Rajesh Power Services Ltd H1 FY26 – From Substations to Stock Sensations: ₹637.8 Cr Sales, ₹58.7 Cr PAT, ₹2,275 Cr New Orders, and Still Plugged In!
1. At a Glance
Rajesh Power Services Ltd (RPSL), the newest star from Gujarat’s EPC galaxy, is lighting up the markets like a transformer at Diwali. Listed in November 2024, the company’s power-packed debut has electrified both investors and analysts alike — even though its stock recently cooled to ₹1,078 after touching ₹1,639. But don’t let that voltage drop fool you. The company just reported a H1 FY26 revenue of ₹637.82 crore and a PAT of ₹58.78 crore, marking over 100% YoY growth in both sales and profit.
With a market cap of ₹1,941 crore, ROE of 50.8%, and ROCE of 54.7%, Rajesh Power seems to be generating more current than India’s transmission grid. Its EPS stands at ₹65.4, P/E ratio at 16.5, and EV/EBITDA multiple at 11.3, suggesting that even after an IPO high, this company is still humming with potential.
And the clincher? An order book of ₹2,358 crore, almost 10 times FY24 sales. While others are still writing project proposals, Rajesh Power is already laying 220kV cables, building substations, and quietly expanding into solar and green hydrogen. Gujarat alone contributes 96% of its revenue, but RPSL clearly has national ambitions. If power is the new oil, these guys are the new refinery.
2. Introduction
Rajesh Power Services isn’t new to electricity — it’s been charging India’s grids since 1971. But what’s fascinating is how a four-decade-old consultancy firm evolved into a 21st-century EPC powerhouse.
Picture this: a company that once advised utilities is now building EHV and GIS substations, underground power systems, and solar plants — all while maintaining an existing 1 MW solar asset. Most firms take decades to pivot like that; RPSL did it before its IPO champagne even went flat.
The company’s IPO of ₹160.5 crore, with ₹93.5 crore raised via fresh issue, wasn’t your typical “we’ll repay debt” sob story. Instead, they’re funding a 1.3 MW DC solar plant, fault detection equipment, and — the real spark — in-house green hydrogen R&D. While some utilities are still debating renewables on PowerPoint, Rajesh Power is already building them.
Its clients read like the who’s who of India’s infrastructure elite — Adani Green, Coca-Cola, Gujarat Metro Rail, GETCO, and others. Even better, no single client contributes more than 35% of its revenue, proving it’s not just riding one high-voltage contract.
The result? A business model that’s both scalable and shock-resistant. RPSL isn’t here to just light bulbs; it’s wiring the country for a renewable future.
3. Business Model – WTF Do They Even Do?
Rajesh Power’s business model is deceptively simple — it builds, maintains, and consults for India’s power infrastructure. But within that simplicity lies a multi-core transformer of opportunities.
They handle the Engineering, Procurement, and Construction (EPC) of everything from 220kV substations to solar farms. Their O&M services ensure that even after the ribbon-cutting ceremony, the projects don’t go dark.
And their consultancy division? That’s where it all started. Designing EHV substations, drafting tenders, and liaising with state power boards — the company still monetizes that intellectual capital.
The magic mix:
54.5% of revenue from government clients (steady payments, bureaucratic delays included)
45.5% from private sector (faster execution, juicier margins)
Add to this their 26% stake in HKRP Innovations Ltd, which builds IoT and cloud solutions for energy monitoring, and you have a power company that’s gone digital — quite literally.
So, while others are still sending Excel reports to DISCOMs, Rajesh Power is using cloud dashboards to monitor transformers in real-time. Smart grids, smarter profits.
4. Financials Overview
Half-Yearly Results (₹ Crores)
Source table
Metric
H1 FY26 (Sep 2025)
H1 FY25 (Sep 2024)
Prev Half (Mar 2025)
YoY %
QoQ %
Revenue
637.82
313.00
759.00
+103.7%
-15.9%
EBITDA
83.93
37.00
85.00
+127%
-1.2%
PAT
58.78
26.00
60.00
+126%
-2%
EPS (₹)
32.24
17.36
33.10
+86%
-2.6%
That’s what we call “shockingly efficient”. Even with a slight QoQ dip due to execution phasing, Rajesh Power’s YoY performance doubled across all metrics.
At an annualized EPS of ₹128.96, the implied P/E on current price (₹1,078) is ~8.3x
