Financial Performance (Standalone, Rs. in Crores)

Q2 FY27 Results (Quarter Ended September 30, 2026)

  • Total Revenue from Operations: ₹514 Cr (compared to ₹614 Cr in Q2 FY26, representing a 16% decrease)
  • EBITDA: ₹25 Cr (includes other income; compared to ₹30 Cr in Q2 FY26, representing a 16% decrease)
  • EBITDA Margin: 4.8% (steady compared to 4.8% in Q2 FY26)
  • Profit Before Tax (PBT): ₹8 Cr (compared to ₹8 Cr in Q2 FY26, representing a 2% decrease)
  • Profit After Tax (PAT): ₹6 Cr (compared to ₹6 Cr in Q2 FY26, representing a 2% decrease)
  • Interest Costs: Reduced by 31% compared to the same period last year

H1 FY27 Results (Half Year Ended September 30, 2026)

  • Total Revenue from Operations: ₹1,081 Cr (compared to ₹1,221 Cr in H1 FY26, representing an 11% decrease)
  • EBITDA: ₹49 Cr (includes other income; compared to ₹55 Cr in H1 FY26, representing a 12% decrease)
  • EBITDA Margin: 4.4% (steady compared to 4.4% in H1 FY26)
  • Profit Before Tax (PBT): ₹15 Cr (compared to ₹12 Cr in H1 FY26, representing a 21% increase)
  • Profit After Tax (PAT): ₹10 Cr (compared to ₹9 Cr in H1 FY26, representing a 16% increase)

Operational Highlights

  • Unexecuted Order Book (UEOB): Achieved highest ever at approximately ₹5,000 Cr as of end Q2 FY27, representing 48% growth compared to end of Q2 FY26
  • Current UEOB: Approximately ₹6,500 Cr as of the date of this disclosure (November 6, 2026)

New Order Wins

During Q2 FY27, the company secured several significant contracts:

  • 500 kV transmission line agreement with Egyptian Electricity Transmission Company (EETC) worth ₹400 Cr+ (including GST)
  • Ultra-mega and mega orders under WR-ER Inter-Regional Network Expansion Scheme valued at approximately ₹1,600 Cr (including GST)

In October 2026 (post-quarter), the company secured additional orders:

  • Two orders for substation works in Mumbai from Tata Power valued at ₹200 Cr+ each (including GST)
  • Orders valued at approximately ₹1,500 Cr (including GST) for 765 kV transmission lines and substations in Gujarat, representing the company's largest order win in the power transmission segment

Management Commentary

Mr. Rajesh Ganesh, MD & CEO of Bajel Projects Ltd, commented on the results:

  • Attributed modest revenue performance to delayed start of projects resulting from war in the Middle East and domestic Right of Way (RoW) issues
  • Highlighted focus on margin discipline and building a high-quality order book
  • Noted that EBITDA margin remained steady despite high commodity prices and other cost pressures
  • Emphasized the company's role in India's power transmission network expansion to meet growing energy demand and support clean energy ambitions
  • Stated priorities for coming quarters: strengthen execution, improve efficiency, and support sustainable, profitable growth

Company Background

Bajel Projects Limited is an Engineering, Procurement and Construction (EPC) and manufacturing solutions company with domestic and international presence across Power Transmission and New Energies (formerly Power Distribution) sectors. The company was formerly the EPC arm of Bajaj Electricals Limited and continues to be part of the Bajaj Group.