Rajesh Power Services

Listed EPC / O&M — per-stock model.

As of 21 Aug 2026

EPC / O&M—

CMP ₹831

Latest concall

Q4 / FY26 · 23 Apr 2026

FY26 revenue Rs1,627.94cr (+51.85%), EBITDA Rs197.16cr (+59%), PAT Rs143.20cr (+48%)
Order book Rs3,326cr; FY26 order inflows Rs2,743cr
Entered BESS (first project signed) as a new growth engine
Trade receivables rose materially - collection/working-capital watch item

Order-book execution

Rs3,326cr order book gives strong multi-quarter/FY27 revenue visibility.

Management guidance

~40% revenue growth guidance for FY27
BESS scale-up as a new vertical alongside power T&D and solar EPC

Q4/FY26 earnings call, 23 Apr 2026

Order book

₹3,326cr

Revenue FY26E

1,628₹ cr

EBITDA margin

12%

P/E

10.4×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY25	1,107	134	12.0%	93	—	—	—	—	—	51.9	—
FY26	1,628	197	12.0%	143	—	—	—	—	—	79.5	—

Source BSE SME (maintained)· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source BSE SME (maintained)· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q2FY25	313	37	12.0%	30	9.6%
Q4FY25	759	87	11.0%	67	8.8%
Q2FY26	638	84	13.0%	59	9.3%
Q4FY26	990	113	11.0%	84	8.5%

Source BSE SME (maintained)· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source BSE SME (maintained)· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

10.4×

EV / EBITDA

8.2×

P/B

3.7×

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source BSE SME (maintained)· As of 21 Aug 2026