Growth, segment performance, operations, customers and strategic signals across the Bajel platform — the listed T&D EPC riding India's transmission capex supercycle.
Revenue of ₹2792 Cr is growing 7.4%, and the order book stands at an all-time-high ₹4055 Cr (82% transmission) — India's T&D capex supercycle is the tailwind. The thesis is profitable order-book growth: convert the ₹1043 Cr weighted bid pipeline and ₹1400 Cr of cross-capability whitespace into order inflow, and hold margin expansion (EBITDA 4.4%) against steel / zinc commodity cost.
7 of 8 headline metrics improving vs prior · still off target: Revenue (FY26) ₹2,792 Cr vs ₹3,200 Cr, Revenue Growth (YoY) 7.4% vs 12.0%, EBITDA Margin 4.4% vs 6.0%
₹1400 Cr of 765 kV AIS/GIS, data-centre GIS, RE-evacuation and international whitespace sits inside existing PGCIL, state-utility, Adani and data-centre accounts — the fastest, lowest-risk order-book growth, and it diversifies beyond line-only PGCIL concentration.
Convert the ₹15,000 Cr bid pipeline; diversify beyond PGCIL into private / data-centre / international.
Order book dipped to ₹2,984 Cr (Mar-25) before recovering to ₹4,055 Cr (Jun-26) — inflow is lumpy, not straight-line.
PGCIL 765 kV D/C TBCB line package (Power Transmission (Lines & Substations ≤765 kV)) carries ₹450 Cr at 55% — the largest single mover in the ₹1043 Cr weighted bid pipeline.
Execute on schedule and protect margin against commodity swings.
Order book +15% YoY; 82% transmission; book-to-bill ~1.45× — a strong forward-work runway.
Monthly revenue (bars) and EBITDA (line), ₹ Cr.
Weighted pursuits — signal-driven items sourced from news / BSE-NSE adapters.
| Opportunity | Solution | Stage | Prob. | Value |
|---|---|---|---|---|
| signalPGCIL 765 kV D/C TBCB line package | Power Transmission (Lines & Substations ≤765 kV) | Develop | 55% | ₹450 Cr |
| signalEgypt 500 kV OHTL — EETC (ultra-mega export) | International EPC (MENA & Africa) | Proposal | 60% | ₹400 Cr |
| signalData-centre 400/220/33 kV GIS substation | Data-Centre GIS Substations | Develop | 55% | ₹300 Cr |
| signalAdani 400 kV D/C line (private developer) | Power Transmission (Lines & Substations ≤765 kV) | Qualify | 45% | ₹300 Cr |
| Pune 765 kV AIS substation + Karjat / Lonikand bays | 765 kV AIS Substations | Proposal | 58% | ₹250 Cr |
| signalBellary–Davanagere 400 kV RE-evacuation | RE-Evacuation Lines | Qualify | 50% | ₹220 Cr |
News + BSE/NSE filings adapter feed linked to customers, suppliers and peers.
| Source | Signal | Entity | Type | Materiality | Implication |
|---|---|---|---|---|---|
| Exchange/CRISIL | CRISIL upgrades Bajel to A+/Stable (LT); A1 (ST) | Bajel Projects Limited | Rating | High | → stronger order book quality & financial profile; lowers funding cost for WC-heavy growth (Jamnalal Sons backing cited) |
| News | Steel & zinc prices firm; management flags FY27 commodity-cost margin pressure | Steel & zinc (raw material) | Commodity | High | → fixed-price EPC margins compress unless hedged / escalation clauses apply — the single biggest margin swing factor |
| News | Order book hits all-time high ₹4,055 Cr (30-Jun-2026) | Order Book | Order | High | → Q1 FY27 inflow ~₹1,098 Cr; book-to-bill ~1.4–1.5×; honest Mar-25 dip to ₹2,984 Cr shows lumpiness |
| News | PGCIL / NEP transmission capex ramp; TBCB tenders accelerate | Power Grid Corp (PGCIL) | Policy | High | → multi-year T&D supercycle; Bajel one of 7 empanelled for 765 kV TBCB pan-India (also = concentration risk) |
| News | Egypt 500 kV EETC order — first ultra-mega international win (~₹400 Cr) | International EPC (MENA & Africa) | Order | High | → MENA internationalisation axis opens (Egypt / Saudi 50:50 JV / UAE WOS) |
| News | ₹170 Cr Ranjangaon galvanizing expansion (40,500→110,000 MT) | Monopoles, Structures & Galvanizing (Ranjangaon) | Capex | Medium | → existing galvanizing ~98% utilized; supports tower exports + third-party galvanizing revenue |
Power Transmission (lines & AIS/GIS substations ≤765 kV) · Power Distribution · Monopoles, Structures & Galvanizing (Ranjangaon) · International EPC (MENA & Africa).
The dominant engine — 66–765 kV overhead lines + AIS/GIS substations up to 765 kV + UG cabling; PGCIL-anchored; 765 kV AC ceiling (no HVDC yet).
Rural / urban electrification, feeder separation, service connections & UG cabling (RGGVY / Saubhagya scheme heritage) + New Energies / RE-evacuation.
Single plant Ranjangaon MIDC (60,000 MT/yr fabrication): lattice towers, monopoles & tubular poles, high masts + one of India's largest galvanizing baths (captive + third-party); ~98% utilized, ₹170 Cr expansion.
Overseas turnkey T&D — Africa (Zambia/Kenya/Togo) historically; now MENA (Egypt 500 kV EETC · Saudi 50:50 JV · UAE WOS) — the new growth axis (consolidated JVs early / loss-making).
Plant-asset health, on-time dispatch and quality across the Ranjangaon fabrication & galvanizing plant and pan-India project sites.
Top accounts (PGCIL, state utilities, Adani, data-centre & international) with revenue, order backlog, repeat-order rate, score and untapped cross-capability whitespace.
| Account | Tier | End-market | Revenue | Order book | Repeat | Whitespace | Score | Churn |
|---|---|---|---|---|---|---|---|---|
| Power Grid Corp (PGCIL) | Global | Central transmission utility | ₹1150 Cr | ₹1750 Cr | 115% | ₹400 Cr | 92 | Low |
| State utilities (MPPTCL·KPTCL·MSETCL·HVPNL…) | National | State transmission utilities | ₹600 Cr | ₹720 Cr | 108% | ₹220 Cr | 82 | Medium |
| KPTCL & other STUs | National | State transmission utilities | ₹340 Cr | ₹430 Cr | 106% | ₹150 Cr | 80 | Medium |
| Adani Energy Solutions | Global | Private developer | ₹300 Cr | ₹360 Cr | 110% | ₹180 Cr | 86 | Low |
| Data-centre & new-segment | National | Data centres / private | ₹250 Cr | ₹300 Cr | 112% | ₹250 Cr | 84 | Low |
| EETC (Egypt) / International | Global | International utilities | ₹152 Cr | ₹365 Cr | 104% | ₹200 Cr | 79 | Medium |