Bajel Projects Ltd Q1 FY26 – Freshly Carved EPC Player With ₹2,792 Cr Order Book and 188x P/E, Is This Engineering or Stand-Up Comedy?
1. At a Glance
Imagine spinning off Bajaj Electricals’ EPC division, dressing it up in safety helmets, and sending it to the stock market catwalk. That’s Bajel Projects. In just two years, it’s electrified 50,000+ villages, strung 7,900 km of transmission lines, and bagged ₹2,792 crore worth of orders. Yet, at a nosebleed 188x P/E, the market treats it like a Tesla of transmission towers—while profits are still in Hero Splendor mode.
2. Introduction
Incorporated in 2022, Bajel Projects is the Gen-Z of the Bajaj Group—young, energetic, and still figuring out how to pay bills without borrowing too much. Born out of Bajaj Electricals’ EPC arm, it handles everything from designing 765kV transmission lines to wiring villages where Wi-Fi is still a dream.
If Bajaj Auto makes bikes, Bajel builds the roads for those bikes to get electricity to charge EVs in the future. It’s the “infrastructure cousin” in a family otherwise known for fans, toasters, and finance.
But being new comes with baggage. Margins barely at 2.5%, ROE at 2.7%, and an order book skewed 85% towards transmission lines. The company’s earnings include chunky “other income” (₹27.6 Cr in FY25)—which makes PAT look like it borrowed a wig from a wealthier cousin.
Still, the narrative is spicy: massive order inflows, global projects in Kenya and Zambia, and a plan to double galvanization capacity. The market? Already valuing it like it’s a Siemens, ignoring the fact that its profit pool is thinner than a roadside cutting chai.
3. Business Model – WTF Do They Even Do?
Think of Bajel as your neighborhood electrician—except this guy does 400kV substations instead of fixing your tube light. The company operates across four verticals:
Transmission EPC – Stringing wires at 132 kV to 765 kV. Fancy words for carrying electricity from point A to point B. They’ve already built 7,900+ ckm of these lines.
Distribution EPC – Bringing electricity to your home. 50,000+ villages lit, 26 lakh service connections installed. Basically, the Tinder of electricity—connecting supply with demand.
International EPC – Projects in Kenya, Togo, Zambia. Exporting monopoles because why should Africa only import cricket coaches from India?
Manufacturing – Pune unit churning out 30,000 MTPA of lattice towers, 15,000 MTPA poles, and 5,000 MTPA galvanized products.
Order book heavyweights: 85% transmission, 14% distribution, 1% international. The imbalance screams: “We’re a one-trick pony, but what a trick!”
