Bajel Projects has secured a major Engineering, Procurement and Construction (EPC) contract for the 765kV Mandsaur substation extension project. This significant order win strengthens the company's position in the electrical infrastructure sector and adds substantial value to its project portfolio.

Contract Details

The EPC contract encompasses the extension of the 765kV substation at Mandsaur, representing a critical infrastructure development in the high-voltage transmission network. The project specifications highlight the technical complexity and scale of the undertaking.

Project Scope and Significance

The 765kV substation extension project involves high-voltage electrical infrastructure development, which is crucial for power transmission networks. Such projects typically require specialized technical expertise and advanced engineering capabilities, positioning Bajel Projects as a capable player in the electrical infrastructure segment.

The contract value range of ₹100 crore to ₹200 crore indicates the substantial scale of the project and its potential impact on the company's revenue stream. The extended completion timeline of 18 to 30 months suggests comprehensive project execution involving multiple phases of development.

Business Impact

This order win demonstrates Bajel Projects' ability to secure large-scale infrastructure contracts in the electrical transmission sector. The EPC nature of the contract means the company will handle the complete project lifecycle from engineering design through procurement and final construction, showcasing its integrated project management capabilities.

The Mandsaur substation extension project adds to the company's growing portfolio of electrical infrastructure projects and reinforces its market presence in the high-voltage transmission segment.

Bajel Projects Limited announced that its Board of Directors has approved the grant of 1,42,000 stock options under the Bajel Projects Limited Employee Stock Options Plan 2024 to eligible employees. The decision was made at the board meeting held on February 05, 2026, following recommendations from the Nomination & Remuneration Committee.

ESOP Grant Details

The company granted stock options at an exercise price of ₹99.72 per option, calculated as a discount on the closing price on NSE on February 4, 2026, which was the last trading date prior to the committee meeting. The options are exercisable into equity shares of face value ₹2 each, fully paid-up.

Vesting and Exercise Terms

The granted options follow a structured vesting schedule with specific exercise parameters designed to align employee interests with long-term company performance. The vesting period ranges from a minimum of one year to a maximum of five years from the grant date.

Regulatory Compliance

The Employee Stock Options Plan 2024 is fully compliant with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The scheme provides comprehensive guidelines for handling stock options in various scenarios including death, permanent incapacity, resignation, termination, and retirement of employees.

Strategic Employee Benefits Initiative

The ESOP grant represents Bajel Projects' commitment to employee retention and motivation through equity participation. The equity shares allotted upon exercise of these stock options will not be subject to any lock-in restrictions, providing flexibility to employees. The scheme includes provisions for various employment scenarios, ensuring comprehensive coverage of employee situations that may arise during the option period.