Bajel Projects Ltd Q2FY26 – From Bajaj’s Garage to India’s Transmission Highway, this EPC Newbie is Plugged Into High Voltage but Running on Low Amperes

1.At a Glance

Bajel Projects Ltd – the Bajaj family’s latest experiment in the electricity buffet – is a 2022-born EPC player already pulling ₹2,645 crore in sales, but with profits that could barely power a 40W bulb. The company’s September 2025 quarter saw revenue of ₹614 crore and PAT of ₹3.6 crore, down 7.3% and 1.6% QoQ respectively, with an OPM of 3.34% — an improvement, but still thinner than wafer paper.

At ₹180 a share and a market cap of ₹2,089 crore, Bajel trades at a nosebleedP/E of 163x, making even tech unicorns blush. Promoters hold62.55%, Bajaj family fingerprints are all over, and institutions – clearly fans of family legacies – own another 18%.

Debt is modest at ₹113 crore, debt-to-equity just 0.16, and ROCE a respectable 12.1%. But ROE? A sleepy 2.5%. The stock is down-22% over the past year. So yes, the Bajaj aura didn’t exactly electrify investors yet.

But who doesn’t love a power story? Especially one where Bajaj Electricals spun off its EPC arm, gave it a new suit, and said, “Beta, ab tu khud sambhal.”

2.Introduction – From Wires to Empires

Bajel Projects is the fresh-faced scion of the mighty Bajaj empire, carved out from Bajaj Electricals in 2022. Imagine the Bajaj clan looking at their 85-year-old electrical giant and saying, “EPC is not getting enough limelight; let’s list it separately and test investor patience.”

And here we are — Bajel Projects, an Engineering, Procurement, and Construction (EPC) player working on power transmission, distribution, and international projects. In short: they build the highways for electricity to travel, and occasionally export steel poles that hold up the system.

From 765kV transmission lines to village electrification drives, Bajel has dipped its cables into every socket. With an order book of₹2,792 croreand an ambition to deliver double-digit growth with high single-digit margins, it’s trying to go from “Bajaj ka chhota” to “Bajaj ka bada.”

But with margins stuck around 3% and “other income” contributing nearly a quarter of profits, you can’t help but wonder: is Bajel a power EPC story or a polite reminder that margins in this sector are thinner than your cable TV wire?

Still, let’s give credit where it’s due – Bajel has executed7,900+ circuit kmof transmission lines,40+ substations, and electrified50,000+ villages. Not bad for a two-year-old company, right? But in the EPC business, execution is only half the game; payment collection is the other half, and that’s where the real comedy begins.

3.Business Model – WTF Do They Even Do?

Alright, so whatdoesBajel Projects actually do? Think of it as the wedding planner for the power sector. You call them when you want a 400kV line to deliver electricity from your substation to your industrial park. They’ll design it, source the materials, put up the towers, connect the wires, test it, and vanish — after sending you a politely worded invoice worth crores.

Their business has four main circuits:

a) Power Transmission– Building and commissioning 132–765kV transmission lines. Bajel’s portfolio includes over7,900 ckmof lines and40+ substations, mostly for big clients like PowerGrid, Tata Power, and GETCO. These are high-ticket projects, but payments often come slower than government tender paperwork.

b) Power Distribution– Bajel lays underground cables, sets up substations, and brings electricity to rural and urban areas alike. The company claims26 lakh consumer connectionsand50,000 electrified villages, which sounds like “Make in India meets Bijli Bachao Yojana.”

c) International EPC– Bajel exports its towers and poles to7+ countries, with projects ongoing inKenya, Togo, and Zambia.Because when it comes to exporting Indian talent, why stop at IT engineers? Send the towers too.

d) Manufacturing– Pune hosts their factory that makesLattice Towers, Monopoles, High Masts, Lighting Poles, etc. Capacity stands at30,000