Rajesh Power Services Bags ₹2.12 Billion Odisha Transmission Order

MUMBAI — Rajesh Power Services Limited (RPSL), an engineering, procurement, and construction (EPC) specialist in the power utility sector, announced on Wednesday, June 17, 2026, that it has secured a major contract worth ₹2.1168 billion (approximately ₹2.12 billion). The engineering order was formally awarded by the state-run Odisha Power Transmission Corporation Limited (OPTCL).

This project award is highly significant today as mid-sized Indian energy infrastructure companies increasingly secure large state-level engineering tenders. The development marks Rajesh Power Services' entry into Odisha's heavy power transmission sector, expanding its operations beyond its traditional strongholds in western India and increasing its revenue visibility for the next two fiscal years.

Technical Scope and Project Execution Timelines

According to the official corporate disclosure submitted to the stock exchanges, the contractual mandate involves high-voltage grid upgrades. The specific engineering parameters include:

• Core Infrastructure: Design, procurement, and deployment of a 220-kilovolt (kV) underground single-circuit cable line system.

• Substation Integration: Construction and turnkey commissioning of associated bay extensions across designated OPTCL transmission sub-centers.

• Execution Period: The contract states that all engineering, laying, testing, and operational handover phases must be completed within 24 months.

The technical contract is one of the largest power transmission awards won by the firm in recent quarters. Meeting the strict pre-qualification standards for a 220kV system enhances the company’s eligibility to bid for upcoming high-voltage urban power line projects across India.

Geographic Diversification and Market Valuation Impact

Before this project win, Rajesh Power Services focused most of its operations in western India, executing utility projects for regional power distribution companies in Gujarat, such as PGVCL, UGVCL, and DGVCL. This new contract expands its geographic reach into the eastern transmission corridor, reducing its dependence on any single state energy board.

Financially, the ₹2.12 billion contract adds significant volume to the firm's total project order book. Given the company's current market capitalization of approximately ₹15.80 billion on the BSE, this single infrastructure order represents roughly 13.4% of its equity market valuation, providing steady revenue support for the upcoming quarters.

Official Sources Section

The financial parameters, project scopes, and corporate metrics mentioned in this report are compiled from verified public listings and regulatory filings:

• Material event disclosures under Regulation 30 submitted directly to BSE Limited.

• Corporate operation frameworks and engineering service logs maintained by Rajesh Power Services Limited.

• Tender allocation summaries and technical pre-qualification lists maintained by the Odisha Power Transmission Corporation Limited.

Quote Section

"According to officials familiar with the project management roadmap, the engineering teams have initiated early route surveys for the underground 220kV line layout, aiming to secure initial local permissions within the current quarter."

Why It Matters

The transition from overhead lines to underground high-voltage cabling systems helps protect urban power grids from severe weather and cyclonic storms, which frequently disrupt coastal transmission networks in Odisha. For regional consumers and businesses, this infrastructure project will help reduce transmission line losses and improve grid reliability during peak summer demand.

For stock market investors, the contract shows the company can successfully compete for major state utility orders against larger infrastructure corporations, potentially supporting healthier operating margins through specialized underground engineering services.

Key Facts at a Glance

• Contract Value: Rajesh Power Services secured a turnkey project order worth ₹211.68 crore (₹2.12 billion).

• Awarding Entity: The contract was issued by the state-owned utility company, Odisha Power Transmission Corporation Limited (OPTCL).

• Technical Scope: The mandate includes building a 220kV underground single-circuit transmission line along with associated bay extensions.

• Project Timeline: The EPC contract specifies a strict 24-month completion schedule.

• Market Significance: The order expands the company's geographic footprint into eastern India, accounting for over 13% of its current market capitalization.

FAQ Section

Q1: What specific work will Rajesh Power Services perform under the OPTCL contract?

The company is responsible for the complete engineering, procurement, and construction (EPC) of a 220kV underground single-circuit power cable line and the installation of bay extensions at specified substations in Odisha.

Q2: How does this project win affect the company's geographic footprint?

This contract marks the company's entry into the Odisha power market. Previously, its project portfolio was largely concentrated across western states like Gujarat.

Q3: Over what period will the revenues from this project be recognized?

The contract specifies a 24-month execution timeline. Revenues will be recognized sequentially across the 2026–2027 and 2027–2028 fiscal years based on verified project milestones.

Q4: Why are utilities increasingly choosing underground cables over traditional overhead power lines?

Underground high-voltage cables provide much higher protection against severe weather, lower long-term maintenance costs, minimize transmission drop-offs, and eliminate the land-acquisition hurdles associated with overhead transmission towers in densely populated areas.

Source: BSE Limited Corporate Announcement Desk, Odisha Power Transmission Corporation Tender Board, Rajesh Power Services Investor Relations.