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BAJEL - Bajel Projects

📊 NSE: BAJEL 🏢 Engineering - Turnkey Services 📅 Last Updated: 12/13/2025 18:56

📢 Recent Corporate Announcements

Bajel Projects Bags Record ₹700 Cr+ Ultra-Mega Order from MSETCL for Pune Substation

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 13 Mar 2026, 06:32 PM

Bajel Projects has secured an Ultra-Mega EPC order valued at over ₹700 crore from Maharashtra State Electricity Transmission Co. Ltd. (MSETCL). This represents the largest single order in the company's power transmission history, providing significant revenue visibility for the next 23 months. The project involves the turnkey execution of a 400/220 kV substation and associated transmission lines in Pune. This win validates the company's RAASTA 2030 strategy of targeting high-value, complex infrastructure projects.

Secured a ₹700 crore+ EPC order from MSETCL, the largest single order in the company's history.
Project involves establishing a 400/220 kV AIS Substation at Saswad, Pune, with 2x500 MVA capacity.
The contract includes a 23-month execution timeline from the date of the Notification of Award.
Order value exceeds the Ultra-Mega threshold of ₹400 crore as per the company's internal classification policy.
Scope covers complete turnkey execution including design, supply, erection, testing, and commissioning.

💡 This record-breaking order significantly strengthens the order book and provides clear revenue visibility; investors should monitor execution efficiency and margin maintenance. The stock is likely to react positively to this milestone achievement in the high-voltage segment.

Bajel Projects Partners with NIIF and AnantGrid for Power Transmission Projects

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 10 Mar 2026, 03:23 PM

Bajel Projects Limited has signed a strategic collaboration agreement with the National Investment and Infrastructure Fund (NIIF) and AnantGrid Private Limited. This partnership aims to leverage NIIF's capital management of over $5 billion and Bajel's EPC expertise to bid for and execute large-scale power transmission projects in India. The collaboration is specifically designed to target opportunities arising from India's 500GW renewable energy target by 2030. This move strengthens Bajel's position in the grid modernization sector by aligning with a sovereign-linked investment partner.

Strategic three-way collaboration between Bajel, NIIF, and AnantGrid for Indian power transmission.
Targets India's 500GW renewable energy integration goal by 2030 through grid modernization.
Combines NIIF's $5 billion+ investment management with Bajel's engineering and execution expertise.
Focuses on high-quality, cost-efficient project delivery to meet rising domestic and industrial demand.
Avener Capital acted as the sole financial advisor for this strategic collaboration.

💡 Investors should view this as a major positive catalyst that enhances Bajel's capability to secure high-value transmission contracts. Monitor the company's upcoming order book for joint bids involving NIIF and AnantGrid.

Bajel Projects Partners with NIIF for Power Transmission; to Hold 26% Equity Stake

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 10 Mar 2026, 03:02 PM

Bajel Projects Limited has entered into a strategic collaboration agreement with the National Investment and Infrastructure Fund (NIIF) and Anantgrid Private Limited to jointly bid for power transmission projects in India. Under this framework, Bajel will hold a 26% equity stake in selected projects, while NIIF and its affiliates will hold the remaining 74%. Bajel will lead the Engineering, Procurement, and Construction (EPC) and execution, while NIIF will manage funding and investment. This partnership positions Bajel to benefit from India's 500GW renewable energy integration target by 2030.

Bajel Projects to hold a 26% equity stake in joint power transmission project SPVs.
NIIF and Anantgrid to lead funding and asset management with a 74% majority stake.
Bajel will act as the lead EPC and execution partner for all successfully bid projects.
Partnership leverages NIIF's $5 billion+ capital management and Bajel's technical expertise.
Collaboration targets high-growth opportunities in India's grid modernization and renewable energy sectors.

💡 This is a significant strategic shift for Bajel from a pure EPC player to an asset owner, securing a long-term project pipeline. Investors should monitor the upcoming bidding rounds and the impact of capital deployment on Bajel's balance sheet.

Bajel Projects Partners with NIIF for Power Transmission; to Hold 26% Equity Stake

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 10 Mar 2026, 01:27 PM

Bajel Projects Limited has entered into a strategic collaboration agreement with the National Investment and Infrastructure Fund (NIIF) and Anantgrid Private Limited to jointly bid for power transmission projects in India. Under the agreement, Bajel will hold a 26% equity stake in the selected projects, while NIIF and its affiliates will hold the remaining 74%. This partnership allows Bajel to leverage its EPC expertise while benefiting from NIIF's substantial funding and asset management capabilities. The collaboration aims to capitalize on India's 500GW renewable energy integration target by 2030.

Bajel Projects to take a 26% equity stake in joint power transmission projects, moving beyond pure EPC services.
NIIF and its subsidiary Anantgrid will hold the majority 74% stake and lead funding and asset management.
Bajel will lead the Engineering, Procurement, and Construction (EPC) and execution phases for all joint projects.
The partnership targets the massive infrastructure demand created by India's goal of 500GW renewable energy by 2030.
Avener Capital acted as the sole financial advisor to Bajel for this strategic collaboration.

💡 Investors should view this as a significant strategic shift that secures a long-term project pipeline and provides equity upside. Monitor the company's upcoming bids and the capital allocation required for its 26% equity commitments.

Bajel Projects Signs Strategic JV with Saudi Arabia's Al Sharif Group for EPC Infrastructure

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 17 Feb 2026, 03:28 PM

Bajel Projects has entered into an equal partnership Joint Venture with Saudi Arabia-based Al Sharif Contracting (ASC) to target the Kingdom's power infrastructure market. The JV will focus on Engineering, Procurement, and Construction (EPC) for high-voltage transmission lines and substations, aligning with Saudi Arabia's Vision 2030. This move marks Bajel's strategic entry into the international market, leveraging ASC's 40-year regional expertise and multibillion-dollar group backing. The partnership aims to bid for complex inter-regional corridors and renewable energy integration projects in the Middle East.

Strategic equal partnership JV with Al Sharif Contracting, a multibillion-dollar Saudi Arabian group.
Focus on EPC projects in High Voltage (HV) and Extra High Voltage (EHV) infrastructure in KSA.
Leverages Al Sharif Group's 40-year history of infrastructure development in the Middle East.
Aligns with Saudi Arabia's Vision 2030, focusing on grid modernization and renewable energy integration.
Positions Bajel to bid for complex international inter-regional corridors and substation packages.

💡 Investors should view this as a significant growth catalyst that diversifies Bajel's revenue streams geographically. Monitor the JV's ability to secure large-scale contracts in the Saudi Arabian power sector over the coming quarters.

Bajel Projects Signs 50:50 JV with Saudi's Al Sharif for International EPC Expansion

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 17 Feb 2026, 03:04 PM

Bajel Projects Limited has executed a Joint Venture Agreement with Saudi Arabia-based Al Sharif Contracting and Commercial Development Company to establish a new EPC entity in the Kingdom of Saudi Arabia. Both parties will hold an equal 50% stake in the venture, which will focus on High Voltage and Extra High Voltage infrastructure, including transmission lines and substations. Each partner has approved an initial investment of up to SAR 1 million (approximately USD 270,000). This strategic move allows Bajel to leverage the Saudi Vision 2030 infrastructure boom and diversify its revenue streams internationally.

Formation of a 50:50 Joint Venture with Al Sharif Contracting for EPC business in Saudi Arabia.
Initial equity contribution of SAR 1 million (approx. USD 270,000) by each partner.
Target sectors include High Voltage (HV), Extra High Voltage (EHV), and underground cabling projects.
JV formation is expected to be completed within 3-6 months from the signing date.
Strategic alignment with Saudi Vision 2030 to participate in grid modernization and renewable energy integration.

💡 Investors should monitor the JV's progress in securing high-value contracts in the KSA region, as this marks a significant step in Bajel's global expansion. The partnership with an established local player like Al Sharif Group significantly de-risks entry into the Middle Eastern market.

Bajel Projects to Attend PhillipCapital Investor Conference on February 17, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Feb 2026, 05:34 PM

Bajel Projects Limited has scheduled a meeting with institutional investors and analysts for February 17, 2026. The company will be participating in the PhillipCapital Data Center India Investor Conference held in Mumbai. This is a physical group meeting intended to engage with the broader investment community. The company has confirmed that no unpublished price sensitive information will be shared during the event.

Investor meeting scheduled for February 17, 2026, in Mumbai.
Participation in the PhillipCapital Data Center India Investor Conference.
The interaction will be a physical group meeting with various institutional participants.
Compliance disclosure filed under Regulation 30 of SEBI LODR Regulations.

💡 Investors should monitor for any post-conference presentations or transcripts that may provide insights into the company's project pipeline. No immediate action is required as this is a routine investor relations activity.

Bajel Projects Bags ₹100-200 Cr Order from PGCIL for 765kV Mandsaur Substation

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 06 Feb 2026, 05:30 PM

Bajel Projects Limited has secured a 'Large' EPC order from PowerGrid Corporation of India (PGCIL) for the extension of the 765kV Mandsaur Pooling Station. The contract is valued between ₹100 crore and ₹200 crore and is part of India's renewable energy interconnection augmentation strategy. This project complements Bajel's existing 260 km transmission line project in the same region, reinforcing its position in high-voltage infrastructure. The execution timeline is set for 18 to 30 months, aligning with the company's focus on margin-accretive growth.

Awarded a 'Large' order valued between ₹100 Cr and ₹200 Cr inclusive of GST.
Contract involves 765kV AIS Bay Extension works at the Mandsaur Pooling Station for PGCIL.
Project execution timeline is 18 to 30 months from the date of Notification of Award.
The win leverages existing regional presence as Bajel is already executing a 260 km transmission line in the area.
Project is part of the Tariff Based Competitive Bidding (TBCB) route for RE interconnection.

💡 Investors should monitor the company's execution pace and its ability to maintain the EBITDA margin expansion seen in recent quarters. This order win strengthens the order book and confirms Bajel's competitiveness in the high-voltage EPC segment.

Bajel Projects Bags ₹100-200 Cr Order for 765kV Mandsaur Substation Extension

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 06 Feb 2026, 12:12 PM

Bajel Projects Limited has secured a 'Large' EPC order from PowerGrid Corporation of India Limited (PGCIL) for the extension of the 765kV Mandsaur Pooling Station. The contract is valued between ₹100 crore and ₹200 crore and is expected to be completed within 18 to 30 months. This project is part of a larger initiative to augment transformation capacity for renewable energy interconnection through the Tariff Based Competitive Bidding (TBCB) route. The win complements Bajel's existing project of a 260 km transmission line in the same region, enhancing its footprint in high-voltage infrastructure.

Secured a 'Large' EPC order from PGCIL valued between ₹100 Cr and ₹200 Cr.
Project involves 765kV AIS Bay Extension at the Mandsaur Pooling Station for RE interconnection.
Execution timeline is 18 to 30 months from the date of issuance of the Notification of Award.
The project follows the company's record Q3 results and focus on high-voltage infrastructure.
Synergistic with current execution of 260 route kms transmission line from Beawar to Mandsaur.

💡 Investors should note the company's successful transition into high-voltage EPC projects which typically offer better margins. The order reinforces the growth trajectory following strong Q3 results and alignment with national renewable energy targets.

Bajel Projects Q3 FY26: 9M Topline at ₹1,804 Cr and Order Book Reaches ₹2,912 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 05:22 PM

Bajel Projects reported a strong performance for the nine months ended December 31, 2025, with a topline of ₹1,804 crore. The company's EPC order book remains robust at ₹2,912 crore, supported by significant wins from PGCIL for 765 kV and 400 kV transmission lines. Manufacturing output reached a record 39,525 MT for the 9M period, with plans to expand galvanization capacity at its Ranjangaon facility to 1,10,000 MTPA. The company is also successfully expanding its international footprint with new supply orders from Africa and Nepal.

9M FY26 Topline reached ₹1,804 crore with a healthy EPC order book of ₹2,912 crore as of December 31, 2025.
Achieved highest-ever nine-monthly production of 39,525 MT at the Ranjangaon manufacturing unit.
Secured major 765 kV and 400 kV transmission projects from PGCIL and international orders from Liberia, Rwanda, and Cameroon.
Completed 10 major projects in 9M FY26, including a 400/220 kV GIS substation and 400 kV monopole transmission lines.
Proposed expansion of manufacturing capacity to 1,10,000 MTPA to support growing infrastructure demand.

💡 Investors should monitor the execution efficiency of the ₹2,912 crore order book and the margin profile of the newly acquired high-voltage projects. The company remains a strong contender in the power transmission sector due to its Bajaj Group lineage and integrated manufacturing capabilities.

Bajel Projects Q3 EBITDA Surges 45% to ₹32 Cr; Margins Expand 210 bps to 5.6%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 05:16 PM

Bajel Projects reported a strong operational performance in Q3 FY'26, with EBITDA growing 45% YoY to ₹32 Cr despite a 10% dip in revenue. This reflects a strategic shift towards high-margin, technically challenging power transmission projects rather than volume-driven growth. For the 9-month period, EBITDA margins improved by 130 bps to 4.8%, while PBT before exceptional items rose 30% to ₹23 Cr. However, PAT growth remained muted at 6% for 9M FY'26 due to one-time costs associated with new labor codes.

Q3 EBITDA rose 45% YoY to ₹32 Cr, with margins expanding by 210 bps to 5.6%.
9M FY'26 EBITDA reached ₹87 Cr, a 38% increase over the previous year's ₹63 Cr.
PBT before exceptional items for Q3 grew by 209% YoY to ₹11 Cr.
Revenue for 9M FY'26 remained stable at ₹1,784 Cr, reflecting a focus on 'Quality of Earnings' over volume.
Successfully completed 10 projects in the last 9 months, focusing on Green Energy Corridor and ISTS.

💡 Investors should monitor the company's successful transition into a high-margin specialized EPC player. The significant expansion in EBITDA margins despite flat revenue suggests improved operational efficiency and better project selection.

Bajel Projects Reports 9M FY26 Topline of ₹1,804 Cr and Order Book of ₹2,912 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 03:15 PM

Bajel Projects Limited reported a strong operational performance for the nine months ending December 31, 2025, with a topline of ₹1,804 crore. The company maintains a robust EPC order book of ₹2,912 crore, providing significant revenue visibility for the coming quarters. A key highlight is the achievement of its highest-ever nine-monthly production of 39,525 MT at the Ranjangaon facility. Furthermore, the company is aggressively expanding its international footprint with new orders from Liberia, Rwanda, and Nepal while securing high-value domestic projects from PGCIL.

Reported 9M FY26 topline of ₹1,804 crore with an EPC order book standing at ₹2,912 crore as of December 31, 2025.
Achieved record nine-monthly production of 39,525 MT at the Ranjangaon manufacturing facility.
Successfully completed 10 major projects in 9M FY26, including 400 kV transmission lines and GIS substations.
Secured new international supply orders from Liberia, Rwanda, Nepal, and Cameroon, alongside major domestic 765 kV projects.
Initiated capacity expansion at the Ranjangaon unit to meet growing demand in the power transmission and distribution sector.

💡 Investors should focus on the company's ability to execute its ₹2,912 crore order book efficiently to maintain margins. The expansion into international markets and high-voltage domestic projects positions the company well for long-term growth in the infrastructure space.

Bajel Projects Approves Q3 FY26 Results and Grants 1.42 Lakh ESOPs at ₹99.72

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 03:04 PM

Bajel Projects Limited has approved its un-audited financial results for the quarter and nine months ended December 31, 2025. In addition to the financial results, the company announced the grant of 1,42,000 stock options to eligible employees under its ESOP 2024 scheme. These options are priced at ₹99.72 per share, which was determined based on a discount to the closing price on the NSE as of February 4, 2026. The options will vest over a period of one to five years, serving as a long-term incentive for employees.

Approved standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025.
Granted 1,42,000 stock options under the ESOP 2024 scheme to eligible employees.
Exercise price for the granted options is set at ₹99.72 per equity share of face value ₹2.
Options have a minimum vesting period of 1 year and a maximum of 5 years from the grant date.
Vested options can be exercised within a maximum period of 7 years from the date of first vesting.

💡 Investors should analyze the detailed P&L and balance sheet figures once the full financial report is available to assess the company's growth trajectory. The ESOP grant is a routine retention measure with minimal immediate impact on share value.

Bajel Projects to Attend Systematix Annual Conference on February 9, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Feb 2026, 10:50 AM

Bajel Projects Limited has announced its participation in the Systematix Annual Conference - MANTHAN scheduled for February 9, 2026. The event will take place in Mumbai as a physical group meeting involving various institutional investors and analysts. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be disclosed during the session. This interaction is part of the company's regular investor relations engagement under SEBI regulations.

Scheduled meeting with investors and analysts on February 9, 2026
Participation in the Systematix Annual Conference - MANTHAN in Mumbai
The interaction will be a physical group meeting format
Company confirms no unpublished price sensitive information will be shared

💡 Investors should look for any investor presentations released on the exchanges following the conference for updates on business strategy. No immediate trading action is necessitated by this routine disclosure.

Bajel Projects Reports 100% Dematerialized Share Capital and Allots 27,750 ESOP Shares

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Jan 2026, 04:42 PM

Bajel Projects Limited has filed its quarterly Reconciliation of Share Capital Audit Report for the period ended December 31, 2025. The report confirms that the company's total issued and listed capital stands at 11,56,86,310 equity shares, all of which are held in dematerialized form. During the quarter, the company expanded its share base by allotting 27,750 equity shares to 12 employees under its ESOP scheme on December 22, 2025. The audit conducted by M/s Anant B. Khamankar & Co. found no discrepancies in the share capital records.

Total issued and listed capital stands at 11,56,86,310 equity shares with a face value of ₹2 each.
The company has achieved 100% dematerialization, with 58.77% shares in CDSL and 41.23% in NSDL.
Allotted 27,750 new equity shares during the quarter following an ESOP exercise by 12 employees.
The audit report confirms perfect reconciliation between issued capital, listed capital, and depository holdings.
No demat requests were found pending beyond 21 days during the quarter.

💡 This is a routine regulatory filing confirming capital integrity; no immediate action is required from investors. The minor dilution from ESOPs is part of standard employee compensation and is not material to the stock's valuation.

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💰 Financial Performance

Revenue Growth by Segment

The Power Transmission and Power Distribution infrastructure segment (100% of revenue) grew 120% in FY2025 to INR 2,628 Cr from INR 1,194 Cr in FY2024. H1 FY2026 revenue reached INR 1,221 Cr, a 4% increase YoY.

Geographic Revenue Split

Domestic operations across 25 states contribute 97.51% of revenue, while international exports (2 countries including Zambia) contribute 2.49% (INR 64.82 Cr).

Profitability Margins

Net Profit After Tax (PAT) for FY2025 was INR 15.46 Cr (0.6% margin). Q2 FY2026 PAT surged 62% YoY to INR 6 Cr, reflecting improved operational efficiency despite high interest costs.

EBITDA Margin

EBITDA margin improved to 4.8% in Q2 FY2026 from 3.3% in Q2 FY2025. FY2025 EBITDA margin was 3.4%, up from 3.0% in FY2024 due to better fixed cost absorption.

Capital Expenditure

The company plans to invest in manufacturing and efficiency improvements to boost growth, supported by net cash accruals of INR 50-60 Cr and unencumbered cash of INR 103 Cr as of March 2025.

Credit Rating & Borrowing

CRISIL reaffirmed 'CRISIL A/Stable' and 'CRISIL A1' ratings in September 2025. Interest costs rose 56% YoY to INR 33 Cr in H1 FY2026, impacting Profit Before Tax.

⚙️ Operational Drivers

Raw Materials

Steel (TMT 10mm, HRC 2mm, CRC 0.63mm) and other commodities represent the primary input costs for power infrastructure projects.

Import Sources

Raw materials are primarily sourced domestically across 25 Indian states, with international project requirements (e.g., Zambia) sourced as per project location.

Capacity Expansion

The company is focusing on higher bidding to increase its order book, which stood at INR 2,984 Cr as of March 2025, providing over a year of revenue visibility.

Raw Material Costs

Raw material costs are managed through commodity price hedging to mitigate volatility in steel prices, which directly impacts the execution costs of transmission towers.

Manufacturing Efficiency

Operational efficiency is reflected in the EBITDA margin improvement to 4.8% in Q2 FY2026 and an improved inventory turnover ratio of 19.40x in FY2025.

📈 Strategic Growth

Expected Growth Rate

120%

Growth Strategy

The 'RAASTA 2030' strategy focuses on prudent order selection, higher bidding for large-scale tenders, and expanding the international footprint (currently in Zambia) to diversify the INR 2,984 Cr order book.

Products & Services

Engineering, Procurement, and Construction (EPC) solutions for Power Transmission and Power Distribution infrastructure.

Brand Portfolio

Bajel, Bajaj Group.

New Products/Services

Expansion into international markets and strategic investments in manufacturing are expected to contribute to future revenue growth.

Market Expansion

Expanding footprint across 25 Indian states and key international markets like Zambia to leverage global power infrastructure demand.

Market Share & Ranking

Part of the Bajaj Group, which is among the top five business groups in India by market capitalization.

Strategic Alliances

Benefit from being part of the Bajaj Group and expected financial support from Jamnalal Sons Pvt Ltd (JSPL), which has robust financial flexibility.

🌍 External Factors

Industry Trends

The power infrastructure industry is growing due to grid modernization and electrification; institutional buyers are increasingly prioritizing ESG compliance (BRSR).

Competitive Landscape

The company faces intense competition in the EPC sector, requiring prudent order selection to maintain profitability.

Competitive Moat

Durable advantages include the Bajaj Group brand reputation, financial flexibility from JSPL, and a strong L1 bidding track record in the EPC sector.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and interest rate cycles, as interest costs rose 43% in Q2 FY2026.

Consumer Behavior

Government and institutional clients are shifting demand toward ESG-compliant and sustainable infrastructure solutions.

Geopolitical Risks

International operations in Zambia expose the company to regional economic developments and trade barrier impacts.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to changes in governmental regulations, tax regimes, and pollution norms at EPC sites.

Environmental Compliance

ESG compliance is a core focus to meet the expectations of government buyers; BRSR reporting is aligned with National Guidelines on Responsible Business Conduct.

Taxation Policy Impact

The effective tax rate was approximately 25% in H1 FY2026 (INR 3 Cr tax on INR 12 Cr PBT).

⚠️ Risk Analysis

Key Uncertainties

Key risks include interest rate volatility (43% increase in Q2 interest cost) and commodity price spikes (Steel) which could impact the 4.8% EBITDA margin.