Synopsis: Bajel Projects Limited secured an ultra-mega international order to build a 500 kV transmission line in MENA, boosting global presence, power infrastructure, and execution credibility.
This Small-cap Infra Stock, engaged in delivering engineering, procurement, and construction services for power transmission, infrastructure, and industrial projects across multiple sectors globally, jumped 10.26 percent after receiving an international order worth more than Rs. 400 crore from a Middle East & North Africa Client.
With a market capitalization of Rs. 2,194.77 crores, the share of Bajel Projects Limitedhas reached an intraday high of Rs. 200.35 per equity share, rising nearly 10.26 percent from its previous day’s close price of Rs. 181.70. Since then, the stock has retreated and is currently trading at Rs. 189.70 per equity share.
Reason Behind the Surge
Bajel Projects Limited has received a major international order to build a 500 kV overhead power transmission line in the Middle East and North Africa region. This project falls under the ultra-mega category, meaning its value is above Rs. 400 crore. The work includes the construction of important transmission sections that will help strengthen the power network and support growing electricity demand in the region.
The company stated that this order shows global trust in its engineering and project execution capabilities. The project is expected to be completed within 11 months and will further expand Bajel’s presence in international markets. It also highlights the company’s role in delivering high-quality infrastructure and improving power supply systems globally.
Order book
Bajel Projects Limited reported an unexecuted order book of about Rs. 2,912 crore as of December 31, 2025. Around 93 percent of this comes from power transmission, while nearly 7 percent is from power distribution, and a very small share (about 0.3 percent) is from international EPC projects. This shows a strong focus on transmission business, which remains the company’s core revenue driver.
The company secured a 400 kV DC (Quad) transmission line project for Siwani Jind, expected in Q2 FY26. It also holds L1 positions in multiple tenders, with more orders likely in Q4 FY26. Bajel is focusing on increasing its order inflow in the high-voltage segment, which can support steady growth and improve execution visibility.
Client Base
Bajel Projects Limited serves a wide range of reputed clients across the power and infrastructure sectors. Key clients include Power Grid Corporation, Tata Power, Torrent Power, Adani Energy Solutions, ZESCO, Inergy, and PESCO. It also works with utilities like Bihar Grid, GETCO, Kenya Power, WBSETCL, PSPCL, and HVPN. In addition, the company collaborates with MESCOM, BESCOM, TSTRANSCO, and other state electricity boards, showing strong industry trust and a diversified client base.
Company Overview
Bajel Projects Limited is an Indian engineering, procurement and construction (EPC) company focused on power transmission and distribution infrastructure. It executes high-voltage transmission lines, substations and distribution projects in India and overseas, and operates as part of the Bajaj Group’s power infrastructure portfolio. The company is positioned in the Indian EPC ecosystem as a specialist in end-to-end grid and electrification solutions.
Recent Quarter Results
Coming into financial highlights, Bajel Projects Limited’s revenue has decreased from Rs. 622.39 crore in Q3 FY25 to Rs. 562.34 crore in Q3 FY26, which is a drop of 9.65 percent. The company’s net profit has shifted from positive to negative, from a net profit of Rs. 1.46 crore in Q3 FY25 to a net loss of Rs. 0.42 crore in Q3 FY26.
In terms of return ratios, the company’s ROCE and ROE stand at 12.1 percent and 2.50 percent, respectively. Bajel Projects Limited has an earnings per share (EPS) of Rs. 0.95, and its debt-to-equity ratio is 0.16x.
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