Bajel Projects Ltd

Key development

• PFCCL issued LoI declaring AGPOPL the successful bidder for Lakadia Part-A TBCB transmission project.
• AGPOPL is a Bajel Projects NIIF joint venture holding 26% and 74% respectively.

Project scope

• Project comprises approximately 270 km of 765 kV double-circuit lines Halvad to Vadodara.
• Additional works at Halvad, Vadodara and South Olpad substations.

Strategic context

• Collaboration with NIIF and AnantGrid to pursue transmission opportunities via the TBCB route.
• The alliance supports India's target of 500 GW renewable capacity by 2030.

Ultra-mega order win

• Ultra-mega order valued at INR 600+ crore for TL05 765kV transmission line.
• Scope covers 765kV double-circuit lines linking Raigarh (Tamnar), Raigarh (Kotra) and Dharamjaygarh.
• Order expands Bajel’s high-voltage transmission order book.

Award details

• Awarding entity: PowerGrid Corporation of India Limited (via SPV WR-ER Part A Power Transmission Limited).
• Nature/scope: EPC contract for 765 kV transmission line construction under TL05 package.
• Scope details: Bypasses, LILO, and inter-regional expansion works.
• Contract value: Ultra Mega Order; value not disclosed.
• Domestic vs international: Domestic entity.
• Time period: 33 months from award notification.
• Significant terms: 33-month EPC; TBCB route; WR-ER inter-regional expansion; ordinary course.
• Promoter interest: No.
• Related party transaction: Not applicable.

AGM details

• AGM held on August 10, 2026 at 03:00 p.m. IST via VC/OAVM.
• Record date for e-voting: August 3, 2026.
• Remote e-voting open Aug 5–9, 2026; AGM voting available for those not voting earlier.
• Total shareholders on record date: 84,166.
• Attendance via VC: Promoter group 43; Public 47.
• Voting results and scrutinizer report uploaded on company website.

Key resolutions

• Receive, consider and adopt Audited standalone and Consolidated financial statements with reports.
• Re-appoint a director by rotation.
• Declare final dividend for the year ended March 31, 2026.
• Authorize board to borrow up to Rs 5,000 crore under section 180(1)(c).
• Authorize creation of mortgage/charge on assets up to Rs 5,000 crore.
• Ratify remuneration of Cost Auditors for FY 2027.
• Appoint Ms. Pooja Bajaj as Non-Executive and Non-Independent Director.
• Approve payment of commission to Non-Executive Directors.

Voting results

• Item 1: Passed with 99.9998% in favour.
• Item 2: Passed with 99.9804% in favour.
• Item 3: Passed with 99.99998% in favour.
• Item 4: Passed with 87.0583% in favour (Special).
• Item 5: Passed with 87.2507% in favour (Special).
• Item 6: Passed with 99.99897% in favour.
• Item 7: Passed with 99.99945% in favour.
• Item 8: Passed with 99.99895% in favour.

Dividend

• Final dividend declared for equity shares.

Director changes

• Rajesh Ganesh retires by rotation; offers for re-appointment.
• Pooja Bajaj appointed as Non-Executive and Non-Independent Director.

Auditor appointments

• Remuneration of Cost Auditors for FY 2027 ratified.

Other material approvals

• Borrowing authority up to Rs 5,000 crore approved.
• Creation of mortgage/charge on assets up to Rs 5,000 crore approved.

AGM Details

• AGM held on 10 August 2026 at 3:00 PM IST via VC/OAVM.
• Record date for e-voting: 3 August 2026.
• Remote e-voting window: 5–9 August 2026.
• Meeting duration: 3:00 PM to 4:15 PM IST.
• Quorum was present at the meeting.

Resolutions and outcomes

• Adopt audited standalone and consolidated financials; ordinary resolution; approved.
• Re-appoint Rajesh Ganesh, retiring director, by rotation; ordinary resolution; approved.
• Declaration of final dividend; ordinary resolution; approved.
• Borrowing authorization up to ₹5,000 crores; special resolution; approved.
• Mortgage/charge on assets up to ₹5,000 crores; special resolution; approved.
• Remuneration of Cost Auditors for FY ending 31 March 2027; ordinary resolution; approved.
• Appoint Pooja Bajaj as non-executive, non-independent director; ordinary resolution; approved.
• Payment of commission to non-executive directors; special resolution; approved.

Director changes

• Independent director Dr. Rajendra Prasad Singh passed away on 16 July 2026.
• Ms. Pooja Bajaj appointed as non-executive, non-independent director.

Orders secured

• Two EPC orders from POWERGRID under WR-ER Inter-Regional Network Expansion Scheme.
• TL06: 400kV D/C line, Jamshedpur to Ranchi, LILO with PPSP.
• TL02: 765kV D/C line, Raigarh–Tamnar to Jamshedpur, Part-II.
• Total order value: INR 400 Cr+ and INR 300 Cr+.
• Projects enhance WR-ER inter-regional power evacuation.
• Management notes these are among Bajel's largest transmission-line wins.
• Execution capability across 400kV and 765kV systems.

Award details

• Awarding entity: PowerGrid Corporation of India Limited on behalf of SPV WR ER Part A Power Transmission Limited.
• Nature and scope: EPC contract for TL06 transmission line works (Ranchi-New to Jamshedpur, 400kV D/C Twin Moose/HTLS).
• Value: Mega Order in Rs 300-400 Cr range inclusive of GST.
• Awarding entity type: Domestic entity.
• Timeline: 27 months from date of issuance of Notification of Award.
• Significant terms: Tariff Based Competitive Bidding (TBCB) route.
• Promoter/related party: No promoter interest; not a related party transaction.

Order details

• Awarding entity: PowerGrid Corporation of India Limited (PGCIL), for SPV M/s WR-ER Part A.
• EPC Transmission Line works: TL02 Raigarh (Tamnar) - Jamshedpur, 765KV D/C line Part-II.
• Order size: Ultra-Mega; Rs 400 Cr and above.
• Domestic entity awarded.
• Timeline: 33 months from date of Notification of Award.
• EPC contract under TBCB route for WR-ER Inter-Regional Network Expansion Part A.
• Promoter group has no interest; no related-party transaction.

Business Overview

• Core EPC and manufacturing player in Power Transmission, Power Distribution, and New Energies.
• Manufacturing hub at Ranjangaon supports towers, monopoles, high masts, lighting poles, galvanizing.
• Capex of ₹170 crore for phased expansion to 1,10,000 MT.
• ASC Bajel JV with AlSharif Group strengthens presence in MENA.
• 100% subsidiary Bajel TD Projects and Contracting LLC established in Abu Dhabi.
• RAASTA2030 six-year roadmap to scale international business and margins.
• Listed on Indian exchanges on 19 December 2023.

Key Operational Highlights

• Secured ₹200+ cr 765kV AIS Substation at Pune East with Bay Extensions.
• Bagged ₹200+ cr 400kV transmission line under Bellary‑Davanagere scheme.
• Commissioned Ananthapuram–Cuddapah 400kV D/C Transmission Line.
• First ₹400+ cr Ultra-Mega Order from EETC, Egypt for 500kV OHL.
• Secured ₹300+ cr GIS Substation for Data Center.
• Energized 44 of 46 villages in Togo project.
• Formalized 500 kV line agreements with EETC, Egypt.
• Manufacturing capacity expansion underway to 1,10,000 MT.
• UEOB at record highs as of 30 Jun 2026.
• Q1 revenue ₹566.9 cr; EBITDA ₹23.6 cr; margin 4.1%.
• Q1 PAT ₹4.5 cr; YoY growth 37%.
• FY27 revenue ₹2,792 cr; EBITDA ₹125 cr; margin 4.4%.
• Credit rating upgrade to CRISIL A+/Stable and A1 (Aug 2026).
• International footprint across 9+ countries.

Financial Performance

• Revenue from operations ₹566.9 cr; YoY decline 7% due to phasing.
• Total income ₹572 cr; EBITDA ₹23.6 cr.
• Depreciation ₹5.0 cr; Interest ₹11.8 cr.
• PBT ₹6.9 cr; Net profit ₹4.5 cr.
• FY26 revenue ₹2,792 cr; EBITDA ₹125 cr; Net profit ₹27 cr.
• Basic EPS ₹2.33; Diluted ₹2.32.

Capital Structure & Liquidity

• CRISIL upgrade: Long-term A+; Short-term A1 as of Aug 2026.
• Capex planned: ₹170 crore for capacity expansion and galvanizing upgrades.
• New JVs/Subs to fund international expansion (ASC Bajel JV; Abu Dhabi subsidiary).

Strategic Priorities & Outlook

• RAASTA2030 six-year roadmap with Year 0–2, 2–4, 4–6 phases.
• Aim: double-digit revenue growth, high single-digit EBITDA margins, >15% ROCE.
• Focus on niche HV segments, international product footprint, and selective EPC.
• Digitalization drive, center of excellence, and organized governance to improve margins.

Risks & Mitigation

• Execution phasing may defer revenue realization; mitigated by disciplined delivery and cost control.

Governance & Leadership

• Chairman: Shekhar Bajaj; MD & CEO: Rajesh Ganesh; Independent Directors include Radhika Dudhat.
• CFO: Nitesh Bhandari; Company Secretary & CCO: Amee Joshi.
• ASC Bajel JV (50:50) with AlSharif Group.
• Bajel TD Projects and Contracting LLC established as 100% subsidiary in Abu Dhabi.
• Listed on Indian exchanges on 19 December 2023.

Financial Highlights

• Standalone revenue Rs 566.9 crore; YoY -6.7%.
• Standalone PBT Rs 6.9 crore; PAT Rs 4.5 crore; EPS Rs 0.39.
• Consolidated revenue Rs 566.9 crore; PBT Rs 7.1 crore; PAT Rs 4.7 crore; EPS Rs 0.41.

Operational Developments

• Unexecuted order book at Rs 4,055 crore, highest since listing.
• Expansion into data centre segment and MENA region.
• Acquired equity stake in Anant Grid Projects One Private Limited; classified as associate.

Management Outlook

• Management notes execution strength; expects conversion of order book into growth.