Rajesh Power Services L1 for ₹109 Cr RRVPN Substation Project in Ajmer

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AuthorAbhay Singh|Published at:
Rajesh Power Services L1 for ₹109 Cr RRVPN Substation Project in Ajmer
Overview

Rajesh Power Services has been confirmed as the lowest bidder (L1) for a significant ₹109.87 Cr project from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPN). The contract involves constructing a 132/33 KV, 2x50 MVA GIS substation and associated transmission lines in Ajmer, with an 18-month execution timeline. This L1 status offers substantial revenue visibility, though the final award is pending an LOI/LOA.

Rajesh Power Services Emerges L1 For ₹109 Cr RRVPN Substation Project in Ajmer

Rajesh Power Services has been confirmed as the lowest bidder (L1) for a significant ₹109.87 Cr project from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPN).
The contract entails constructing a 132/33 KV, 2x50 MVA GIS substation and associated transmission lines in Ajmer, with an estimated 18-month execution period.

Reader Takeaway: L1 status offers strong order pipeline boost; execution and final award remain key next steps.

What just happened (today’s filing)

Rajesh Power Services announced it has received confirmation as the lowest bidder (L1) for a substantial project from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPN). [cite:GROUNDED]
The project involves the construction of a 132/33 KV, 2x50 MVA GIS Substation and associated transmission lines in Ajmer.

The tender value for this specific project was ₹109.87 crore, highlighting its significance for the company. [cite:GROUNDED]

Project execution is slated to take approximately 18 months from its commencement. The final award of the bid is contingent upon RRVPN issuing a Letter of Intent (LOI) or Letter of Award (LOA). [cite:FILING]

Why this matters

This L1 confirmation signifies a potentially significant new order for Rajesh Power Services in the critical power infrastructure sector.

Successful award of this project will lead to increased project execution activities and enhanced revenue generation over the project lifecycle, bolstering the company's order book. [cite:FILING]

The backstory (grounded)

Rajesh Power Services Limited, established in 1971 and headquartered in Ahmedabad, is a prominent EPC contractor in India's power transmission and distribution sector.

The company undertakes turnkey projects for extra-high voltage (EHV) cables, transmission lines, substations, and distribution systems.

In recent months, Rajesh Power Services has secured multiple orders, including ₹1,116 crore in April 2025 for substations and cabling, and ₹278 crore in September 2025 for 400kV GIS substations, marking its entry into this high-voltage domain.

However, the company had a past credit rating issue where India Ratings downgraded it to 'IND BB(ISSUER NOT COOPERATING)' in May 2022 due to non-cooperation.

What changes now

Shareholders can anticipate improved revenue visibility if the LOI/LOA is issued.

This win strengthens the company's position in the competitive power T&D EPC market.

It provides positive momentum following its IPO in November 2024.

Risks to watch

The primary risk is that the L1 status does not guarantee a final award; the project is contingent on RRVPN issuing an LOI or LOA. [cite:FILING]

Investors should also note the past credit rating downgrade in May 2022 due to non-cooperation with rating agencies, which could signal governance concerns.

Peer comparison

This ₹109.87 Cr project is substantial for Rajesh Power Services. In comparison, industry giants have secured larger contracts recently: L&T's PT&D vertical won orders in the ₹5,000-10,000 Cr range in Feb 2026, while KEC International secured ₹1,002 Cr in Feb 2026, taking its year-to-date intake to approx. ₹21,300 Cr. Kalpataru Projects International Ltd (KPIL) reported ₹2,332 Cr in orders in Oct 2025.

Context metrics (time-bound)

What to track next

Receipt of the official Letter of Intent (LOI) or Letter of Award (LOA) from RRVPN.

The confirmed project commencement date.

Details of the full award, including contract value and payment terms upon issuance.

Company updates on execution progress and milestones.

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