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 ₹ 2,068 Cr.
- Current Price ₹ 179
- High / Low ₹ 264 / 135
- Stock P/E 98.5
- Book Value ₹ 45.4
- Dividend Yield 0.00 %
- ROCE 12.9 %
- ROE 2.68 %
- Face Value ₹ 2.00
Pros
- Debtor days have improved from 176 to 136 days.
Cons
- Stock is trading at 3.94 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Company has a low return on equity of 0.98% over last 3 years.
- 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 Allcap 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 | TTM | |
|---|---|---|---|---|
| 664 | 1,169 | 2,598 | 2,585 | |
| 694 | 1,153 | 2,532 | 2,498 | |
| Operating Profit | -30 | 16 | 66 | 87 |
| OPM % | -5% | 1% | 3% | 3% |
| 54 | 18 | 31 | 19 | |
| Interest | 18 | 24 | 60 | 66 |
| Depreciation | 6 | 6 | 13 | 19 |
| Profit before tax | -0 | 4 | 24 | 22 |
| Tax % | 468% | -17% | 35% | |
| -2 | 4 | 15 | 16 | |
| EPS in Rs | 0.37 | 1.34 | 1.39 | |
| Dividend Payout % | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 13% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -11% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 4% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 1% |
| Last Year: | 3% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|
| Equity Capital | 23 | 23 | 23 | 23 |
| Reserves | 534 | 543 | 562 | 502 |
| 1 | 15 | 140 | 113 | |
| 377 | 762 | 1,269 | 1,275 | |
| Total Liabilities | 935 | 1,343 | 1,993 | 1,913 |
| 48 | 69 | 98 | 106 | |
| CWIP | 1 | 0 | 0 | 7 |
| Investments | 0 | 3 | 0 | 0 |
| 887 | 1,271 | 1,895 | 1,800 | |
| Total Assets | 935 | 1,343 | 1,993 | 1,913 |
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 |
| Free Cash Flow | 8 | 168 | 35 |
| CFO/OP | -48% | 1,233% | 105% |
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% |
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
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 6 Apr
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Closure of Trading Window
26 Mar - Trading window closed April 1, 2026 until 48 hours after FY2026 audited results announcement.
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
17 Mar - Allotment of 10,625 equity shares of Rs. 2 each on exercise of options by eligible employees
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
16 Mar - Awarded Significant (Rs.50–100 Cr) EPC for 220 kV Kalwa-Kalyan Pal line by Tata Power; 10-month PO.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
13 Mar - Secured Rs.700 Crore+ MSETCL EPC for 400/220 kV Saswad substation, 23-month project.
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]