1. At a Glance – Power EPC Ya Patience Test?
Welcome to Bajel Projects Ltd, where ₹2,585 Cr revenue meets ₹15.9 Cr profit and somehow the market still gives it a P/E of 110. Yes, you read that right—this is not a typo, this is optimism on steroids.
Current price: ₹151
Market cap: ₹1,744 Cr
3-month return: -14% (investors clearly need therapy)
ROE: 2.5% (even FD laughs quietly in the corner)
ROCE: 12.1% (okay, at least trying)
Now let’s talk Q3 FY26 — the latest quarterly results:
- Revenue: ₹562 Cr (down YoY)
- EBITDA margin: improved to 5.6%
- PAT: ₹4.51 Cr (still struggling like Monday morning motivation)
So what’s happening here?
Margins are improving. Execution is happening. Orders are flowing.
But profit? Still behaving like that one friend who promises to come but never shows up.
And yet, the market is pricing this like a future superstar.
Question for you:
Is this a turnaround story… or just a well-dressed construction company with low margins?
2. Introduction – Bajaj Group Ka Beta, But Marks Abhi Average
Let’s set the stage.
This company didn’t organically grow over decades. It was carved out of Bajaj Electricals Ltd in 2022. So basically, Bajaj said:
“Beta, jao… power EPC mein naam kamao.”
And now Bajel is out there building transmission lines, substations, and global EPC dreams.
But here’s the catch.
EPC (Engineering, Procurement, Construction) business is like Indian weddings:
- Huge contracts
- Big promises
- Long timelines
- And profits? Very thin margins after everything settles
Even the CRISIL report politely says:
- Profitability is “modest”
- Working capital is “large”
- Interest coverage is “moderate”
Translation:
“Company is doing fine… but don’t expect fireworks yet.”
However, not
