1. At a Glance
Rajesh Power Services Ltd. is lighting up the SME space—literally and figuratively. From fixing cables to EPC solar gigs, this power consultant turned EPC warrior clocked ₹1,072 Cr revenue in FY25, with ROE so high it should wear a helmet (51%). But is the current valuation electrifying or shocking?
2. Introduction with Hook
Imagine your electrician uncle suddenly getting hired to design power grids for GIFT City—and winning ₹220 Cr contracts. That’s basically Rajesh Power’s 50-year glow-up story.
- FY25 Net Profit: ₹87 Cr (up from ₹26 Cr in FY24)
- ROCE: 55.2% (this isn’t a typo, we double-checked)
- Stock up 2x from ₹636 to ₹1,344 (within 1 year)
But… they’re trading at 9.45x Book Value, paying 0% dividend, and running negative operating cash flows. Uh-oh.
3. Business Model (WTF Do They Even Do?)
Rajesh Power runs a multi-socket business model:
- EPC Services: End-to-end project execution in both renewable (solar) and non-renewable (traditional T&D infra).
- Consultancy: From DPR prep to liaisoning—think “brains of the operation.”
- O&M: Keeps solar plants alive post-installation, like a power plant
