Board Meeting Details

The Board of Directors meeting was held on November 2, 2026 from 10:30 a.m. to 11:30 a.m. and approved the unaudited standalone and consolidated financial results for the half year ended September 30, 2026.

Financial Results - Standalone (₹ in lakhs)

Income Statement Highlights:

  • Revenue from Operations: ₹92,926.09 (H1 FY27) vs ₹63,781.80 (H1 FY26) and ₹99,012.47 (H2 FY26)
  • Other Income: ₹275.11 (H1 FY27) vs ₹225.53 (H1 FY26) and ₹321.58 (H2 FY26)
  • Total Income: ₹93,201.20 (H1 FY27) vs ₹64,007.33 (H1 FY26) and ₹99,334.05 (H2 FY26)
  • Profit Before Tax: ₹10,554.31 (H1 FY27) vs ₹8,047.90 (H1 FY26) and ₹11,014.02 (H2 FY26)
  • Tax Expense: ₹2,704.34 (H1 FY27) vs ₹2,241.79 (H1 FY26) and ₹3,002.50 (H2 FY26)
  • Profit After Tax: ₹7,849.97 (H1 FY27) vs ₹5,806.11 (H1 FY26) and ₹7,947.60 (H2 FY26)
  • Total Comprehensive Income: ₹7,848.42 (H1 FY27) vs ₹5,806.11 (H1 FY26) and ₹7,935.92 (H2 FY26)

Key Metrics:

  • Earnings Per Share (Basic & Diluted): ₹43.59 (H1 FY27) vs ₹32.24 (H1 FY26)
  • Paid-up Equity Share Capital: ₹1,800.74 lakhs (unchanged)
  • Other Equity: ₹44,942.18 lakhs (Sep 2026) vs ₹37,273.84 lakhs (Mar 2026)

Balance Sheet Position - Standalone (₹ in lakhs)

Assets:

  • Total Assets: ₹1,02,115.29 (Sep 2026) vs ₹92,700.08 (Mar 2026)
  • Non-Current Assets: ₹35,681.31 (Sep 2026) vs ₹34,736.13 (Mar 2026)
  • Current Assets: ₹66,433.98 (Sep 2026) vs ₹57,963.95 (Mar 2026)

Liabilities and Equity:

  • Total Equity: ₹46,742.92 (Sep 2026) vs ₹39,074.58 (Mar 2026)
  • Non-Current Liabilities: ₹7,563.68 (Sep 2026) vs ₹5,547.08 (Mar 2026)
  • Current Liabilities: ₹47,808.69 (Sep 2026) vs ₹48,078.42 (Mar 2026)

Cash Flow Statement - Standalone (₹ in lakhs)

  • Net Cash from Operating Activities: ₹894.41 (H1 FY27) vs ₹2,312.79 (H1 FY26)
  • Net Cash used in Investing Activities: ₹(2,086.54) (H1 FY27) vs ₹197.52 (H1 FY26)
  • Net Cash from Financing Activities: ₹1,421.06 (H1 FY27) vs ₹(69.13) (H1 FY26)
  • Net Increase in Cash: ₹228.93 (H1 FY27) vs ₹(2,184.40) (H1 FY26)
  • Cash and Equivalents at End: ₹362.45 (Sep 2026) vs ₹133.52 (Mar 2026)

Financial Results - Consolidated (₹ in lakhs)

Income Statement Highlights:

  • Revenue from Operations: ₹92,926.09 (H1 FY27) vs ₹63,781.80 (H1 FY26) and ₹99,012.47 (H2 FY26)
  • Other Income: ₹258.56 (H1 FY27) vs ₹225.53 (H1 FY26) and ₹321.49 (H2 FY26)
  • Total Income: ₹93,184.65 (H1 FY27) vs ₹64,007.33 (H1 FY26) and ₹99,333.96 (H2 FY26)
  • Profit Before Tax: ₹10,626.63 (H1 FY27) vs ₹8,120.02 (H1 FY26) and ₹11,444.21 (H2 FY26)
  • Tax Expense: ₹2,704.34 (H1 FY27) vs ₹2,241.79 (H1 FY26) and ₹3,002.50 (H2 FY26)
  • Profit After Tax: ₹7,922.29 (H1 FY27) vs ₹5,878.23 (H1 FY26) and ₹8,441.71 (H2 FY26)
  • Total Comprehensive Income: ₹7,920.52 (H1 FY27) vs ₹5,878.23 (H1 FY26) and ₹8,430.77 (H2 FY26)

Key Metrics:

  • Earnings Per Share (Basic & Diluted): ₹43.99 (H1 FY27) vs ₹32.64 (H1 FY26)
  • Paid-up Equity Share Capital: ₹1,800.74 lakhs (unchanged)
  • Other Equity: ₹46,556.49 lakhs (Sep 2026) vs ₹38,816.04 lakhs (Mar 2026)

Balance Sheet Position - Consolidated (₹ in lakhs)

Assets:

  • Total Assets: ₹1,03,729.93 (Sep 2026) vs ₹94,242.98 (Mar 2026)
  • Non-Current Assets: ₹37,297.19 (Sep 2026) vs ₹36,280.13 (Mar 2026)
  • Current Assets: ₹66,432.74 (Sep 2026) vs ₹57,962.85 (Mar 2026)

Liabilities and Equity:

  • Total Equity: ₹48,357.23 (Sep 2026) vs ₹40,616.78 (Mar 2026)
  • Non-Current Liabilities: ₹7,563.68 (Sep 2026) vs ₹5,547.08 (Mar 2026)
  • Current Liabilities: ₹47,809.02 (Sep 2026) vs ₹48,079.12 (Mar 2026)

Cash Flow Statement - Consolidated (₹ in lakhs)

  • Net Cash from Operating Activities: ₹869.23 (H1 FY27) vs ₹(2,240.67) (H1 FY26)
  • Net Cash used in Investing Activities: ₹(2,059.56) (H1 FY27) vs ₹125.40 (H1 FY26)
  • Net Cash from Financing Activities: ₹1,421.06 (H1 FY27) vs ₹(65.13) (H1 FY26)
  • Net Increase in Cash: ₹230.73 (H1 FY27) vs ₹(2,184.40) (H1 FY26)
  • Cash and Equivalents at End: ₹365.25 (Sep 2026) vs ₹134.52 (Mar 2026)

IPO Proceeds Utilization

As of September 30, 2026, the utilization of IPO net proceeds is as follows:

Original Objects vs Modified Objects:

  • Capital Expenditure: Original objects included purchase of cable equipment (₹179.482 crore), DC Solar Power Plant (₹41.611 crore), and Green Hydrogen expertise (₹30.000 crore)
  • Modified Objects: Entire capital expenditure allocation of ₹251.093 crore redirected to BESS Facility Setup & Associated Infrastructure
  • Working Capital Requirements: ₹300.000 crore fully utilized
  • General Corporate Expenses: ₹228.600 crore fully utilized
  • Issue Related Expenses: ₹143.441 crore utilized vs ₹155.000 crore estimated, resulting in surplus of ₹85.688 crore utilized for Working Capital

Total Utilization:

  • Total IPO Proceeds: ₹934.693 crore
  • Amount utilized as per modified objects: ₹672.041 crore
  • Unutilized Amount: ₹251.093 crore (allocated to BESS facility)

Corporate Actions

  • Final dividend of ₹1.00 per equity share (10% of face value ₹10) approved for FY26, aggregating ₹180.07 lakh
  • Dividend recognized in Statement of Changes in Equity for H1 FY27

Subsidiaries and Joint Ventures

The consolidated results include:

1. Rajesh Power Projects Private Limited - wholly owned subsidiary (from February 28, 2026)

2. Rajesh Power Services NZ Limited - wholly owned subsidiary (incorporated August 14, 2026, not commenced operations)

3. HKRP Innovations Limited - Joint Venture (25.48% ownership)

4. RPSL-VITS JV - Joint Venture (51% ownership)

Additional Information

  • Company operates in single reportable segment: Engineering, Procurement and Construction (EPC)
  • All revenue derived from domestic EPC projects
  • Earnings per share calculated on weighted average number of equity shares, not annualized
  • Figures for H2 FY26 are balancing figures between audited FY26 and published H1 FY25 figures