Value-Creation Simulator

Pick a scenario or pull the levers — see profit, cash, leverage, covenant headroom and enterprise value move in real time for Bajel Projects, then stress-test it with AI.

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

Scenarios

Pull the levers

Collect faster (debtor days)

High6d

One-time working-capital release from the 214-day book+₹45.9 Cr cash

Lift higher-margin mix (mfg · GIS · international)

Med3pt

Shift toward manufacturing / GIS / substations (~2.5pt margin premium)+₹2.1 Cr EBITDA

Win new orders (bid pipeline → book)

Med25%

of ₹900 Cr convertible pipeline → ₹225.0 Cr revenue+₹15.8 Cr EBITDA

Operational gains

High1pt

Overhead leverage · galvanizing utilization · execution discipline+₹30.2 Cr EBITDA

EV / EBITDA multiple

Market19x

Valuation lens for the Board & investors (listed ~19×)

Higher-margin mix (mfg / GIS / international) carries ~2.5pt EBITDA premium · new orders at ~7% incremental EBITDA margin, 60% to order book · debtor-day release is one-time working capital · EV at the chosen multiple. Illustrative model on real FY26 baseline figures.

Enterprise value

₹3.29k Cr+₹912 Cr

from ₹2.38k Cr baseline · at 19× EBITDA

Growth + margin (rev growth + EBITDA %)12 → 21

white line = 18 (12% growth + 6% margin target)

Cash freed

₹46 Cr

one-time, from −6d DSO

Lands in 0–6 months · funds growth capex & deleveraging with no new sales.

EBITDA bridge · ₹125 Cr → ₹173 Cr+₹48 Cr (5.7% margin)

₹125 Cr

+₹30 Cr

+₹16 Cr

Operational gains+₹30.2 Cr

New-order wins+₹15.8 Cr

Higher-margin mix shift+₹2.1 Cr

Ranked by EBITDA contribution — the top bar is the biggest lever in this scenario. (DSO shows as cash, not EBITDA.)

Baseline → scenario

Metric	Today		Scenario	Δ
Revenue	₹2.79k Cr	→	₹3.02k Cr
Adj. EBITDA	₹125 Cr	→	₹173 Cr
EBITDA margin	4.4%	→	5.7%	+1.3pt
Order Book	₹4.05k Cr	→	₹4.27k Cr	cover 142%
Net leverage	1.30x	→	0.67x	-0.63x
Enterprise value	₹2.38k Cr	→	₹3.29k Cr	+₹912 Cr
Growth + margin	12	→	21

Covenant headroom2.33x below the 3x ceiling

3x covenant

scenario 0.67xtoday 1.30x (line)