Bajel Projects Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
BAJEL · price
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On the reaction day the stock moved 6.8 pts less than Nifty Microcap 250 and 7.7 pts less than its Heavy Electrical Equipment peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Bajel Projects reported Q1 FY26 revenue from operations of Rs 60,763 lakhs, up about 18.7% year-on-year from Rs 51,202 lakhs. However, profit after tax fell sharply to Rs 331.51 lakhs (standalone) and Rs 295.64 lakhs (consolidated), down roughly 40% from Rs 552.39 lakhs a year ago. EPS dropped to Rs 0.29 (standalone) and Rs 0.26 (consolidated) from Rs 0.48. The margin squeeze came mainly from a steep rise in finance costs (up ~73% YoY to Rs 1,587 lakhs) and higher depreciation, while cost of materials remained the largest expense. The auditor (S R B C & Co LLP) gave an unqualified review report but flagged ongoing arbitration with two customers for recovery of Rs 4,930 lakhs in outstanding balances as an emphasis of matter.
Strong top-line growth failed to translate to profits, with bottom line nearly halving due to rising interest and depreciation costs, which is a negative signal for near-term shareholder returns. The pending arbitration over Rs 49.3 crore adds uncertainty around cash recovery and working capital.