Bajel Projects Limited has submitted to the Exchange, the financial results for the period ended June 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 19% year-on-year from Rs 51,202 lakhs in Q1 FY25, driven by growth in net sales (Rs 60,136 lakhs vs Rs 50,569 lakhs). However, profit before tax fell sharply to Rs 445 lakhs (standalone) from Rs 746 lakhs last year, and standalone profit after tax dropped to Rs 332 lakhs (Rs 0.29 EPS) from Rs 552 lakhs (Rs 0.48 EPS). Consolidated PAT was even lower at Rs 296 lakhs (Rs 0.26 EPS) after factoring in share of losses from joint ventures. The margin squeeze was mainly due to sharply higher finance costs (up ~73% YoY to Rs 1,587 lakhs) and doubling of depreciation. The auditor (SRBC & Co LLP) issued an unqualified review but flagged ongoing arbitration against two customers for recovery of Rs 4,930 lakhs in outstanding dues as an emphasis-of-matter note.
Mixed signal for shareholders: top-line growth is healthy but profitability is under pressure from rising interest and depreciation costs, and a Rs 4,930 lakh receivable is stuck in arbitration, which could weigh on sentiment and stock price in the near term.