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 ₹ 2,218 Cr.
- Current Price ₹ 192
- High / Low ₹ 308 / 145
- Stock P/E 172
- Book Value ₹ 57.6
- Dividend Yield 0.00 %
- ROCE 12.1 %
- ROE 2.50 %
- Face Value ₹ 2.00
Pros
Cons
- Stock is trading at 3.34 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.30.9 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 | |
|---|---|---|
| 1,169 | 2,598 | |
| 1,159 | 2,532 | |
| Operating Profit | 10 | 66 |
| OPM % | 1% | 3% |
| 18 | 31 | |
| Interest | 19 | 60 |
| Depreciation | 6 | 13 |
| Profit before tax | 4 | 24 |
| Tax % | -17% | 35% |
| 4 | 15 | |
| EPS in Rs | 0.37 | 1.34 |
| 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: | -20% |
| 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 | |
|---|---|---|
| Equity Capital | 23 | 23 |
| Reserves | 543 | 643 |
| 15 | 140 | |
| 762 | 1,269 | |
| Total Liabilities | 1,343 | 2,075 |
| 69 | 98 | |
| CWIP | 0 | 0 |
| Investments | 3 | 82 |
| 1,271 | 1,895 | |
| Total Assets | 1,343 | 2,075 |
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)-Meeting Updates
2d - Board meeting on 14-Nov-2025 to consider raising funds via equity/debt/GDR/ADR, various issuance modes, subject to approvals.
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Board Meeting Intimation for Unaudited Standalone And Consolidated Financial Result Pursuant To Regulation 29(1) Of The SEBI (LODR) Regulations, 2015, As Amended ('SEBI Listing Regulations')
7 Nov - Board meeting Nov 14, 2025 to approve unaudited Q2/H1 results for Sept 30, 2025; trading window closed.
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 9 Oct
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Closure of Trading Window
26 Sep - Trading window closed Oct 1, 2025 until 48 hours after unaudited Q2 results (Sept 30, 2025).
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
17 Sep - Analyst/institutional investor meeting scheduled September 19, 2025 in Mumbai; no unpublished price-sensitive information.
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]