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Supply Chain & Commodities 360

The procurement & commodity lens — steel, zinc & aluminium (the margin swing factor), subcontract & erection, conductors, hardware & galvanizing inputs; terms, supply risk and the hedge, cash & continuity move for each input.

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

Steel, zinc & aluminium are the margin swing factor — 5 inputs sit at elevated risk with FY27 commodity-cost pressure flagged. Hedge and lock them, stretch payables to help fund the 214-day receivable cycle (₹61 Cr of cash), and consolidate the top tier before prices spike.

4 of 4 headline metrics improving vs prior · still off target: Contribution Margin 11.0% vs 13.0%, Revenue (FY26) ₹2,792 Cr vs ₹3,200 Cr, Cash Conversion Cycle 74d vs 60d

Do now — ranked by urgency
  1. 1
    Hedge & secure the 5 commodity-exposed inputsWatch
    Why it matters

    Steel — angles, plates & tubes (towers / poles) & Subcontractors — erection, civil & foundations & Aluminium & conductors (ACSR / AAAC) & Zinc — special high-grade (galvanizing) & Power, stores & MRO carry medium+ risk — steel & zinc are the biggest margin swing factor, and a fixed-price EPC contract lets a price spike compress the thin 4.4% EBITDA margin (FY27 pressure flagged).

    What's driving it
    • 5 of 6 inputs at medium+ risk
    • Avg OTIF 91% across the panel
    FYI
    • Lock steel / zinc volumes, apply price-escalation clauses & qualify alternates before a spike
    • Owner: Chief Procurement Officer (Steel / Zinc / Conductors)
    Plan sourcing →
  2. 2
    Stretch payables — fund the receivable cycleOpportunity
    Why it matters

    ₹61 Cr of cash stays in the business by moving DPO from 166d to the 175-day target on ₹2,455 Cr of spend — the deliberate WC lever that partly offsets 214 debtor days, no hit to margin.

    What's driving it
    • DPO 166d vs 175d target
    • ₹2,455 Cr spend across 6 input lines
    FYI
    • Long payables (150–170d) partly fund the receivable-heavy cycle
    • Owner: CFO · Treasury
    Capture cash →
  3. 3
    Consolidate the top tier for rebate and priority supplyOpportunity
    Why it matters

    Steel — angles, plates & tubes (towers / poles) (₹1,450 Cr) and Subcontractors — erection, civil & foundations (₹320 Cr) are 72% of spend — concentrating volume earns rebates and priority allocation.

    What's driving it
    • Top two partners = ₹1,770 Cr (72% of ₹2,455 Cr)
    • 6 partners total
    FYI
    • Negotiation priority for the next term cycle
    • Owner: Procurement · CFO
    Negotiate →
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● LiveBuilt forGroup CFO · Treasury· fund the WC cycle via payment termsChief Procurement Officer (Steel / Zinc / Conductors)· hedge commodities, consolidate spend & cut riskFabrication & sites· protect input continuity

₹2,455 Cr of steel, zinc, aluminium, subcontract & galvanizing inputs runs through 6 input lines — steel the single biggest line and the key margin driver (fixed-price EPC; steel/zinc spikes compress the thin margin, FY27 pressure flagged). This view turns that into two moves: a ₹61 Cr cash release from stretching payables, and a hedge-and-secure plan for the 5 commodity-exposed inputs whose price could squeeze the 4.4% EBITDA margin.

Data backing: supplier (spend, score, OTIF, reject %, DPO, risk) · kpi.dpo · kpi.revenue/gross_margin
Total spend
₹2,455 Cr
6 partners
Days to pay (DPO)
166d
target 175d
Cash from terms
₹61 Cr
stretch to 175d
Avg on-time (OTIF)
91%
delivery reliability
At supply risk
5
medium+ risk
Where the money goes

Spend by input

Two inputs are 72% of spend — the negotiation priorities.

The two moves

What to do this quarter

Stretch payables — fund the WC cycle
₹61 Cr
DPO 166d → 175d on ₹2,455 Cr of spend — the deliberate WC lever that partly offsets the 214-day receivable cycle. No hit to profit.
Owner: Group CFO · Treasury
Hedge & secure the commodity inputs
5 inputs
Steel — angles, plates & tubes (towers / poles) & Subcontractors — erection, civil & foundations & Aluminium & conductors (ACSR / AAAC) & Zinc — special high-grade (galvanizing) & Power, stores & MRO drive margin — lock volumes, apply price-escalation clauses & qualify alternates before an FY27 steel / zinc spike.
Owner: CPO (Steel / Zinc / Conductors)
Consolidate the top tier
₹1,770 Cr
Steel — angles, plates & tubes (towers / poles) (₹1,450 Cr) and Subcontractors — erection, civil & foundations (₹320 Cr) — concentrate volume for rebates and priority allocation.
Owner: Procurement · CFO
Partner by partner

Supplier scorecards

Each card: spend, reliability and the specific move.

Steel — angles, plates & tubes (towers / poles)
Steel (primary input) · ₹1,450 Cr spend
High
Score
84
OTIF
90%
Reject
1%
DPO
160d
Move: Hedge & secure — high risk, OTIF 90%. Lock volumes and apply price-escalation clauses on the most exposed inputs before a steel / zinc / aluminium spike compresses the thin 4.4% EBITDA margin (FY27 cost pressure flagged).
Subcontractors — erection, civil & foundations
Subcontract & erection · ₹320 Cr spend
Medium
Score
82
OTIF
88%
Reject
1.2%
DPO
170d
Move: Hedge & secure — medium risk, OTIF 88%. Lock volumes and apply price-escalation clauses on the most exposed inputs before a steel / zinc / aluminium spike compresses the thin 4.4% EBITDA margin (FY27 cost pressure flagged).
Aluminium & conductors (ACSR / AAAC)
Aluminium & conductors · ₹260 Cr spend
Medium
Score
83
OTIF
89%
Reject
0.8%
DPO
155d
Move: Hedge & secure — medium risk, OTIF 89%. Lock volumes and apply price-escalation clauses on the most exposed inputs before a steel / zinc / aluminium spike compresses the thin 4.4% EBITDA margin (FY27 cost pressure flagged).
Zinc — special high-grade (galvanizing)
Zinc & galvanizing · ₹180 Cr spend
High
Score
85
OTIF
92%
Reject
0.6%
DPO
150d
Move: Hedge & secure — high risk, OTIF 92%. Lock volumes and apply price-escalation clauses on the most exposed inputs before a steel / zinc / aluminium spike compresses the thin 4.4% EBITDA margin (FY27 cost pressure flagged).
Hardware, insulators & fittings
Hardware & fittings · ₹150 Cr spend
Low
Score
84
OTIF
91%
Reject
0.9%
DPO
150d
Move: Push terms — paying in 150d vs the 175-day target. Stretching payables on ₹150 Cr helps fund the 214-day receivable cycle at no cost to margin.
Power, stores & MRO
Power, stores & MRO · ₹95 Cr spend
Medium
Score
82
OTIF
94%
Reject
0.5%
DPO
140d
Move: Hedge & secure — medium risk, OTIF 94%. Lock volumes and apply price-escalation clauses on the most exposed inputs before a steel / zinc / aluminium spike compresses the thin 4.4% EBITDA margin (FY27 cost pressure flagged).
The full panel

Every supplier, one row

Spend, score, delivery, terms and risk.

SupplierCategorySpendScoreOTIFReject %DPORisk
Steel — angles, plates & tubes (towers / poles)Steel (primary input)₹1,450 Cr
84
90%1%160dHigh
Subcontractors — erection, civil & foundationsSubcontract & erection₹320 Cr
82
88%1.2%170dMedium
Aluminium & conductors (ACSR / AAAC)Aluminium & conductors₹260 Cr
83
89%0.8%155dMedium
Zinc — special high-grade (galvanizing)Zinc & galvanizing₹180 Cr
85
92%0.6%150dHigh
Hardware, insulators & fittingsHardware & fittings₹150 Cr
84
91%0.9%150dLow
Power, stores & MROPower, stores & MRO₹95 Cr
82
94%0.5%140dMedium