Bajel Projects reports margin expansion in Q3 FY26 results

Bajel Projects Limited announced its financial results for the third quarter and nine-month period ended December 31, 2025, reporting a sharp improvement in profitability. The company said the expansion in margins was driven by a strategic shift toward higher value and more complex power transmission projects.

For the nine-month period of FY26, Bajel Projects Limited reported EBITDA of Rs 87 crore, up from Rs 63 crore in the same period last year. EBITDA margins improved to 4.8% from 3.5%. Profit before tax before exceptional items rose 30% to Rs 23 crore. Revenue from operations stood at Rs 1,784 crore, broadly unchanged year on year, which the company attributed to a deliberate focus on quality of earnings rather than revenue growth.

In the third quarter alone, EBITDA increased 45% year on year to Rs 32 crore, with margins expanding by 210 basis points to 5.6%. Profit before tax before exceptional items rose sharply to Rs 11 crore, compared with the same quarter last year. The company said the improvement reflected better project execution, commodity hedging, backward integration, and operating efficiencies.

Commenting on the performance, Managing Director and Chief Executive Officer Rajesh Ganesh said the results reflect Bajel’s transition into a focused power transmission engineering, procurement and construction (EPC) player. He said the company is prioritising technically complex and high voltage projects, including work linked to the Green Energy Corridor and Inter State Transmission Systems.

During the nine month period, Bajel completed ten transmission projects aimed at strengthening India’s power network. The company, which was earlier part of Bajaj Electricals Limited, said it continues to rely on its project management capabilities and execution track record across state, national, and international markets.

Bajel also released an investor presentation outlining its unaudited results for the quarter ended December 31, 2025, along with its long term strategy titled RAASTA 2030. Operational updates showed the completion of ten projects in the first nine months of FY26, including a 400 kV transmission line in Delhi NCR and a 500 MVA gas insulated substation in Greater Noida. The unexecuted order book stood at Rs 2,912 crore as of December 31, 2025. Recent contract wins include a 765 kV transmission line from Kurnool IV to Kurnool III and a 400 kV line from Mahan to Rewa, both awarded by Power Grid Corporation of India Limited (PGCIL).

The company also reported ongoing international projects in Zambia and Togo, along with supply orders from Liberia, Rwanda, Nepal, and Cameroon. Bajel operates a manufacturing facility at Ranjangaon near Pune, producing transmission towers, monopoles, and galvanised structures.

Under the RAASTA 2030 roadmap, Bajel plans a phased approach to growth, focusing on selective bidding, diversification, digitisation, overseas expansion, and margin improvement. The strategy is aligned with expected investments in India’s transmission sector, estimated at Rs 4.25 lakh crore for 2022 to 2027 and Rs 4.90 lakh crore for 2027 to 2032.

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