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 ₹ 1,904 Cr.
- Current Price ₹ 164
- High / Low ₹ 216 / 135
- Stock P/E 57.5
- Book Value ₹ 58.9
- Dividend Yield 0.34 %
- ROCE 12.4 %
- ROE 5.91 %
- Face Value ₹ 2.00
Pros
Cons
- Stock is trading at 2.77 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of 3.50% over last 3 years.
- Company has high debtors of 214 days.
- 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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| 664 | 1,169 | 2,598 | 2,792 | 2,751 | |
| 694 | 1,153 | 2,523 | 2,674 | 2,651 | |
| Operating Profit | -30 | 16 | 75 | 118 | 100 |
| OPM % | -4.6% | 1.4% | 2.9% | 4.2% | 3.6% |
| 54 | 18 | 21 | 10 | 16 | |
| Interest | 18 | 24 | 60 | 74 | 59 |
| Depreciation | 6 | 6 | 13 | 20 | 20 |
| Profit before tax | -0 | 4 | 24 | 34 | 36 |
| Tax % | 468% | -17% | 35% | 20% | |
| -2 | 4 | 15 | 27 | 28 | |
| EPS in Rs | 0.37 | 1.34 | 2.33 | 2.43 | |
| Dividend Payout % | 0% | 0% | 0% | 103% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 61% |
| TTM: | 2% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 125% |
| TTM: | 150% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -19% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 4% |
| Last Year: | 6% |
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 | 376 | 367 | |
| 377 | 762 | 1,033 | 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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -48% | 1,233% | 91% | 22% |
Ratios
Standalone / 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 | 103 | 166 |
| Cash Conversion Cycle | 81 | 31 | 57 | 74 |
| Working Capital Days | 233 | 62 | -13 | 23 |
| ROCE % | 6% | 12% | 12% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Unexecuted Order Book INR Crore |
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| Cumulative AIS/GIS Substations Commissioned count |
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| Cumulative Distribution Transformers Installed count |
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| Cumulative Monopoles Supplied count |
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| Cumulative Transmission Lines Commissioned ckm |
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| Manufacturing Production Volume MT |
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| Power Transmission Share of Order Book % |
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| Annual Order Inflow INR Crore |
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Extracted by Screener AI
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
- Bajel Projects won ₹1,500 crore EPC order for 270 km transmission lines and substations in Gujarat.
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
- Bajel Projects bags ₹200+ crore EPC order for 400 kV GIS substations in Mumbai.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
- Bajel won ₹1,500 crore EPC order for 270 km Gujarat transmission lines and substations over 36 months.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
- Bajel Projects won ₹200+ crore EPC order from Tata Power for 400 kV GIS substations in Mumbai.
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
- Bajel Projects wins INR 200 Cr+ EPC order for 220kV GIS substations at Salsette and Powai in Mumbai.
Annual reports
-
Annual Report 2026
from bse
-
Annual Report 2025
from bse
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Annual Report 2024
from bse
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]