Bajel Projects Limited held its Board Meeting on November 6, 2026, which commenced at 1:30 PM and concluded at 2:50 PM. The Board approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, based on the recommendation of the Audit Committee.

Financial Performance (Standalone)

Quarter Ended September 30, 2026:

  • Total Income: ₹52,077.81 lakhs
  • Revenue from Operations: ₹51,410.51 lakhs (Net Sales: ₹49,618.92 lakhs; Other Operating Income: ₹1,796.59 lakhs)
  • Other Income: ₹667.30 lakhs
  • Total Expenses: ₹51,297.38 lakhs
  • Profit Before Tax: ₹780.43 lakhs
  • Total Tax Expense: ₹200.64 lakhs (Current Tax: ₹235.47 lakhs; Deferred Tax: ₹(34.83) lakhs; Tax in respect of earlier year: ₹0)
  • Profit for the Period: ₹579.79 lakhs
  • Total Comprehensive Income: ₹1,962.61 lakhs
  • Basic EPS: ₹0.50 (face value ₹2 per share)
  • Diluted EPS: ₹0.50

Half Year Ended September 30, 2026:

  • Total Income: ₹1,09,273.24 lakhs
  • Revenue from Operations: ₹1,08,098.68 lakhs
  • Profit Before Tax: ₹1,468.64 lakhs
  • Total Tax Expense: ₹434.07 lakhs (including ₹56.49 lakhs tax in respect of earlier year)
  • Profit for the Period: ₹1,034.57 lakhs
  • Total Comprehensive Income: ₹4,260.72 lakhs
  • Basic EPS: ₹0.89
  • Diluted EPS: ₹0.89

Financial Position (Standalone as at September 30, 2026)

  • Total Assets: ₹2,15,258.87 lakhs
  • Non-Current Assets: ₹40,976.96 lakhs
  • Current Assets: ₹1,74,281.91 lakhs
  • Total Equity: ₹63,457.22 lakhs (Equity Share Capital: ₹2,314.38 lakhs; Other Equity: ₹61,142.84 lakhs)
  • Non-Current Liabilities: ₹2,941.72 lakhs
  • Current Liabilities: ₹1,48,859.93 lakhs

Cash Flow (Standalone Half Year Ended September 30, 2026)

  • Net Cash from Operating Activities: ₹10,883.76 lakhs
  • Net Cash Used in Investing Activities: ₹(11,945.21) lakhs
  • Net Cash Used in Financing Activities: ₹(1,037.52) lakhs
  • Net Decrease in Cash: ₹(2,098.96) lakhs
  • Cash and Cash Equivalents at End: ₹273.15 lakhs

Financial Performance (Consolidated)

Quarter Ended September 30, 2026:

  • Total Income: ₹52,077.81 lakhs
  • Profit Before Share of JV/Associate and Tax: ₹780.43 lakhs
  • Share of Profit/(Loss) of Joint Ventures/Associate: ₹31.96 lakhs
  • Profit Before Tax: ₹812.39 lakhs
  • Profit for the Period: ₹611.75 lakhs
  • Total Comprehensive Income: ₹2,260.36 lakhs
  • Basic EPS: ₹0.53
  • Diluted EPS: ₹0.53

Half Year Ended September 30, 2026:

  • Profit Before Tax: ₹1,519.22 lakhs
  • Profit for the Period: ₹1,085.15 lakhs
  • Total Comprehensive Income: ₹(3,191.28) lakhs
  • Basic EPS: ₹0.94
  • Diluted EPS: ₹0.93

Key Notes and Disclosures

1. Business Segment: The company operates primarily in power transmission and distribution, constituting a single reporting segment.

2. Arbitration Proceedings: The company has ongoing/invoked arbitration proceedings against three customers for recovery of outstanding balances totaling ₹8,592.24 lakhs (net of provision) as of September 30, 2026. Based on legal evaluation, no further adjustments were considered necessary in the financial results.

3. Exceptional Items: For year ended March 31, 2026, exceptional items of ₹772.06 lakhs related to Impact of Labour Codes on employee benefits.

4. Associate Investment: During Q2 FY27, the company acquired 26% equity stake (₹7.03 lakhs) and invested ₹676 lakhs in Compulsorily Convertible Debentures of Anant Grid Projects One Pvt. Ltd., classified as an associate. The company's share of loss from the associate was ₹6.98 lakhs for Q2 and ₹9.82 lakhs for H1 FY27.

5. Joint Ventures: The consolidated results include 5 joint ventures (Bajaj Electricals Employees' Welfare Funds Fund no. 1-4 and Bajaj Electricals Employees' Housing Welfare Fund).