Bajaj Steel Industries Ltd Q2FY26 – From Cotton Ginning to Global Grinning: ₹175 Cr Sales, ₹21 Cr Profit, and a ₹100 Cr Export Order That Made Nagpur Say “Gin-Gin Baby!”

1. At a Glance

Imagine a 63-year-old Nagpur-based engineering veteran that started by ginning cotton and now gins the nerves of competitors across 40 countries.Bajaj Steel Industries Ltd (BSIL)closedQ2FY26with a strong show —Sales ₹175 crore,PAT ₹21.3 crore, and a14.7% YoY sales growth. The stock trades at₹538, with amarket cap of ₹1,119 crore,P/E of 18.5x, andROCE of 21.3%.

In the last few days, the company announced not one, not two, butmassive export orders worth ₹100 crorefor cotton ginning equipment and another₹9 crore domestic orderfor pre-engineered warehousing structures. That’s not “gin and tonic” — it’s “gin and profit.”

But let’s not forget: the same stock was chilling at ₹988 less than a year ago and has now halved. Down37.6% YoY, the market seems hungover from its bonus issue (3:1 in Oct 2024). Still, the fundamentals remain as solid as the steel in their pre-fab buildings.

Nagpur ka Bajaj is no longer just a cotton machine maker — it’s a diversified engineering orchestra, exporting across continents and recently launching aBrazil subsidiary. Who knew a company making gin machinery would be this sober about numbers?

2. Introduction

Some companies build rockets; Bajaj Steel builds the machines that process the raw material that clothes the rocket engineers.

Incorporated way back in1961, BSIL has been quietly compounding for decades, a kind of industrial monk meditating with steel beams, electrical panels, and fire-fighting systems. For years, it was dismissed as a boring engineering firm making “cotton ginning” equipment. And yet, those who understood its niche — serving a global agricultural supply chain — have been laughing their way to the loom.

This Nagpur-based firm has transformed itself from a traditional ginning machinery player into a multi-vertical engineering powerhouse. Its tentacles now coverelectrical panels, pre-engineered buildings, heavy fabrication, fire-fighting systems, and power transmission products.Think of it as the “Bajaj of everything that spins, presses, bolts, or burns.”

While its peers chase shiny digital dreams, Bajaj Steel still finds joy in tangible metal. And surprisingly, the margins are impressive:OPM of 15.7%andNPM of 11%— far better than many tech bros running “asset-light” dreams.

So what’s the secret sauce? Let’s find out what this old-school industrialist is up to in FY26, apart from casually winning export orders the size of some startups’ entire valuations.

3. Business Model – WTF Do They Even Do?

Think of Bajaj Steel Industries as India’s ultimate “engineering thali.” It serves everything — ginning, pressing, electricals, prefabs, and even aerobridges. You can’t call it boring when one of its divisions literally buildspassenger boarding systems for airports.

Here’s the spread:

• Ginning Machinery Division– The crown jewel. Bajaj is the only company in the world manufacturing machinery forallginning technologies — Double Roller, Saw Gin, and Rotobar — under one roof. It’s like the Netflix of cotton equipment: all formats, one subscription.
• Continental Eagle Corporation Division (CEC)– Their collab with the American giant lets Bajaj manufacture and sell U.S.-designed cotton processing equipment in India. Essentially, the “Make in Nagpur” version of Alabama’s cotton legacy.
• Infrastructure Division– Designs and erects pre-engineered buildings, warehouses, solar module mounting structures, and prefab houses. If it’s made of steel and needs to stand up, Bajaj builds it.
• Electrical Division– Makes every kind of control and power panel imaginable — MCC, APFC, LT/HT, PLC/SCADA — basically everything you’d find in a power plant or factory control room.
• Heavy Engineering Division– Serves the steel, cement, and power sectors with fabricated structures. It even rolled outaerobridgesrecently — talk about taking cotton machinery to the skies!
• Fire Fighting Division– Because after you build steel buildings, you better also sell the sprinklers.
• Other Products– From conveyors to steel doors, furniture, and ducting systems — it’s a complete B2B engineering bazaar.

And the best part?48% of their revenue now comes from exportsacross40+ countriesincluding the U.S., Africa, Southeast Asia, and Europe. This isn’t your typical “Nagpur ka