Bajel Projects

Bajel Projects is undergoing a transformation guided by its RAASTA 2030 strategic roadmap, shifting from scale-led to quality-led growth. The focus is on disciplined bidding, execution excellence, and operational margins. This strategy aims to position Bajel as a future-ready and globally recognized player in the power transmission infrastructure sector, building on the Bajaj Group's 100-year philosophy of integrity and community service.

India's power sector remains highly attractive, targeting 900 gigawatts of non-fossil fuel capacity by 2036, requiring an estimated INR9 lakh crores investment by 2032. This growth is driven by renewable integration, growing electricity demand, and modernization of the national grid. Internationally, the Middle East, Africa, and parts of Southeast Asia are also experiencing a parallel investment cycle, with significant capital commitments like Saudi Arabia's Vision 2030, presenting selective opportunities for established EPC players.

In FY26, Bajel successfully commissioned 17 power transmission projects, completing 1,168 circuit kilometers, representing approximately 10% of India's total transmission line capacity addition. This was achieved despite significant challenges, including shifting trade policies, geopolitical uncertainty (US-Iran war), commodity price volatility (steel, zinc), currency depreciation, manpower shortages, and high oil/LPG prices affecting the supply chain.

The company's order outflow for FY26 increased by 55% YoY to INR3,100 crores. As of March 31, 2026, the unexecuted order book stood at INR3,442 crores. Post-March 2026, Bajel secured additional orders worth INR1,000 crores, including a INR400 crore order from the Middle East. The company is currently L1 on orders worth over INR2,000 crores and actively pursuing opportunities valued at INR22,000 crores, aiming for an unexecuted order book of INR4,000-5,000 crores by end of FY27.

Bajel announced a strategic collaboration with NIIF and AnantGrid Private Limited to jointly deliver power transmission projects in India, where Bajel will take a small equity stake and secure EPC agreements. Additionally, a 50-50 JV was formed with Al Sharif Contracting and Commercial Development Company Limited in Saudi Arabia, establishing a long-term platform for growth in the Middle East's electricity infrastructure market. These partnerships are expected to bring high-quality, large-scale projects and improve margins.

Bajel is investing INR170 crores in capex to expand its Ranjangaon manufacturing facility from 45,000 metric tonnes to 110,000-120,000 metric tonnes. This expansion, funded by INR120 crores in term loans and INR50 crores from internal investments, is phased, with the galvanizing bath ready by August 2026, TLT capacity increasing to 6,000 MT/month by end FY27/start FY28, and a new monopole line by end FY28. The strategy aims to in-source raw materials, protect margins, and ensure captive demand.

For FY26, standalone revenue grew 7% to INR2,792 crores, PAT increased 74% to INR27 crores, and EBITDA grew 38% to INR125 crores, with the margin improving to 4.4%. Q4 FY26 saw revenue of INR1,008 crores (+26% YoY) and EBITDA of INR38 crores (+39%). Net working capital stood at 124 days, and net debt to EBITDA improved to 2.8 times. Cash borrowings reduced from INR121 crores to INR31 crores. An increase in debtor days in Q4 was attributed to higher billing and a specific customer payment hold, which has largely been collected post-quarter.

In recognition of its strong performance and the Bajaj Group's 100-year milestone, the Board of Directors recommended a maiden dividend of INR0.60 per equity share for FY26. This represents a 30% dividend payout on the face value of INR2 per share, subject to shareholder approval.