Cash 360

The treasury cockpit — 13-week cash, EBITDA-to-FCF conversion, working-capital unlock, receivables, liquidity and covenant headroom.

Bajel Projects Limited · FY26 (Mar'26, standalone audited anchor)

Bajaj Group's power-transmission & distribution EPC and tower/monopole manufacturing arm

1,400 employees · 1+ plants & units · 6 export markets

▲ Executive read· the answer, then the moves

Cash is ₹200 Cr (plus ₹3,500 Cr sanctioned lines), but working capital is heavy — ~₹1,636 Cr sits in 214-day receivables and FCF is ₹-90 Cr. Pull DSO from 214d to 170d to release ≈ ₹336.6 Cr and turn FCF positive, rather than lean further on the ₹213 Cr of covenant headroom (borrowings already jumped ₹15→₹367 Cr to fund WC).

3 of 5 headline metrics improving vs prior · still off target: Free Cash Flow ₹-90 Cr vs ₹50 Cr, Cash Conversion Cycle 74d vs 60d, Debtor Days 214d vs 170d

Do now — ranked by urgency

1
Working capital heavy — 214 debtor daysAct now
Why it matters
Tighten milestone billing & collections; target debtor days 214→170 to turn FCF positive.
What's driving it
Debtor Days
Signal: Alert
FYI
Receivables ~₹1,636 Cr tie up 214 days; borrowings jumped ₹15→₹367 Cr to fund working capital.
Act →▤ open the overdue book
2
DSO 214d over 170d targetAct now
Why it matters
Each day of DSO ties up working capital that could fund capex & deleveraging.
What's driving it
205→214d
Signal: Threshold
FYI
Receivables ~214 days — the heavy working-capital driver and central cash/risk story (₹1,636 Cr in AR).
Owner: Treasury
Act →▤ open the overdue receivables
3
Unlock ₹336.6 Cr by pulling DSO to the 170d targetWatch
Why it matters
Every day of DSO above 170d ties up working capital; closing the gap releases ≈ ₹336.6 Cr of one-time cash.
What's driving it
DSO 214d vs 170d target
Overdue >60d = ₹336.0 Cr of ₹1,636 Cr AR
FYI
Normalizing laggard capabilities to 170d DSO releases ≈ ₹398.4 Cr
Owner: Treasury · IR
Work the overdue book →▤ open the overdue receivables
4
Thin, expanding margin — EBITDA 4.4%Watch
Why it matters
Margin-improvement program + steel/zinc hedging + higher-value 765 kV AIS/GIS mix.
What's driving it
EBITDA Margin
Signal: Alert
FYI
EBITDA margin 2.99%→3.43%→4.4% (FY24-26); PAT only ₹27 Cr; management flagged FY27 commodity-cost pressure.
Act →

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↗ Where this connects — act / drill across

▤Evidence· open the overdue-invoice list 🧩Customer Master· term conflicts driving AR 👥Clients & Utilities 360· DSO by account 🚪Equity Story & Re-rating· debt & deleverage path

Cash & bank

₹200 Cr

+ ₹3,500 Cr sanctioned lines

Free cash flow

₹-90 Cr

growth-phase WC draw — path to positive

Cash conversion cycle

74d

DSO 214 + DIO 26 − DPO 166

Working-capital unlock

₹336.6 Cr

DSO 214→170d target

Exhibit 1

13-week direct cash flow forecast

Net weekly cash (bars) and ending cash (line) vs. ₹120 Cr minimum. Forecast trough: ₹150 Cr.

Above minimum

₹200 Cr

Opening cash

₹717 Cr

13-wk collections

₹763 Cr

13-wk disbursements

₹154 Cr

Closing cash

Exhibit 2

EBITDA → Free cash flow

₹125 Cr EBITDA converts to ₹-90 Cr FCF (-72%).

Exhibit 3

Cash collected

Monthly, ₹ Cr.

Cash conversion cycle

Working-capital days

DSO — receivables214d

DIO — inventory26d

DPO — payables (offset)(166d)

Cash conversion cycle74d

Where cash is trapped

Working-capital cash unlock

₹398.4 Cr

Normalizing laggard divisions to 170-day DSO releases ~₹398.4 Cr one-time.

765 kV Transmission Lines220d

₹191.8 Cr

Lattice Towers210d

₹98.6 Cr

765 kV AIS Substations215d

₹49.3 Cr

Monopoles & Tubular Poles205d

₹28.8 Cr

400 kV GIS Substations220d

₹27.4 Cr

Data-Centre GIS Substations180d

₹2.5 Cr

Collections

AR aging

Total AR ₹1,636 Cr

Current days₹620 Cr

1-30 days₹380 Cr

31-60 days₹300 Cr

61-90 days₹200 Cr

90+ days₹136 Cr

Overdue (>60d) = ₹336.0 Cr.

Exhibit 4

Collections priority

Highest DSO first.

Account	Revenue	DSO	Credit risk
EETC (Egypt) / International	₹152 Cr	260d	Medium
State utilities (MPPTCL·KPTCL·MSETCL·HVPNL…)	₹600 Cr	240d	Medium
KPTCL & other STUs	₹340 Cr	230d	Medium
Power Grid Corp (PGCIL)	₹1,150 Cr	180d	Low
Adani Energy Solutions	₹300 Cr	160d	Low
Data-centre & new-segment	₹250 Cr	150d	Low

Exhibit 5

Supplier DPO

Working-capital lever.

Supplier	Spend	DPO	OTIF	Risk
Steel — angles, plates & tubes (towers / poles)	₹1,450 Cr	160d	90%	High
Subcontractors — erection, civil & foundations	₹320 Cr	170d	88%	Medium
Aluminium & conductors (ACSR / AAAC)	₹260 Cr	155d	89%	Medium
Zinc — special high-grade (galvanizing)	₹180 Cr	150d	92%	High
Hardware, insulators & fittings	₹150 Cr	150d	91%	Low
Power, stores & MRO	₹95 Cr	140d	94%	Medium