Rajesh Power got a ₹362.82 crore turnkey project from Paschim Gujarat Vij Company Limited (PGVCL) to update electrical infrastructure in Gujarat, strengthening the company’s position in India’s power transmission and distribution sector.
The project involves converting the existing 11 kV high-tension (HT) and low-tension (LT) overhead electricity distribution network, including consumer service lines, into an underground cable system integrated with a Ring Main System (RMS) for the Jamnagar City-2 Division under the Jamnagar Circle. The contract is scheduled for completion within 24 months.
The order comes as power utilities across India continue to invest in underground distribution networks to improve grid reliability, reduce technical losses, enhance public safety and minimise outages caused by adverse weather conditions and increasing urbanisation. Underground cabling also supports more resilient electricity infrastructure capable of meeting rising power demand.
According to the company, the contract has been awarded by a domestic government utility and does not involve any related-party transaction. The promoter group has no interest in the awarding entity.
The latest order further strengthens Rajesh Power Services’ execution pipeline and reinforces its relationship with state electricity distribution companies, a key segment for long-term engineering, procurement and construction (EPC) opportunities.
The company also reported strong financial performance for FY26, reflecting steady business growth. Revenue increased to ₹990 crore from ₹759 crore in the previous year, while operating profit rose to ₹113 crore. Profit before tax reached ₹110 crore, and net profit climbed to ₹79 crore, supported by stable operating margins and improved execution across projects.
Rajesh Power Services also strengthened its balance sheet during the year, with reserves rising to ₹373 crore and total assets expanding to ₹927 crore. The company maintained healthy profitability ratios, including a Return on Capital Employed (ROCE) of 48.6% and a Return on Equity (ROE) of 42.6%, highlighting its operational efficiency.
With India targeting significant investments in transmission and distribution infrastructure under the National Electricity Plan, companies specialising in turnkey grid modernisation, underground cabling and distribution projects are expected to benefit from sustained demand as the country upgrades its power network to support future energy requirements.
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