BAJELIndustrials

Bajel Projects Limited

Heavy Electrical Equipment · ISIN INE0KQN01018 · BSE 544042 · NSE EQ · FV ₹2
Last price
₹173
+2.32%today
What this company does

Bajel Projects Limited operates in Heavy Electrical Equipment, part of the Industrials sector. It booked ₹567 cr of revenue in its latest quarter (Q1 FY27) and kept 0.8% of sales as profit.

The Company is a leading Engineering, Procurement and Construction (EPC) Company and has 4 business verticals which includes power transmission, power distribution, monopoles, international EPC.
In the report:
39out of 100
Equitytale Health Score
Strained

Healthier than 39% of companies in Industrials, on the 5 of 6 measures we could read for it. Each measure is ranked against the 60–290 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
40

At close. Not part of the score.

Profitability & returns24

How much profit it earns on the money it employs

Balance sheet26

How much it owes, and whether earnings cover the interest

Cash quality60

Whether reported profit actually arrives as cash

Valuation24

What today's price implies, against our models or its peers

Governance & risk90

How much of the promoters' stake is pledged, and how much they hold

Not measurable for this company: growth & consistency. Those pillars are left out of the score rather than counted as zero.

Is this company doing well?
not investment advice
Some things to watchPriced in line with peers
Strengths
Makes a profit
Profit up 60% vs last year
Promoters hold 63%
Turns profit into real cash
Watch-outs
! Thin 0.8% net margin
! Sales down 7% vs last year
! 2.6% of promoter stake pledged
! Low 2.5% return on equity

What if I invest in BAJEL?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹173 +2.32%
latest close · 2026-09-17
52-wk low ₹16542 sessions so far52-wk high ₹201
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio105.5High
LowAverageHigh
P/B ratio2.68Moderate
Below bookModerateHigh
EV / EBITDA24.7High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity2.5%Weak
WeakFairStrong ▸15%
Return on capital9.6%Fair
WeakFairStrong
Net margin0.8%Thin
ThinDecentStrong
EBITDA margin4.2%Thin
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.47Comfortable
LowModerateHigh ▸1
Interest cover1.6×Risky
RiskyOkayStrong ▸5×
Current ratio1.20Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹2,002 cr
Book value
₹65
EPS
₹0.41
latest quarter
Net debt
₹326 cr
owes more than its cash
Enterprise value
₹2,329 cr
EBITDA
₹94 cr
annualised
EBIT
₹75 cr
annualised
Operating margin
3.3%
Return on assets
0.7%
Earnings yield
0.95%
P/S
0.88
Sales / share
₹196.0
Tax rate
33.9%
Face value
₹2
Shares
11.6 cr
Working capital
₹357 cr
Current assets
₹2,119 cr
Current liabilities
₹1,761 cr
Delivery %
49.1%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2024 report & filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹44₹47, midpoint ₹45

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹567 cr
Other Income₹5 cr
Total Income₹572 cr
Cost of Materials₹402 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹-25 cr
Employee Benefit Expense₹41 cr
Finance Costs₹12 cr
Depreciation & Amortisation₹5 cr
Other Expenses₹130 cr
Total Expenses₹565 cr
Profit before Tax₹7 cr
Tax Expense₹2 cr
Share of JV / Associates₹18.6 L
Net Profit₹5 cr
Net margin on total income0.8%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹377 cr66.0%
Employee benefit expense₹41 cr7.1%
Finance costs₹12 cr2.1%
Depreciation & amortisation₹5 cr0.9%
Other expenses₹130 cr22.7%
Tax expense₹2 cr0.4%
Profit for the period₹5 cr0.8%
Total income ₹572 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue562 cr1,008 cr567 cr
Total income567 cr1,015 cr572 cr
Expenses557 cr996 cr565 cr
Profit before tax3 cr19 cr7 cr
Tax89.2 L3 cr2 cr
Net profit (owners' share)-42.2 L14 cr5 cr
Net margin (owners' share, on revenue)-0.1%1.4%0.8%
EPS (₹)-0.041.220.41
YoY (latest quarter): total income -7.2% · net profit +60.1%
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹2,538 cr
Shareholder equity
₹748 cr
parent shareholders
Total debt
₹350 cr
Cash
₹24 cr
Cash flow · H1 FY26
Operating
₹7 cr
Investing
₹24 cr
Financing
₹-61 cr
Peer comparison
Heavy Electrical Equipment · by market value
CompanyPriceMarket capP/E
Siemens Limited₹3,764₹8.37 L cr97.6
ABB India Limited₹7,131₹1.51 L cr102.1
Bharat Heavy Electricals Limited₹429₹1.49 L cr99.4
Hitachi Energy India Limited₹31,230₹1.39 L cr118.3
CG Power and Industrial Solutions Limited₹880₹1.39 L cr110.6
GE Vernova T&D India Limited₹4,341₹1.11 L cr76.5
Siemens Energy India Limited₹3,109₹1.11 L cr62.8
Suzlon Energy Limited₹43₹58,505 cr48.3
Thermax Limited₹3,570₹40,210 cr398.4
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.35%
trailing 12 months
Dividend / share (TTM)
₹0.6
Last dividend
₹0.6
ex 31 Jul 2026
ActionDetailEx-date
Dividend₹0.6 / share31 Jul 2026
Who owns it · 2026-06-30
2.5% pledged
Promoter
62.5%
FII / Foreign
0.5%
DII / Domestic
9.2%
Retail / others
27.7%
Promoter stake down 0.3% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtKumud Neelima Family Trust · Promoter Group1.26 L · ₹2.6 cr29 Sep 25
BoughtNeelima Bajaj Family Trust · Promoter Group21,644 · ₹44.1 L29 Sep 25
BoughtNimisha Bajaj Family Trust · Promoter Group2.07 L · ₹4.2 cr29 Sep 25
Bulk / block deals
SoldNK SECURITIES RESEARCH PRIVATE LIMITED · NSE7.71 L @ ₹192.4514 May 26
BoughtNK SECURITIES RESEARCH PRIVATE LIMITED · NSE7.71 L @ ₹192.314 May 26
SoldSILVERLEAF CAPITAL SERVICES PRIVATE LIMITED · NSE7.80 L @ ₹176.4417 Mar 26
Stake changes
SoldHDFC Mutual Fund→ 2.87% · 31.36 L10 Sep 25
BoughtNippon India Mutual Fund (through Nippon Life India Trustee Limited A/c)→ 7.39% · 19.98 L10 Sep 25
BoughtNippon India Mutual Fund→ 5.06% · 1.63 L23 May 25
Promoter pledges
PledgedBajaj electricals Ltd18.44 L · 0.00% held16 Sep 23
What shareholders were asked to approve
2 proposals passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 10 Aug 2026
See the official result
1
To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements for the Financial Year ended March 31, 2026, together with Directors’ and Auditors’ Report thereon.
Backed by 100% of shareholders other than promotersneeded 50%
1.19 cr votes for, 13 against · 0% of mutual funds and other big investors said no
2
To appoint a director in place of Mr. Rajesh Ganesh (DIN: 07008856), who retires by rotation and being eligible, offers himself for re-appointment.
Backed by 100% of shareholders other than promotersneeded 50%
1.19 cr votes for, 16,246 against · 0% of mutual funds and other big investors said no
3
Declaration of final dividend on the equity shares of the Company for the financial year ended March 31, 2026.
Backed by 100% of shareholders other than promotersneeded 50%
1.19 cr votes for, 13 against · 0% of mutual funds and other big investors said no
4
To consider and approve for giving authorization to the Board of Directors for borrowing under section 180(1)(c) of the Companies Act, 2013 upto an aggregate limit of ₹ 5,000 crores.
⚑ Passed only because promoters voted yes
Backed by 10% of shareholders other than promotersneeded 75%
11.98 L votes for, 1.07 cr against · 100% of mutual funds and other big investors said no
5
To consider and approve the proposal for giving authorization to the Board of Directors for creation of mortgage/charge on assets of the Company, under section 180(1)(a) of the Companies Act, 2013 upto an aggregate limit of ₹ 5,000 crores.
⚑ Passed only because promoters voted yes
Backed by 11% of shareholders other than promotersneeded 75%
13.58 L votes for, 1.06 cr against · 99% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 86 named members
owning 62.5% between them · as of 2026-06-30
Jamnalal Sons Private Limited19.49%
Bajaj Holdings And Investment Ltd16.54%
Kiran Bajaj6.52%
Geetika Bajaj1.87%
Vanraj Bajaj1.59%
Shekhar Bajaj1.57%
Pooja Bajaj1.33%
Baroda Industries Private Limited1.22%

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.