Rajesh Power H1 FY27: PAT +35% YoY to ₹79 Cr as revenue beats guidance, margins cool
PAT +34.78% YoY · revenue +45.7% · margins compressing
₹929.26 Cr
+45.7% YoY
₹79.22 Cr
+34.78% YoY
8.5%
-0.6pp YoY
₹43.99
Rajesh Power Services' consolidated revenue for H1 FY27 (Apr-Sep 2026) came in at ₹929.26 Cr, up 45.7% YoY from ₹637.82 Cr in H1 FY26 — comfortably ahead of management's own 35-40% FY27 revenue growth guidance reaffirmed at the April 2026 concall. Consolidated PAT rose 34.8% YoY to ₹79.22 Cr (₹58.78 Cr a year ago), with EPS at ₹43.99 against ₹32.64. Standalone numbers track closely: PAT ₹78.50 Cr, up 35.2% YoY (EPS ₹43.59 vs ₹32.24), with the small gap to consolidated coming almost entirely from the company's ₹0.94 Cr share of profit in its two joint ventures. There were no exceptional items in either this half or the year-ago half, so these are clean, reported growth rates with no one-off adjustment needed. No formal street consensus for this result could be located — the stock trades on BSE's SME platform with limited analyst coverage — so vsStreet is marked unknown rather than guessed.
Q2 FY-2027 vs prior quarters
The growth came with margin give-back: consolidated operating margin eased to roughly 12.0% from about 13.2% a year ago, and net margin to about 8.5% from 9.2%, as the topline scaled faster than profitability. Both readings still sit within the 11-12% EBITDA-margin and 8-9% PAT-margin bands management guided to in April, so this is compression toward the lower end of the guided range rather than a guidance miss — consistent with the 'margins cool' framing already on file for this quarter. The order pipeline adds context: RPSL booked a ₹471.92 Cr MGVCL order (Oct 12) and a ₹69 Cr UGVCL order (Oct 14) in the weeks right after the half closed — about ₹541 Cr of fresh wins — moving toward the ₹4,000-5,000 Cr FY27 new-order-inflow target management set alongside its Gujarat-diversification and BESS EPC push in April. No standalone management press release accompanied this filing beyond the board-meeting outcome letter, so there is no additional management commentary to reconcile against the print this quarter.
The stock went into the print at ₹792, up 5.5% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 4 quarters.
What the summary numbers don't show
Half-yearly filer — RPSL reports reviewed results every six months (SME platform listing), not quarterly — this is an H1 FY27 statement, not a discrete Q2
Management reaffirms strong revenue growth guidance of 35-40% for FY27, supported by a target of INR 4,000-5,000 crores in new order inflows. The company is confident in maintaining stable EBITDA margins of 11-12% and PAT margins of 8-9%. Strategically, the focus is on geographic diversification to reduce dependency on
— This quarter: beat
W1
Whether OPM holds at the guided 11-12% floor as the new ~₹541 Cr of October orders (MGVCL + UGVCL) execute through H2 FY27 — H1 OPM already sits at the low end, ~12.0%
W2
Pace of new order inflow against the ₹4,000-5,000 Cr FY27 target — track cumulative disclosed wins at the next half-year/quarterly update
W3
Progress on BESS EPC entry and Gujarat-geography diversification, the two strategic priorities flagged at the April 2026 concall — no segment/geography breakout is given yet (single reportable EPC segment)
Company (BSE SME platform, scrip 544291) files half-yearly limited-reviewed results, not quarterly — figures are for H1 FY27 (Apr-Sep 2026). No exceptional items in current or year-ago half (H2 FY26 carried a ₹0.64 Cr exceptional item, irrelevant to this YoY pair). Standalone and consolidated arithmetic (Total Income check; PBT-tax=PAT) both tie out exactly.
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