Nature of the Disclosure

This document is an investor presentation and regulatory filing submitted to BSE Limited and the National Stock Exchange of India Limited, detailing the standalone financial results of Bajel Projects Limited for the fourth quarter and financial year ended March 31, 2026. It was signed and submitted by Amee Bharatbhai Joshi, Company Secretary & Chief Compliance Officer, on May 27, 2026.

Key Financial Figures (Standalone)

Quarterly Performance (Q4 FY26 vs. Q4 FY25)

  • Revenue from Operations: ₹1,008 crore (up 26% from ₹801 crore)
  • Other Income: ₹7 crore (up 2% from ₹7 crore)
  • Total Income: ₹1,015 crore (up 26% from ₹808 crore)
  • Total Expenditure: ₹977 crore (up 25% from ₹781 crore)
  • EBITDA: ₹38 crore (up 39% from ₹27 crore); Margin: 3.7% (vs. 3.4%)
  • Profit Before Tax & Exceptional Items: ₹19 crore (up 193% from ₹6 crore)
  • Net Profit: ₹16 crore (up 226% from ₹5 crore)
  • Earnings Per Share (Basic): ₹1.36 (up 224% from ₹0.42)
  • Earnings Per Share (Diluted): ₹1.35 (up 221% from ₹0.42)

Annual Performance (FY26 vs. FY25)

  • Revenue from Operations: ₹2,792 crore (up 7% from ₹2,598 crore)
  • Other Income: ₹27 crore (down 13% from ₹31 crore)
  • Total Income: ₹2,819 crore (up 7% from ₹2,629 crore)
  • Total Expenditure: ₹2,694 crore (up 6% from ₹2,539 crore)
  • EBITDA: ₹125 crore (up 38% from ₹90 crore); Margin: 4.4% (vs. 3.4%)
  • Profit Before Tax & Exceptional Items: ₹42 crore (up 73% from ₹24 crore)
  • Exceptional Item: ₹8 crore (vs. ₹0 crore)
  • Profit Before Tax: ₹34 crore (up 41% from ₹24 crore)
  • Tax: ₹7 crore (down 19% from ₹9 crore)
  • Net Profit: ₹27 crore (up 74% from ₹15 crore)
  • Earnings Per Share (Basic): ₹2.33 (up 74% from ₹1.34)
  • Earnings Per Share (Diluted): ₹2.32 (up 75% from ₹1.33)

Operational & Strategic Highlights

Project Execution & Commissioning

  • Commissioned 1,168 circuit kilometers (ckm) of transmission lines in FY26, representing approximately 10% of India's total commissioning of 12,139 ckm.
  • Completed 17 projects during the year, including the 765 kV D/C Navsari-Phadge line (194 ckm), the 400/220 kV 500 MVA GIS Substation at Jalpura (Greater Noida), and the 400 kV D/C Navsari-Magarwada line (263 ckm).
  • In the New Energies (Distribution) business, constructed 2,652 ckm of High Tension line and 9,937 ckm of Low-Tension line, and installed 5,058 distribution transformers.

Order Book & New Wins

  • Unexecuted Order Book as of March 31, 2026: ₹4,200 crore.
  • Major orders secured after March 31, 2026:
  • ₹300+ crore for construction of a 400kV transmission line under the Bellary-Davanagere RE evacuation scheme.
  • First ₹400+ crore Ultra-Mega Order from a MENA region-based international client for a 500 kV Overhead Transmission Line.
  • ₹300+ crore for construction of a 765kV New AIS Substation at Pune East with Bay Extension works at Karjat SS and Lonikand-II SS.

Strategic Initiatives & Expansions

  • Saudi Arabia Joint Venture: Executed a 50:50 JV agreement with Al-Sharif Contracting & Commercial Development Co. Ltd in the Kingdom of Saudi Arabia.
  • NIIF Collaboration: Established a collaboration framework with the National Investment and Infrastructure Fund (NIIF) and its subsidiary, Anantgrid Private Limited, for jointly bidding and developing power transmission projects in India.
  • Manufacturing Expansion: Announced a ₹170 crore capital expenditure to expand galvanization capacity at the Ranjangaon plant to 110,000 MTPA. The facility produced 56,514 MT in FY26.

Dividend Declaration

  • Declared a dividend of ₹0.6 per share for the first time, representing a 30% payout on the face value.

Credit Rating

  • Holds a 'CRISIL A/ Stable & CRISIL A1' rating as of December 2025, reaffirmed by CRISIL.

Management Commentary

Managing Director & CEO Rajesh Ganesh stated that FY26 was a "defining year," highlighting a pivot toward "Quality of Earnings," selective execution of high-value projects, and a strong foundation for sustainable growth across all businesses, supported by the strategic initiatives.

Forward-Looking Strategy: RAASTA 2030

The presentation outlines a 6-year strategic roadmap with targets including double-digit revenue growth, high single-digit EBITDA margins, and over 15% Return on Capital Employed. It cites significant government investment forecasts for transmission infrastructure (₹4.25 lakh crore for 2022-27 and ₹4.90 lakh crore for 2027-32) and growing electricity demand as key growth drivers.

Leadership & Governance

The document lists the Board of Directors, led by Chairman Shekhar Bajaj, and the senior leadership team, including MD & CEO Rajesh Ganesh and CFO Nitesh Bhandari.

Investor Relations Contact

Tanya Verma, Investor Relations Manager. Email: Investor.relations@bajelprojects.com.