Rajesh Power Services: a cluster of Gujarat DISCOM orders adds ₹540.92 Cr in one week (BSE: 544291)
On 14 October 2026, Rajesh Power Services (BSE: 544291) disclosed a Letter of Acceptance from Uttar Gujarat Vij Company Limited (UGVCL) for a turnkey contract worth ₹69.004 crore. That followed a ₹471.92 crore order from Madhya Gujarat Vij Company (MGVCL) announced two days earlier, on 12 October. The company’s own filing states the combined value of the two wins at ₹540.92 crore.
On 14 October 2026, Rajesh Power Services (BSE: 544291) disclosed a Letter of Acceptance from Uttar Gujarat Vij Company Limited (UGVCL) for a turnkey contract worth ₹69.004 crore. That followed a ₹471.92 crore order from Madhya Gujarat Vij Company (MGVCL) announced two days earlier, on 12 October. The company’s own filing states the combined value of the two wins at ₹540.92 crore.
The UGVCL work involves shifting electrical networks with GIS mapping; the MGVCL order covers conversion of 11kV overhead lines to Medium Voltage Covered Conductor (MVCC) and underground cable networks in Gujarat, with an 18‑month execution timeline (BSE filing, 12 October 2026). Neither filing specifies a completion date for the UGVCL contract.
The order flow from Gujarat’s distribution utilities
The two October orders sit inside a pattern that has been visible since at least July 2026. On 16 July 2026, the company reported its Q1 FY27 business update: revenue from operations of ₹436.62 crore and an unexecuted order book of ₹3,741.79 crore as of 30 June 2026 (BSE filing). That order book already included a newly won ₹653.12 crore distribution project from Paschim Gujarat Vij Company (PGVCL) and a ₹211.68 crore transmission project from Odisha Power Transmission Corporation (OPTCL) — the latter marking the company’s first disclosed entry into Odisha.
Additional PGVCL orders followed on 4 August 2026: one worth ₹362.83 crore and another worth ₹362.82 crore (both inclusive of taxes) for underground cable conversion with ring‑main systems and GIS mapping at Jamnagar circle and Jamnagar City‑2 Division, respectively.
The 12 October MGVCL order and the 14 October UGVCL order are therefore the fourth and fifth Gujarat DISCOM‑related turnkey contracts the company has reported in roughly three months, all in the same region and in similar work categories.
What the filings show next
- The 12 October MGVCL filing specifies an 18‑month execution timeline. No timeline is stated for the 14 October UGVCL order.
- The Q1 FY27 business update (16 July 2026) did not give a completion target for the order book; it provided only the unexecuted value of ₹3,741.79 crore as of 30 June 2026.
Other changes noted in recent filings
- Credit rating: CRISIL revised the long‑term rating outlook to ‘Positive’ from ‘Stable’ while reaffirming the ‘A‑’ rating (Q1 FY27 update, 16 July 2026).
- Management: On 3 September 2026, the board appointed Chetash Mehta as Non‑Executive Independent Director and redesignated Kurang Ramchandra Panchal as Chairman & Managing Director (BSE filing).
- Capital reallocation: Shareholders approved on 24 September 2026 the use of ₹25.1 crore of unutilised IPO proceeds for a Battery Energy Storage System (BESS) facility, instead of the originally planned cable equipment, solar power plant, and green hydrogen projects (BSE filing).
Alpha Inflection is research infrastructure, not investment advice. We are not SEBI‑registered investment advisers. Everything above is compiled from public corporate filings, with sources cited. Do your own research.
The filing evidence
| Date | What the filing said | Detail | Source |
|---|---|---|---|
| 16 Jul 2026 | Rajesh Power Services reports Q1 revenue of ₹436.62 cr, order book at ₹3,741.79 cr including new ₹653.12 cr PGVCL order and entry into Odisha with ₹211.68 cr OPTCL order | Rajesh Power Services Limited announced its Q1 FY26-27 business update, reporting revenue from operations of ₹436.62 crore and an unexecuted order book of ₹3,741.79 crore as of June 30, 2026. The company highlighted the win of a ₹211.68 crore transmission project from OPTCL in Odisha and a ₹653.12 crore distribution project from PGVCL in Gujarat. Additionally, CRISIL revised the long-term rating outlook to 'Positive' from 'Stable' while reaffirming the 'A-' rating. | filing |
| 4 Aug 2026 | Rajesh Power Services secures ₹362.83 crore PGVCL orders for underground cable network in Gujarat, its third major order win in ~2 months. | Rajesh Power Services Limited received turnkey orders worth ₹362.83 crore (incl. taxes) from Paschim Gujarat Vij Company Limited (PGVCL) to convert existing 11kV HT and LT overhead lines into underground cable network with ring main system, GIS mapping and asset tagging at Jamnagar circle, Gujarat. | filing |
| 4 Aug 2026 | Rajesh Power wins Rs 362.82 crore turnkey order from PGVCL for underground cable network conversion in Jamnagar. | Rajesh Power Services received a Rs 362.82 crore (incl. taxes) turnkey contract from Paschim Gujarat Vij Company Limited (PGVCL) to convert existing 11 kV HT and LT overhead lines to underground cable network with ring main systems in Jamnagar City-2 Division. | filing |
| 12 Oct 2026 | Rajesh Power Services secures a ₹471.92 crore EPC order from MGVCL. | Rajesh Power Services won ₹471.92 crore turnkey contracts from Madhya Gujarat Vij Company Ltd (MGVCL) for converting 11kV overhead lines to Medium Voltage Covered Conductor (MVCC) and underground cable networks in Gujarat, with an 18-month execution timeline. | filing |
| 14 Oct 2026 | Rajesh Power Services wins a ₹69.00 crore turnkey order from UGVCL, its second major order in a week from Gujarat's power distribution utilities. | Rajesh Power Services received a Letter of Acceptance from Uttar Gujarat Vij Company Limited (UGVCL) for a ₹69.004 crore turnkey contract for shifting electrical networks with GIS mapping. This follows the ₹471.92 crore MGVCL order announced on October 12, making the combined value of the week's wins ₹540.92 crore. | filing |
| 3 Sept 2026 | Rajesh Power appoints Chetash Mehta as Non-Executive Independent Director, reconstitutes board committees, and redesignates Kurang Panchal as Chairman & Managing Director. | The Board of Rajesh Power Services approved the appointment of Chetash Mehta as an Additional Non-Executive Independent Director for five years, reconstituted Nomination and Remuneration, Stakeholder Relationship, and CSR committees, and changed Mr. Kurang Ramchandra Panchal's designation from Managing Director to Chairman and Managing Director, effective September 3, 2026. | filing |
| 24 Sept 2026 | Rajesh Power shareholders approve reallocation of unutilized IPO proceeds to BESS facility setup. | Shareholders approved variation in IPO object to use ₹25.1 crore unallocated proceeds for Battery Energy Storage System (BESS) facility instead of previously planned cable equipment, solar power plant, and green hydrogen projects. | filing |
Quick answers
- What did Rajesh Power disclose?
- On 14 October 2026, Rajesh Power Services (BSE: 544291) disclosed a Letter of Acceptance from Uttar Gujarat Vij Company Limited (UGVCL) for a turnkey contract worth ₹69.004 crore. That followed a ₹471.92 crore order from Madhya Gujarat Vij Company (MGVCL) announced two days earlier, on 12 October.
- What are the key numbers?
- The two October orders sit inside a pattern that has been visible since at least July 2026. On 16 July 2026, the company reported its Q1 FY27 business update: revenue from operations of ₹436.62 crore and an unexecuted order book of ₹3,741.79 crore as of 30 June 2026 (BSE filing).
Research and educational content only. Not investment advice. Drafted from regulatory filings and published automatically — see our editorial policy.