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 ₹ 2,823 Cr.
- Current Price ₹ 245
- High / Low ₹ 308 / 145
- Stock P/E 183
- Book Value ₹ 50.6
- Dividend Yield 0.00 %
- ROCE 11.9 %
- ROE 2.69 %
- 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 4.85 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 | 2,539 | |
| Operating Profit | -30 | 16 | 59 |
| OPM % | -5% | 1% | 2% |
| 54 | 18 | 31 | |
| Interest | 18 | 24 | 54 |
| 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: | -16% |
| 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 | 139 | |
| 377 | 762 | 1,270 | |
| 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 | 6 |
| ROCE % | 6% | 12% |
Documents
Announcements
-
Announcement Under Regulation 30 - Update About Capacity Addition Of Ranjangaon Facility.
8 Jul - Bajel Projects to expand galvanization capacity to 110,000 MT with Rs.170 Cr investment by FY27.
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
8 Jul - Certificate pursuant to Regulation 74(5) of the Securities & Exchange Board of India (Depositories and Participants) Regulations, 2018.
-
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
3 Jul - Bajel Projects wins Rs. 300 Cr+ EPC order for 400kV, 99 km transmission line from PowerGrid.
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
2 Jul - Notice under 47 and 30 of SEBI (LODR) Regulations, 2015, as amended ("SEBI Listing Regulations")
-
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
30 Jun - Allotment of 17,850 equity shares of Rs 2/- each on exercise option by eligible employees.
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]