Rajesh Power shares: Up 12% in one month! Will rally continue as order book expands 35% after ₹1629 crore mega order?
Rajesh Power Services shares have staged a strong recovery, rising over 12% in the past month and gaining more than 11% in just one week. The rally has gathered momentum following back-to-back mega order wins from Gujarat's power utilities, which has taken the company's aggregate order book to approximately ₹5,400 crore, marking a 35% expansion.
The power sector stock gained another 3.5% on Thursday, November 5, touching an intraday high of ₹852 per share. The latest order win has strengthened its project pipeline and improved revenue visibility, particularly as India steps up investments in power distribution infrastructure.
However, the recent recovery comes after a prolonged period of weakness. Rajesh Power shares have declined 3% in the past three months, 11% in six months and 44% over the last year. The stock remains around 42% below its 52-week high of ₹1,465, recorded in November 2025. It touched a 52-week low of ₹705 in September 2026.
Rajesh Power's latest ₹1,628.74 crore turnkey contract from DGVCL marks its second major order win from Gujarat's power utilities following an earlier ₹471.92 crore order from Madhya Gujarat Vij Company Limited (MGVCL).
The fresh DGVCL contract involves converting existing 11/22kV high-tension (HT) and low-tension (LT) overhead electricity distribution networks into underground cable systems equipped with SCADA-compatible equipment across various locations in Gujarat under the SI Scheme. The project will be executed over 24 months.
Following the latest order, the company's aggregate order book has increased to approximately ₹5,400 crore from ₹4,000 crore earlier, representing an expansion of around 35%.
The order wins come alongside improving business performance. Rajesh Power reported 46% year-on-year revenue growth in H1 FY27, accompanied by healthy profitability and improving cash generation.
Meanwhile, yesterday, Rajesh Power Services received turnkey contracts worth ₹1,628.74 crore, including taxes, from Dakshin Gujarat Vij Company Limited (DGVCL) for converting the existing 11/22kV high-tension (HT) and low-tension (LT) overhead network into an underground cable system with SCADA-compatible equipment under the SI Scheme at various locations in Gujarat. The domestic contracts are to be executed over a period of 24 months. The company clarified that the promoter group has no interest in the awarding entity and that the contracts do not fall under related-party transactions.
With over five decades of experience, Rajesh Power Services operates as an Engineering, Procurement and Construction (EPC) company in the power transmission and distribution sector. Its capabilities include GIS and AIS substations, extra-high-voltage power cables, transmission lines, distribution infrastructure, underground cabling and operation and maintenance services.
Jigar S Patel, Senior Manager - Technical Research, Anand Rathi Share and Stock Brokers Limited, suggests a wait-and-watch approach for Rajesh Power.
As per the expert, Rajesh Power is currently witnessing consolidation, with ₹800 acting as an important support level and ₹900 serving as a major resistance. As long as the stock trades within this range, a cautious approach is advisable, and traders should avoid taking fresh positions, he noted.
The daily RSI is oscillating between the 40 and 60 levels, indicating a lack of strong directional momentum and suggesting a consolidation phase.
"A sustained breakout above ₹900, supported by a rise in RSI above 60, could signal a fresh bullish move. On the downside, a decisive breach of ₹800 may weaken the technical structure and trigger further correction. Hence, traders should wait for a clear breakout or breakdown before initiating fresh positions," advised Patel.
Meanwhile, Hitesh Tailor, Technical Research Analyst at Choice Broking pointed out that Rajesh Power Services Ltd. (RAJESH) is currently trading around the 828 mark on the weekly chart, reflecting overall weakness following a peak that established a lower high, lower low sequence. However, selling pressure has paused as the stock found robust demand and accumulation near lower levels, specifically around 760. Immediate downside protection rests at 800, while 760 serves as the primary major support, he added.
A decisive bullish breakout above the 880–900 resistance band is necessary to confirm a structural trend reversal; until then, sideways range-bound movement remains the dominant technical outlook, suggested Tailor.
Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience. <br><br> Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism. <br><br> Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends. An alumnus of the Symbiosis Institute of Media and Communications and Hansraj College, University of Delhi, Pranati brings a strong academic foundation to her journalism. She specialises in real-time financial reporting, with a keen focus on precision, balance, and insight, aiming to decode market movements in a way that is both informative and accessible to readers across experience levels.
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HomeMarketsStock MarketsRajesh Power shares: Up 12% in one month! Will rally continue as order book expands 35% after ₹1629 crore mega order?
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