Annual Report of Financial year 2025-26

Annual Report 2025-26 Engineering India’s Power Infrastructure India's economic growth, industrial expansion, Each of these milestones is a chapter in story of a and clean energy ambitions depend on one critical Company that has consistently chosen to grow ahead foundation- a robust and reliable power infrastructure of the market rather than behind it. network. At Rajesh Power Services Limited, we are The theme of this Annual Report Empowering India's proud to contribute to this transformation by building Power Infrastructure is not a statement of aspiration. and strengthening the transmission, distribution, and It is a description of what this Company does, every energy infrastructure that powers homes, industries, day, on every project site, in every state where the and communities across the nation. lights must stay on. FY 2025–26 marked a defining year in Rajesh Power The future of India's growth will be powered Services Limited's growth journey, as the Company not only by the energy it generates, but by the leveraged over five decades of execution excellence to infrastructure that delivers it. Through our expertise advance to a new scale of operations and opportunity. in transmission, distribution, and emerging energy solutions, Rajesh Power Services Limited is helping Revenue increased by 52% to 1628 crore while EBITDA grew by 59% To `197 crore, reflecting the build the backbone of a stronger, smarter, and more connected energy ecosystem. strength of our operational capabilities and project execution expertise. From Transmission to Transformation → Powering India’s Future CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS 50+ Years Of EPC Excellence in Transmission & Distribution Unexecuted Consolidated Order Book + L1 ` 3,326 Cr (as of 31st March 2026) Robust 3Y CAGR Total Revenue 8.8% PAT Margin 43.6% Return on Capital Employed 35.3% Return on Equity Registered and approved Electrical Contractor as • Class "AA" in Gujarat • Class “A” in Rajasthan & Madhya Pradesh • Approved Electrical Contractor in Maharashtra and Karnataka ENGINEERING INDIA’S POWER INFRASTRUCTURE 001 Annual Report 2025-26 Document Milestones CORPORATE OVERVIEW 6 Building the Infrastructure Behind India's Growth Story 12 Rely on Rajesh Power 14 Message from the Managing Director’s Desk 17 Performance in Focus: Tracking a New Kind of Excellence 18 Key Performance Indicators 20 A Landmark Listing. A Powerful Beginning. 22 Key Projects Executed 24 Our Evolutionary Journey 30 Strategic Rationale: Why BESS, Why Now 34 Business Verticals 36 Scaling Our Strengths 38 Strategic Outlook 40 Risk Management 42 Powering Communities. Uplifting Hopes 48 Promoters 50 Governance in Practice STATUTORY REPORTS 51 Management Discussion & Analysis 66 Notice 98 Board’s Report FINANCIAL STATEMENTS 118 Standalone Financial Statements 192 Consolidated Financial Statements 002 ENGINEERING INDIA’S POWER INFRASTRUCTURE CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS Corporate Information BOARD OF DIRECTORS Mr. Kurang Ramchandra Panchal Managing Director Mr. Rajendra Baldevbhai Patel Whole Time Director Mr. Kaxil Prafulbhai Patel Director and Chief Financial Officer Mr. Utsav Nehalbhai Panchal Director and Chief Executive Officer Mr. Sujit Gulati Independent Director Mrs. Pankti Parth Shah Independent Director Mr. Viral Deepakbhai Ranpura Independent Director COMPANY SECRETARY AND BANKERS COMPLIANCE OFFICER Union Bank of India Mrs. Jyoti Dakshesh Mochi HDFC Bank Limited ICICI Bank Limited STATUTORY AUDITORS Kotak Mahindra Bank Limited M/s Dinesh R. Thakkar & Co REGISTERED OFFICERAJESH POWER A-403, Shapath IV, SERVICES LIMITED Near Chimanbhai Patel Institute, CIN : L31300GJ2010PLC059536 Opp. Karnavati Club, S G Highway, 380/3, Siddhi House, Opp. Lal Bunglows, Ahmedabad–380015 B/H Sasuji Dinning hall, off C.G. Road, Navrangpura, Ellisbridge, Ahmedabad- 380006 SECRETARIAL AUDITOR Aanal Satyawadi & Co. REGISTRAR AND SHARE 504, Ratnanjali Square, TRANSFER AGENT Jodhpur Village , Big share Services Private Limited Ahmedabad -380015 Office No S6-2, 6th floor Pinnacle Business Park, COST AUDITOR next to Ahura Centre,Mahakali Caves Road, Andheri (East) Mumbai - 400093, India. Shivangi Bhavin Shah & Co 22,Abu street, Ram Nagar,Sabarmati, Ahmedabad -380005 ENGINEERING INDIA’S POWER INFRASTRUCTURE 003 Annual Report 2025-26 About the Report Reporting Principles Responsibility Statement: Our Board, in collaboration with management, recognizes the Rajesh Power Services Limited presents its 17th shared responsibility for ensuring the integrity of Annual General Meeting Annual Report for the fiscal the information presented in this report. Both the year 2025-26, offering a comprehensive overview Board and management affirm that the contents of of our financial and non-financial performance. For this report are presented in a fair, transparent, and the purpose of this report, Rajesh Power Services balanced manner. Limited is referred to as, “RPSL”, “Rajesh Power”, “the Company”, “we”, “our”, and “us”. Our Annual Reporting Scope And Boundary Report aims to offer both quantitative and qualitative This company’s financial reports, including the insights into key material aspects, as well as our Director’s Report, Management Discussion and interactions with stakeholders. Analysis, and Corporate Governance Report, adhere Reporting Period to the Companies Act of 2013, Indian Accounting This Annual Report comprehensively assesses the Standards, and the SEBI (Listing Obligations and Company’s financial and non-financial achievements Disclosure Requirements) Regulations of 2015. during the period from April 01, 2025, to March 31, Independent Assurance 2026. In addition to presenting current performance The financial statement’s assurance is provided by metrics, comparative data spanning the last three our statutory auditors as mentioned in the Corporate to five years has been integrated into the report, Information section. offering valuable insights into performance trends over time. 004 ENGINEERING INDIA’S POWER INFRASTRUCTURE CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS From Infrastructure to Intelligence We don't just build the grid. We make it think. At Rajesh Power Services Limited, every project we At Rajesh Power, every transmission line we lay, execute is designed with a vision that extends far every substation we commission, and every beyond the immediate requirement. We enable the underground network we engineer is a foundation foundation of a smarter, more connected and resilient embedding intelligence, enabling real-time visibility, future. From transmission lines and substations to and transforming passive assets into active, turnkey electrification solutions, our work empowers self-aware systems. industries, communities and economies to grow with confidence. This is our defining conviction for FY 2025–26 By combining engineering excellence, execution Build Smart. Monitor Smarter. discipline and a commitment to reliability, we create There are two kinds of power infrastructure infrastructure that delivers enduring value. Each companies in India today. Those that build. And those milestone we achieve today strengthens the energy that build, then make it think. networks that will power tomorrow’s progress, sustainability and prosperity. Build Smart. Monitor Smarter. The Grid of the Future isn't Just Connected. It's Conscious. "In the old model, you built infrastructure and walked away. In our model, you build infrastructure and then you listen to it- every node, every feeder, every substation, in real time." — Mr. Kurang Ramchandra Panchal, Managing Director ENGINEERING INDIA’S POWER INFRASTRUCTURE 005 Annual Report 2025-26 Building the Infrastructure Behind India's Growth Story. A holistic approach towards value creation A powerful step towards a resilient future At Rajesh Power, every project we undertake extends beyond the delivery of electrical infrastructure; it creates the en [Showing first 8,000 characters — download PDF for full document]