Bajel Projects Ltd
Incorporated in 2022, Bajel Projects Ltd is in the business of Engineering, Procurement and Construction[1]Bajel Projects Limited (BPL) is a carved out legal entity from Bajaj Electricals Ltd. It's EPC segment comprises of Power Transmission & Power Distribution. BPL provides end to end solutions ranging from inhouse design, testing, procurement, manufacturing, installation & commissioning of the projects.
- Market Cap ₹ 2,732 Cr.
- Current Price ₹ 236
- High / Low ₹ 308 / 145
- Stock P/E 177
- Book Value ₹ 50.6
- Dividend Yield 0.00 %
- ROCE 12.9 %
- ROE 2.68 %
- Face Value ₹ 2.00
Pros
- Company is expected to give good quarter
- Debtor days have improved from 176 to 136 days.
Cons
- Stock is trading at 4.67 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Earnings include an other income of Rs.30.9 Cr.
- Company's cost of borrowing seems high
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment
Part of BSE SmallCap BSE Allcap BSE Industrials
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| 664 | 1,169 | 2,598 | |
| 694 | 1,153 | 2,532 | |
| Operating Profit | -30 | 16 | 66 |
| OPM % | -5% | 1% | 3% |
| 54 | 18 | 31 | |
| Interest | 18 | 24 | 60 |
| Depreciation | 6 | 6 | 13 |
| Profit before tax | -0 | 4 | 24 |
| Tax % | 468% | -17% | 35% |
| -2 | 4 | 15 | |
| EPS in Rs | 0.37 | 1.34 | |
| Dividend Payout % | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 122% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 203% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -17% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | 3% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Equity Capital | 23 | 23 | 23 |
| Reserves | 534 | 543 | 562 |
| 1 | 15 | 140 | |
| 377 | 762 | 1,269 | |
| Total Liabilities | 935 | 1,343 | 1,993 |
| 48 | 69 | 98 | |
| CWIP | 1 | 0 | 0 |
| Investments | 0 | 3 | 0 |
| 887 | 1,271 | 1,895 | |
| Total Assets | 935 | 1,343 | 1,993 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| 11 | 195 | 69 | |
| -3 | -135 | -128 | |
| -8 | -15 | 68 | |
| Net Cash Flow | -0 | 46 | 9 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Debtor Days | 203 | 190 | 136 |
| Inventory Days | 74 | 42 | 24 |
| Days Payable | 196 | 201 | 145 |
| Cash Conversion Cycle | 81 | 31 | 15 |
| Working Capital Days | 233 | 62 | -12 |
| ROCE % | 6% | 13% |
Documents
Announcements
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Board Meeting Intimation for Considering And Approving The Unaudited Standalone And Consolidated Financial Results Of The Company For The First Quarter Ended June 30, 2025.
31 Jul - Board meeting on Aug 8 to approve Q1 June 2025 financial results; trading window closed from July 1.
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Announcement Under Regulation 30 Of LODR
22 Jul - GST authority imposed Rs. 236.77 lakh tax penalty; company contests and is responding to notice.
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Announcement Under Regulation 30 Of LODR Regulation 2015.
22 Jul - GST authority issued Rs. 236.77 lakh tax penalty notice; company contests with no current financial impact.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
19 Jul - Newspaper publication under Regulation 30 of the SEBI Listing Regulations.
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Intimation Of Letter Sent To Shareholders Under Regulation 36(1) (B) Of SEBI Listing Regulations.
18 Jul - Company sends web-link for FY 2024-25 Integrated Annual Report to shareholders without registered emails.
Promoter Group
The company is a part of the Bajaj Group, India's third-largest group by market capitalization, operating in industries like Financial Services, Automobiles, Consumer Appliances, EPC, Steel, Insurance, Material Handling, Tours & Travels, etc, with a $167+ Bn market cap. It has 40+ group companies, 100,000+ employees, and a presence in 70+ countries. [1]