Bajel Projects

NSE: BAJEL · Heavy Electrical Equipment

52W Range₹135 ₹256

Snapshot

Unlock Bajel Projects's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Bajel Projects Limited is an engineering, procurement, and construction (EPC) company specialising in power transmission and distribution infrastructure. The firm provides end-to-end solutions, including design, manufacturing, and installation of high-voltage transmission lines, substations, and electrification projects.

Business Model

The company generates revenue by executing large-scale infrastructure projects for government entities and private sector clients. Its business model integrates in-house design, procurement, and construction capabilities to deliver turnkey power transmission and distribution solutions.

  • Transmission Lines Executed:7000 ckms
  • Substation Projects:40
  • Service Connections Installed:2,600,000

Growth Outlook

Growth is driven by the increasing demand for power infrastructure upgrades and rural electrification initiatives in India and international markets. The company leverages its technical expertise in monopoles and high-voltage systems to capture new project tenders.

Key Risks

  • Project Execution Risk. Delays in project timelines or cost overruns due to site-specific challenges can adversely impact profitability.
  • Regulatory and Policy Risk. Changes in government power sector policies or infrastructure spending priorities may affect the pipeline of new project tenders.
  • Commodity Price Volatility. Fluctuations in the prices of raw materials like steel and copper can significantly impact the margins of EPC contracts.
  • Competitive Intensity. The power infrastructure sector is highly competitive, which may lead to margin pressure during the bidding process for new projects.

Price

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Key Metrics

P/E

102.9x

Q4 FY26 · consolidated

102.9 vs 132.5x5Y avg

EV/EBITDA

19.3x

Q4 FY26 · consolidated

19.3 vs 23.6x5Y avg

NET PROFIT MARGIN

1.4%

Q4 FY26 · consolidated

+0.8 ppYoY

DEBT TO EQUITY

0.5x

Q4 FY26 · consolidated

+0.29xYoY

Peers · Heavy Electrical Equipment

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Bajel ProjectsBAJEL
1,814102.8519.324.5%3.0%13.5%-27.8%
IndosolarWAAREEINDO
1,7546.555.92110.8%40.0%241.6%110.3%+51.5%
Indo Tech.Trans.INDOTECH
1,34739.3227.4627.8%16.7%30.5%40.3%+83.0%
Jyoti StructuresJYOTISTRUC
1,23124.6147.7150.7%9.3%10.4%2.3%-41.3%
Exicom Tele-Sys.EXICOM
1,224-7.73-33.5732.7%-7.0%-44.0%-19.3%-7.0%
Danish PowerDANISH
1,21118.0%-14.0%

As of Q4 FY26

Financials