BBajel ProjectsExecutive Cockpit
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BBajel Projects · Executive Cockpit

Board Pack

Value creation, performance and risk review — FY26 (Mar'26, standalone audited anchor). Power Transmission (Lines & Substations ≤765 kV) · Power Distribution · Monopoles, Structures & Galvanizing (Ranjangaon) · International EPC (MENA & Africa).

₹2,792 Cr
Revenue (FY26 actuals)
4
Growth & JV initiatives
1,400
Employees
₹2,201 Cr
Market cap · CRISIL A+
Listed (NSE: BAJEL · BSE: 544042) · Bajaj family promoters 62.53% · Chairman Shekhar Bajaj (Non-Executive) · Rajesh Ganesh (Managing Director & CEO) · HQ Rustomjee Aspire, Sion (East), Mumbai, Maharashtra
Where we stand

Executive scorecard

Bajel · Board Pack · 1 · Executive Summary
Revenue (FY26)
₹2,792 Cr
prior ₹2,598 Cr
Revenue Growth (YoY)
7.4%
prior 122.0%
EBITDA
₹125 Cr
prior ₹90 Cr
EBITDA Margin
4.4%
prior 3.4%
Order Book
₹4,055 Cr
prior ₹2,984 Cr
Transmission Mix
82.0%
prior 80.0%
Order-Book YoY Growth
15.0%
prior 10.0%
Employees
1,400
prior 1,300
Executive summary
Growth & profitability

Revenue, EBITDA & mix

Bajel · Board Pack · 2 · Performance
Revenue by segment
Power Transmission (Lines & Substations ≤765 kV)77%
Power Distribution (Rural/Urban & Schemes)9%
Monopoles, Structures & Galvanizing (Ranjangaon)9%
International EPC (MENA & Africa)5%
Power Transmission (Lines & Substations ≤765 kV)
₹2,150 Cr
+8% · EBITDA 4.6% · Book mix 82%
Power Distribution (Rural/Urban & Schemes)
₹250 Cr
+6% · EBITDA 3.5% · Book mix 9%
Monopoles, Structures & Galvanizing (Ranjangaon)
₹240 Cr
+12% · EBITDA 6% · Book mix 40%
International EPC (MENA & Africa)
₹152 Cr
+20% · EBITDA 4% · Book mix 9%
Capability validation

Capability & product-line economics, margin journey

Bajel · Board Pack · 3 · Capabilities
Capability / product lineSinceRevenueOrder bookEBITDA upliftMaturityStatus
Lattice Towers2001₹900 Cr₹1,200 Cr+₹46 Cr92%Integrated
Monopoles & Tubular Poles2007₹300 Cr₹400 Cr+₹12 Cr88%Integrated
Galvanizing Services2010₹240 Cr₹220 Cr+₹8 Cr85%Integrated
765 kV Transmission Lines2011₹1,400 Cr₹2,600 Cr+₹58 Cr82%In progress
765 kV AIS Substations2016₹400 Cr₹500 Cr+₹16 Cr78%In progress
400 kV GIS Substations2019₹200 Cr₹300 Cr+₹7 Cr70%In progress
Data-Centre GIS Substations2025₹90 Cr₹300 Cr+₹1 Cr55%In progress

Lattice towers, monopoles and hot-dip galvanizing carry the base and are fully mature; the higher-value capabilities (765 kV transmission lines, 765 kV AIS & 400 kV GIS substations, data-centre GIS) are still ramping their in-house engineering and margin capture. Transmission ceiling is 765 kV AC — HVDC is a peer capability not yet in Bajel's book.

Balance sheet & liquidity

Leverage, cash & covenants

Bajel · Board Pack · 4 · Capital & Cash
Net Debt / EBITDA
1.3x
target 1.0x
Covenant Headroom
1.7x
target 2.0x
DSCR
2.2x
target 2.5x
Cash & Bank
₹200 Cr
Free Cash Flow
₹-90 Cr
target ₹50 Cr
Cash Conversion Cycle
74d
target 60d
Debtor Days
214d
target 170d
Margin-Improvement Program
65.0%
target 100.0%
Net leverage 1.3x (net debt ~₹160 Cr; borrowings jumped ₹15→₹367 Cr to fund working capital) is modest — wide headroom to the ~3.0x ceiling on a CRISIL A+ balance sheet with ₹3,500 Cr of sanctioned bank lines, alongside ₹200 Cr of cash. The central story is working capital: 214 debtor days (CCC 74d) drive negative free cash flow while the order book scales — the path is milestone-billing discipline, collections and margin expansion as the higher-value 765 kV substation mix grows.
Governance

Watch-list & priority actions

Bajel · Board Pack · 5 · Risk & Actions
●Order-book lumpiness (honest Mar-25 dip)ceo
Order book dipped to ₹2,984 Cr (Mar-25) before recovering to ₹4,055 Cr (Jun-26) — inflow is lumpy, not straight-line.
→ Convert the ₹15,000 Cr bid pipeline; diversify beyond PGCIL into private / data-centre / international.
●Order book at all-time high ₹4,055 Crceo
Order book +15% YoY; 82% transmission; book-to-bill ~1.45× — a strong forward-work runway.
→ Execute on schedule and protect margin against commodity swings.
●Working capital heavy — 214 debtor dayscfo
Receivables ~₹1,636 Cr tie up 214 days; borrowings jumped ₹15→₹367 Cr to fund working capital.
→ Tighten milestone billing & collections; target debtor days 214→170 to turn FCF positive.
●Thin, expanding margin — EBITDA 4.4%cfo
EBITDA margin 2.99%→3.43%→4.4% (FY24-26); PAT only ₹27 Cr; management flagged FY27 commodity-cost pressure.
→ Margin-improvement program + steel/zinc hedging + higher-value 765 kV AIS/GIS mix.
●CRISIL A+ upgrade; wide covenant headroomcfo
Net debt / EBITDA 1.3× vs a comfortable ~3.0× ceiling; ₹3,500 Cr bank lines; ₹5,000 Cr borrowing authority.
→ Use headroom to fund WC & the ₹170 Cr Ranjangaon capex; protect the rating.
●Rich valuation — P/E ~66×board
Market cap ₹2,201 Cr on ₹27 Cr PAT — priced for order-book / growth optionality, not current earnings.
→ Deliver order-book execution & margin expansion to justify the re-rating; execution must earn the multiple.
●T&D capex supercycle tailwindboard
PGCIL / NEP capex ramp + renewable-evacuation + data-centre demand underpin multi-year T&D EPC demand.
→ Scale 765 kV AIS/GIS capability + MENA + New Energies to capture structural demand.
●PGCIL concentration & no-HVDC gapboard
>90% of the book is transmission with a significant PGCIL share; 765 kV AC ceiling (no HVDC yet vs Skipper/KEC).
→ Diversify clients (Adani / data-centre / international); build 765 kV GIS and evaluate HVDC.
Material external signals
[Exchange/CRISIL] CRISIL upgrades Bajel to A+/Stable (LT); A1 (ST) · Bajel Projects Limited→ 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)→ 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→ 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)→ 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)→ MENA internationalisation axis opens (Egypt / Saudi 50:50 JV / UAE WOS)

Bajel Projects is listed (NSE: BAJEL · BSE: 544042): headline financials are real FY26 standalone anchors; the segment revenue split and granular per-project / per-line detail is modelled. AI summary generated by Azure OpenAI (GPT-4.1).