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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ABB INDIA LIMITED | 1,54,136 | 51.6 | 16.50 | — | 23.0 | 10.2 | — | 15.2 |
| BHEL | 1,50,076 | 61.7 | 5.74 | 49.8 | 6.1 | 4.7 | 14.3 | 9.3 |
| CG POWER AND IND SOL LTD | 1,43,168 | 93.7 | 17.46 | 77.9 | 14.6 | 19.2 | 33.2 | 14.7 |
| SIEMENS LTD | 1,40,869 | 43.0 | 10.17 | 39.7 | 19.9 | 20.6 | 31.1 | 11.6 |
| HITACHI ENERGY INDIA LTD | 1,40,200 | 121.8 | 27.09 | — | 19.1 | 24.7 | — | 16.9 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Bajel Projects to meet DMZ Partners on Sep 16 for virtual investor meeting | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Bajel Projects Q1 FY27 results: revenue rises, arbitration flagged | results | high | — | — |
| 5 Sept 2026 · Bajel Projects publishes Postal Ballot notice in newspapers | compliance | minimal | — | — |
| 4 Sept 2026 · Postal Ballot: Material Related Party Transaction with AGPOPL | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Bajel Projects grants 2.84 lakh stock options to 7 employees under ESOP 2024 | capital market events | medium | — | — |
| 31 Aug 2026 · Executive Director Ajay Suresh Nagle retires after completing tenure | management changes | high | — | — |
| 31 Aug 2026 · Executive Director Mr Ajay Nagle retires after tenure completion | management changes | high | — | — |
| 21 Aug 2026 · Associate wins Lakadia Part-A transmission project under TBCB | business updates | high | — | — |
| 12 Aug 2026 · Bajel Projects wins 600+ Crore 765kV transmission line order | business updates | high | — | — |
| 12 Aug 2026 · Bajel Projects bags Ultra Mega transmission line order from PGCIL | business updates | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| GE VERNOVA T&D INDIA LTD |
| 1,16,454 |
| 89.2 |
| 43.29 |
| — |
| 45.8 |
| 57.9 |
| — |
| 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,13,147 | 76.0 | 23.51 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 60,678 | 19.4 | 6.41 | 18.8 | 33.4 | 22.7 | 38.0 | 16.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 95.2 | 35.1 | 30 of 34 | 12% |
| P/B | 2.8 | 5.7 | 7 of 33 | 81% |
| ROCE | 4.4 | 16.6 | 33 of 36 | 9% |
| ROE | 2.7 | 14.6 | 33 of 35 | 6% |
| Debt / Equity | 0.5 | 0.1 | 28 of 35 | 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 | 2093 | 7198 | 26 of 35 | 27% |
| 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 |
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.
