NSE: BAJAJST · BSE: 507944
BAJAJ STEEL INDS. LTD.
Manufactures industrial steel and engineering products, with Cotton Ginning Machinery contributing approximately 60% of total revenue. Other businesses include Infrastructure (Pre-Engineered Buildings) and Electrical Panels (Main LT Panels), both of which grew sharply in Q3 FY26 (Infrastructure up 73% year-on-year, Electrical Panels up 25%). A minor Plastic & Related Products segment has been wound down, contributing negligible revenue. The company holds an order book of Rs 587 Cr across all segments, with 38% of orders from non-cotton businesses, and recently secured a Rs 35 Cr order for design, engineering, manufacturing and supply of Main LT Panels. FY26 standalone revenue stood at Rs 524.2 Cr, down 10.4% year-on-year, primarily due to lower export revenues in Cotton Ginning Machinery. The biggest cost is raw materials at 53.7% of revenue, followed by other operating expenses at 23.1% and employee costs at 16.2%. The company has a US subsidiary (Bajaj Coneagle LLC) and has begun winding up its loss-making Uganda subsidiary. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cotton Ginning Machinery, Infrastructure (Pre-Engineered Buildings), Electrical Panels, Steel and Related Products (segment total) (100%). Cyclical, capital goods manufacturer exposed to cotton ginning, infrastructure and electrical equipment cycles with material export exposure.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 439 | 533 | 551 | 585 | 524 |
| EBITDA (ex other income) | 54 | 96 | 81 | 119 | 60 |
| margin % | 12.3 | 18.0 | 14.6 | 20.3 | 11.5 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 71.58 | 129.45 | 113.75 | 40.27 | 18.03 |
| ROE % · ROCE % | 17.6 · 22.7 | 24.7 · 34.7 | 17.8 · 23.3 | 21.8 · 27.6 | 8.7 · 12.1 |
| Debt / equity (x) | 0.28 | 0.14 | 0.17 | 0.16 | 0.13 |
| Cash from operations | 55 | 27 | 55 | 52 | 78 |
| Capex | (25) | (45) | (73) | (57) | (63) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 141 | 152 | 138 | 154 | 108 | 175 | 125 | 117 |
| Profit before tax | 47 | 23 | 18 | 23 | 10 | 28 | 8 | 4 |
| Net profit | 35 | 17 | 14 | 18 | 7 | 21 | 6 | 2 |
| EPS (₹) | 56.13 | 33.83 | 6.50 | 8.40 | 3.56 | 10.23 | 2.84 | 1.40 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.9 | 26.7 | 42 of 130 | 68% |
| P/B | 1.5 | 3.1 | 33 of 112 | 71% |
| ROCE | 11.0 | 11.3 | 73 of 142 | 49% |
| ROE | 8.7 | 9.8 | 65 of 113 | 43% |
| Debt / Equity | 0.1 | 0.2 | 51 of 113 | 55% |
| EBITDA margin | 9.6 | 12.4 | 72 of 110 | 35% |
| Revenue growth | (23.9) | 20.6 | 105 of 114 | 8% |
| Profit growth | (87.2) | 17.1 | 94 of 109 | 14% |
| Market cap | 634 | 273 | 52 of 141 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Quarterly RTA compliance certificate filed with BSE | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Summary of 65th AGM proceedings - dividend of Rs 1 per share declared | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Bajaj Steel clarifies delayed credit rating filing; rating unchanged | credit debt | medium | — | — |
| 8 Sept 2026 · CRISIL reaffirms A/Stable and A1 ratings on 194 crore bank facilities | credit debt | medium | — | — |
| 2 Sept 2026 · Bajaj Steel Industries 65th AGM on September 23, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · 65th AGM on Sept 23, 2026; record date Sept 16; book closure Sept 17-23 | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · Bajaj Steel announces 65th AGM, book closure and dividend record date | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · Notice of 65th AGM and FY26 Annual Report | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.