Bajel Projects secures mega EPC order for EHV substation

Bajel Projects has been awarded a mega Engineering, Procurement, and Construction (EPC) order for a 400/220/33 KV Gas Insulated Switchgear (GIS) substation. The order, classified as a 'Mega Order' under the company's policy, has been received from a domestic data center client. The project scope encompasses design, engineering, procurement, supply, erection, testing, commissioning, and performance testing of the substation facility.

The contract value falls within the range of Rs. 300 Cr to Rs. 400 Cr, inclusive of GST. The company confirmed that the promoter, promoter group, and group companies hold no interest in the entity awarding the order. Furthermore, the contract does not fall within the purview of related party transactions.

Project Details

The key parameters of the awarded order are outlined below:

Parameter	Details
Project Type	400/220/33 KV GIS Substation
Client	Datacenter Client (Mumbai)
Nature of Order	EPC Contract
Contract Value	Rs. 300 Cr to Rs. 400 Cr
Duration	24 Months from commencement date
Related Party Transaction	None

Order Classification

The company categorizes orders based on value inclusive of GST. This specific order falls under the 'Mega Orders' category, as defined in the disclosure table below:

Category	Value Range (Rs.)
Significant Orders	50 Cr to 100 Cr
Large Orders	100 Cr to 200 Cr
Major Orders	200 Cr to 300 Cr
Mega Orders	300 Cr to 400 Cr
Ultra-Mega Orders	400 Cr and above

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.37%	+8.79%	+8.75%	+16.41%	-6.71%	+5.55%

Bajel Projects Limited reported a standalone net profit of ₹27 crore for the financial year ended March 31, 2026, a 74% increase from ₹15 crore in the previous year. Revenue from operations for FY26 stood at ₹2,792 crore, up 7% from ₹2,598 crore in FY25. The company delivered its strongest annual performance since listing, with EBITDA growing 38% year-on-year to ₹125 crore and margins expanding to 4.40% from 3.40%. The board approved the annual audited financial results on May 27, 2026, and recommended a maiden dividend of ₹0.60 per share, subject to shareholder approval.

Financial Performance

For the quarter ended March 31, 2026, standalone net profit was ₹16 crore, a 226% increase from ₹5 crore in the same period last year. Revenue from operations for Q4 FY26 rose to ₹1,008 crore from ₹801 crore in Q4 FY25. Profit Before Tax and Exceptional Items for the quarter stood at ₹19 crore versus ₹6 crore in the corresponding quarter of the previous year. The following table summarises the full-year and quarterly key financial metrics:

Metric	FY26 (₹ in Crore)	FY25 (₹ in Crore)	YoY %
Total Revenue from Operations	2,792	2,598	7%
Net Profit for the Year	27	15	74%
Total Income	2,819	2,629	7%
EBITDA	125	90	38%

Strategic Developments

The fourth quarter saw Bajel Projects strengthen its order pipeline with significant domestic transmission wins and international partnerships. The company secured an ultra-mega order valued over ₹400 crore from Maharashtra State Electricity Transmission Company Ltd. (MSETCL). Additionally, Bajel Projects entered a 50:50 joint venture with Al Sharif Group to pursue opportunities in Saudi Arabia and signed a tripartite arrangement with the National Investment and Infrastructure Fund (NIIF) and AnantGrid. Other key wins included the Mandsaur transmission project and the Vindhyachal Pool order.

Board Decisions and Corporate Actions

The Board approved increasing the company's borrowing limits under Section 180(1)(c) of the Companies Act, 2013, from ₹3,500 crore to ₹5,000 crore, subject to shareholder approval. The board appointed Mrs. Pooja Bajaj as an Additional Non-Executive Non-Independent Director and Ms. Ameet Joshi as the Company Secretary & Chief Compliance Officer, effective May 27, 2026. Mr. Ajay Nagle relinquished the position of Company Secretary & Chief Compliance Officer but continues as Executive Director until his retirement on August 31, 2026. The record date for the dividend is July 31, 2026.