Infra Stock Jumps 17% After Winning Projects Worth Up to ₹300 Cr from PowerGrid

Synopsis: Small-Cap stock surged 17% after securing two major EPC orders worth ₹200–300 crore each from Power Grid Corporation of India Limited for a 765kV substation project in Maharashtra and a 400kV transmission line project under the Bellary–Davanagere RE scheme.

The shares of one of the leading players in the infrastructure sector, specialising in the execution of complex projects related to power transmission and distribution, are in focus upon securing the two Major Projects from PowerGrid.

With a market capitalization of Rs. 2,226.01 crores in the day’s trade, the shares of Bajel Projects Limited rose by 17 percent, reaching a high of Rs. 199.80 per share compared to its previous closing price of Rs. 171.15 per share.

What Happened 

Bajel Projects Limited is in focus after the company secured a major EPC order (Rs. 200 Cr to Rs. 300 Cr) from Power Grid Corporation of India Limited for a 765kV AIS substation package in Maharashtra. The project has been awarded on behalf of PGCIL’s SPV, NES Pune East New Transmission Limited.

The contract includes the construction of a new 765/400kV AIS substation at Pune East, along with bay extension works at the existing Karjat and Lonikand-II substations. The order is part of a key network expansion project aimed at reducing transmission constraints in the Pune region.

The project is expected to be completed within 21 months from the date of award notification and further strengthens Bajel Projects’ presence in the high-voltage transmission and distribution EPC segment.

Along with it, the company has also secured a major EPC order (Rs. 200 Cr to Rs. 300 Cr) from Power Grid Corporation of India Limited for a 400kV transmission line project under the Bellary–Davanagere renewable energy evacuation scheme.

The project involves the construction of a nearly 70 km 400kV (Quad) double-circuit transmission line connecting the Bellary and Davanagere substations. The order is part of a larger transmission strengthening initiative aimed at integrating an additional 3 GW of renewable energy capacity into the national grid.

The contract has been awarded on behalf of PGCIL’s SPV, Bellary Davanagere Power Transmission Limited, and is scheduled to be completed within 21 months from the notification of award.

Financials & Others

The company’s revenue declined by 9.65 percent from Rs. 622.39 crores in December 2024 to Rs. 562.34 crores in December 2025. Meanwhile, Net profit from Rs. 1.46 crores turned to a loss of  Rs. 0.42 crores in the same period.

The company shows a decent ROCE of 12.1% and a low ROE of 2.5%, supported by a conservative debt-to-equity ratio of 0.16, indicating strong capital efficiency with minimal leverage.

Bajel Projects Limited (Bajel) is a leading player in the power infrastructure sector, with a strong presence in both Power Transmission and Power Distribution. Formerly part of Bajaj Electricals Limited’s EPC segment, the company carries forward the values and expertise that guided its growth over two decades.

The company has a global presence in over 7 countries and brings 20+ years of EPC and manufacturing experience. As of 31st December 2025, the company’s EPC order book stood at Rs. 2,912 crore, with a production capacity of 39,525 MTPA reported in 9M FY’26.

As part of the Bajaj group, Bajel is recognised for its project management capabilities and operational excellence, making it a trusted partner for state, national, and international utilities, as well as private infrastructure players.

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