Mumbai: Bajel Projects Ltd, a Bajaj Group company operating in the power transmission and distribution (T&D) infrastructure space, has received a major order worth up to Rs 200 crore from Power Grid Corporation of India Ltd (PGCIL). Following this development, the company’s shares came into focus during Friday’s trading session.
Despite the positive news, Bajel Projects’ stock was trading in the red at Rs 164.15 on the BSE, compared to its previous close of Rs 170. The company currently has a market capitalisation of around Rs 1,890 crore.
Stock Under Pressure So Far
Bajel Projects has delivered weak returns over the past year. The stock has fallen more than 27 percent in one year and declined by nearly 33 percent in the last six months. Due to this sharp correction, market participants believe the new order could act as a trigger for a potential recovery in the stock.
Details of the Rs 200-Crore Contract
According to the latest regulatory filing, Bajel Projects has received the order from PGCIL, awarded through SPV Mandsaur I RE Transmission Ltd. The contract value is up to Rs 200 crore, and the project is expected to be completed within 18 to 30 months from the date of the notification of award.
The contract includes a 765 kV AIS Extension Substation Package for the expansion of the 765/400/220 kV Mandsaur Power Station. The project aims to enhance transformation capacity and enable renewable energy interconnection under the TBCB route.
Focus on Renewable Energy Connectivity
This project is strategically important as it supports the integration of renewable energy into the power grid. By strengthening transmission infrastructure, the project will help improve grid stability and facilitate clean energy evacuation.
Q3 FY26 Financial Performance
In the third quarter of FY26, Bajel Projects reported a decline in operational revenue. Revenue fell to ₹562.3 crore from ₹622.4 crore in Q3 FY25, marking a year-on-year drop of nearly 10%.
The company also slipped into losses, reporting a net loss of ₹0.42 crore compared to a net profit of ₹1.46 crore in the same quarter last year.
Order Book Position
As of December 2025, Bajel Projects reported an order book of ₹2,912 crore, down from ₹3,375 crore in the corresponding quarter last year. This reflects a decline of around 14%, highlighting pressure on future revenue visibility.
