Target: ₹198
CMP: ₹179.45
Bajel Projects Ltd, a company within the Bajaj Group specializing in power transmission and distribution (T&D) engineering, procurement, and construction (EPC), was demerged from Bajaj Electricals and officially listed in December 2023. With over 20 years of industry expertise, Bajel Projects focuses on executing high-voltage transmission lines ranging from 132 kV to 765 kV, as well as air-insulated substations (AIS), gas-insulated substations (GIS), and distribution infrastructure. The company operates a manufacturing unit in Ranjangaon, located 55 km from Pune, which produces lattice towers, monopoles, and high masts with a planned capacity of 110,000 metric tons per annum (MTPA), catering to both domestic and international markets across more than seven countries.
The company’s growth trajectory is supported by its technical competency in high-voltage segments, particularly in 765 kV transmission lines and sophisticated GIS substations. With a substantial unexecuted order book valued at ₹2,912 crore and holding an “L1” ranking in several forthcoming tenders, Bajel is recalibrating its strategy by emphasizing “Quality of Earnings.” This shift prioritizes high-margin and complex projects rather than merely pursuing project volume.
The T&D sector is undergoing a significant transition towards high-voltage infrastructure, moving away from historically less profitable legacy distribution initiatives. Looking forward, a notable increase in Profit After Tax (PAT) is projected for Fiscal Year 2027 (FY27E) and Fiscal Year 2028 (FY28E), primarily driven by a strategic shift away from low-margin volume projects. The 400 kV and 765 kV segments are expected to improve financial realizations. Analysts forecast an EBITDA compound annual growth rate (CAGR) of 67% from FY25 to FY28, bolstered by the ₹2,912 crore order book, unique qualifications in specialized power segments, and backward integration at the Ranjangaon facility.
A Buy recommendation is advised, with a target price of ₹198.
Key Risks: Potential slowdown in Power Grid Corporation of India Limited (PGCIL)/State Transmission Corporations, delays in legacy distribution projects, and execution risks.
Published on April 17, 2026.
