Gujarat.
The initiatives include transforming current 11 kV high-voltage (HT) and low-voltage (LT) overhead power lines into an underground cable network featuring a Ring Main System (RMS), in addition to GIS mapping and asset tagging, throughout the Bhavnagar, Anjar, Junagadh, and Porbandar regions of PGVCL. The company indicated in a regulatory filing that the project execution time frame is 18 months.
“The award of Rs.653.12 crore worth of orders from PGVCL is a strong endorsement of our execution capabilities, technical expertise and proven track record in delivering complex power infrastructure projects”, says Kurang Panchal, Managing Director of Rajesh Power Services Limited.
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“These orders further reinforce our leadership in underground power distribution projects and our ability to execute large-scale, time-bound assignments with the highest standards of quality and safety”. The company currently executes projects across Gujarat, Rajasthan, Uttarakhand, Maharashtra, Madhya Pradesh and Odisha.
Shares of this EPC contractor surged on the markets following the announcement of a significant order victory from a governmental power utility. The order enhances the firm’s stance in underground cabling initiatives and arrives as its financial figures have been consistently increasing. Having a market capitalization of Rs. Rajesh Power Services Ltd. shares are priced at Rs.855, which is 4.37 percent higher than the prior closing price of Rs.819.2, with a market capitalization of 1,539 Crores. It reached a peak of Rs.873.9, representing a 6.6 percent increase over its last closing price. It has a price-to-earnings ratio of 11.19.
Rajesh Power Services Limited experienced a stock increase of up to six percent following the announcement of receiving orders totaling Rs 653.12 crore, inclusive of taxes, from Paschim Gujarat Vij Company Limited (PGVCL), a government entity in Gujarat.
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The turnkey projects entail transforming current 11kV high tension and low tension line networks into underground cable systems featuring a ring main configuration. The project also involves GIS mapping and tagging of assets. These initiatives will be carried out in four regions of Gujarat: Bhavnagar, Anjar, Junagadh, and Porbandar.
Rajesh Power Services has been involved in the underground cabling sector for a while, and this new order significantly enhances its execution pipeline in the region.
Rajesh Power Services has demonstrated steady growth in terms of finance. For the entire year ending March 2026, the firm’s total sales reached Rs 1,628 crore, an increase from Rs 1,107 crore in the year ending March 2025. Operating profit increased to Rs 197 crore from Rs 134 crore during the same timeframe, while net profit surged to Rs 143 crore from Rs 93 crore, resulting in an EPS of Rs 79.52 for FY26 against Rs 51.85 in FY25.
Figures from the past six months also indicate a comparable trend. Sales for the six months ending March 2026 reached Rs 990 crore, up from Rs 759 crore recorded in the corresponding period the previous year. Operating profit for this half was Rs 113 crore compared to Rs 87 crore, while net profit increased to Rs 84 crore from Rs 67 crore.
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The company, possessing a robust order book of Rs.3,326 Crores and enhancing margins, seems positioned to maintain its growth trajectory; however, the timelines for execution and payments from government utilities will be crucial aspects to monitor.