Analysis: Bajel Projects Limited

What does Bajel Projects Limited do?

• Bajel Projects Limited is a listed Indian power infrastructure EPC (Engineering, Procurement, and Construction) company, formerly part of the Bajaj Electricals group.
• Operates in power transmission, distribution, monopole fabrication, and international infrastructure projects, with over 20 years of experience in India and global markets.
• Headquartered in Mumbai, with manufacturing units in Ranjangaon, Maharashtra, and operational presence in 7+ countries.

• Power Transmission: EHV (Extra High Voltage) transmission lines, substations (AIS/GIS), and underground cabling up to 765 kV.
• Power Distribution: Rural/urban electrification, feeder separation, and low-tension (LT) line projects under schemes like Saubhagya and DDUGJY.
• International Business: Turnkey EPC projects in Africa (Zambia, Togo) and the Middle East, including monopole transmission lines and rural electrification.
• Monopoles: Design, fabrication, and supply of high-voltage monopoles (up to 400 kV), with India's tallest monopole (92m height) manufactured in-house.

Growth thesis

Bajel Projects Ltd executes power transmission infrastructure projects and manufactures transmission towers, operating across domestic power transmission, new energies, and international markets. Key growth drivers include expansion into 765 kV EPC projects, a first Middle East order (~INR400 crores), and manufacturing capacity scaling to 110-120k metric tonnes by FY27. The company aims for 15%+ FY27 revenue growth, supported by an INR3,442 crore unexecuted order book and INR22,000 crore pursuit pipeline. Margin improvement from Project NEEV (digitization, cost control) and in-sourcing of manufacturing should offset commodity risks. Over 2-3 years, international diversification (MENA, GCC) and manufacturing scale will underpin growth, though execution risks on large projects like the INR700 crore Saswad order remain critical.

Why is Bajel Projects Limited stock rising?

• RAASTA 2030 strategic roadmap to position Bajel as a future-ready globally recognized player in power transmission infrastructure
• Targeting upwards of 15% revenue growth in FY27
• Aim to end FY27 with unexecuted order book of INR4,000–5,000 crores
• Secured orders over INR1,000 crores post March 2026, including first Middle East order (~INR400 crores for a 500 kV transmission line)
• L1 or in advanced negotiation on orders worth over INR2,000 crores

Research report

companyname: Bajel Projects Limited ticker: BAJEL sector: Power Transmission & Distribution Infrastructure (EPC and Products) Bajel Projects Limited is a focused power transmission and distribution infrastructure company. It was carved out of Bajaj Electricals Ltd through a demerger in 2022 and listed in December 2023. Its sole business is building the electrical grid: extra high voltage transmission lines, substations, underground cabling, and distribution networks. The company operates as a ...

Catalysts

capex, margin expansion, geographic expansion, order book surge

Growth guidance

FY27 revenue growth guided at upwards of 15%