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 ₹ 1,859 Cr.
- Current Price ₹ 161
- High / Low ₹ 264 / 142
- Stock P/E 117
- Book Value ₹ 61.0
- Dividend Yield 0.00 %
- ROCE 12.1 %
- ROE 2.50 %
- Face Value ₹ 2.00
Pros
Cons
- Stock is trading at 2.63 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- 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
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 | 2,585 | |
| 1,159 | 2,532 | 2,503 | |
| Operating Profit | 10 | 66 | 82 |
| OPM % | 1% | 3% | 3% |
| 18 | 31 | 19 | |
| Interest | 19 | 60 | 66 |
| Depreciation | 6 | 13 | 19 |
| Profit before tax | 4 | 24 | 17 |
| Tax % | -17% | 35% | |
| 4 | 15 | 11 | |
| EPS in Rs | 0.37 | 1.34 | 0.95 |
| Dividend Payout % | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
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| 3 Years: | % |
| TTM: | 13% |
| Compounded Profit Growth | |
|---|---|
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| 5 Years: | % |
| 3 Years: | % |
| TTM: | -33% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -9% |
| Return on Equity | |
|---|---|
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| 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
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
17 Feb - Feb 17, 2026: Bajel forms equal JV with Al Sharif to pursue EHV EPC projects in Saudi Arabia.
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Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements
17 Feb - Feb 17, 2026: Bajel signs 50:50 JV with Al Sharif for Saudi EPC; SAR1m equity each.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
12 Feb - Bajel Projects investor/analyst meeting with PhillipCapital in Mumbai on Feb 17, 2026 (physical).
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
6 Feb - Awarded ₹400Cr+ EPC for 765kV 87.3km Vindhyachal–Prayagraj TL; 21-month completion.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
6 Feb - INR100–200Cr EPC for 765kV Mandsaur substation extension by PowerGrid SPV; 18–30 month timeline.
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]