Financial Performance Summary (Standalone, Rs. in Crores)

| Particulars | Q4 FY26 | Q4 FY25 | YoY % | FY26 | FY25 | YoY % |

| EBITDA* | 38 | 27 | 39% | 125 | 90 | 38% |

| EBITDA Margin % | 3.7% | 3.4% | — | 4.4% | 3.4% | — |

| Profit Before Tax and Exceptional Items | 19 | 6 | 193% | 42 | 24 | 73% |

| Profit After Tax | 16 | 5 | 226% | 27 | 15 | 74% |

| EPS — Basic (Rs.) | 1.36 | 0.42 | 226% | 2.33 | 1.34 | 74% |

\*EBITDA includes other income

Quarterly Performance Analysis

For Q4 FY26, the Company achieved standalone revenue from operations of ₹1,008 Cr compared to ₹801 Cr in Q4 FY25, representing 26% year-on-year growth. The quarter demonstrated significant profitability improvement with Profit Before Tax and Exceptional Items of ₹19 Cr versus ₹6 Cr in the corresponding quarter of the previous year (193% increase). Profit After Tax rose to ₹16 Cr from ₹5 Cr, a 226% increase.

Annual Performance Analysis

For FY26, the Company delivered its strongest annual performance since listing with standalone revenue from operations of ₹2,792 Cr, showing healthy growth over the previous year. Profit Before Tax and Exceptional Items stood at ₹42 Cr against ₹24 Cr in the previous year, up by 73%. Profit After Tax reached ₹27 Cr against ₹15 Cr in the previous year, up by 74% year-on-year. EBITDA grew 38% YoY to ₹125 Cr from ₹90 Cr in FY25, with EBITDA margin expanding to 4.4% from 3.4% in FY25.

Key Order Wins and Strategic Milestones

Q4 FY26 Order Book Expansion:

  • MSETCL Ultra-Mega Order: Secured 400 Cr+ order from Maharashtra State Electricity Transmission Company Ltd. for high-voltage transmission EPC
  • Mandsaur Beawar Transmission Project: Won large order valued between 100 Cr – 200 Cr for high-voltage transmission assignments
  • Vindhyachal Pool Prayagraj Project: Secured ultra-mega order valued at 400 Cr+ for inter-state transmission infrastructure development

Strategic Partnerships:

  • NIIF & Bajel Collaboration: Signed tripartite arrangement with National Investment and Infrastructure Fund (NIIF) and AnantGrid for development of power transmission assets in India
  • Saudi Arabia Joint Venture: Entered 50:50 joint venture with Al Sharif Group to pursue power transmission and distribution opportunities in the Kingdom of Saudi Arabia

Dividend Declaration

The Board of Directors recommended a dividend of ₹0.60 per equity share (30% dividend payout on the face value of ₹2.0 per share) for the financial year ended March 31, 2026, subject to shareholder approval at the ensuing Annual General Meeting. This marks the Company's maiden dividend declaration.

Credit Rating

The Company reaffirmed its CRISIL A/Stable and CRISIL A1 ratings in December 2025, reflecting its strong business and financial risk profiles.

Management Commentary

Mr. Rajesh Ganesh, Managing Director & CEO, stated that FY26 was a defining year coinciding with the Bajaj Group completing 100 years of legacy. He emphasized the Company's deliberate pivot toward Quality of Earnings and selective execution of high-value projects, resulting in the strong financial performance. The landmark domestic order wins, entry into Saudi Arabia through the Al Sharif joint venture, and collaboration agreement with NIIF were highlighted as setting a strong foundation for sustainable, profitable growth across all businesses.

Corporate Background

Bajel Projects Limited is a Bajaj Group company and leading power infrastructure company with strong presence in Power Transmission and Power Distribution sectors. The Company was formerly part of Bajaj Electricals Limited under the EPC segment and is known for its project management skills and operational excellence.