BAJEL

Bajel Projects Limited

EPC contractor and manufacturer of high-voltage substations and transmission equipment

Industrials›Capital Goods›Electrical Equipment›Heavy Electrical Equipment

bajelprojects.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹167.75
Market cap
1,941 Cr
Stock P/E
88.0
P/B
2.60
ROE (FY26)
2.7%
ROCE (FY26)
8.3%
Operating margin (FY26)
2.8%
Debt / equity (FY26)
0.47
OCF / EBITDA (FY26)
21.6%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Bajel Projects (Bajel) builds high-voltage power transmission lines and substations in India on engineering, procurement and construction (EPC) contracts, and makes related products such as transmission towers and monopoles.

Company snapshot

31stBy market cap

Ranked among 38 companies in Heavy Electrical Equipment.

What we see

Concerns
  • ✗Net margin is very thin at 0.7% — little room for error if costs rise.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricMar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales801 Cr608 Cr614 Cr562 Cr1,008 Cr567 Cr
Operating expenses (approx.)781 Cr591 Cr591 Cr535 Cr977 Cr548 Cr
EBITDA21 Cr17 Cr23 Cr27 Cr31 Cr19 Cr
OPM %2.6%2.7%3.7%4.8%3.1%3.3%
Other income7 Cr8 Cr7 Cr5 Cr7 Cr5 Cr
Interest17 Cr16 Cr17 Cr16 Cr14 Cr12 Cr
Depreciation4 Cr5 Cr5 Cr5 Cr5 Cr5 Cr
Profit before tax6 Cr4 Cr6 Cr0.47 Cr17 Cr7 Cr
Tax %23.8%27.7%36.1%189.5%16.7%33.0%
Net profit5 Cr3 Cr4 Cr-0.42 Cr14 Cr5 Cr
EPS (₹)₹0.42₹0.26₹0.31₹-0.04₹1.22₹0.41

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2025Mar 2026TTM
Sales2,598 Cr2,792 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,539 Cr2,694 CrSign in free for the trailing twelve months
EBITDA59 Cr98 CrSign in free for the trailing twelve months
OPM %2.3%3.5%Sign in free for the trailing twelve months
Other income31 Cr27 CrSign in free for the trailing twelve months
Interest54 Cr63 CrSign in free for the trailing twelve months
Depreciation13 Cr20 CrSign in free for the trailing twelve months
Profit before tax24 Cr27 CrSign in free for the trailing twelve months
Tax %35.5%25.4%Sign in free for the trailing twelve months
Net profit15 Cr20 CrSign in free for the trailing twelve months
EPS (₹)₹1.34₹1.75Sign in free for the trailing twelve months
Dividend payout %0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2025Mar 2026
Equity capital23 Cr23 Cr
Reserves643 Cr724 Cr
Borrowings121 Cr350 Cr
Other liabilities1,288 Cr1,441 Cr
Total liabilities2,075 Cr2,538 Cr
Fixed assets (net)78 Cr90 Cr
CWIP0 Cr7 Cr
Investments82 Cr66 Cr
Inventories128 Cr139 Cr
Trade receivables971 Cr1,634 Cr
Cash & bank56 Cr24 Cr
Other assets762 Cr579 Cr
Total assets2,075 Cr2,538 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2025Mar 2026
Cash from operating activity69 Cr21 Cr
Cash from investing-128 Cr19 Cr
Cash from financing68 Cr-72 Cr
Net cash flow9 Cr-32 Cr
Free cash flow (OCF − Capex)35 Cr-13 Cr

Ratios

MetricMar 2025Mar 2026
ROCE %9.8%8.3%
ROE %2.3%2.7%
Debtor days136213
Inventory days2326
Days payable82166
Cash conversion cycle7873
OCF / EBITDA %n.m.21.6%
Debt / equity0.180.47
Current ratio1.131.20
Net debt / EBITDA1.103.34