BBajel ProjectsExecutive Cockpit

Bajel · Strategic Command Center

One executive screen — KPIs, smart alerts, the exhibits, the operations heatmap, and what's on track. Every figure live off the governed dataset.

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

Revenue ₹2,792 Cr (▲7.4%) and ₹125 Cr EBITDA at 4.4% margin keep the plan on track, with the order book at an all-time-high ₹4,055 Cr — but 4 of 7 capabilities are still scaling the higher-value 765 kV / substation lines and debtor days sit at 214d. Compound the +₹148 Cr of EBITDA already built in those capabilities by completing the 765 kV AIS/GIS & new-segment shift.

5 of 8 headline metrics improving vs prior · still off target: Revenue (FY26) ₹2,792 Cr vs ₹3,200 Cr, EBITDA ₹125 Cr vs ₹160 Cr, EBITDA Margin 4.4% vs 6.0%

Do now — ranked by urgency
  1. 1
    Scale the in-flight higher-value capabilitiesWatch
    Why it matters

    4 of 7 capabilities (765 kV lines, AIS/GIS substations, data-centre GIS) are still scaling; the +₹148 Cr of EBITDA built so far is the prize that compounds as the higher-value substation & new-segment shift completes.

    What's driving it
    • 4 of 7 capabilities not yet fully scaled
    • +₹148 Cr EBITDA uplift built as each capability scaled
    FYI
    • Revenue ₹2,792 Cr ▲7.4%; EBITDA margin 4.4%
    • Owner: MD & CEO · Rajesh Ganesh
  2. 2
    Pull debtor days back to targetWatch
    Why it matters

    Debtor days at 214d (milestone-billing & long execution cycles tying up working capital) consume cash that funds growth; borrowings jumped to ₹367 Cr and net debt/EBITDA is 1.3x.

    What's driving it
    • Debtor days 214d
    • Net debt/EBITDA 1.3x
    • 3 of 10 board goals off On-track
    FYI
    • Repeat-order rate 15%; transmission mix 82%
    • 8 smart alerts flagged across 5 geographies
  3. 3
    Order-book lumpiness (honest Mar-25 dip)Watch
    Why it matters

    Convert the ₹15,000 Cr bid pipeline; diversify beyond PGCIL into private / data-centre / international.

    What's driving it
    • Order Book
    • Signal: Alert
    FYI

    Order book dipped to ₹2,984 Cr (Mar-25) before recovering to ₹4,055 Cr (Jun-26) — inflow is lumpy, not straight-line.

  4. 4
    Rich valuation — P/E ~66×Watch
    Why it matters

    Deliver order-book execution & margin expansion to justify the re-rating; execution must earn the multiple.

    What's driving it
    • P/E
    • Signal: Alert
    FYI

    Market cap ₹2,201 Cr on ₹27 Cr PAT — priced for order-book / growth optionality, not current earnings.

Profitable order-book growthStep 3 of 7 · is the consolidated group on track?Value Creation PlanFinance 360All journeys
🌐 Enterprise 360 modules· on Enterprise 360Browse all 31 views ▾
Revenue (FY26)
₹2,792 Cr
▲ 7.5% vs priorTarget ₹3,200 Cr
EBITDA
₹125 Cr
▲ 38.9% vs priorTarget ₹160 Cr
EBITDA Margin
4.4%
▲ 28.3% vs priorTarget 6.0%
Order Book
₹4,055 Cr
▲ 35.9% vs priorTarget ₹4,500 Cr
Revenue Growth (YoY)
7.4%
▼ 93.9% vs priorTarget 12.0%
Order-Book YoY Growth
15.0%
▲ 50.0% vs priorTarget 18.0%
Debtor Days
214d
▲ 4.4% vs priorTarget 170d
Net Debt / EBITDA
1.3x
▲ 550.0% vs priorTarget 1.0x
Smart Alerts

Flagged issues that need attention

Automatically detected and persona-routed — click any alert to open the 360 that owns it and act.

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

Revenue & EBITDA — monthly trend

Consolidated, all segments (₹ Cr) · ₹2,792 Cr revenue · 4.4% margin

Exhibit 2

Revenue share by segment

Power Transmission (≤765 kV) · Power Distribution · Monopoles, Structures & Galvanizing · International EPC

Power Transmission (Lines & Substations ≤765 kV)77%
Power Distribution (Rural/Urban & Schemes)9%
Monopoles, Structures & Galvanizing (Ranjangaon)9%
International EPC (MENA & Africa)5%
Exhibit 3

Geography performance

Click into Org Roll-up 360 to drill geography → segment → site

RegionSitesRevenueShareStatus
West (Maharashtra · Gujarat · MP)3₹900 Cr32.2%On track
North (Delhi-NCR · Punjab · Haryana · UP)3₹720 Cr25.8%Watch
South (Karnataka · AP · Telangana · TN)3₹560 Cr20.1%On track
East (West Bengal · Bihar · Odisha)3₹452 Cr16.2%Watch
International (MENA · Africa)2₹160 Cr5.7%On track
Drill the roll-up →
Exhibit 4

Capabilities — revenue & maturity

+₹148 Cr EBITDA built as capabilities scaled

Green = integrated · amber = in progress · red = early. Segments & Capabilities 360 →

Exhibit 5

KPI scorecard — actual vs target

Board-approved targets; current values auto-calculated from live data

ObjectiveKPICurrentTargetProgressStatus
Grow order book to ₹4,500 CrOrder Book4055₹Cr4500₹Cr
90%
On track
Convert the ₹15,000 Cr bid pipeline (order inflow)Order Inflow3250₹Cr3600₹Cr
90%
On track
Lift order-book coverOrder-book cover145%150%
97%
On track
Expand EBITDA margin 4.4%→6%EBITDA margin4.4%6%
73%
Behind
Hedge steel / zinc & apply price-escalation clausesContribution margin11%13%
85%
On track
Cut debtor days 214→170Debtor Days214d170d
79%
Behind
Turn free cash flow positiveFree Cash Flow-90₹Cr50₹Cr
-180%
Behind
Hold conservative leverage under the ~3.0× ceilingNet debt / EBITDA1.3x1x
77%
On track
Build 765 kV AIS/GIS & data-centre substation shareSubstation & GIS mix18%30%
60%
On track
Grow international & New-Energies order bookOrder-book YoY growth15%18%
83%
On track
Operations Heatmap

The footprint at a glance

Each dot is the Ranjangaon plant or a project-site cluster. Colour = operational health (green = healthy · amber = watch · red = at risk). Hover for detail; open Project Sites 360 to act on one.

India fabrication & project network · 12 lines
HealthyWatchAt riskHQ
International geographies · MENA · Africa
Egypt 500 kV OHTL (EETC) + MENA (Saudi JV / UAE WOS) (International (MENA · Africa))160 Cr
Execution Hub · Action items

What needs a decision

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