Bajel Projects Limited (BPL) is a legal entity carved out from Bajaj Electricals Ltd, incorporated in 2022 and based in Mumbai, India. The company engages in the engineering, procurement, and construction (EPC) business with a strong presence in the power infrastructure sector. BPL's EPC segment primarily focuses on Power Transmission & Power Distribution, providing end-to-end solutions ranging from in-house design, testing, procurement, manufacturing, installation, and commissioning of projects.
The company is a proud part of the Bajaj Group, which is India's third-largest group by market capitalization. The Bajaj Group operates across diverse industries such as Financial Services, Automobiles, Consumer Appliances, EPC, Steel, Insurance, Material Handling, Tours & Travels, and more, boasting a market cap of over $167 billion. It comprises more than 40 group companies, employs over 100,000 people, and has a significant global footprint in over 70 countries.
Bajel Projects offers comprehensive end-to-end solutions for its clients. These services include in-house design, rigorous testing, efficient procurement, precision manufacturing, and expert installation and commissioning of projects. Their core business verticals include power transmission and distribution, monopoles, and international EPC business.
Beyond project execution, the company also specializes in manufacturing a range of products essential for power infrastructure, such as lattice structures, steel tubular poles, lighting poles, and masts. Additionally, it provides high-quality galvanizing services.
Bajel Projects has a proven track record, having executed over 7,000 circuit kilometers (ckms) of extra-high-voltage (EHV) transmission lines and over 40 EHV substations, including both air-insulated substations (AIS) and gas-insulated substations (GIS). The company is a distinguished manufacturer and turnkey solution provider for projects up to 765 kV.
Bajel Projects Limited operates a world-class manufacturing facility strategically located at Ranjangaon, approximately 55 km from Pune, Maharashtra. This expansive plant spans an area of 67,840 sq. m. and boasts an impressive manufacturing capacity of 40,000 MT per year.
Designed with a well-engineered layout, the plant is fully equipped to manufacture a wide array of products, including transmission line towers, monopoles, high masts, octagonal poles, conical poles, and various other fabricated structures. The unit is also outfitted with advanced machinery such as a remotely controlled 13-meter-long galvanizing bath and mast straightening machines, ensuring high-quality output and operational efficiency.
As of December 2024, the company commands a market capitalization of ₹2,851 crore. It reported a revenue of ₹2,598 crore and a profit of ₹15.5 crore. The stock is currently trading at 4.88 times its book value. While the company has been consistently reporting profits, it has not yet initiated dividend payouts.
- Q3 FY2024-25 (December 2024):
- Net profit declined 56.55% to ₹1.46 crore compared to ₹3.36 crore in Q3 FY2023-24.
- Sales rose significantly by 127.61% to ₹615.42 crore compared to ₹270.38 crore in Q3 FY2023-24.
- Q2 FY2024-25 (September 2024):
- Net profit stood at ₹3.66 crore, a substantial improvement from a net loss of ₹4.44 crore in Q2 FY2023-24.
- Sales surged by 235.38% to ₹651.77 crore compared to ₹194.34 crore in Q2 FY2023-24.
- Q1 FY2024-25 (June 2024):
- Net profit was ₹5.52 crore, recovering from a net loss of ₹1.70 crore in Q1 FY2023-24.
- Sales increased by 156.36% to ₹505.69 crore compared to ₹197.26 crore in Q1 FY2023-24.
- Market Capitalization: ₹2,851 crore (as of December 2024)
- Revenue (FY2023-24): ₹2,598 crore
- Profit (FY2023-24): ₹15.5 crore
- EPS (TTM): ₹1.34
- Promoter Holding: 62.6% (as of recent filings)
- P/E Ratio: 474.67 (indicating premium valuations)
- P/B Ratio: 3.60 (indicating premium valuations)
In a significant development in July 2024, Bajel Projects secured an EPC order worth over ₹300 crore for a 400kV, 99 km transmission line from PowerGrid. This highlights the company's capabilities and continued trust from key clients. Looking ahead, the company has ambitious expansion plans, aiming to increase its galvanization capacity to 110,000 MT with a substantial investment of ₹170 crore by FY2026-27.
Bajel Projects Limited was formerly a pivotal part of Bajaj Electricals Limited's EPC segment. It continues to be powered by the same beliefs and values that have guided its growth and success for the past 15 years within the Bajaj Electricals framework. BPL is widely recognized for its exceptional project management skills and relentless pursuit of operational excellence, which has established it as a preferred partner for various state governments, international governments, and private infrastructural projects.
Demonstrating its international presence and robust capabilities in the power infrastructure sector, Bajel Projects has successfully completed several EPC projects in challenging markets such as Sub-Saharan and Western Africa.
The company operates in a capital-intensive industry but is strategically positioned to capitalize on the significant growth potential driven by India's expanding power infrastructure needs and the accelerating pace of renewable energy initiatives. Its strong parentage through the reputable Bajaj Group and well-established manufacturing capabilities provide a solid foundation for continued future growth in the dynamic EPC sector.
