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 ₹ 2,049 Cr.
- Current Price ₹ 177
- High / Low ₹ 257 / 135
- Stock P/E 54.8
- Book Value ₹ 58.9
- Dividend Yield 0.34 %
- ROCE 12.4 %
- ROE 5.91 %
- Face Value ₹ 2.00
Pros
Cons
- Stock is trading at 3.01 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 | |
|---|---|---|---|---|
| 664 | 1,169 | 2,598 | 2,792 | |
| 694 | 1,153 | 2,523 | 2,674 | |
| Operating Profit | -30 | 16 | 75 | 118 |
| OPM % | -5% | 1% | 3% | 4% |
| 54 | 18 | 21 | 10 | |
| Interest | 18 | 24 | 60 | 74 |
| 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% | 103% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 61% |
| TTM: | 7% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 125% |
| TTM: | 93% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -29% |
| 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/OP | -48% | 1,233% | 91% | 22% |
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 | 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
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Announcement Under Regulation 30 (LODR) - Incorporation Of A Wholly Owned Subsidiary Company
2d - Bajel Projects incorporated 100% UAE subsidiary on July 18, 2026 for EPC projects.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Jul
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Announcement Under Regulation 30 - Annual Report
17 Jul - FY2025-26 annual report and 4th AGM on August 10, 2026; final dividend record date July 31.
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Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
17 Jul - Bajel Projects to hold 4th AGM on August 10, 2026; annual report FY2025-26 link shared.
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Business Responsibility and Sustainability Reporting (BRSR)
17 Jul - Bajel Projects filed its FY 2025-26 BRSR on July 17, 2026, as part of the Annual Report.
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]