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 ₹ 2,012 Cr.
- Current Price ₹ 174
- High / Low ₹ 264 / 135
- Stock P/E 95.9
- 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 3.82 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 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: | -15% |
| 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 |
|
|||
| Annual Production Volume (Towers/Structures) MT |
||||
| Transmission Lines Commissioned (Cumulative) ckm |
||||
| High Masts Supplied Numbers |
||||
| Poles Produced/Supplied Numbers |
||||
| Villages Electrified (Cumulative) Numbers |
||||
Extracted by Screener AI
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
13 May - Bajel wins major 765kV AIS substation EPC order in Maharashtra from PGCIL SPV; execution period 21 months.
-
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
13 May - Bajel Projects bags major 400kV transmission line order from PGCIL; 21-month execution.
-
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
29 Apr - Bajel wins two ultra-mega MENA EPC orders for 500 kV overhead transmission lines, valued ₹400 Cr+.
-
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
23 Apr - Annual disclosure for FY 2025-26 states Bajel Projects is not a Large Corporate.
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 6 Apr
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]