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NSE:BAJEL

BAJEL PROJECTS LIMITED

Capital Goods › Electrical Equipment
₹160.99
at close · 28 Oct 2026
▼ 7.51 (-4.46%)

Latest filings

Next results: Wed, 4 Nov · Financial Results
  1. Board meeting set for November 4, 2026 results approval · Results
  2. Bajel wins record Rs 1,500 crore domestic transmission order · Business Updates
  3. Bajel bags over ₹200 crore Tata Power 400 kV GIS order · Compliance
All filings ↓
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Snapshot

What the business is, and whether it's a good one at a fair price.

AI · written from filings

Builds power transmission infrastructure on an EPC basis for utilities in India and, increasingly, the Middle East. The core business is Power Transmission, which contributed 83.58% of FY26 turnover and covers overhead transmission lines and EHV substations; the remaining share covers allied distribution, substation and related infrastructure work. In FY26, the company commissioned 1,168 ckm of transmission lines — roughly 10% of India's total additions — and held an order book of Rs 3,442 crore. Overseas, it has signed a Rs 400 crore-plus agreement with Egypt's EETC for two sections of a 500 kV line, incorporated a new Abu Dhabi subsidiary for EPC work in the UAE, and operates a Saudi JV with Al Sharif Group. Manufacturing and assembly is centred at the Ranjangaon facility, which holds ISO 9001, 14001, 45001 and 3834-2 certifications, backed by 1,580 employees and 5,198 workers. Materials are the dominant cost at 69.3% of revenue, followed by other operating expenses at 21.7% and employee costs at 5.4%, with FY26 depreciation at 0.7% of revenue and capex at 1.2%.

Operating scale
Order book
Rs 3,442 croreFY26
Transmission lines commissioned
1,168 ckm (~10% of India total)FY26
Workforce
1,580 employees and 5,198 workersFY26
Egypt EETC order value
Over Rs 400 crore (two sections of 500 kV line)FY27
Abu Dhabi subsidiary initial capital
AED 100,000 (around Rs 23 lakh)FY27
Borrowing authorisation sought
Up to Rs 5,000 croreFY26 AGM
Who pays it
Power utilities and grid owners, including PGCIL and state transmission utilities in India, Egypt's EETC, and clients in the UAE and Saudi Arabia.
Biggest cost
Materials at 69.3% of revenue (FY26).
Kind of business
Project-based, asset-light EPC contractor in heavy electrical infrastructure, exposed to transmission capex cycles in India and the Middle East.
Where it sits
Commissioned roughly 10% of India's total transmission line additions in FY26, with a growing MENA footprint via an Egypt order, an Abu Dhabi subsidiary and a Saudi JV.
Market Cap
₹1,863 Cr
P / E (TTM)
84.7×
EV / EBITDA
18.9×
Div Yield
—
Growth
—·
Revenue 5y CAGR
PAT — · EBITDA —
Quality
12.5%▲
ROCE (FY26)
ROE 2.7% · margin 4.2%
Leverage
0.47·
Debt / Equity · low
Net debt ₹326 Cr
Moves on a normal day
1.18%·
Median daily move
Last 267 sessions · the yardstick for filing-day moves
Where it sits among 35 Heavy Electrical Equipment peersBar = share of peers beaten · tick = industry median · latest reported figures
P/E (TTM)#29/34
P/B#5/33
ROCE#33/36
ROE#33/34
Debt / Equity#27/34
EBITDA margin#33/35
Revenue growth#29/33
Profit growth#9/32

Scorecard

Measured from the filed financials, judged against its Heavy Electrical Equipment peers · as of FY26 — not investment advice

Strengths
Nothing stands out in the filed numbers.
Concerns
Returns on capital 12.5%
#33 of 36 in Heavy Electrical Equipment on the latest reported figures
Carries more debt than its peers — 0.47× equity
higher than 79% of its 34 Heavy Electrical Equipment peers

Charts

How has the market priced it — with filings on the timeline?

BAJEL · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Peers

How does it stack up on valuation, returns and growth?

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Financials

Quarterly & annual P&L, balance sheet, cash flow, ratios and segments.

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Ownership

Who owns it — and is the promoter stake clean?

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Common questions

Answered from BAJEL PROJECTS LIMITED's filed financials and exchange disclosures

What does BAJEL PROJECTS LIMITED do?

BAJEL PROJECTS LIMITED is a Electrical Equipment company listed on NSE and BSE, trading under the symbol BAJEL.

Is BAJEL PROJECTS LIMITED profitable?

Yes. Over the trailing twelve months BAJEL PROJECTS LIMITED reported a net profit of ₹22 Cr on revenue of ₹2,751 Cr.

Does BAJEL PROJECTS LIMITED pay a dividend?

Not in the latest reported year — BAJEL PROJECTS LIMITED's dividend payout for FY26 was nil.

Is BAJEL PROJECTS LIMITED debt-free?

No. It reported borrowings of ₹350 Cr on its 31 Mar 2026 balance sheet, or net debt of ₹326 Cr after cash. Debt stands at 0.47× equity. That is higher than 79% of its 34 Heavy Electrical Equipment peers.

Is BAJEL PROJECTS LIMITED expensive compared with its peers?

On trailing P/E, BAJEL PROJECTS LIMITED ranks 29 of 34 in Heavy Electrical Equipment — cheaper than 15% of them, against an industry median of 36.5×. This is a position, not a valuation judgement.

How much does the BAJEL PROJECTS LIMITED share price move in a day?

On a typical session BAJEL PROJECTS LIMITED moves 1.18% — that is the median absolute close-to-close move across its last 267 trading days. MarketPing measures each filing's price reaction against it.

When are BAJEL PROJECTS LIMITED's next results?

Financial Results on Wed, 4 Nov. MarketPing alerts you on WhatsApp the moment the filing lands.

Where can I track BAJEL PROJECTS LIMITED's announcements?

Every NSE and BSE filing by BAJEL PROJECTS LIMITED appears on this page, AI-summarised, alongside the price reaction that followed it. Follow the company to get each new filing on WhatsApp within minutes.

Figures are as last reported and may lag the latest filing. Not investment advice.