Bajaj Group stock in focus after securing ₹200 Cr order from PowerGrid Corporation

SYNOPSIS: The company won a Rs. 200 crore order from PowerGrid-linked SPV for a 765 kV substation expansion at Mandsaur, supporting renewable energy interconnections, with execution planned over 18-30 months.

During Friday’s trading session, shares of one of the leaders in the Power Transmission and Distribution (T&D) EPC sector are in focus on the stock exchanges, after the company announced securing an order worth up to Rs. 200 crores from PowerGrid Corporation of India Limited (PGCIL).

With a market cap of Rs. 1,890 crores, shares of Bajel Projects Limited were trading in the red at Rs. 164.15 on BSE, as against its previous closing price of Rs. 170. The stock has delivered negative returns of over 27 percent in one year, and has fallen by nearly 33 percent in the last six months.

News

According to its latest regulatory disclosure, the company has secured a large order valued at up to Rs. 200 crore from PowerGrid Corporation of India Limited (PGCIL), awarded on behalf of the SPV Mandsaur I RE Transmission Limited. The project is scheduled to be executed within a period of 18 to 30 months from the issuance of the Notification of Award.

The contract involves the 765 kV AIS extension substation package for the expansion of the 765/400/220 kV Mandsaur power station, aimed at augmenting transformation capacity and enabling renewable energy interconnections under the TBCB route.

Financials

Bajel Projects reported a decline in its revenue from operations, showing a year-on-year decrease of around 10 percent from Rs. 622.4 crores in Q3 FY25 to Rs. 562.3 crores in Q3 FY26. Meanwhile, it reported a net loss of Rs. 0.42 crores from a net profit of Rs. 1.46 crores, over the same period. The company reported an order book of Rs. 2,912 crores in December 2025, representing a sequential decline of nearly 14 percent from Rs. 3,375 crores.

The current order book is led by the Power Transmission segment, which accounted for 93 percent of the total. Power Distribution followed with 7 percent, while the International EPC segment contributed 0.3 percent.

In the coming 4-6 years, the company aims to accelerate growth with targets of double-digit revenue expansion, high single-digit EBITDA margins, return on capital employed (RoCE) above 15 percent, leadership in EPC and product segments with a strong international presence, and a higher contribution to topline from international and new businesses.

Bajel Projects Limited, a part of the Bajaj Group, is engaged in the business of dealing in projects related to Engineering, Procurement and Construction (EPC) related to power transmission and power distribution projects.

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