Bajel Projects Ltd(BAJEL)

NSE: BAJELBSE: 544042

₹ 154.15-0.77%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,784 crWebsite: www.bajelprojects.comUpdated: 24 Oct 2026

About

Bajel Projects is a power infrastructure EPC and manufacturing company. Its main business is power transmission, and it also runs New Energies, Monopoles and International Business as selective adjacencies. Revenue was 2791.58 (Rs Cr) in FY26. In FY26 it commissioned 1,168 ckm of transmission lines, about 10% of what India commissioned that year.^[1][2]

Business lines

Bajel's primary platform is power transmission EPC, with New Energies, Monopoles and International Business as selective adjacencies (FY26).^[1]
The Power Distribution business was renamed New Energies and now targets data centres, BESS and metros. It has built 21,273 ckm of HT lines and 60,639 ckm of LT lines to date (FY26).^[1]
Bajel has supplied more than 1,128 monopoles in the 110 kV to 400 kV range and was the first to bring a 400 kV monopole transmission line to India (FY26).^[1]
It is qualified for transmission lines at all voltage levels and for AIS and GIS substations at all voltage levels (FY26).^[1]

Order book

The unexecuted order book was ₹4,055 cr in Q1 FY27, up 12% YoY from ₹3,612 cr. The company called it its highest since listing, led by Data Center and Egypt orders.^[3]
Transmission made up 82% of the order book in Q1 FY27, against 96% at Mar-26.^[3][4]
The EPC order book was ₹3,442 Cr at 31 March 2026, against ₹3,598 cr a year earlier.^[1][4]
Major FY26 domestic wins included an MSETCL order of ₹700 Cr+, the Vindhyachal Pool-Prayagraj order of ₹400 Cr+ and the Mandsaur pooling substation in the ₹100-200 Cr band.^[1]

Execution and manufacturing

Bajel commissioned 1,168 ckm out of 12,139 ckm commissioned in India in FY26 (~10%) and completed 17 projects in the year.^[4][1]
Production at the Ranjangaon plant was 56,514 MT in FY26, its highest ever. The plant produced 39,525 MT in 9M FY26 and 25,315 MT in H1 FY26.^[4][5][6]
Production was 10,289 MT in Q1 FY27.^[3]

Customers and reach

Customers are institutional (B2G and B2B): central and state utilities, private power developers, international utilities and industrial buyers. The company has no retail customers (FY26).^[1]
It serves 15 states and 2 union territories in India (FY26).^[1]
It has an EPC and product presence in more than 8 countries, with international EPC experience in Zambia, Togo and Kenya (FY26).^[1]
Product orders came from Ghana, Togo, Liberia, Rwanda, Nepal, Cameroon and the DRC (FY26).^[1]
In Togo, Bajel is building medium and low voltage networks to electrify 46 villages for CEET (FY26).^[1]

Expansion

A ₹170 cr capex will take galvanization capacity at Ranjangaon to 110,000 MTPA, in three phases.^[4][3]
RAASTA 2030 targets double-digit revenue growth, high single-digit EBITDA margins and ROCE above 15% by FY30.^[3]

Partnerships and international entities

Bajel signed a 50:50 JV with Al-Sharif Contracting & Commercial Development Co. in Saudi Arabia (ASC Bajel) to bid for HV and EHV EPC contracts.^[1][3]
In Q1 FY27 it set up Bajel T&D Projects and Contracting LLC, a wholly owned subsidiary in Abu Dhabi, to pursue opportunities across the GCC.^[3]
On March 10, 2026 it signed a collaboration agreement with NIIF and AnantGrid to jointly bid for and develop power transmission projects in India.^[1][4]

Recent orders

In Oct 2026 it won a Rs 200 Cr EPC order from Tata Power for 220kV GIS substations at Salsette and Powai in Mumbai, to be executed within 18 months.^[7][8]
In Q1 FY27 it won its first ₹400+ cr order, from EETC Egypt, for a 500 kV overhead transmission line funded by the EBRD.^[3]
In Q1 FY27 New Energies won a ₹300+ cr order for a 400/220/33 kV GIS substation for a data center.^[3]

Market Cap

₹1,784 Cr

High / Low

₹216 / 136

Stock P/E

80.7

Price / Book

2.4

Book Value

₹65

EPS

₹1.8

No. of Shares

11.57 Cr

ROCE

10.3%

ROE

2.9%

OPM

3.7%

Debt / Equity

0.47

Sales

₹2,792 Cr

Net Profit

₹20 Cr

Promoter holding

62.5%

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