Synopsis: Ahmedabad-based power EPC firm bags a ₹212 crore underground cable transmission order from Odisha’s state utility, marking its first step into eastern India with a 24-month turnkey contract.
India’s power transmission buildout is pushing deeper into states that have long lagged on grid infrastructure, and the order pipelines of mid-sized EPC players are beginning to reflect that shift. For one Gujarat-based company, a fresh win from Odisha’s state transmission utility is not just another contract – it is a first entry into an entirely new geography, and one of the largest single orders it has landed in the transmission segment.
Shares of Rajesh Power Services Limited, with a market capitalization of Rs.1,562 crore, are trading at a price of Rs.870 i.e. 2.47% up from its previous closing price of Rs.848.95. It is trading at a P/E ratio of 11.39.
Fresh Order from Odisha’s Transmission Utility
Rajesh Power Services has secured a ₹211.68 crore EPC contract from Odisha Power Transmission Corporation Limited (OPTCL), as disclosed to BSE on June 17, 2026. The order covers design, engineering, supply, installation, testing, and commissioning of a 220kV SC line through underground cable, connecting the 400/220/132/33kV GSS Mendhasal substation to the 220/132/33kV GIS GSS Chandaka-B substation. The project also includes a 220kV AIS bay extension at GSS Mendhasal and a 220kV GIS bay extension at Chandaka-B. The contract is to be executed over 24 months on a turnkey basis.
The order is significant for more than just its value. It marks Rajesh Power’s first foray into Odisha, extending its footprint into eastern India and adding a new state transmission utility to its client list. The company noted in its filing that this is among the largest orders it has secured in the transmission segment to date.
Order Book Momentum Continues
At the close of FY26, Rajesh Power’s unexecuted consolidated order book, including L1 orders, stood at ₹3,326 crore as of March 31, 2026. Power distribution commands the larger share at ₹2,365 crore (71%), while power transmission accounts for ₹961 crore (29%). The company also reported FY26 order inflows of ₹2,743 crore, reflecting strong commercial momentum across both segments.
The order book, at over 2x the company’s current market capitalisation of approximately ₹1,500 crore, provides considerable revenue visibility for the near to medium term.
FY26 Financials Show Sharp Growth
On the financial side, Rajesh Power posted consolidated revenue of ₹1,628 crore in FY26, up from ₹1,107 crore in FY25. Operating profit rose to ₹197 crore from ₹134 crore, with operating margins holding steady at 12%. Net profit grew to ₹143 crore in FY26 compared to ₹93 crore the previous year. EPS for the year stood at ₹79.52.
About Rajesh Power Services Limited
Rajesh Power Services Limited is an Ahmedabad-based EPC company operating in the power transmission and distribution segments. It undertakes turnkey projects for DISCOMs, state transmission utilities, and private sector clients. The company is listed on BSE with scrip code 544291.
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