H1 FY27 Financial Performance (Consolidated)

  • Revenue from Operations: ₹929.26 Cr (H1FY26: ₹637.82 Cr), representing a 45.69% year-on-year growth.
  • Total Income: ₹931.85 Cr (H1FY26: ₹640.07 Cr), a 45.58% increase.
  • EBITDA (excluding other income): ₹111.69 Cr (H1FY26: ₹83.93 Cr), a 33.07% increase.
  • EBITDA Margin (excluding other income): 12.02% (H1FY26: 13.16%).
  • Profit Before Tax (PBT): ₹106.26 Cr (H1FY26: ₹81.20 Cr), a 30.87% increase.
  • Profit After Tax (PAT): ₹79.22 Cr (H1FY26: ₹58.78 Cr), a 34.77% increase.
  • PAT Margin: 8.53% (H1FY26: 9.22%).

Note: H1FY27 and FY26 numbers are consolidated due to the conversion of HKRP Innovations LLP to a public limited company (HKRP Innovations Ltd.) on July 20, 2024. Rajesh Power Services Ltd. holds a 25.48% stake in HKRP Innovations Ltd.

Balance Sheet Highlights (as of September 30, 2026)

  • Net Worth: ₹483.57 Cr (FY26: ₹406.17 Cr, FY25: ₹264.88 Cr, FY24: ₹84.30 Cr, FY23: ₹58.67 Cr). The net worth has grown more than 8 times in the last 3 years.
  • Short Term Borrowings: ₹90.87 Cr (FY26: ₹81.59 Cr).
  • Trade Payables: ₹334.27 Cr (FY26: ₹328.32 Cr).
  • Total Current Liabilities: ₹478.09 Cr (FY26: ₹480.79 Cr).
  • Fixed Assets: ₹19.52 Cr (FY26: ₹19.26 Cr).
  • Total Non-Current Assets: ₹372.97 Cr (FY26: ₹362.80 Cr).
  • Inventories: ₹122.70 Cr (FY26: ₹124.95 Cr).
  • Trade Receivables: ₹324.11 Cr (FY26: ₹348.77 Cr).
  • Cash & Bank Balance: ₹88.13 Cr (FY26: ₹65.45 Cr).
  • Total Current Assets: ₹664.33 Cr (FY26: ₹579.63 Cr).
  • Total Assets: ₹1,037.30 Cr (FY26: ₹942.43 Cr).

Operational Highlights for H1 FY27

  • Ring Main Units (RMUs) Installed: 2,747 (Cumulative: 17,247).
  • Distribution Transformers Installed: 310 (Cumulative: 6,510).
  • LT/HT (11 kV) Cables Laid: 905 km (Cumulative: 11,405 km).
  • MVCC Cables Laid: 10,815 km (Cumulative: 34,815 km).
  • AIS Substations Commissioned: 4 (Cumulative: 104).
  • EHV Cables Laid: 157 km (Cumulative: 2,707 km).
  • Poles Erected: ~12,000.
  • GIS Substations Commissioned Cumulatively: 16.
  • MVCC Cable Length Under Execution: ~25,000 km.

Order Book and Execution

  • Order Book as of April 1, 2026: ₹3,326 Cr.
  • Fresh Orders Received in H1FY27: ₹1,250 Cr.
  • Projects Executed in H1FY27: ₹929 Cr.
  • Unexecuted Order Book as of September 30, 2026: ₹3,647 Cr.
  • Orders Received in October 2026: ₹458 Cr.

The order book is diversified: 71% from Power Distribution (₹2,579 Cr) and 29% from Power Transmission (₹1,068 Cr). Distribution orders include work for government and private DISCOMs, turnkey projects, and O&M services. Transmission orders are from State Transmission Utilities, private DISCOMs, and private companies.

Key Projects and Subsidiary Update

  • The company, through its wholly-owned subsidiary Rajesh Power Projects Pvt. Ltd., is developing a 65 MW / 130 MWh standalone Battery Energy Storage System (BESS) project at Virpore, Gujarat.
  • The project was awarded through GUVNL's Phase VII competitive bidding.
  • Contracted Tariff: ₹1.89 lakh per MW per month.
  • The project has VGF backing from the Power System Development Fund.
  • The commissioning target is within 18 months of signing the BESPA in March 2026.
  • The project's value proposition includes peak demand management, grid stability, renewable integration, and congestion relief.

Management Commentary

Mr. Kurang Panchal, Chairman and Managing Director, stated that H1FY27 reflected strong execution capabilities and a quality order book. He highlighted India's power infrastructure sector entering a significant investment cycle driven by rising power demand, grid modernization, renewable energy expansion, and energy storage. The company is expanding capabilities into 400 kV GIS substations, railway transmission, and technology-enabled grid solutions. The focus remains on selective opportunities, strengthening execution, and maintaining profitability.