Rajesh Power Services Ltd Q2 FY26 – From 11kV Dreams to 400kV Glory: Gujarat’s Favorite EPC Kid Just Can’t Stop Bagging Orders!

1. At a Glance

Once upon a time in 1971, before “green hydrogen” became a LinkedIn flex,Rajesh Power Services Ltd (RPSL)was quietly fixing transformers and cables in Gujarat. Fast forward toFY26, and this company is now Gujarat’s favorite “Electric Panditji” — delivering everything from11kV underground cables to 400kV GIS substationswith surgical precision.

As ofNov 2025, the stock trades at ₹1,288 — nearly double its IPO price (listed Nov 2024). With amarket cap of ₹2,319 crore,P/E of 19.7x,ROE of 50.8%, andROCE of 54.7%, RPSL is turning engineers into millionaires and accountants into believers. In just three years,sales grew 94% CAGR, whileprofits ballooned 193%.

Last quarter’s numbers? A shocker (in a good way):Revenue ₹638 crore (up 104% YoY),PAT ₹58 crore (up 120%). Even Krishna in theBhagavad Gitawould’ve said,“Work with focus, not attachment to tender results”. And RPSL seems to have taken that literally — executing one EPC project after another like an electric Arjuna.

2. Introduction

India’s power sector has two types of players — those who talk about “energy transition,” and those who’re actually down in the dirt laying cables for it. Rajesh Power belongs to the second type — the“we have a tender, now give us your street to dig up”club.

Headquartered in Gujarat, the company’s DNA is 100% desi EPC —Engineering, Procurement, and Construction— and 100% efficiency. RPSL’s journey from being a state-level contractor to a multi-utility EPC giant with a ₹2,358 crore order book is nothing short of electric storytelling.

Their clientele is a who’s who of India’s power elite —Adani Green Energy,Gujarat Metro,Coca-Cola, andGETCO— meaning if a city’s lights are on in Gujarat, RPSL probably tightened a bolt there.

And for the doubters, here’s the clincher: despite a tough SME market, RPSL’s IPO (₹160.5 crore) in Nov 2024 was oversubscribed multiple times. Clearly, the street trusts Rajesh Power more than their local electricity board.

So what’s next? Green hydrogen, solar expansions, and maybe even cables that charge EVs faster than your phone.

3. Business Model – WTF Do They Even Do?

Imagine a company that builds high-voltage substations, fixes power faults at midnight, runs solar plants, and now dreams of making hydrogen. That’s Rajesh Power Services in a single surge.

Here’s the breakdown of their empire:

• EPC Contracts:Their bread and butter. They handle design-to-delivery of 11kV to 400kV systems — cables, switchyards, substations, transformers — all under one roof.
• Operations & Maintenance (O&M):Once a project is done, they don’t ghost it. RPSL maintains solar and EHV setups round the clock — basically the Amul of maintenance.
• Utility Services:Fault detection, underground cabling, transformer replacements — think of it as the “urban surgery department” of electricity.
• Consultancy Services:They design substations, draft tender documents, and help government agencies avoid electrical disasters — for a fee, of course.
• Renewable Energy:Operating a 1 MW solar plant and working on a 1.3 MW in-house solar project. The next big thing?Green hydrogen, with R&D links toBARC.

And yes, they’re diversifying too —26% stake in HKRP Innovations, a startup building IoT and cloud solutions for energy monitoring.

If power grids were superheroes, Rajesh Power would be Tony Stark — building them, fixing them, and giving them a smart brain.

4. Financials Overview

Annualised EPS = ₹32.24 × 4 =₹129.0At CMP ₹1,288 →P/E ≈ 9.98x (annualised)— cheaper than most of its peers who are still applying for tenders.

Commentary:RPSL’s growth chart looks like an EHV voltage surge — consistent, powerful, and slightly scary. Even with a