The Transcript Of Half Year Ended On September 30,2026 (H1FY27) Earnings Conference Call With The Investors.

November 8,2026 Compliance Department BSE Limited Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai- 400001 Scrip Code | 544291 ISIN Code | INE0VN801010 Sub: Transcript of Half Financial year ended on September 30,2026 (H1FY27) Earnings Conference Call. Dear Sir/ Ma’am, We are enclosing herewith the transcript of Half Financial year ended on September 30,2026 (H1FY27) Earnings conference call with the Investors held on Monday, November 2,2026 at 4:00 P.M. You are requested to take the aforementioned information on records. For Rajesh Power Services Limited Jyoti Dakshesh Mochi Company Secretary and Compliance Officer Membership No. A39777 Registered Office: 380/3, Siddhi House, Opp. Lal Bungalows, B/H Sasuji Dinning hall, Off C.G.Road, Navrangpura, Ellisbridge, Ahmedabad, Ahmadabad City, Gujarat, India, 380006 Email ID: info@rajeshpower.com | CIN: L31300GJ2010PLC059536 | www.rajeshpower.com Rajesh Power Services Ltd H1FY27 Earnings Call Event Date/Time : 02/11/2026, 16.00 Hrs IST Event Duration : 63 mins 06 secs CORPORATE PARTICIPANTS: Mr. Utsav Panchal Director and CEO Ms. Nikita Shah Financial Head Mr. Adhish Patel GM - Finance Mr. Gulshan Singh Sunidhi Securities Rajesh Power Services Limited H1FY27 Earnings Call 02.11.2026 Q&A PARTICIPANTS: 1 Vishwendra singh : Prudent Equity 2 Atul Kumar : Individual Investor 3 Maitri Shah : Sapphire Capital 4 Nikhil Kanodia : Sunidhi Securities 5 Rishab Agarwal : Suraag Capital 6 Pawan Kumar : RatnaTraya Capital 7 Bijal Shah : RTL Investments 8 Mohit Arora : Hem Securities 9 Purva Shah : Grobiz Fund Rajesh Power Services Limited H1FY27 Earnings Call 02.11.2026 Moderator Good evening, ladies and gentlemen. I'm Sashmitha, moderator for the Earnings Conference Call. Welcome to Rajesh Power Services Limited H1FY27 Earnings Conference Call. As a reminder, all participants' lines will be in listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing * and 0 on your touch-tone telephone. Please note this conference is recorded. I would now like to hand over the floor to Mr. Gulshan Singh from Sunidhi Securities for the cautionary statement. Thank you, and over to you, sir. Gulshan Singh Thank you, ma'am. Good evening, and very warm welcome to everyone. On behalf of Sunidhi Securities, I welcome you all to Rajesh Power Services Limited. H1 FY27 Earning Conference call. Today, we have with us the management, represented by Mr. Utsav Panchal, CEO, Ms. Nikita Shah, Financial Head, and Mr. Adhish Patel, General Manager, Finance. We thank Rajesh Power Services Limited for giving us the opportunity to host the call. I would now like to hand over the floor to management for their opening remarks, post which we will open the floor for Q&A. Thank you, and over to you, Utsav sir. Utsav Panchal Very good afternoon, everyone. Thank you for joining us today for Rajesh Power Services Limited's H1 FY27 Earnings Conference Call. Let me begin by welcoming all our investors, analysts and other participants. We've had a strong first half of FY27 with healthy growth in revenue and profitability, supported by our execution capabilities in the distribution business, expansion into higher voltage transmission and our entry into the emerging energy storage segment. Before I take you through our performance, I would like to spend a few minutes talking about the larger opportunity unfolding in India's power sector because I believe this is important to understand where Rajesh Power is headed. India's power sector is entering a significant investment cycle. As our economy grows, electricity demand is rising across industries, infrastructure, urban center’s, data center’s, railways, electric mobility and several other sectors. But generating electricity is only one part of the equation. That electricity needs to be transmitted efficiently, distributed reliably, stored when required and increasingly managed intelligently. This is Rajesh Power Services Limited H1FY27 Earnings Call 02.11.2026 where the next phase of India's power infrastructure development will create opportunities for companies like Rajesh Power. Let me start with transmission. India's transmission infrastructure is undergoing a major expansion. By 2032, the country plans to add approximately 1.4 lakh circuit kilometers of transmission lines and nearly 870 GVA of transformation capacity. This expansion is being driven not just by rising electricity consumption, but also by the changing nature of India's energy mix. Renewable energy integration, particularly solar and wind, requires stronger transmission corridors. At the same time, industrialization, urbanization, data centres, green hydrogen, electric mobility are creating new demands on the grid. The government has recently approved the Green Energy Corridor Phase 3, that is the GEC-III scheme. This historic initiative will strengthen India's intrastate transmission system to enable evacuation up to 135 GW of renewable energy across states, union territories and 50 GWh of battery energy storage systems to be deployed for grid flexibility. These measures are undertaken to help manage intermittency, congestion and peak hour curtailment while supporting demand during non-solar hours. The scheme has targeted with total project outlay of INR 1.86 lakh crore, comprising of INR 1.36 lakh crore of development of intrastate transmission systems and INR 50,000 crore of 50 GW of battery storage systems. For Rajesh Power, GEC-III shall create a significant opportunity pipeline in the intrastate transmission, grid strengthening and renewable power evacuation, aligning well with the company's established capabilities in T&D, substation, underground cabling and emerging energy storage solutions. Moving to the distribution segment, this has traditionally been the foundation of our business, and we continue to see significant opportunities in this segment. India's distribution infrastructure is undergoing a structural transformation. Under the broader Viksit Bharat vision, the National Electricity Policy 2047 has set a target of 100% undergrounding of cables in towns having a population of more than 10 lakh. Recently, Gujarat has also announced the Gujarat Wire-Free City Mission. The objective is to progressively convert overhead electricity networks into underground cable networks across all 17 municipal corporations and 151 municipalities by 2030. The program envisages undergrounding of more than 14,000 circuit kilometers of high-tension lines and 31,000 circuit kilometers of low-tension lines. Together, that represents approximately 46,000 circuit kilometers of distribution infrastructure. Now, this is a particularly relevant opportunity for us. Over the years, we have built considerable experience in underground cabling, medium-voltage covered conductor networks, ring main units, distribution transformers and turnkey distribution EPC projects. We believe that the distribution network of tomorrow will increasingly be underground, more reliable, smarter and digitally managed. These are precisely the capabilities we have been building over the years. Alongside transmission and distribution, there is another important development that is changing the power sector landscape, and that is energy storage. India has already crossed 300 GW of non-fossil-fuel-based installed capacity, and the country's BESS requirement is projected to reach approximately 47 GW by 2032. India's electricity supply shortfall reached approximately 560 million units since September 2026, the highest level since August 2023. At the same time, nearly 47 of the coal-fired power plants were Rajesh Power Services Limited H1FY27 Earnings Call 02.11.2026 reported to be operating with critically low fuel stocks, while several states approached the Centre for additional power allocation. So what does this tell us? It tells us that the Indi [Showing first 8,000 characters — download PDF for full document]