Bajel Projects Limited has granted 2,62,000 stock options to 5 eligible employees under its Employee Stock Option Plan 2024 (ESOP 2024). The options carry an exercise price of ₹109.89 per option, determined based on a discount to the closing price on the BSE on May 26, 2026. This move aims to incentivize employees by aligning their interests with the company's growth.

The Nomination & Remuneration Committee of the Board of Directors approved the grant at its meeting held on May 27, 2026. The scheme is compliant with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The options are exercisable into fully paid-up equity shares with a face value of ₹2 each, subject to the terms of the scheme.

The options will vest over a period ranging from a minimum of one year to a maximum of five years from the grant date. Once vested, the options can be exercised within a maximum period of seven years from the date of the first vesting. The scheme includes provisions for handling options in cases of death, permanent incapacity, resignation, termination, or retirement.

Equity shares allotted upon the exercise of these stock options will not be subject to any lock-in period. The company disclosed that there are no options lapsed, exercised, or any variation in terms at this stage. The diluted earnings per share impact is not applicable as the options are yet to be exercised.

The following table summarizes the key details of the grant:

Bajel Projects Limited, a leading player in the Power Transmission and Distribution (T&D) EPC sector and a Bajaj Group company, has announced the bagging of a Major EPC order for the 765kV AIS New Substation Package in Maharashtra. The disclosure was made pursuant to Regulation 30 of the SEBI Listing Regulations on May 13, 2026. The order has been awarded by PowerGrid Corporation of India Limited (PGCIL), placed on behalf of its SPV, M/s. NES Pune East New Transmission Limited.

Order Details at a Glance

The following table summarises the key parameters of the awarded contract:

Project Scope and Strategic Significance

The project is part of the "Network Expansion Scheme in Maharashtra for removal of Transmission constraints in Pune Region-I (765/400 kV AIS Pune East)" — a grid reinforcement initiative aimed at strengthening one of India's most industrially significant load centres. The scope includes the establishment of a new 765/400kV AIS Substation at Pune East, along with the extension of the existing 400kV Karjat (AIS) and 400kV Lonikand-II (AIS) Substations in Maharashtra. The order adds to Bajel Projects' 765kV substation portfolio and reflects the company's track record in executing high-voltage transmission infrastructure projects.

Management Commentary

Commenting on the order win, Mr. Rajesh Ganesh, Managing Director & CEO, Bajel Projects Limited, said:

"This order win marks a defining moment for Bajel as we strengthen our presence in the 765kV substation segment through a strategically critical project in Pune, one of the country's most important industrial hubs. The Pune East 765/400kV substation, together with the augmentation of Karjat and Lonikand-II, will play a pivotal role in removing transmission constraints in the Pune Region and strengthening Maharashtra's grid."

Order Classification Framework

The company classifies its project wins, inclusive of GST, into the following financial bands:

The present order is classified as a Major Order, placing its value in the range of ₹200 Cr to ₹300 Cr (inclusive of GST). The company has confirmed that no promoter, promoter group, or group company holds any interest in the awarding entity, and the contract does not fall within the purview of related party transactions.