AI-generated · cited to primary sources · not investment advice
Rajesh Power (544291) Nov 2025 Filing Analysis
Does management do what it says?
The company reported a 99% 3-year CAGR for total revenue in FY26, significantly exceeding the 40% target. (1 exceeded, 1 missed, 1 met across 3 tracked commitments)
“Certainly. Based on current market opportunities and our future projections, we anticipate achieving a CAGR of around 40% across all key metrics over the next few years.”
The EBITDA margin for FY26 was 12.11%, which is below the guided range of 13% to 14%. (1 missed across 1 tracked commitment)
“Yeah, absolutely. I mean, we are targeting to deliver the same level of margins as consistently... So, we are expecting it to be sustainable for the coming time.”
The company has signed MoUs for massive overhead-to-underground HT line conversion projects in Gujarat. — target: ₹4,754 crore
“Signed MoUs worth ₹4,754 crore with the Government of Gujarat during the inaugural Vibrant Gujarat Regional Conference 2025. The projects focus on converting overhead HT lines into underground cable networks across Gujarat”
The company is aggressively working on expanding its base into new states like Orissa and Jharkhand. — target: Expansion into Orissa, Jharkhand, and South India (+2 more commitments)
“Building on this momentum, we are expanding into new geographies to replicate our execution success and strengthen our growth trajectory.”
See the full cited Management analysis of Rajesh Power
Where does growth come from?
The bid pipeline is accelerating rapidly as the company expands into new states like Uttarakhand and Rajasthan, with management expecting the pipeline to reach INR 5,000 crore in the coming months. (2 accelerating across 2 signals)
“Yeah. So, Naman, order bid pipeline currently that are low hanging is roughly around INR 2,000 crore, but we are expecting it to reach around INR 5,000 crore in the coming months”
See the full cited Future Growth analysis of Rajesh Power
What could break the thesis?
The risk is emerging as a core focus as the company officially entered the 400 kV GIS segment, which has fewer competitors but higher technical requirements. (1 emerging, 1 stable)
“During the H1 FY26, we made a major breakthrough by entering the 400 kV gas-insulated substation segment.”
This risk is easing as the company successfully expanded its order book in Rajasthan to over ₹200-250 Cr and entered Uttarakhand with an ADB-funded project. (1 easing)
“And right now, we have order book in Rajasthan of more than around INR 200 crore/ INR 250 crore. Same way we have entered the state of Uttarakhand.”
See the full cited Risk analysis of Rajesh Power
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