BAJEL

Bajel Projects share price & financials

Price
₹204.68
Market cap
₹2.1k Cr
Sector
Capital Goods
Calls analysed
1
Latest concall · Q4 FY26 · call held 29 May 2026

Bajel Projects Q4 FY26

FY26 Revenue from Operations ₹2,792 cr +7%FY26 EBITDA ₹125 cr +38%FY26 EBITDA Margin 4.4% FY26 Profit After Tax ₹27 cr +74%

What went well

  • FY26 Revenue from operations grew to INR2,792 crores, a 7% increase.
  • FY26 Profit after tax expanded to INR27 crores, a 74% growth.
  • FY26 EBITDA grew to INR125 crores, with a margin improving from 3.4% to 4.4%.

What to watch

  • Temporary moderation in ordering activity in FY26 due to capacity and bandwidth.
  • Commodity price volatility (steel, zinc) and geopolitical uncertainty impacted margins.
Read the full call →

What Bajel Projects Limited does

Bajel Projects is an EPC (engineering, procurement and construction) contractor and manufacturer serving India's power transmission and distribution sector, demerged from Bajaj Electricals in 2022 and listed separately on the BSE/NSE in December 2023. It designs, builds and commissions transmission lines and AIS/GIS substations ranging from 132 kV up to 765 kV, and constructs distribution infrastructure including overhead lines and underground cabling, for customers such as PGCIL and state transmission/distribution utilities. Its Ranjangaon (near Pune, Maharashtra) manufacturing facility produces transmission towers, monopoles, high masts and lighting poles, and also offers third-party galvanizing services. The company additionally executes EPC contracts and supplies products internationally, including projects and a joint venture in Africa (Zambia, Togo, Kenya) and the Middle East (Saudi Arabia).

Segments

  • Power Transmission
  • New Energies (formerly Power Distribution)
  • International Business
  • Manufacturing Unit
Employee strength (as on 31 Mar'26)
822
Track record in power infrastructure
25+ years of EPC and manufacturing experience
International footprint
Product supply and/or EPC execution in 8+ countries, including Kenya, Togo, Zambia, Ghana, UAE, Nepal and Saudi Arabia
Manufacturing facility
1 facility, at Ranjangaon (near Pune), producing towers, monopoles, high masts and lighting poles with an in-house galvanizing unit
Transmission lines commissioned (cumulative)
9,823+ ckm
AIS/GIS substation works executed (cumulative)
49+
Employees 822 (2026-03-31) Company website

Guidance record · Q4 FY26

what the last two calls moved 8 tracked 0 delivered 0 missed 8 open
  • FY27 Revenue Growth open said Q4 FY26 Promised: upwards of 15% Q4 FY26: Targeting anywhere upwards of 15% revenue growth for FY27.

All 8 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 6.7%, net profit up 59.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue662 622 801 608 614 −7%562 −10%1,008 +26%567 −7%
EBITDA17 15 21 16 20 +22%25 +69%31 +47%19 +15%
Net profit4 1 5 3 4 −2%-0 −129%14 +193%5 +60%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −7.7% 1Y

₹140₹160₹180₹200₹220Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q4 FY26 — 29 May 2026

1Y: ₹194.98 on 10 Sept 2025 → ₹179.89. High ₹224.57 (19 Sept 2025), low ₹137.27 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
+6.0%
29 May

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 54.5% a year over 2 years, FY24 to FY26. Operating margin widened to 3.3%.

Year endingFY24FY25FY26
Revenue₹1.2k Cr₹2.6k Cr₹2.8k Cr
Operating profit₹10 Cr₹59 Cr₹92 Cr
Operating margin0.9%2.3%3.3%
Interest₹19 Cr₹54 Cr₹63 Cr
Depreciation₹6 Cr₹13 Cr₹21 Cr
Net profit₹4 Cr₹15 Cr₹20 Cr
Net margin0.4%0.6%0.7%
Cash from operations₹195 Cr₹69 Cr₹21 Cr
Free cash flow₹168 Cr₹35 Cr₹-13 Cr
ROCE—12.0%11.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY23FY24FY25FY26
Equity capital₹23 Cr₹23 Cr₹23 Cr₹23 Cr
Reserves₹534 Cr₹543 Cr₹502 Cr₹724 Cr
Borrowings₹1 Cr₹15 Cr₹113 Cr₹367 Cr
Other liabilities₹377 Cr₹762 Cr₹1.3k Cr₹1.4k Cr
Total liabilities₹935 Cr₹1.3k Cr₹1.9k Cr₹2.5k Cr
Fixed assets₹48 Cr₹69 Cr₹106 Cr₹108 Cr
Capital work in progress₹1 Cr₹0 Cr₹7 Cr₹7 Cr
Investments₹0 Cr₹3 Cr₹0 Cr₹66 Cr
Other assets₹887 Cr₹1.3k Cr₹1.8k Cr₹2.4k Cr
Total assets₹935 Cr₹1.3k Cr₹1.9k Cr₹2.5k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −1.10 pp while the public added +0.91 pp. The shareholder count shrank 3% to 83,063.

Promoters
62.5%
FIIs
0.5%
DIIs
9.2%
Public
27.7%

Since Jun 2025

  • DIIs −1.10 pp
  • Public +0.91 pp
  • FIIs +0.21 pp

How it drifted, 12 quarters

Over this window the public went from 14.7% to 27.7% — +13.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 62.9%, FIIs 10.5%, DIIs 12.0%, Public 14.7%.Dec '23: Promoters 62.9%, FIIs 10.5%, DIIs 12.0%, Public 14.7%.Mar '24: Promoters 62.8%, FIIs 0.5%, DIIs 8.1%, Public 28.7%.Jun '24: Promoters 62.7%, FIIs 0.3%, DIIs 7.8%, Public 29.2%.Sep '24: Promoters 62.6%, FIIs 0.5%, DIIs 8.3%, Public 28.6%.Dec '24: Promoters 62.6%, FIIs 0.3%, DIIs 9.5%, Public 27.6%.Mar '25: Promoters 62.6%, FIIs 0.3%, DIIs 9.6%, Public 27.5%.Jun '25: Promoters 62.6%, FIIs 0.3%, DIIs 10.3%, Public 26.8%.Sep '25: Promoters 62.5%, FIIs 0.7%, DIIs 8.7%, Public 28.1%.Dec '25: Promoters 62.5%, FIIs 0.4%, DIIs 9.1%, Public 28.0%.Mar '26: Promoters 62.5%, FIIs 0.5%, DIIs 9.6%, Public 27.4%.Jun '26: Promoters 62.5%, FIIs 0.5%, DIIs 9.2%, Public 27.7%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Bajel Projects Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Jamnalal Sons Pvt Ltd 19.49%unchanged
Bajaj Holdings And Investment Limited 16.54%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund9.01%unchanged
Kiran Bajaj 6.52%unchanged
Geetika Bajaj 1.87%unchanged
Vanraj Bajaj 1.59%unchanged
Shekhar Bajaj 1.57%unchanged
Pooja Bajaj 1.33%unchanged
Baroda Industries Private Limited 1.22%unchanged
Hind Musafir Agency Ltd. 1.11%unchanged
Manish Santoshkumar Kejriwal 1.07%unchanged
Niraj Bajaj 0.98%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in BAJEL

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹202 Cr
3 schemes
Biggest holder
Nippon India Small Cap Fund
₹119 Cr · 0.1% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹119 Crheld
Nippon India Power & Infra Fund Nippon India Mutual Fund₹69 Crheld
Nippon India Retirement Fund - Wealth Creation Scheme Nippon India Mutual Fund₹14 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+15%
vs est. average cost
Held by funds
₹202 Cr
3 schemes · ≈ 10% of the company
Biggest holder
Nippon India Small Cap Fund
₹119 Cr · 0.1% of that fund

Shares held by these funds +240%

Sep '23 1.04 cr shares Jul '26

Learn to analyse Bajel Projects Limited

Guides on how to read this kind of business and the numbers that matter.