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Bajel Projects Q2 FY27 Order Book Rises 48% to ₹5,001 Crore as Revenue Slips to ₹514 Crore

November 7, 2026 By Vedant Pandya 5 min read
Bajel Projects: high-voltage transmission towers beside a substation at sunrise
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Mumbai-based power transmission engineering, procurement and construction (EPC) company Bajel Projects Limited ended the September 2026 quarter with its highest-ever unexecuted order book of ₹5,001 crore, up 48% from ₹3,375 crore a year earlier. Standalone revenue from operations fell to about ₹514 crore from ₹614 crore. The Bajaj Group company filed its results with the stock exchanges on 6 November 2026. It blamed the lower revenue on delayed project starts linked to the war in the Middle East and domestic right-of-way issues.

Key Financials

According to the company’s press release and investor presentation, the standalone Q2 FY27 figures were:

  • Revenue from operations: about ₹514 crore, down 16% from ₹614 crore
  • Earnings before interest, tax, depreciation and amortisation (EBITDA): about ₹25 crore, against ₹30 crore, with the margin steady at 4.8%
  • Profit before tax (PBT): broadly flat at about ₹8 crore, with the margin rising to 1.5% from 1.3%
  • Profit after tax (PAT): broadly flat at about ₹6 crore

For the first half of FY27, revenue from operations was about ₹1,081 crore. EBITDA stood at about ₹49 crore with a 4.4% margin. PBT was about ₹15 crore and PAT about ₹10 crore, against about ₹12 crore and ₹9 crore a year earlier. The company said interest costs fell 31% year on year in the quarter, which it said drove PBT and PAT. It said the EBITDA margin held steady despite high commodity prices and other cost pressures.

Order Book

The unexecuted order book excludes goods and services tax (GST). Managing Director and CEO Rajesh Ganesh said it had reached about ₹6,500 crore as of the results date, after orders won in October. The largest of these is a set of letters of award worth ₹1,500 crore, including GST, from Lakadia A Power Transmission Limited. It covers 270 km of 765 kV double-circuit transmission lines from Halvad to Vadodara in Gujarat, plus works at the Halvad, Vadodara and South Olpad substations, to be completed in 36 months. Bajel disclosed the order as a related-party transaction, done at arm’s length with prior shareholder approval, because Lakadia A Power Transmission is an SPV transferred to AnantGrid Projects One, in which Bajel holds 26%.

In October the company also won two Tata Power substation orders in Mumbai, each valued at over ₹200 crore including GST. One covers 220 kV gas-insulated switchgear (GIS) at Salsette and Powai. The other covers 400 kV GIS at Dharavi and Ghatkopar. The Dharavi and Ghatkopar order is to be executed within 18 months of the purchase order. Power transmission makes up 85% of the order book on 30 September 2026, according to the presentation, with the balance in new energies and other segments.

Management Comment

Ganesh said the quarter reflected the company’s focus on margin discipline and on building a high-quality order book. He said that, while revenue for the quarter was modest, Bajel held its EBITDA margin steady despite cost pressures. Ganesh added that India continues to strengthen its transmission network to meet growing demand and support its clean energy goals. He said the company’s priorities for the coming quarters were to strengthen execution, improve efficiency and support profitable growth.

Policy Backdrop

Lakadia Part-A is an inter-state transmission scheme awarded through tariff-based competitive bidding (TBCB) to evacuate power from Lakadia (Phase-II: 7.5 GW), Jam Khambhaliya (Phase-II: 5.5 GW) and Jamnagar (Phase-I: 1 GW) in Gujarat. Inaugurating the Bharat Renewable Energy Summit & Expo 2026 on 2 November 2026, Prime Minister Narendra Modi highlighted the Green Energy Corridors of dedicated transmission lines and substations. He said the country is advancing to the next phase to strengthen transmission infrastructure.

About the Company

Bajel Projects was formed after demerging from Bajaj Electricals Limited, of which it was formerly the EPC arm. It works in power transmission and new energies, the segment formerly called power distribution.

The company runs a manufacturing facility at Ranjangaon that makes transmission line towers, monopoles and high masts. The Bajaj Group was founded in 1926 by Jamnalal Bajaj. According to its investor presentation, Bajel introduced India to its first 400 kV transmission line on monopoles for Power Grid Corporation of India (PGCIL). It also commissioned its first 765 kV air-insulated substation (AIS) bay extension, and won its first TBCB order as a developer in 2026, in collaboration with NIIF. Shekhar Bajaj is chairman of the board.

The Company’s Recent Pipeline

  • July 2026: signed an agreement in Cairo with the Egyptian Electricity Transmission Company (EETC) for Lot 1 and Lot 5 of a 500 kV overhead transmission line, valued at over ₹400 crore.
  • August 2026: AnantGrid Projects One Private Limited, owned 26% by Bajel and 74% by the National Investment and Infrastructure Fund (NIIF), was declared successful bidder for the Lakadia Part-A transmission scheme by PFC Consulting.
  • October 2026 (9 October): won the over ₹200 crore order for 220 kV GIS substations at Salsette and Powai in Mumbai.
  • October 2026 (26 October): won the Lakadia A order, its largest transmission order, and the Dharavi and Ghatkopar 400 kV GIS order.

Outlook

Ganesh said the order book of about ₹6,500 crore reflects healthy revenue visibility, and that the company will pursue opportunities aligned with its capabilities and return expectations. He said the priorities for the coming quarters are to strengthen execution and improve efficiency. The 36-month Lakadia A contract and the 18-month Dharavi and Ghatkopar package set the execution timelines for the largest October orders.

Official Sources

  1. Bajel Projects Limited – Press Release on Q2 and H1 FY27 Results (NSE, 6 November 2026): https://nsearchives.nseindia.com/corporate/BAJEL_06112026161025_PressReleaseontheFinancialResultssigned.pdf
  2. Bajel Projects Limited – Investor Presentation Q2 FY27 (NSE, 6 November 2026): https://nsearchives.nseindia.com/corporate/BAJEL_06112026161402_InvPresentationontheFinancialResultssigned.pdf
  3. Bajel Projects Limited – ₹1,500 Crore Order from Lakadia A Power Transmission (NSE, 26 October 2026): https://nsearchives.nseindia.com/corporate/BAJEL_26102026185258_IntimationunderReg30FinalSigned.pdf
  4. Bajel Projects Limited – AnantGrid Declared Successful Bidder for Lakadia Part-A (NSE, 21 August 2026): https://nsearchives.nseindia.com/corporate/BAJEL_21082026104923_coveringpressreleasesigned.pdf
  5. Bajel Projects Limited – 220 kV GIS Substation Order in Mumbai (NSE, 9 October 2026): https://nsearchives.nseindia.com/corporate/BAJEL_09102026205922_Pressreleasefinalmergedsigned.pdf
  6. Prime Minister’s Office – PM Inaugurates Bharat Renewable Energy Summit & Expo 2026 (2 November 2026): https://www.pmindia.gov.in/en/news_updates/pm-inaugurates-bharat-renewable-energy-summit-expo-2026/

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