Bajel Projects

Quick check

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• DebtAdequate safetyRated A+ by CRISIL.
• ResultsMixedIn the Jun 2026 quarter, sales fell 6.7% and profit rose 60% from a year earlier.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersSteadyThe promoters (founders or parent) own 63% of the company, about the same as in Jun 2025.
• ValuationCheap vs its pastThe share trades at 65.8 times its yearly earnings (P/E), cheaper than 100% of the time in the last 1 years. Its usual P/E is about 107.

Bajel Projects against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)65.8 against a typical 30.4: pricier than most peers (1st = cheapest).39th of 50
• Sales growth−6.7% against a typical +23.8% from a year earlier.37th of 41
• Profit growth+59.8% against a typical +24.6% from a year earlier.13th of 40
• Share price, 3 months−5.1% against a typical −8.5%.21st of 45
• Size₹ 1,774.2 Cr. market value against a typical ₹ 5,357.9 Cr. (1st = largest).28th of 47

Exchange filings and their impact on the company.

• 26 Oct 2026Bagging/Receiving of orders/contractsHigh impactVery positivePrice +8% on 27 Oct
  Bajel won its largest-ever Rs 1,500 crore 765kV transmission EPC order, adding ~54% of annual revenue to backlog.

  Bajel Projects won its largest-ever transmission order worth Rs 1,500 crore including GST from Lakadia A Power Transmission for 270 km of 765kV double-circuit lines from Halvad to Vadodara plus substation works at Halvad, Vadodara and South Olpad. The EPC contract will execute over 36 months and is part of evacuation for 14 GW of renewable power in Gujarat. The awarding SPV is owned 26% by Bajel and 74% by NIIF, with the contract done at arm's length after shareholder approval.

  Full analysisFiling
• 26 Oct 2026Bagging/Receiving of orders/contractsMedium impactPositivePrice +8% on 27 Oct
  Bajel won a Rs 200+ crore Tata Power 400kV GIS order for Mumbai, adding ~4-5% to next-12-month revenue.

  Bajel Projects has bagged a Major EPC order worth about Rs 200+ crore inclusive of GST from The Tata Power Company for 400 kV GIS substations at Dharavi and Ghatkopar in Mumbai. The scope covers GIS, electrical systems, automation, communication and civil works to be executed in 18 months. The win strengthens Bajel's order book and supports Mumbai grid reliability.

  Full analysisFiling
• 9 Oct 2026Press ReleaseMedium impactPositivePrice −0.6% on 12 Oct
  Rs 200 cr+ Mumbai GIS substation win adds ~7% to annual sales to backlog.

  Bajel Projects has secured a major order worth over Rs 200 crore for 220kV GIS substations in Mumbai. The win equals about 7% of its FY26 sales of Rs 2,792 crore and strengthens its power transmission EPC backlog. Execution over the next 12-18 months should support revenue and profit growth.

  Full analysisFiling
• 9 Oct 2026Bagging/Receiving of orders/contractsMedium impactPositivePrice −0.6% on 12 Oct
  Bajel won a Rs 200-300 cr Tata Power GIS substation EPC order executable over 18 months.

  Bajel Projects has been awarded a Major EPC order for 220kV GIS substations at Salsette and Powai in Mumbai by The Tata Power Company Limited. The order is classified as Major, meaning Rs 200-300 crore inclusive of GST, to be executed in 18 months. It is a domestic EPC contract in the ordinary course of business with no promoter interest, adding near-term revenue visibility of around 5-7% of annual sales.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Rajesh Ganesh

Chief Executive Officer, Managing Director, Executive Director

Nitesh Bhandari

Chief Financial Officer

Amee B. Joshi

Chief Compliance Officer, Company Secretary

Ajay Suresh Nagle

Executive Director