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 ₹ 1,995 Cr.
- Current Price ₹ 172
- High / Low ₹ 308 / 145
- Stock P/E 155
- Book Value ₹ 61.0
- Dividend Yield 0.00 %
- ROCE 12.1 %
- ROE 2.50 %
- Face Value ₹ 2.00
Pros
Cons
- Stock is trading at 2.82 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.29.4 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|
| 1,169 | 2,598 | 2,645 | |
| 1,159 | 2,532 | 2,573 | |
| Operating Profit | 10 | 66 | 72 |
| OPM % | 1% | 3% | 3% |
| 18 | 31 | 29 | |
| Interest | 19 | 60 | 65 |
| Depreciation | 6 | 13 | 17 |
| Profit before tax | 4 | 24 | 19 |
| Tax % | -17% | 35% | |
| 4 | 15 | 13 | |
| EPS in Rs | 0.37 | 1.34 | 1.12 |
| Dividend Payout % | -0% | -0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 122% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 54% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -34% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | 3% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|
| Equity Capital | 23 | 23 | 23 |
| Reserves | 543 | 643 | 683 |
| 15 | 140 | 113 | |
| 762 | 1,269 | 1,175 | |
| Total Liabilities | 1,343 | 2,075 | 1,994 |
| 69 | 98 | 106 | |
| CWIP | -0 | -0 | 7 |
| Investments | 3 | 82 | 81 |
| 1,271 | 1,895 | 1,800 | |
| Total Assets | 1,343 | 2,075 | 1,994 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | |
|---|---|---|
| 195 | 69 | |
| -135 | -128 | |
| -15 | 68 | |
| Net Cash Flow | 46 | 9 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | |
|---|---|---|
| Debtor Days | 190 | 136 |
| Inventory Days | 42 | 24 |
| Days Payable | 201 | 145 |
| Cash Conversion Cycle | 31 | 15 |
| Working Capital Days | 63 | -12 |
| ROCE % | 12% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Investor Presentation
14 Nov - Investor Presentation on Unaudited Financial Results for the quarter ended September 30, 2025
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
14 Nov - Q2 FY26 revenue Rs.614 Cr; PAT Rs.6 Cr (+62% YoY); H1 revenue Rs.1,221 Cr; EBITDA margin 4.8%.
- Unaudited Standalone & Consolidated Financial Results For The Second Quarter Ended September 30, 2025 14 Nov
-
Board Meeting Outcome for Outcome Of The Board Meeting Of Bajel Projects Limited ("Company") Held Today I.E. On Friday, November 14, 2025 ("Meeting").
14 Nov - Approved unaudited standalone & consolidated results for quarter/HY ended Sept 30, 2025; decision to defer securities fundraising.
-
Intimation Of Grant Of Stock Options Under Bajel ESOP Scheme 2024
14 Nov - Grant of 202,000 ESOPs on Nov 14, 2025; exercise price ₹115.56; vest 1–5 years.
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]