Rajesh Power receives order worth 1628.74 crore rupees from DGVCL for underground cable laying

Rajesh Power Services Limited announced the receipt of a comprehensive order worth INR 1628.74 crore, including taxes, from Dakshin Gujarat Vij Company Limited (DGVCL). This order involves converting existing overhead high and low voltage power distribution systems into underground cable systems.

According to the company's statement, the project will be implemented over 24 months. Thanks to this contract, the company's total order book will increase to approximately INR 5400 crore.

As part of this 24-month project, Rajesh Power will modernize existing 11/22 kV (HT & LT) overhead power distribution networks into modern underground cable systems equipped with SCADA-compatible equipment at various sites under the DGVCL SI Scheme.

Securing this contract has increased the company's cumulative order portfolio from approximately INR 4000 crore to INR 5400 crore, representing a growth of about 35 percent. This new contract follows a previous order worth INR 471.92 crore received from Madhya Gujarat Vij Company Limited (MGVCL).

Financial Performance and Market Reaction

The announcement of the order came against the backdrop of the company's financial results for the first half of the fiscal year 27. Rajesh Power reported a 35 percent year-on-year growth in Profit After Tax (PAT), reaching INR 79.22 crore compared to INR 58.8 crore in the second quarter of fiscal year 26.

Total revenue for the period from April to September of fiscal year 27 grew by 46 percent, amounting to INR 931.8 crore. The company attributed this revenue growth to the execution of projects at GIS/AIS substations and transmission lines.

Following the order announcement, Rajesh Power shares began to rise, showing a gain of more than 3.6 percent in a single trading session, reaching the level of INR 825. The company's market capitalization was estimated at approximately INR 1470 crore.

Rajesh Power Services operates in the power transmission and distribution sector as an EPC company (Engineering, Procurement, and Construction). The company has offices in the states of Gujarat, Rajasthan, Uttarakhand, Maharashtra, Madhya Pradesh, and Odisha.

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