NSE: BAJEL · BSE: 544042
BAJEL PROJECTS LIMITED
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Power Transmission (84%), Other infrastructure. Project-based, asset-light EPC contractor in heavy electrical infrastructure, exposed to transmission capex cycles in India and the Middle East.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 2,598 | 2,792 |
| EBITDA (ex other income) | 59 | 90 |
| margin % | 2.3 | 3.2 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 1.34 | 1.75 |
| ROE % · ROCE % | 2.3 · 11.1 | 2.7 · 12.5 |
| Debt / equity (x) | 0.18 | 0.47 |
| Cash from operations | 69 | 21 |
| Capex | (34) | (34) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 801 | 608 | 614 | 562 | 1,008 | 567 |
| Profit before tax | 6 | 4 | 8 | 3 | 19 | 7 |
| Net profit | 5 | 3 | 4 | (0) | 14 | 5 |
| EPS (₹) | 0.42 | 0.26 | 0.31 | (0.04) | 1.22 | 0.41 |
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. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 84.7 | 36.5 | 29 of 34 | 15% |
| P/B | 2.5 | 5.4 | 5 of 33 | 88% |
| ROCE | 4.4 | 16.6 | 33 of 36 | 9% |
| ROE | 2.7 | 14.7 | 33 of 34 | 3% |
| Debt / Equity | 0.5 | 0.1 | 27 of 34 | 21% |
| EBITDA margin | 4.2 | 16.4 | 33 of 35 | 6% |
| Revenue growth | (6.7) | 17.7 | 29 of 33 | 13% |
| Profit growth | 60.1 | 6.7 | 9 of 32 | 74% |
| Market cap | 1863 | 6267 | 25 of 35 | 29% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set for November 4, 2026 results approval | results | low | — | — |
| 26 Oct 2026 · Bajel wins record Rs 1,500 crore domestic transmission order | business updates | high | — | — |
| 26 Oct 2026 · Bajel bags over ₹200 crore Tata Power 400 kV GIS order | compliance | low | — | — |
| 26 Oct 2026 · Bajel wins record Rs 1,500 crore Gujarat transmission EPC order | business updates | high | — | — |
| 26 Oct 2026 · Bajel wins over Rs 200 crore Tata Power substation order | business updates | high | — | — |
| 9 Oct 2026 · Bajel Projects wins INR 200 Cr+ EPC order for 220kV GIS substations in Mumbai | business updates | high | — | — |
| 9 Oct 2026 · Bajel Projects bags major GIS substation EPC order from Tata Power | business updates | high | — | — |
| 9 Oct 2026 · RTA submits quarterly dematerialisation compliance certificate | compliance | minimal | — | — |
| 5 Oct 2026 · Postal ballot: Related party transaction with AnantGrid approved | board shareholder meetings | medium | — | — |
| 5 Oct 2026 · Bajel Projects: Postal Ballot - Material RPT with AnantGrid approved | board shareholder meetings | medium | — | — |
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 |
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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.