BBajel ProjectsExecutive Cockpit
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Execution & Commissioning 360

The order-book delivery engine — the order book by line (765/400 kV lines, AIS/GIS substations, international EPC, distribution & new energies), the execution / billing wall at risk, and the delivery quality (milestone adherence / fabrication yield / commissioning) behind it.

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

₹390 Cr of the ₹2,928 Cr order-execution / billing wall is flagged at-risk against a ₹4,055 Cr order book (82% transmission). Defend the at-risk milestones and keep the book converting — on-time execution plus a book diversified beyond PGCIL/transmission is what the market values most.

6 of 6 headline metrics improving vs prior · still off target: Order-Book YoY Growth 15.0% vs 18.0%, Order-Book Cover 145.0% vs 150.0%, Milestone Adherence 92.0% vs 96.0%

Do now — ranked by urgency
  1. 1
    Defend the ₹390 Cr at-risk execution / billing wallAct now
    Why it matters

    Each slipped quarter on the ₹4,055 Cr book delays revenue and stretches the 214-day working-capital cycle — far cheaper to hold the schedule than to recover it.

    What's driving it
    • ₹390 Cr at risk of ₹2,928 Cr due to execute / bill (next 4 quarters)
    • Order-book YoY growth 15%, cover 145%
    FYI
    • Order book ₹4,055 Cr across 43 active order packages
    • Owner: BD & Tendering · Project Controls
    Open execution wall →
  2. 2
    ₹90 Cr of programs at risk — Q3 FY26Act now
    Why it matters

    Each lost order is confirmed order-book revenue visibility that won't repeat.

    What's driving it
    • renewal window Q3 FY26
    • Signal: Order-book risk
    FYI
    • Of ₹700 Cr of programs up for renewal in Q3 FY26, ₹90 Cr is at risk of non-repeat.
    • Owner: Head — Business Development & Tendering
    Act →▤ open the at-risk programs
  3. 3
    ₹120 Cr of programs at risk — Q4 FY26Act now
    Why it matters

    Each lost order is confirmed order-book revenue visibility that won't repeat.

    What's driving it
    • renewal window Q4 FY26
    • Signal: Order-book risk
    FYI
    • Of ₹1008 Cr of programs up for renewal in Q4 FY26, ₹120 Cr is at risk of non-repeat.
    • Owner: Head — Business Development & Tendering
    Act →▤ open the at-risk programs
  4. 4
    ₹80 Cr of programs at risk — Q1 FY27Act now
    Why it matters

    Each lost order is confirmed order-book revenue visibility that won't repeat.

    What's driving it
    • renewal window Q1 FY27
    • Signal: Order-book risk
    FYI
    • Of ₹570 Cr of programs up for renewal in Q1 FY27, ₹80 Cr is at risk of non-repeat.
    • Owner: Head — Business Development & Tendering
    Act →▤ open the at-risk programs
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↗ Where this connects — act / drill across
👥Clients & Utilities 360· renewal risk by account🔧Project / Job 360· programs that generate repeat orders💵Cash 360· contract billing & DSO👷Workforce 360· the plant force delivering on-time dispatch
● LiveBuilt forBD & Tendering · Key Accounts· defend & diversify the order bookCFO / Board· order-book quality & coverProject Execution· milestones & commissioning behind the book

The order book is Bajel's forward engine — ₹4,055 Cr across 43 active order packages, 82% transmission. This view is where it's converted: which order lines carry the book, which quarters are due to execute / bill and at risk, and whether delivery quality is holding up the promise.

Data backing: service_line (order book by line) · renewal (execution / billing wall) · kpi (order-book cover / milestone adherence) · ops_metric (utilization / milestones / incidents)
₹4,055 Cr
Order book
82% transmission
43
Active order packages
across 4 order lines
15%
Order-book YoY growth
cover 145%
11%
Blended contribution
vs ~11% company
1k
Monitored plant/site assets
fabrication · galv · erection · testing
The order book, by line

Order book by line

Power Transmission — 765/400 kV Lines is the deepest, highest-repeat line — 82% of the book is transmission (lines + substations).

Power Transmission — 765/400 kV Lines₹2,600 Cr · 18 packages
PGCIL / STU / private-developer EHV overhead lines — the core order book.
Repeat
115%
Contrib
11%
Power Transmission — AIS/GIS Substations (≤765 kV)₹724 Cr · 9 packages
Air- & gas-insulated substations up to 765 kV — higher-value scope. (Rows 1+2 = ₹3,324 Cr = 82%.)
Repeat
112%
Contrib
12%
Power Distribution & New Energies₹366 Cr · 12 packages
Rural / urban distribution, RE-evacuation & data-centre GIS — 9% of order book.
Repeat
108%
Contrib
9%
International EPC (MENA & Africa)₹365 Cr · 4 packages
Egypt 500 kV EETC, Saudi 50:50 JV, UAE WOS — 9% of order book.
Repeat
105%
Contrib
10%
The execution / billing wall

₹2,928 Cr due to execute · ₹390 Cr at risk

Next four quarters of order execution / milestone billing. At-risk = schedule-slippage or QA-hold risk.

Q3 FY26₹700 Cr due · ₹90 Cr at risk
Q4 FY26₹1,008 Cr due · ₹120 Cr at risk
Q1 FY27₹570 Cr due · ₹80 Cr at risk
Q2 FY27₹650 Cr due · ₹100 Cr at risk

Defend first: the ₹390 Cr at-risk slice. Every slipped quarter on the ₹4,055 Cr book delays revenue and stretches the 214-day working-capital cycle — far cheaper to hold the schedule than to recover it.

The diversification play

Diversify beyond transmission

Transmission is 82% of the book; the diversification lever is substations, international & data-centre GIS not yet grown out.

Power Transmission — 765/400 kV Lines is the base: 11% contribution and 115% repeat — the deepest book. The lever is attaching higher-value AIS/GIS substation, international & data-centre GIS scope to reduce single-segment concentration.

Power Transmission — 765/400 kV Lines is the moat: 18 sticky packages — repeat wins even at thin margin; the foot in the door for cross-capability upsell.

Non-transmission mix to target
18% → 25%
diversifying beyond PGCIL/transmission de-risks the book
Is the promise holding?

Delivery quality behind the book

The book only converts if delivery is good — these are the milestone, fabrication-yield & commissioning measures behind the order book.

Galvanizing utilization
98%
target 99%
Milestone adherence
92%
target 96%
Fabrication first-pass yield
96%
target 99%
Fabrication capacity util.
88%
target 95%
Critical project incidents (FY)
9
target 0