The capability lens — each capability line's revenue, margin journey, build-out and higher-value mix as Bajel moves up the T&D value chain (765 kV lines · AIS/GIS substations · monopoles · high masts · galvanizing · data-centre GIS · RE-evacuation).
The capability build-out is working — ₹204 Cr of capability EBITDA and 79% of the capture plan banked — but 4 maturing capability lines (₹2,090 Cr revenue) still hold blended margin back. Finish building them out (765 kV AIS/GIS, data-centre GIS) to move up the T&D value chain, the highest-return work in the company.
3 of 4 headline metrics improving vs prior · still off target: Margin-Improvement Program 65.0% vs 100.0%, EBITDA Margin 4.4% vs 6.0%, Debtor Days 214d vs 170d
Avg capture is only 79% of plan; the unrealized balance is margin already in the strategy but not yet earned.
Data-Centre GIS Substations is the least-built capability on capture; a 90-day plan on the gap is unrealized EBITDA.
Tighten milestone billing & collections; target debtor days 214→170 to turn FCF positive.
Receivables ~₹1,636 Cr tie up 214 days; borrowings jumped ₹15→₹367 Cr to fund working capital.
Each day of DSO ties up working capital that could fund capex & deleveraging.
Bajel is built capability by capability — lattice towers, monopoles, galvanizing, 765 kV transmission lines, AIS/GIS substations and data-centre GIS. This view shows, for each capability line, where its margin started vs what it earns now — and flags the maturing capability builds where higher-value scope, faster cash and higher margin are still on the table.
Building out the 4 maturing capability lines (765 kV Transmission Lines, 765 kV AIS Substations, 400 kV GIS Substations, Data-Centre GIS Substations) moves the portfolio up the T&D value chain — the single highest-return work in the company.
Each card: how the margin has moved since the line was established, how far the build-out has gone, and the next move.
Each capability ranked within the set on five KPIs (direction per metric), then a composite Overall Rank from summed rank points — the dashboard's RANKX leaderboard. Top & bottom highlighted.
| Overall | Unit | Revenue↑ better | EBITDA ₹Cr↑ better | Order backlog↑ better | Capture %↑ better | DSO gain↑ better | Rank pts |
|---|---|---|---|---|---|---|---|
| 1 | 765 kV Transmission Lines | ₹1,400 Cr#1 | ₹64 Cr#1 | ₹2,600 Cr#1 | 82%#4 | 40d#1 | 8 |
| 2 | Lattice Towers | ₹900 Cr#2 | ₹54 Cr#2 | ₹1,200 Cr#2 | 92%#1 | 30d#3 | 10 |
| 3 | 765 kV AIS Substations | ₹400 Cr#3 | ₹24 Cr#3 | ₹500 Cr#3 | 78%#5 | 35d#2 | 16 |
| 4 | Monopoles & Tubular Poles | ₹300 Cr#4 | ₹22 Cr#4 | ₹400 Cr#4 | 88%#2 | 25d#5 | 19 |
| 5 | Galvanizing Services | ₹240 Cr#5 | ₹20 Cr#5 | ₹220 Cr#7 | 85%#3 | 30d#3 | 23 |
| 6 | 400 kV GIS Substations | ₹200 Cr#6 | ₹14 Cr#6 | ₹300 Cr#5 | 70%#6 | 25d#5 | 28 |
| 7 | Data-Centre GIS Substations | ₹90 Cr#7 | ₹6 Cr#7 | ₹300 Cr#5 | 55%#7 | 20d#7 | 33 |
Higher EBITDA, revenue, order backlog and capture rank better; DSO gain = days of receivables improvement since the capability scaled (more = better). Composite rank points are the sum of the five per-KPI ranks (lower = better).
Established → current across EBITDA, DSO, build-out and capture.
| Capability line | Since | Revenue | Order backlog | EBITDA | DSO | Built % | Capture % | Status |
|---|---|---|---|---|---|---|---|---|
| Lattice Towers | 2001 | ₹900 Cr | ₹1,200 Cr | 8% → ₹54 Cr | 240→210d | 100% | 92% | Integrated |
| Monopoles & Tubular Poles | 2007 | ₹300 Cr | ₹400 Cr | 10% → ₹22 Cr | 230→205d | 100% | 88% | Integrated |
| Galvanizing Services | 2010 | ₹240 Cr | ₹220 Cr | 12% → ₹20 Cr | 120→90d | 95% | 85% | Integrated |
| 765 kV Transmission Lines | 2011 | ₹1,400 Cr | ₹2,600 Cr | 6% → ₹64 Cr | 260→220d | 90% | 82% | In progress |
| 765 kV AIS Substations | 2016 | ₹400 Cr | ₹500 Cr | 8% → ₹24 Cr | 250→215d | 85% | 78% | In progress |
| 400 kV GIS Substations | 2019 | ₹200 Cr | ₹300 Cr | 7% → ₹14 Cr | 245→220d | 78% | 70% | In progress |
| Data-Centre GIS Substations | 2025 | ₹90 Cr | ₹300 Cr | 5% → ₹6 Cr | 200→180d | 60% | 55% | In progress |