Bajel Projects Q1 FY27 Results: Order Book Hits Record ₹4,055 Crore as Profitability Improves
Bajel Projects Limited has started FY27 with a strong improvement in profitability, despite a moderation in quarterly revenue due to project execution phasing. The company’s Q1 FY27 investor presentation highlights a record ₹4,055 crore unexecuted order book, new large domestic and international orders, improving margins, and expansion of its manufacturing and international operations.
The company said its Q1 performance reflects stronger execution discipline and cost management, while the order book provides a strong base for future growth.
Q1 FY27 Financial Performance
Bajel Projects reported standalone revenue from operations of ₹567 crore in Q1 FY27, compared with ₹608 crore in Q1 FY26. The company attributed the decline to the timing and phasing of project execution, with execution momentum expected to improve during FY27.
| Particulars | Q1 FY26 | Q1 FY27 | Change |
|---|---|---|---|
| Revenue from Operations | ₹608 Cr | ₹567 Cr | Down |
| EBITDA | ₹25 Cr | ₹24 Cr | Margin improved |
| EBITDA Margin | 4.0% | 4.1% | Improved |
| Profit Before Tax | ₹4 Cr | ₹7 Cr | +55%* |
| Net Profit | ₹4.5 Cr | ₹3.3 Cr | +36% |
| EPS – Basic | ₹0.29 | ₹0.39 | +34% |
*As reported in the company’s presentation.
The company reported EBITDA of ₹24 crore, with the EBITDA margin improving to 4.1% from 4.0% in the year-ago quarter. Management attributed the margin improvement to better operational efficiency, cost optimization and disciplined execution.
The company’s investor presentation also states that standalone profit after tax increased 37% year-on-year, supported by prudent working capital management.
Record ₹4,055 Crore Order Book
One of the biggest positives from the presentation is Bajel Projects’ order book.
The company’s unexecuted order book stood at ₹4,055 crore as of June 30, 2026, the highest level since its listing. This represents a 12% year-on-year increase and compares with ₹3,612 crore at the end of Q1 FY26.
The order book mix was:
- Power Transmission – 82%
- New Energies – 9%
- International EPC – 9%
The order book excludes GST and supply orders.
This gives Bajel Projects significant execution visibility for the coming quarters.
Major Orders Secured During Q1 FY27
Bajel Projects added several significant orders during the quarter.
₹400+ Crore Egypt Order
The company secured its first ₹400+ crore ultra-mega international order from Egypt for construction of a 500 kV overhead transmission line.
The project has been awarded by the Egyptian Electricity Transmission Company (EETC) and is funded by the European Bank for Reconstruction and Development (EBRD).
This order is particularly important because it strengthens Bajel Projects’ international EPC credentials and provides an entry point for potentially larger opportunities in the Middle East and Africa.
₹300+ Crore Data Centre Order
The company also secured a ₹300+ crore order for construction of a 400/220/33 kV GIS substation for a data centre.
The project includes construction of a GIS substation and associated transmission infrastructure.
The growth of data centres is creating new electricity transmission and distribution requirements, making this an attractive adjacent opportunity for power infrastructure companies.
₹200+ Crore Transmission Order
Bajel Projects secured a ₹200+ crore order for construction of a 400 kV transmission line under the Bellary–Davanagere renewable energy evacuation scheme.
The company also secured another ₹200+ crore project for a 765 kV new AIS substation at Pune East, along with bay extension works at Karjat and Lonikand-II substations.
Strong Execution in Power Transmission
Power transmission remains the company’s core business.
During Q1 FY27, Bajel Projects successfully commissioned the 400 kV double-circuit Ananthapuram–Kadapa transmission line, covering around 370 circuit kilometres.
The company is also executing the 400/220 kV Solapur pooling station and 400 kV bay extension, involving four 500 MVA AIS substations, as well as a 400 kV double-circuit transmission line between Siwani and Jind.
The company has experience across transmission voltage levels from 132 kV to 765 kV and is also pursuing opportunities in 800 kV HVDC projects.
International Business Gaining Momentum
International expansion is emerging as an important growth driver for Bajel Projects.
The company currently has EPC and product presence across nine-plus countries, with EPC projects in Kenya, Togo, Zambia and Egypt.
In Togo, the company has energized 44 of 46 villages under its rural electrification project. In Zambia, it completed a 132 kV single-circuit transmission line project for ZESCO in Lusaka.
The company has also incorporated Bajel T&D Projects and Contracting LLC, a wholly owned subsidiary in Abu Dhabi, to pursue opportunities across the GCC region.
In addition, Bajel Projects has incorporated ASC Bajel, a 50:50 joint venture with Al-Sharif Group, strengthening its presence in the MENA region.
Manufacturing Capacity Expansion
Bajel Projects is also investing in expanding its manufacturing capabilities.
Its Ranjangaon manufacturing facility near Pune produces transmission towers, monopoles, high masts, lighting poles and other structures. The facility also has an enclosed galvanizing unit.
Production increased from 28,007 MT in FY23 to 56,514 MT in FY26.
The company plans to increase manufacturing capacity to 110,000 MT, with the expansion being undertaken in three phases.
The first phase focuses on commissioning a new galvanizing bath, while subsequent phases will increase transmission tower and monopole manufacturing capacity.
Bajel Projects has committed approximately ₹170 crore of capex toward the overall expansion.
Power Infrastructure Opportunity Remains Large
The company sees a significant long-term opportunity from India’s increasing electricity demand and renewable energy capacity additions.
According to the investor presentation, India’s electricity demand is expected to continue growing, while large investments are required in transmission and distribution infrastructure to integrate new renewable capacity into the grid.
The presentation highlights government estimates of around ₹9.84 lakh crore of investment during 2027-36 to integrate renewable energy into India’s power grid.
The company also points to substantial planned investments in transmission infrastructure, including estimated investments of ₹4.25 lakh crore for 2022-27 and ₹4.90 lakh crore for 2027-32.
RAASTA 2030: Bajel’s Long-Term Growth Strategy
Bajel Projects has outlined a six-year strategic roadmap called RAASTA 2030.
The strategy focuses on improving execution, increasing margins, strengthening international operations and entering adjacent businesses.
Key priorities include:
- Improving project win ratios
- Enhancing EBITDA margins
- Digital transformation and greater use of IT and AI
- Selective international EPC projects
- Expanding international product supply
- Entering new adjacent businesses
- Building design and engineering capabilities
- Improving supply-chain and manufacturing efficiency
- Targeting niche, high-voltage segments
- Expanding internationally
Under the “Prepare for Scale” phase, the company targets double-digit revenue growth, high-single-digit EBITDA margins and ROCE above 15%.
Focus on New Energies and Data Centres
Bajel Projects has renamed its Power Distribution business as New Energies, reflecting its broader strategic direction.
The company is increasingly targeting infrastructure opportunities linked to renewable energy, data centres and grid modernization.
During Q1 FY27, it constructed 102 circuit kilometres of high-tension lines and 450 circuit kilometres of low-tension lines. It also secured the large data-centre substation order mentioned earlier.
This diversification could help the company reduce dependence on conventional transmission projects over the longer term.
25+ Years of Power Infrastructure Experience
Bajel Projects brings more than two decades of experience in power infrastructure.
The company highlights:
- 10,193+ circuit kilometres of transmission lines
- 80,582+ transformers installed
- 1,158+ monopoles supplied
- 49+ AIS/GIS substations
- 1,100+ km of underground cabling
- Product supplies across 9+ countries
- 56,514 MT of production in FY26
The company was separately listed on Indian stock exchanges in December 2023 following its demerger from Bajaj Electricals.
What Investors Should Watch
Bajel Projects’ Q1 FY27 presentation points to several important factors investors may want to track during FY27.
1. Order book execution: The ₹4,055 crore order book provides strong revenue visibility, but execution speed will determine how quickly it converts into revenue and profits.
2. Margin improvement: EBITDA margin has improved to 4.1%. The company’s RAASTA 2030 strategy targets significantly higher margins over the longer term.
3. International expansion: The Egypt order, Togo and Zambia projects, along with the Abu Dhabi subsidiary and MENA joint venture, could become important growth drivers.
4. Manufacturing expansion: Increasing capacity from 56,514 MT of FY26 production to a planned 110,000 MT could support both EPC requirements and external product sales.
5. Data-centre opportunity: The ₹300+ crore data-centre substation order highlights a potentially attractive new market for the company.