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 ₹ 2,032 Cr.
- Current Price ₹ 176
- High / Low ₹ 280 / 145
- Stock P/E 158
- Book Value ₹ 61.0
- Dividend Yield 0.00 %
- ROCE 12.1 %
- ROE 2.50 %
- Face Value ₹ 2.00
Pros
Cons
- Stock is trading at 2.88 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: | % |
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| 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: | -31% |
| 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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Closure of Trading Window
4h - Trading window closed from Jan 1, 2026 until 48 hours after announcement of Q3 (Dec 31, 2025) results.
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
2d - Allotment of 27,750 Equity Shares of Rs. 2 each under Bajel Projects Limited Special Purpose ESOP Scheme 2023.
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Announcement under Regulation 30 (LODR)-Credit Rating
20 Dec - CRISIL reaffirmed Bajel Projects' ratings: Long-term A/Stable, Short-term A1; facilities rated Rs.3,000 Crore.
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Announcement under Regulation 30 (LODR)-Investor Presentation
14 Nov - Investor Presentation on Unaudited Financial Results for the quarter ended September 30, 2025
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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%.
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]