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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹2296 Cr.
Stock P/E
148.5
P/B
3.1
Current Price
₹198.5
Book Value
₹ 64.6
Face Value
2
52W High
₹262
52W Low
₹ 135.8
Dividend Yield
0.3%

Bajel Projects Overview

Business

Bajel Projects Ltd. is an Indian Engineering, Procurement, and Construction (EPC) company. It primarily operates in the power transmission and distribution (T&D) infrastructure sector, undertaking projects for utilities, private developers, and industrial clients. The company's scope of work typically includes design, engineering, supply of materials, construction, erection, testing, and commissioning of transmission lines, substations, and distribution networks. It also has a presence in railway electrification and signaling projects. Bajel Projects generates revenue by securing and executing these large-scale infrastructure contracts within agreed timelines and budgets, earning contract-based fees and margins.

Revenue Mix

While specific revenue contribution by segment is not publicly disclosed, Bajel Projects' core operations are primarily concentrated in the following areas:

Power Transmission & Distribution (T&D): This forms the major part of its business, involving the construction of high-voltage transmission lines, extra-high voltage (EHV) substations, and distribution systems.

Railway Electrification and Signaling: The company undertakes EPC projects for modernizing and expanding India's railway infrastructure.

Given the nature of the business, project-based revenue generation is the norm across these segments.

Industry

Bajel Projects operates in the highly competitive Indian Engineering-Construction sector, which is largely driven by government infrastructure spending. The industry is characterized by cyclicality, intense price competition, and project-specific risks. Bajel Projects is positioned as an established EPC player, particularly in the power T&D and railway electrification segments. It competes with a mix of larger, diversified infrastructure conglomerates (e.g., L&T, KEC International) and other mid-sized specialized EPC companies. Its positioning is supported by its technical capabilities and track record in executing complex projects.

MOAT

In the EPC sector, strong competitive moats are challenging to build. Bajel Projects' advantages are primarily derived from:

Execution Track Record: A proven history of successfully completing complex projects on time and within budget builds trust with clients and is crucial for securing new contracts.

Operational Efficiency & Project Management: Effective project planning, resource allocation, and cost control are vital for maintaining profitability in a margin-sensitive business.

Client Relationships & Approvals: Established relationships with state electricity boards, central utilities, and railway authorities, along with necessary regulatory approvals and licenses, provide a competitive edge.

Technical Expertise: Specialized engineering and construction capabilities in T&D and railway systems.

However, these advantages can be eroded by intense competition and do not represent strong, durable moats like proprietary technology or network effects.

Growth Drivers

Key factors that can drive Bajel Projects' growth over the next 3-5 years include:

Government Infrastructure Push: Continued high capital expenditure by the Indian government on power T&D, renewable energy integration, and railway expansion and modernization.

Renewable Energy Integration: The growing capacity addition in renewable energy (solar, wind) necessitates significant investments in T&D infrastructure for seamless grid integration.

Smart Grid Initiatives: Modernization of the existing grid infrastructure with smart technologies and advanced metering.

"Make in India" & Industrial Corridors: Development of new industrial zones and manufacturing hubs requires robust power and transport infrastructure.

Urbanization & Rural Electrification: Ongoing demand for power infrastructure expansion to cater to growing population needs and enhance energy access.

Risks

Project Execution Risks: Delays in project execution, cost overruns due to commodity price fluctuations, labor shortages, or unforeseen site conditions can impact profitability.

Intense Competition: The presence of numerous domestic and international players can lead to pricing pressure and lower margins.

Dependence on Government Spending: A significant portion of contracts comes from government entities, making the company susceptible to changes in government policies, budget allocations, and economic cycles.

Payment Delays: Risk of delayed payments from clients, especially government entities, which can strain working capital.

Regulatory and Environmental Risks: Changes in regulations, environmental clearances, and land acquisition issues can lead to project delays or cancellations.

Working Capital Management: Large-scale projects require significant working capital, and efficient management is crucial.

Management & Ownership

Bajel Projects Ltd. is promoted by the Bajaj Group, a prominent and well-regarded Indian business conglomerate. The company was demerged from Bajaj Electricals Ltd., indicating a strategic intent to create a focused EPC entity. This lineage suggests a strong foundation in corporate governance and a long-term strategic vision. The management team likely comprises professionals with extensive experience in the EPC, power, and infrastructure sectors, operating under the strategic oversight of the promoter group. The promoter family holds a significant ownership stake, aligning their interests with the company's long-term performance.

Outlook

Bajel Projects is well-positioned to benefit from India's robust infrastructure development agenda, particularly in the power T&D and railway sectors. The government's continued focus on grid modernization, renewable energy integration, and railway expansion provides a strong order book potential. The company's established track record and association with the Bajaj Group lend credibility. However, the outlook is balanced by inherent challenges of the EPC sector, including fierce competition, potential for project execution risks, and sensitivity to economic cycles and government spending priorities. Efficient project management, prudent bidding, and effective working capital management will be critical for sustained growth and profitability in this dynamic environment.

Bajel Projects Share Price

Live · BSE / NSE · Inception: 2022
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Bajel Projects Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 489 512 662 622 801 608 614 562 1008
Other Income 18 12 5 7 7 8 7 5 7
Total Income 507 524 668 630 808 616 621 567 1015
Total Expenditure 481 505 646 608 781 591 591 535 977
Operating Profit 26 19 22 22 27 25 30 32 38
Interest 10 9 12 15 17 16 17 16 14
Depreciation 2 2 3 3 4 5 5 5 5
Exceptional Income / Expenses -8 0 0 0 0 0 0 -8 0
Profit Before Tax 6 7 7 3 6 4 8 3 19
Provision for Tax -1 2 3 2 2 1 2 1 3
Profit After Tax 7 6 4 1 5 3 6 2 16
Adjustments 0 0 0 -0 0 -0 -2 -2 -2
Profit After Adjustments 7 6 4 1 5 3 4 -0 14
Adjusted Earnings Per Share 0.6 0.5 0.3 0.1 0.4 0.3 0.3 -0 1.2

Bajel Projects Profit & Loss

#(Fig in Cr.) Mar 2024 Mar 2025 TTM
Net Sales 1169 2598 2792
Other Income 25 31 27
Total Income 1195 2629 2819
Total Expenditure 1152 2529 2694
Operating Profit 43 100 125
Interest 26 63 63
Depreciation 6 13 20
Exceptional Income / Expenses -8 0 -8
Profit Before Tax 4 24 34
Provision for Tax -1 9 7
Profit After Tax 4 15 27
Adjustments 0 0 -6
Profit After Adjustments 4 15 21
Adjusted Earnings Per Share 0.4 1.3 1.8

Bajel Projects Balance Sheet

#(Fig in Cr.) Mar 2024 Mar 2025
Shareholder's Funds 566 666
Minority's Interest 0 0
Borrowings 0 0
Other Non-Current Liabilities 15 11
Total Current Liabilities 747 1374
Total Liabilities 1328 2051
Fixed Assets 69 98
Other Non-Current Assets 158 396
Total Current Assets 1101 1557
Total Assets 1328 2051

Bajel Projects Cash Flow

#(Fig in Cr.) Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1 47
Cash Flow from Operating Activities 195 69
Cash Flow from Investing Activities -135 -128
Cash Flow from Financing Activities -15 68
Net Cash Inflow / Outflow 46 9
Closing Cash & Cash Equivalent 47 56

Bajel Projects Ratios

# Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.37 1.34
CEPS(Rs) 0.88 2.43
DPS(Rs) 0 0
Book NAV/Share(Rs) 48.98 56.78
Core EBITDA Margin(%) 1.5 2.66
EBIT Margin(%) 2.51 3.36
Pre Tax Margin(%) 0.31 0.92
PAT Margin (%) 0.37 0.59
Cash Profit Margin (%) 0.86 1.08
ROA(%) 0.32 0.92
ROE(%) 0.76 2.53
ROCE(%) 4.19 9.56
Receivable days 189.45 110.68
Inventory Days 31.53 16.04
Payable days 143.73 72.94
PER(x) 577.6 122.23
Price/Book(x) 4.38 2.88
Dividend Yield(%) 0 0
EV/Net Sales(x) 2.1 0.8
EV/Core EBITDA(x) 57.32 20.81
Net Sales Growth(%) 0 122.22
EBIT Growth(%) 0 197.1
PAT Growth(%) 0 260.75
EPS Growth(%) 0 259.76
Debt/Equity(x) 0.24 0.7
Current Ratio(x) 1.47 1.13
Quick Ratio(x) 1.34 1.04
Interest Cover(x) 1.14 1.38
Total Debt/Mcap(x) 0.05 0.24

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +122%
Operating Profit CAGR +133%
PAT CAGR +275%
Share Price CAGR -11%
ROE Average +3% +2% +2% +2%
ROCE Average +10% +7% +7% +7%

Bajel Projects Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 62.53 %
FII 0.51 %
DII (MF + Insurance) 9.57 %
Public (retail) 37.47 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 62.8562.7562.7262.6162.5962.5862.5762.5562.5362.53
FII 10.460.510.290.490.290.310.320.670.40.51
DII 12.028.077.838.39.539.5910.38.669.069.57
Public 37.1537.2537.2837.3937.4137.4237.4337.4537.4737.47
Others 0000000000
Total 100100100100100100100100100100

Bajel Projects Peer Comparison

Engineering - Construction Edit Columns

Bajel Projects Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Bajel Projects Pros & Cons

Pros

  • Debtor days have improved from 143.73 to 72.94days.

Cons

  • Company has a low return on equity of 2% over the last 3 years.
  • Stock is trading at 3.1 times its book value.
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