
Rajesh Power Services has secured a significant contract worth ₹362.82 crore from Paschim Gujarat Vij Company (PGVCL), with the stock rising 1.45% to ₹867 following the announcement. According to reports from Business Standard, the order involves a turnkey-based contract for converting existing 11 kV HT line and LT line network including consumer service lines into an underground cable network with ring main system at Jamnagar City-2 Division of Jamnagar Circle under PGVCL.
The comprehensive contract encompasses the complete conversion of existing overhead power distribution infrastructure to underground cable systems. As reported by Business Standard, the project will convert both high tension (HT) and low tension (LT) power lines along with consumer service lines, ensuring a more reliable and aesthetically pleasing power distribution network for the Jamnagar City-2 Division. The order is scheduled for execution over 24 months and has been awarded by a domestic entity in the normal course of business, falling outside related party transactions. The company has clarified that the contract does not qualify as a related-party transaction and that neither its promoters nor members of the promoter group have any interest in the award of the contract.
This major contract award represents a significant milestone for Rajesh Power Services in the power infrastructure sector. According to Business Standard, the project involves the conversion of existing overhead power distribution infrastructure to underground cable systems, which is expected to enhance the reliability and aesthetics of power distribution in the Jamnagar City-2 Division under PGVCL's jurisdiction. The contract reinforces the company's positioning in the power transmission and distribution EPC space, where underground cabling and ring main conversion work has become a steady source of state utility spending. Rajesh Power Services provides consultancy to state transmission and distribution companies, private utilities, and industries.
The company has demonstrated strong financial performance with consolidated net profit surging 48.19% to ₹143.20 crore on a full-year basis. As reported by Business Standard, revenue from operations increased by 51.85% to ₹1,627.94 crore in FY26 compared to FY25, reflecting the company's robust business growth and operational efficiency in the power infrastructure sector.