The programs & capability cockpit — turning build status into an executable rollout plan across the 765 kV AIS / 400 kV GIS / data-centre GIS / RE-evacuation capability builds (engineering, vendors, project controls, QA/QC, mobilisation, commissioning), workstream by workstream, blocker by blocker, rupee by rupee.
Capability build-out is the value and the risk: ₹41 Cr of value is still unbanked across 4 in-flight capability builds at 78% average completion, with 8 open blockers gating the rollout. Clear the critical path (engineering, vendors, testing) and bank the higher-value scope before the next tender round.
4 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%, Overheads % of Revenue 6.5% vs 5.8%
Open blockers hold the rollout — and ₹41 Cr of unbanked value — hostage across the 4 in-flight capability builds.
Working-capital / debtor-days reduction is leaking run-rate: ₹26 Cr actual vs ₹30 Cr plan (₹-4 Cr variance) — it compounds into the forecast quarters.
Owner: Treasury · IR Head
765 kV AIS Substations is underwater at 0.5x — ₹30 Cr spent against ₹16 Cr realized; halt discretionary spend until capture catches up.
Protect the ≥1.3x builds as the playbook
Unbanked EBITDA & capex-ROI until captured.
Faster capability build-out is one of Bajel's top priorities — it is where higher-value scope and margin are created and where they leak. This view turns "status" into an executable plan: the 4 in-flight capability builds, their six workstreams (engineering & design, vendor & supply-chain, project controls / Primavera, QA/QC & testing, site mobilisation & erection, commissioning & handover), the blockers in the way, and the ~₹41 Cr of value still unbanked waiting on the rollout.
Do this: work the blocker named in each card first; if none, push the lowest-% workstream to its target date.
Read across each row for the build's weak spot; read down each column for the workstream that's stuck enterprise-wide. Tint = status; number = % complete.
| Capability | Engineering & Design Capability | Vendor & Supply-Chain Setup | Project Controls / Primavera | QA/QC & Testing | Site Mobilisation & Erection | Commissioning & Handover |
|---|---|---|---|---|---|---|
| 765 kV Transmission Lines | — | — | — | — | — | — |
| 765 kV AIS Substations | 90% | 85% | 80% | 88% | 82% | 78% |
| 400 kV GIS Substations | 80% | 75% | 70% | 78% | 68% | 62% |
| Data-Centre GIS Substations | 60% | 55% | 50% | 62% | 45% | 40% |
Do this: assign each open blocker a named owner and a date; the Blocker/High rows are the ones holding value hostage.
| Severity | Capability | Workstream | Description | Owner | Due | Status |
|---|---|---|---|---|---|---|
| High | 765 kV AIS Substations | Vendor & Supply-Chain Setup | Imported GIS/AIS switchgear vendor lead-times risk the Pune 765 kV AIS substation schedule. | Procurement · CPO | 2026-09-30 | Mitigating |
| High | 400 kV GIS Substations | Engineering & Design Capability | In-house 400 kV GIS engineering bandwidth thin; dependent on OEM design support — a capability gap. | Engineering · Design Head | 2026-10-31 | Open |
| Medium | Data-Centre GIS Substations | QA/QC & Testing | Data-centre client QA / witness-testing protocols new to Bajel; documentation ramp-up needed. | Quality · QA/QC Head | 2026-11-15 | Open |
| Medium | RE-Evacuation Lines | Site Mobilisation & Erection | RoW / forest clearances on the Bellary–Davanagere RE-evacuation corridor slowing mobilisation. | Project Execution · Ajay Nagle | 2026-10-20 | Open |
| Medium | 765 kV AIS Substations | Project Controls / Primavera | Primavera integration for substation packages incomplete; milestone-billing visibility gap feeds the 214 debtor days. | PMO · Project Controls | 2026-11-30 | Open |
| Low | 400 kV GIS Substations | Commissioning & Handover | Commissioning-engineer certification pipeline for GIS pending. | Commissioning · Site Head | 2026-12-15 | Open |
| Low | Data-Centre GIS Substations | Vendor & Supply-Chain Setup | Special-grade zinc & GIS-bay supply contracts being firmed for the data-centre scope. | Procurement · CPO | 2026-09-15 | Mitigating |
| Low | RE-Evacuation Lines | Engineering & Design Capability | Grid-integration / protection studies for RE-evacuation lines outsourced pending in-house build. | Engineering · Design Head | 2026-11-10 | Open |
Do this: the negative-variance programs are leaking run-rate — put a 90-day recovery plan on each before they compound into the forecast quarters.
| Program | Owner | Plan ₹Cr | Actual ₹Cr | Variance | % captured |
|---|---|---|---|---|---|
| Margin-improvement & commodity hedging | CFO · Nitesh Bhandari | ₹22 Cr | ₹20 Cr | ₹-2 Cr | 91% |
| Working-capital / debtor-days reduction | Treasury · IR Head | ₹30 Cr | ₹26 Cr | ₹-4 Cr | 87% |
| Ranjangaon capacity & galvanizing | Manufacturing Head | ₹26 Cr | ₹24 Cr | ₹-2 Cr | 92% |
| 765 kV AIS/GIS capability | President — Power Transmission | ₹18 Cr | ₹16 Cr | ₹-2 Cr | 89% |
| Digital project controls (Primavera / MES) | CIDO | ₹10 Cr | ₹8 Cr | ₹-2 Cr | 80% |
Do this: protect the ≥1.3x builds as the playbook; for sub-1x builds, freeze discretionary build spend until value capture catches up.
| Capability | Since | Budget | Spent | Value target | Value realized | ROI | Status |
|---|---|---|---|---|---|---|---|
| Data-Centre GIS Substations | 2025 | ₹20 Cr | ₹8 Cr | ₹18 Cr | ₹5 Cr | 0.6x | In progress |
| RE-Evacuation Lines | 2024 | ₹18 Cr | ₹10 Cr | ₹20 Cr | ₹7 Cr | 0.7x | In progress |
| 400 kV GIS Substations | 2019 | ₹35 Cr | ₹22 Cr | ₹26 Cr | ₹12 Cr | 0.5x | In progress |
| 765 kV AIS Substations | 2016 | ₹40 Cr | ₹30 Cr | ₹30 Cr | ₹16 Cr | 0.5x | In progress |
| Galvanizing Services | 2010 | ₹170 Cr | ₹60 Cr | ₹40 Cr | ₹14 Cr | 0.2x | In progress |
| Monopoles & Tubular Poles | 2007 | ₹24 Cr | ₹22 Cr | ₹34 Cr | ₹28 Cr | 1.3x | Integrated |
| Lattice Towers | 2001 | ₹30 Cr | ₹28 Cr | ₹50 Cr | ₹44 Cr | 1.6x | Integrated |