Rajesh Power Services Limited IPO

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Rajesh Power Services Limited (RPSL) operates across both Renewable and Non-Renewable segments of the power sector, offering a comprehensive suite of services tailored to the needs of power generation, transmission, and distribution companies.

Renewable Power Sector Services

RPSL provides specialized services in the solar power segment, leveraging its technical expertise and operational experience:
i. Technical Support for Solar Power Plants                   ii. Turnkey Solutions
iii. Operations and Maintenance (O&M)

Non-Renewable Power Sector Services

RPSL offers a range of technical and implementation services for non-renewable power infrastructure:
i. Turnkey Projects:
a. Extra High Voltage (EHV) Cables and Transmission Lines                  b. EHV Substations
c. Underground Power Distribution Systems

ii. Utility Services for Power Plants and Transmission Companies:
a. Cable Fault Location and Rectification               b. Replacement and Retrofitting of Transformers and Switchgear

Consultancy Services

RPSL also provides consultancy services to support clients with their infrastructure projects:
i. Designing Power Substations: Comprehensive design solutions tailored to meet operational requirements.
ii. Cable System Design: Expert consultancy on the layout and configuration of cable systems for efficient power distribution.

Clientele

RPSL serves a diverse client base comprising both government and private entities engaged in:
i. Power Generation                ii. Power Transmission                 iii. Power Distribution

This includes partnerships with key stakeholders across the energy sector, enabling the delivery of robust, sustainable, and efficient power solutions.

With a holistic portfolio spanning renewable energy projects and non-renewable infrastructure development, RPSL is positioned as a trusted partner in driving the growth and modernization of India’s power sector.

Objects of the Rajesh Power Services Limited IPO:

The Objects of the Net Issue is to raise funds for: i. Capital Expenditure: a. Purchase of cable identification, testing and fault location equipments b. Setting up of DC Solar Power Plant having a capacity of 1300 KW; c. Inhouse development of Technical Expertise in the Production of Green Hydrogen and associated equipment such as Electrolysers ii. Additional Working Capital Requirement iii. General Corporate Purposes. Total number of shares issue: - i. Fresh issue is 2,790,000 shares, ii. Offer for sale is 2,000,000 shares.
DRHP of Rajesh Power Services Limited IPO
RHP of Rajesh Power Services Limited IPO

Rajesh Power Services Limited IPO Details:

Open Date: Nov 25 2024
Close Date: Nov 27 2024
Total Shares: 4,790,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 160.47 Cr.
Lot Size: 400 Shares
Issue Price: ₹ 320 - 335 Per Equity Share
Listing At: BSE SME
Listing Date: Dec 02 2024

Promoters And Management:

Mr. Kurang Panchal, aged 61 years is the Managing Director of the Company. He has been associated with the Company since its incorporation. He holds a degree of Bachelor of Commerce from B. K. Arts and Commerce College, Palanpur. He has wide experience of more than 40 years in the transmission and distribution sector. He has been one of the guiding forces behind the growth and business strategy of the Company. He is Responsible for Developing and Managing the Entire Business. Mr. Rajendra Patel, aged 57 years is a whole-time director of the company. He was appointed as Whole-time director of the Company w.e.f. February 10, 2010 He holds a degree of Bachelor of Commerce from L. J. Commerce College, Ahmedabad. He has more than 33 years of experience in this sector. He is Responsible for Managing the Operations of companies involved in the field of Power Transmission and Distribution. Mr. Kaxil Patel, aged 30 years is a Director and CFO of the company. He holds a degree of B TECH in ELECTRICAL from AIT, Ahmedabad. He has also done MTECH in ELECTRICAL from Indus University. Further, he has also completed executive course in Financial Reporting and Corporate Governance from IIM Ahmedabad and PGDM- Business Entrepreneurship, Family Business Management from Entrepreneurship Development Institute of India. He is Responsible for managing the finance of company. He has 7 Years of experience in this field.

Financials of Rajesh Power Services Limited IPO:

(In Cr.)
Particulars For 6MFY25(Cons.) FY 2023-24 (Standalone) FY 2022-23 (Standalone) FY 2021-22 (Standalone)
Revenue 317.03 284.96 207.17 146.80
EBITDA 38.65 33.95 14 11.03
EBITDA Margin 12.19% 11.91% 6.75% 7.51%
PAT 28.54 26.02 6.75 3.44
PAT Margins 9% 9.13% 3.25% 2.34%
CFOA 36.88 (14.66) 15.35 6.51
Cash Conversion Ratio (OCF/EBITDA) 95.42% Negative 109.64% 59%

Comparison With Peers:

Companies Revenue EBITDA PAT D/E Ratio MCap P/E
Rajesh Power Services Ltd         (FY 2024) 284.96 Cr. 33.95 Cr. 26.02 Cr. 0.72 603 Cr. *23.17
Advait Infratech Limited (TTM) 238 Cr. 40 Cr. 24 Cr. 0.24 1,498 Cr. 56.90
Kay cee Energy and Infra Limited (TTM) 51.67 Cr. 8.14 Cr. 5.66 Cr. 0.15 816 Cr. 144
Viviana Power Tech Limited (TTM) 90.42 Cr. 14.94 Cr. 8.48 Cr. 0.40 519 Cr. 61.30
Please Note: if the company earns profits in the second half of the year in the same proportion as it did in the first half of FY 2025 then forward PE will be 10.56

Recommendation on Rajesh Power Services Limited IPO:

Review and Recommendation of Rajesh Power Services Ltd. by team IZ is 5/10.

Lead Manager of Rajesh Power Services Limited IPO:

  1. ISK Advisors Private Limited

Registrar of Rajesh Power Services Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Rajesh Power Services Limited 380/3, Siddhi House, Opp. Lal Bunglows B/H Sasuji Dinning Hall, Off C.G. Road, Navrangpura Ahmedabad - 380006, Phone: +91 6358736465 Email: cs@rajeshpower.com Website: https://www.rajeshpower.com/

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