544291
Rajesh Power financials
- Market cap
- ₹1.4k Cr
- Sector
- Utilities
- Calls analysed
- 3
Rajesh Power Q3 FY26
What went well
- FY26 Revenue of ₹1,628 crore, up 52% YoY, driven by efficient project execution.
- FY26 EBITDA of ₹197 crore, up 59% YoY, with EBITDA margin at 12.1%.
- FY26 PAT of ₹143 crore, up 48% YoY, with PAT margin at 8.8%.
What to watch
- Trade receivables jumped from INR 181 crores to INR 350 crores, leading to a higher number of days, though management attributes it to high March billing and expects normalization within 45-60 days.
- L1 order book is only INR 210 crores, which is a small fraction of the total order book, with INR 2,200 crores in bids awaiting results.
What Rajesh Power does
Rajesh Power Services (RPSL) is a turnkey EPC contractor in India's power transmission and distribution sector, handling end-to-end design, engineering, procurement, construction and commissioning of EHV/HV/MV/LV underground cable networks, overhead transmission lines and gas/air-insulated substations up to 400 kV. It also runs an operations & maintenance (OEM) business -- cable fault rectification, substation upkeep and solar-plant maintenance -- plus design/consultancy services such as detailed project reports for utilities. RPSL has recently entered utility-scale Battery Energy Storage Systems (BESS) EPC, and through its associate HKRP Innovations Ltd offers SCADA, IoT and smart-grid software to distribution utilities.
Segments
- Power Distribution
- Power Transmission
- MVCC (Medium Voltage Covered Conductor) network executed
- 51,000+ km (cumulative, completed and under execution)
- Ring Main Units installed
- 14,500+
- Distribution transformers installed
- 6,200+
- EHV cable network laid
- 2,550+ km
- LT cables laid
- 10,500+ km
- Air-insulated substations (AIS) built
- 100+
Guidance record · Q4 FY26
what the last two calls moved 11 tracked 0 delivered 4 missed 7 open- Order inflow for full year missed said Q2 FY26 Promised: ₹5,000 crores Q4 FY26: Actual FY26 order inflow was ₹2,743 crores. Management attributed the shortfall to delayed tender results for ₹2,200 crores worth of submitted bids.
- CAGR across all key metrics on track said Q2 FY26 Promised: CAGR of around 40% across all key metrics over the next few years Q4 FY26: FY26 Revenue grew 52%, EBITDA grew 59%, and PAT grew 48%. Management reiterated 40% growth guidance for FY27.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 313 | 759 | 638 | 990 |
| EBITDA | 37 | 87 | 84 | 113 |
| Net profit | 30 | 67 | 59 | 84 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −44.4% 1Y
1Y: ₹1,427.55 on 10 Sept 2025 → ₹793.6. High ₹1,590.95 (23 Sept 2025), low ₹755.95 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −11.4%
- 23 Apr
- Q2 FY26
- −1.4%
- 14 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹18 Cr | ₹18 Cr |
| Reserves | ₹37 Cr | ₹43 Cr | ₹69 Cr | ₹293 Cr | ₹388 Cr |
| Borrowings | ₹62 Cr | ₹60 Cr | ₹78 Cr | ₹82 Cr | ₹127 Cr |
| Other liabilities | ₹61 Cr | ₹80 Cr | ₹78 Cr | ₹261 Cr | ₹409 Cr |
| Total liabilities | ₹176 Cr | ₹198 Cr | ₹240 Cr | ₹655 Cr | ₹942 Cr |
| Fixed assets | ₹16 Cr | ₹19 Cr | ₹20 Cr | ₹18 Cr | ₹18 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr |
| Investments | ₹12 Cr | ₹18 Cr | ₹8 Cr | ₹8 Cr | ₹23 Cr |
| Other assets | ₹147 Cr | ₹161 Cr | ₹212 Cr | ₹629 Cr | ₹900 Cr |
| Total assets | ₹176 Cr | ₹198 Cr | ₹240 Cr | ₹655 Cr | ₹942 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, the public added +2.23 pp while DIIs trimmed −1.36 pp. The shareholder count grew 102% to 6,172.
- Promoters
- 72.7%
- FIIs
- 0.7%
- DIIs
- 3.5%
- Public
- 23.1%
Since Mar 2025
- Public +2.23 pp
- DIIs −1.36 pp
- Promoters −0.70 pp
How it drifted, 4 quarters
Over this window the public went from 16.9% to 23.1% — +6.3 pp.
Ownership split by quarter, oldest first. Nov '24: Promoters 73.4%, FIIs 2.3%, DIIs 7.4%, Public 16.9%.Mar '25: Promoters 73.4%, FIIs 0.8%, DIIs 4.9%, Public 20.9%.Sep '25: Promoters 73.4%, FIIs 0.5%, DIIs 3.4%, Public 22.8%.Mar '26: Promoters 72.7%, FIIs 0.7%, DIIs 3.5%, Public 23.1%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Vishal Hemantkumar Patel newly disclosed 6.82% held
- Nehal Ramchandra Panchal . +5.57 pp 9.14% held
- Kurang Panchal +5.05 pp 15.05% held
- Anjana Praful Patel newly disclosed 0.41% held
- India Equity Fund 1 AIF +0.29 pp 1.59% held
The same filing shows 3 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Rajesh Power above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Kurang Panchal | 15.05% | +5.05 pp |
| Nehal Ramchandra Panchal . | 9.14% | +5.57 pp |
| Rajendra Baldevbhai Patel | 8.49% | unchanged |
| Utsav Nehal Panchal | 8.36% | unchanged |
| Kaxil Prafulbhai Patel | 8.33% | unchanged |
| Vishal Hemantkumar Patel | 6.82% | newly disclosed |
| Kalaben Kantibhai Patel | 3.38% | unchanged |
| Hima Vishal Patel . | 2.63% | unchanged |
| Jyotsna Ramesh Patel | 2.54% | −0.84 pp |
| Beena Panchal . | 2.46% | unchanged |
| Daxesh Ramchandra Panchal . | 1.67% | −6.42 pp |
| Kokilaben Baldevbhai Patel . | 1.67% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse Rajesh Power
Guides on how to read this kind of business and the numbers that matter.