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 nosebleed P/E of 163x, making even tech unicorns blush. Promoters hold 62.55%, 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 crore and 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 executed 7,900+ circuit km of transmission lines, 40+ substations, and electrified 50,000+ 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 what does Bajel 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 over 7,900 ckm of lines and 40+ 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 claims 26 lakh consumer connections and 50,000 electrified villages, which sounds like “Make in India meets Bijli Bachao Yojana.”
c) International EPC – Bajel exports its towers and poles to 7+ countries, with projects ongoing in Kenya, 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 makes Lattice Towers, Monopoles, High Masts, Lighting Poles, etc. Capacity stands at 30,000 MTPA of towers, 15,000 MTPA each for poles and masts, and 5,000 MTPA of galvanized products.
So yes, Bajel Projects isn’t a glamorous business. It’s hard-hat, dust-on-the-face, invoice-pending kind of work — but vital for the country.
4. Financials Overview
| Metric | Latest Qtr (Sep 2025) | YoY Qtr (Sep 2024) | Prev Qtr (Jun 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 613.83 | 662.41 | 607.64 | -7.3% | +1.0% |
| EBITDA (₹ Cr) | 20.49 | 16.80 | 16.19 | +22.0% | +26.6% |
| PAT (₹ Cr) | 3.60 | 3.66 | 2.96 | -1.6% | +21.6% |
| EPS (₹) | 0.31 | 0.32 | 0.26 | -1.6% | +19.2% |
Commentary:
Revenue slipped YoY, but margins improved — perhaps due to better project execution or fewer “miscellaneous site delays.” PAT still hovers around ₹3–4 crore per quarter, which means the company’s annualized EPS is ₹1.24, giving a P/E of 145x–160x, which is basically “hope premium.”
5. Valuation Discussion – Fair Value Range Only
Let’s break down the math like a patient CA explaining to his client why profits ≠ cash.
Method 1: P/E Method
- EPS (TTM): ₹1.12
- Industry P/E: 47.5
- Bajel’s P/E: 163
If we assign a “sane” P/E band of 40x–60x, fair value range = ₹45–₹67 per
