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 ₹ 2,221 Cr.
- Current Price ₹ 192
- High / Low ₹ 264 / 135
- Stock P/E 69.3
- Book Value ₹ 58.9
- Dividend Yield 0.31 %
- ROCE 11.8 %
- ROE 5.07 %
- Face Value ₹ 2.00
Pros
Cons
- Stock is trading at 3.26 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of 2.97% over last 3 years.
- Company has high debtors of 214 days.
* 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 Industrials BSE 1000
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 664 | 1,169 | 2,598 | 2,792 | |
| 694 | 1,153 | 2,532 | 2,694 | |
| Operating Profit | -30 | 16 | 66 | 98 |
| OPM % | -5% | 1% | 3% | 4% |
| 54 | 18 | 31 | 19 | |
| Interest | 18 | 24 | 60 | 63 |
| Depreciation | 6 | 6 | 13 | 20 |
| Profit before tax | -0 | 4 | 24 | 34 |
| Tax % | 468% | -17% | 35% | 20% |
| -2 | 4 | 15 | 27 | |
| EPS in Rs | 0.37 | 1.34 | 2.33 | |
| Dividend Payout % | 0% | 0% | 0% | 26% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 61% |
| TTM: | 7% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 116% |
| TTM: | 108% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -14% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 3% |
| Last Year: | 5% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 23 | 23 | 23 | 23 |
| Reserves | 534 | 543 | 562 | 658 |
| 1 | 15 | 140 | 367 | |
| 377 | 762 | 1,269 | 1,424 | |
| Total Liabilities | 935 | 1,343 | 1,993 | 2,472 |
| 48 | 69 | 98 | 108 | |
| CWIP | 1 | 0 | 0 | 7 |
| Investments | 0 | 3 | 0 | 0 |
| 887 | 1,271 | 1,895 | 2,357 | |
| Total Assets | 935 | 1,343 | 1,993 | 2,472 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 11 | 195 | 69 | 21 | |
| -3 | -135 | -128 | 19 | |
| -8 | -15 | 68 | -72 | |
| Net Cash Flow | -0 | 46 | 9 | -32 |
| Free Cash Flow | 8 | 168 | 35 | -13 |
| CFO/OP | -48% | 1,233% | 105% | 27% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 203 | 190 | 136 | 214 |
| Inventory Days | 74 | 42 | 24 | 26 |
| Days Payable | 196 | 201 | 145 | 166 |
| Cash Conversion Cycle | 81 | 31 | 15 | 74 |
| Working Capital Days | 233 | 62 | -12 | 23 |
| ROCE % | 6% | 13% | 12% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Order Book INR Crores |
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| Annual Production Volume (Towers/Structures) MT |
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| Transmission Lines Commissioned (Cumulative) ckm |
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| High Masts Supplied Numbers |
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| Poles Produced/Supplied Numbers |
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| Villages Electrified (Cumulative) Numbers |
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Extracted by Screener AI
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 3 Jun
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
3 Jun - Bajel Projects won a Mega EPC order for a 400/220/33 KV GIS substation for a Mumbai data center, to execute in 24 months.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
29 May - Audio recording of FY2025-26 earnings conference call held on May 29, 2026, is now available.
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Updated Details Of Key Managerial Personnel (KMP) Under Regulation 30 (5) Of SEBI LODR 2015
27 May - Bajel Projects updated KMP details for Regulation 30 materiality disclosures.
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The 4Th AGM Of The Company Will Be Held On Friday, August 7, 2026
27 May - Board approved FY26 results, Rs0.60 dividend, borrowing limit increase to Rs5,000 crore, and new director appointment.
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]