Bajel Projects Limited
NSE: BAJEL · Heavy Electrical Equipment · sector
₹156.05NSE close 2026-10-26
Key numbers
Market cap₹1,805 cr
Price₹156.05
52w high / low₹216 / ₹135
P/E82.1xSector median 27.8x
P/B2.4xSector median 5.4x
Book value₹64.6
Dividend yield–Sector median 0.19%
ROE3.1%Sector median 18.8%
ROCE8.7%Sector median 21.4%
OPM3.3%Sector median 15.1%
Debt / equity0.47xSector median 0.09x
EV/EBITDA21.4xSector median 21.4x
Interest cover1.6x
Current ratio1.20x
Sales growth 3y–Sector median +22.1%
Profit growth 3y–Sector median +27.5%
PEG1.16x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 43 companies in Heavy Electrical Equipment (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹183 cr vs borrowings ₹350 cr (FY26): borrowings are higher by ₹167 cr.
- Operating profit covered interest 1.6x in the last 12 months.
- 2.55% of the promoters' shares are pledged (1.6% of all shares).
- Operating cash flow was below net profit in 0 of the last 3 years.
- Net loss in 1 of the last 8 quarters.
- Revenue was higher than a year earlier in 1 of the last 4 quarters.
- Other income was 107% of net profit in the last 12 months.
- Debtor days went from 190 (FY24) to 214 (FY26).
- No dividend in the last 3 financial years.
- Price ₹156.05 on 2026-10-26: -27.6% from the 52-week high, +15.5% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹282.40 · low ₹147.28
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 662 | 622 | 801 | 608 | 614 | 562 | 1,008 | 567 |
| EBITDA | 17 | 15 | 21 | 17 | 23 | 19 | 31 | 19 |
| OPM % | 2.5% | 2.4% | 2.6% | 2.7% | 3.7% | 3.5% | 3.1% | 3.3% |
| Other income | 5 | 7 | 7 | 8 | 7 | 5 | 7 | 5 |
| Net profit | 4 | 1 | 5 | 3 | 4 | -0 | 14 | 5 |
| EPS (₹) | 0.32 | 0.13 | 0.42 | 0.26 | 0.31 | -0.04 | 1.22 | 0.41 |
| Revenue YoY | -7.3% | -9.6% | +25.7% | -6.7% | ||||
| Profit YoY | -1.6% | -128.8% | +193.4% | +59.8% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|
| Revenue | 1,169 | 2,598 | 2,792 | 2,751 |
| EBITDA | 3 | 59 | 90 | 92 |
| Net profit | 4 | 15 | 20 | 22 |
| EPS (₹) | 0.37 | 1.34 | 1.75 | 1.90 |
| Revenue growth | +122.2% | +7.4% | +2.1% | |
| Profit growth | +260.4% | +31.2% | +71.0% | |
| Dividend / share (₹) | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | – | – | +2.1% |
| Net profit | – | – | +71.0% |
| EPS | – | – | – |
| Share price | – | -21.7% (2y) | -18.5% |
Balance sheet
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shareholders' equity | 566 | 666 | 748 |
| Borrowings | 0 | 121 | 350 |
| Cash & equivalents | 156 | 268 | 183 |
| Total assets | 1,343 | 2,075 | 2,538 |
| Fixed assets | 69 | 78 | 90 |
| Capital work in progress | 0 | 0 | 7 |
| Investments | 0 | 0 | 0 |
| Receivables | 607 | 971 | 1,634 |
| Inventory | 101 | 128 | 139 |
| Payables | 478 | 445 | 882 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash from operations | 195 | 69 | 21 |
| Cash from investing | -135 | -128 | 19 |
| Cash from financing | -15 | 68 | -72 |
| Capex | 27 | 34 | 34 |
| Free cash flow | 168 | 35 | -13 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| ROE % | 0.8% | 2.3% | 2.7% |
| ROCE % | 3.9% | 9.8% | 8.9% |
| Debtor days | 190 | 136 | 214 |
| Inventory days | 42 | 24 | 26 |
| Payable days | 201 | 82 | 166 |
| Cash conversion cycle (days) | 31 | 78 | 74 |
| Working capital days | 110 | 26 | 47 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 62.52% |
| FIIs | 0.32% |
| DIIs | 9.14% |
| of which Mutual funds | 9.14% |
| Public (non-institutions) | 28.02% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 62.59% | 62.58% | 62.57% | 62.55% | 62.53% | 62.53% | 62.53% | 62.52% |
| Promoter group | % |
|---|---|
| Jamnalal Sons Private Limited | 19.49% |
| Bajaj Holdings And Investment Ltd | 16.54% |
| Kiran Bajaj | 6.52% |
| Geetika Bajaj | 1.87% |
| Vanraj Bajaj | 1.59% |
| Shekhar Bajaj | 1.57% |
| Pooja Bajaj | 1.33% |
| Baroda Industries Private Limited | 1.22% |
| Hind Musafir Agency Limited | 1.11% |
| Manish Santoshkumar Kejriwal | 1.07% |
| Niraj Bajaj | 0.98% |
| Vanraj Bajaj Trust (Kiran Bajaj as a Trustee) | 0.86% |
| Bajaj International Pvt Ltd | 0.79% |
| Neelima Bajaj Swamy Family Trust (Neelima Bajaj Swamy as a Trustee) | 0.70% |
| Minal Bajaj | 0.60% |
| Public holders above 1% | % |
|---|---|
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund | 9.00% |
| Office Bearers | 1.38% |
81,427 shareholders. Pledged: 2.55% of promoter shares.
Peers in Heavy Electrical Equipment
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| BHEL | ₹1,37,384 cr | 47.7x | 5.1x | 11.2% | 13.5% | 10.1% | +13.1% | 0.12% |
| ABB | ₹1,34,715 cr | 45.1x | 14.4x | 36.1% | 22.4% | 14.0% | – | – |
| CGPOWER | ₹1,31,237 cr | 104.9x | 16.5x | 16.5% | 21.3% | 12.5% | +30.7% | 0.16% |
| POWERINDIA | ₹1,19,751 cr | 104.0x | 23.1x | 24.5% | 29.9% | 14.9% | +22.2% | 0.02% |
| SIEMENS | ₹1,16,725 cr | 35.6x | 8.4x | 25.0% | 14.2% | 10.0% | +41.0% | 0.37% |
| ENRIN | ₹98,074 cr | 65.9x | 20.4x | 34.3% | 42.0% | 20.9% | – | 0.14% |
| GVT&D | ₹97,043 cr | 74.3x | 36.1x | 58.5% | 65.5% | 25.2% | +30.8% | 0.13% |
| SUZLON | ₹51,051 cr | 16.3x | 5.4x | 40.4% | 29.2% | 17.7% | +41.0% | – |
| THERMAX | ₹35,902 cr | 60.5x | 6.5x | 11.3% | 12.5% | 8.6% | +9.8% | 0.44% |
| BAJEL | ₹1,805 cr | 82.1x | 2.4x | 3.1% | 8.7% | 3.3% | – | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-31 | Dividend | Dividend - Re 0.60 Per Share |
Documents
- Annual report FY25
- Annual report FY24
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Power Transmission: Turnkey EPC for EHV transmission lines and substations up to 765 kV for state, central, and private utilities
- Power Distribution: EPC for distribution infrastructure including 33 kV lines, substations, and last-mile connectivity projects
- International EPC: Turnkey EHV transmission and distribution EPC projects in international markets (Middle East and Africa)
- Monopoles: Design, manufacture, supply and installation of steel monopoles and special structures for transmission and distribution
- Manufacturing Unit: Production of transmission towers, monopoles, lighting towers and high masts at Ranjangaon MIDC, Pune for domestic and export markets
| Sector | Industrials |
| Industry | Heavy Electrical Equipment |
| Sub-industry | Heavy Electrical Equipment |
| Symbol | BAJEL |
| BSE code | 544042 |
| ISIN | INE0KQN01018 |
| Face value | ₹2.0 |
| Incorporated | 2022-01-19 |
| Website | www.bajelprojects.com |
| Plants (India / abroad) | 3 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.