Rajesh Power Services – Arihant Bharat Connect Conference
• Financials: Revenue ₹10,720 Mn ( 288% YoY), EBITDA ₹1,340 Mn (3×), PAT ₹870 Mn ( 235%). Order book ~₹4,000 Cr L1. Mix: 72% transmission, 28% distribution.
• Business: Underground cables (up to 220 KV), transmission lines, GIS/AIS substations, O&M for substations/solar plants/distribution. Expanding into IoT/cloud-based smart grid solutions via HKRP (25.48% stake).
• Markets: Strong presence in Gujarat, Maharashtra, Rajasthan, MP; growing into Kerala, Odisha, Karnataka. Key clients include Torrent Power, Gujarat DISCOMs, major corporates (UPL, IOCL, Saint-Gobain, Coca-Cola).
• Tech Strengths: Executed 12–13k MW MVCC; 2,500 km 66 KV underground cables; 400 km 220 KV cables; 150 AIS substations.
• Growth Drivers: Govt renewable evacuation (Gujarat ₹96,000 Cr/10 yrs for 30 GW), robust RDSS/Robust schemes, smart infra, green hydrogen, IoT grid.
• Guidance: FY26 revenue target ₹6,000–7,000 Cr (next year) with 40% CAGR over 4–5 yrs. H1 FY26 revenue mix ~30–40% transmission; margins sustainable (~12–13% EBITDA).
• Pipeline: Gujarat ~₹5,000 Cr orders; Rajasthan wins expected; execution visibility 18–24 months.
• Risks: Labor shortage, tender delays (6–8 months), state dependency.