Bajel Projects Limited (BAJEL)
₹167.75 +6.79% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Bajel Projects' revenue was ₹567 Cr (-6.7% year on year, -43.8% on the previous quarter), and net profit ₹4.7 Cr (+59.8% year on year); the operating margin was 3.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹567 | -6.7% | -43.8% |
| Operating profit | ₹18.5 | +14.5% | -40.2% |
| Net profit | ₹4.7 | +59.8% | -66.2% |
| EPS (₹) | 0.41 | +57.7% | -66.4% |
| Operating margin | 3.3% | — | — |
BAJEL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 38.2% of the BAJEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.89%. The price rose 6.79% on unusually low delivery, so more of the move than usual was intraday trading. It traded 3.0 times its average daily volume.
Delivery in the last 5 sessions: 19.9% · 42.5% · 46.9% · 54.6% · 38.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Bajel Projects Limited has bagged a 'Major' EPC order valued at over INR 200 Cr (classified under the INR 200 Cr to INR 300 Cr band inclusive of GST) for the supply and installation of 220kV Gas Insulated Switchgear (GIS) substations in Mumbai. The project includes Package A at Salsette Receiving Station and Package B at Powai Receiving Station. Relative to Bajel's TTM revenue of Rs 2,751 Cr, this single order represents approximately 7.3% to 10.9% of annual revenue. This win strengthens Bajel's presence in high-density urban power transmission infrastructure.
- Secured EPC order worth INR 200 Cr+ (categorized under the Rs 200 Cr to Rs 300 Cr band inclusive of GST).
- Scope comprises 2 packages: 220kV GIS at Salsette Receiving Station and 220kV Outdoor GIS Substation at Powai Receiving Station.
- Order equals ~7.3% to 10.9% of Bajel's TTM revenue of Rs 2,751 Cr.
- Order targets high-voltage GIS power infrastructure within Mumbai's transmission network.
Bajel Projects has secured a domestic EPC order from The Tata Power Company Limited for GIS substation works. While the exact value is undisclosed, the company classified it as a 'Major Order', which corresponds to a bracket of Rs 200 Cr to Rs 300 Cr per internal policy. This represents approximately 7.3% to 10.9% of its TTM revenue of Rs 2,751 Cr. The project covers two packages in Mumbai (Salsette and Powai) with an execution timeline of 18 months.
- Awarded a 'Major Order' classified within the Rs 200 Cr to Rs 300 Cr range (inclusive of GST).
- Client is The Tata Power Company Limited for 220 kV GIS substations across Salsette and Powai.
- Execution timeline set at 18 months from the issuance of the Purchase Order.
- Order size represents ~7.3% to 10.9% of Bajel Projects' TTM revenue of Rs 2,751 Cr.
Bajel Projects Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by MUFG Intime India Private Limited (formerly Link Intime India Private Limited), the company's Registrar and Transfer Agent. It confirms that all securities received for dematerialisation during the quarter were duly processed, verified, and cancelled within prescribed timelines. This is a purely administrative filing with zero operational or financial impact.
- Regulation 74(5) compliance confirmed for quarter ended September 30, 2026
- Certificate issued by RTA MUFG Intime India Private Limited on October 3, 2026
- Filing submitted to BSE and NSE on October 9, 2026
Bajel Projects Limited announced the results of its Postal Ballot, where shareholders approved a material related-party transaction with AnantGrid Projects One Private Limited and/or its subsidiary Lakadia A Power Transmission Limited. The ordinary resolution was passed with 99.94% of votes in favour (10,851,904 votes) versus 0.06% against (6,258 votes). Promoter and promoter group entities did not participate in the voting as an interested party. The total votes polled accounted for 9.385% of total outstanding shares, heavily supported by institutional investors who voted 100% in favour.
- Resolution approved with 99.9424% votes in favour (10,851,904 votes) and 0.0576% against (6,258 votes)
- Public institutional shareholders cast 10,732,828 votes, with 100% backing the resolution
- Promoter and Promoter Group held 72,342,279 shares but cast 0 votes due to being an interested party
- Total votes polled stood at 10,858,162, representing 9.3850% of the company's 115,696,935 total outstanding shares
Bajel Projects Limited has informed the exchanges of a scheduled one-on-one virtual meeting with institutional investor DMZ Partner Investment Management LLP. The interaction is slated for September 16, 2026, originating from Mumbai. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the discussion. This is a routine institutional interaction under SEBI LODR Regulation 30.
- Scheduled meeting date: September 16, 2026
- Participant: DMZ Partner Investment Management LLP
- Format: Virtual, One-on-One meeting
- Company affirmed zero unpublished price sensitive information (UPSI) will be disclosed
Bajel Projects reported its Q1 FY27 (quarter ended June 30, 2026) financial results, with standalone net profit rising 37.2% YoY to ₹4.55 Cr compared to ₹3.32 Cr in Q1 FY26. Standalone revenue from operations declined 6.7% YoY to ₹566.88 Cr against ₹607.63 Cr in the corresponding prior-year quarter. Total comprehensive loss stood at ₹16.22 Cr due to other comprehensive loss items. Statutory auditors highlighted ongoing arbitration proceedings for recovering outstanding customer dues of ₹85.96 Cr (net of provisions).
- Standalone net profit grew 37.2% YoY to ₹4.55 Cr in Q1 FY27 from ₹3.32 Cr in Q1 FY26
- Revenue from operations fell 6.7% YoY to ₹566.88 Cr from ₹607.63 Cr in Q1 FY26
- Finance costs reduced to ₹11.78 Cr compared to ₹18.67 Cr in Q1 FY26
- Auditor emphasis of matter noted ongoing arbitrations to recover customer receivables of ₹85.96 Cr net of provisions
- Company acquired a 26% equity stake in Anant Grid Projects One Pvt. Ltd. for ₹7.03 Lakhs
Bajel Projects Limited has issued a Postal Ballot notice seeking shareholder approval for Material Related Party Transactions (RPT) with AnantGrid Projects One Private Limited and its to-be wholly owned subsidiary Lakadia A Power Transmission Limited. The remote e-voting window opens on September 5, 2026, and closes on October 4, 2026. The cut-off date to determine voting eligibility was August 28, 2026. Voting results will be declared within two working days of the voting closure.
- Postal ballot initiated to approve Material Related Party Transactions with AnantGrid Projects One Private Limited and Lakadia A Power Transmission Limited.
- Remote e-voting period runs from September 5, 2026 (9:00 AM IST) to October 4, 2026 (5:00 PM IST).
- Eligibility cut-off date fixed as Friday, August 28, 2026.
- Voting results to be declared within two working days post conclusion of the e-voting period.
Bajel Projects Limited has approved the grant of 2,84,000 stock options to 7 eligible employees under its ESOP 2024 scheme. Each option is exercisable into one equity share of face value ₹2 at an exercise price of ₹116.07 per share. The options will vest over a period of 1 to 5 years from the grant date and can be exercised within a maximum period of 7 years from the first vesting date. The potential equity dilution is minimal at approximately 0.25% of total share capital.
- 2,84,000 stock options granted to 7 eligible employees under ESOP 2024
- Exercise price fixed at ₹116.07 per option, based on BSE closing price on August 31, 2026
- Vesting schedule set between a minimum of 1 year and a maximum of 5 years
- Maximum exercise window of 7 years from the date of first vesting
Bajel Projects Limited informed the exchanges that Mr. Ajay Suresh Nagle (DIN: 00773616) has retired from his position as Executive Director upon completion of his tenure, effective close of business hours on August 31, 2026. This announcement follows an earlier intimation provided on May 27, 2026. The company acknowledged and placed on record its appreciation for his services and guidance during his term.
- Mr. Ajay Suresh Nagle retired as Executive Director on August 31, 2026.
- Retirement follows normal completion of his tenure as previously intimated on May 27, 2026.
- Cessation effective from the close of business hours on August 31, 2026.
Bajel Projects Limited has informed the exchanges that Mr. Ajay Suresh Nagle has retired from his position as Executive Director effective from the close of business hours on August 31, 2026. The retirement follows the completion of his tenure, in line with an earlier intimation dated May 27, 2026. This represents a scheduled board-level transition with no adverse operational impact reported.
- Mr. Ajay Suresh Nagle retired as Executive Director effective August 31, 2026
- Cessation occurred upon the standard completion of his tenure
- Follows earlier corporate intimation made on May 27, 2026
AnantGrid Projects One Private Limited (AGPOPL), an associate company jointly owned by Bajel Projects Limited (26%) and NIIF (74%), has received a Letter of Intent (LoI) from PFC Consulting Limited. AGPOPL emerged as the successful bidder (L1) under the Tariff Based Competitive Bidding (TBCB) route for the Lakadia – Part A Inter-State Transmission Project. The scope entails building approximately 270 km of 765 KV double-circuit transmission lines from Halvad to Vadodara in Gujarat along with works at 3 substations.
- AGPOPL is jointly owned 26% by Bajel Projects and 74% by National Investment and Infrastructure Fund (NIIF).
- Scope includes construction of ~270 Km of 765 KV double-circuit transmission lines from Halvad to Vadodara in Gujarat.
- Includes additional works at 3 substations: Halvad, Vadodara, and South Olpad.
- Project awarded by PFC Consulting Limited following e-reverse auctions held on 6th-7th August 2026.
Bajel Projects has secured a major contract worth over ₹600 crore for the construction of 765kV double-circuit transmission lines in Chhattisgarh. This order represents approximately 21.5% of the company's TTM revenue of ₹2,792 crore, providing significant revenue visibility. The project is part of the WR-ER Inter-Regional Network Expansion Scheme, aimed at strengthening the national grid's power evacuation capacity. This win reinforces Bajel's position in the high-voltage 765kV segment, which is a key focus area for India's energy infrastructure growth.
- Order value exceeds ₹600 crore, categorized as an 'Ultra-mega Order' by the company's internal policy.
- Project involves 765kV double-circuit transmission lines connecting Raigarh (Tamnar), Raigarh (Kotra), and Dharamjaygarh.
- The win represents ~21.5% of the company's TTM revenue of ₹2,792 crore.
- Order book visibility increases significantly from the ₹2,984 crore reported as of March 2025.
- The project is part of the WR-ER Inter-Regional Network Expansion Scheme – Part A.
Bajel Projects Limited has secured a significant domestic EPC order from PowerGrid Corporation of India Limited (PGCIL) for 765 kV transmission line works. The contract is classified as 'Ultra Mega', which according to company policy, denotes a value of Rs 400 Cr or above. This single order represents at least 14.3% of the company's TTM revenue of Rs 2792 Cr. The project is scheduled for completion within 33 months, providing long-term revenue visibility.
- Awarded an 'Ultra Mega' EPC order valued at Rs 400 Cr or above by PGCIL.
- Project involves construction of 765 kV Transmission Lines including LILO and bypassing works.
- Execution timeline is set for 33 months from the date of Notification of Award.
- Order value represents approximately 14.3% of the company's TTM revenue of Rs 2792 Cr.
- The contract is domestic and awarded in the ordinary course of business without related party involvement.
Bajel Projects Limited (BAJEL) shareholders have approved all resolutions at the 4th Annual General Meeting held on August 10, 2026. A key highlight is the approval of a borrowing limit of ₹5,000 Cr, which is significantly higher than the company's current net worth of ₹681 Cr (~7.3x). Notably, public institutional investors voted 100% against the borrowing limit and asset charge resolutions, although the motions passed due to promoter and non-institutional support. The meeting also ratified the FY26 financial statements and the final dividend.
- Shareholders approved a borrowing limit of ₹5,000 Cr under Section 180(1)(c), representing 2.26x the current market cap of ₹2,212 Cr.
- Public institutional investors cast 1,07,32,737 votes (100% of their polled votes) against the borrowing limit increase.
- The resolution for creating charges/mortgages on assets up to ₹5,000 Cr was passed with 87.25% majority.
- Final dividend for FY26 was approved with near-unanimous support (99.99% of votes in favour).
- Total voting participation stood at 71.68% of the 11,56,96,935 outstanding shares.
Bajel Projects Limited has secured two significant EPC orders from Power Grid Corporation of India Limited (POWERGRID) for transmission line packages TL06 and TL02. The combined value of these orders is at least Rs 700 Cr, which represents approximately 25% of the company's TTM revenue of Rs 2,792 Cr. The projects involve the design and construction of 400kV and 765kV double-circuit transmission lines across Chhattisgarh and Jharkhand. This win significantly strengthens the company's order book, which stood at Rs 2,984 Cr as of March 2025.
- Awarded two EPC orders for transmission line packages TL06 and TL02 under the WR-ER Inter-Regional Network Expansion Scheme.
- TL02 is classified as an 'Ultra-Mega' order, valued at Rs 400 Cr or above (inclusive of GST).
- TL06 is classified as a 'Mega' order, valued between Rs 300 Cr and Rs 400 Cr (inclusive of GST).
- Combined minimum order value of Rs 700 Cr accounts for ~25.1% of the TTM revenue of Rs 2,792 Cr.
- Scope includes design, supply, and commissioning of high-voltage 400kV and 765kV double-circuit lines.
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.
Geographic Concentration Risk
97.51% of revenue is concentrated in India, making the company dependent on domestic infrastructure policy.
Third Party Dependencies
High dependency on steel suppliers for project execution; commodity hedging is the primary mitigation tool.
Technology Obsolescence Risk
Digital transformation is managed by a dedicated Chief Information Officer to ensure operational efficiency and project management standards.
Credit & Counterparty Risk
The INR 2,984 Cr order book features strong counterparties, primarily government and institutional buyers, reducing credit risk.
