Bajel Projects posts highest annual profit since listing in FY26
Bajel Projects Limited has reported its audited standalone financial results for the quarter and financial year ended March 31, 2026, recording its strongest annual performance since listing.
The company reported standalone revenue from operations of Rs 2,792 crore in FY26, compared to Rs 2,598 crore in FY25.
Profit After Tax (PAT) increased 74% year-on-year to Rs 27 crore from Rs 15 crore in the previous financial year. Profit Before Tax and Exceptional Items rose 73% to Rs 42 crore, against Rs 24 crore in FY25.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) grew 38% to Rs 125 crore from Rs 90 crore a year earlier. EBITDA margin improved to 4.4% in FY26 from 3.4% in FY25.
Quarterly results
For the quarter ended March 31, 2026, standalone revenue from operations stood at Rs 1,008 crore, registering a 26% increase from Rs 801 crore in Q4 FY25.
Quarterly PAT rose 226% to Rs 16 crore from Rs 5 crore in the corresponding period last year.
Profit Before Tax and Exceptional Items for the quarter reached Rs 19 crore, compared to Rs 6 crore in Q4 FY25, reflecting a 193% increase.
Dividend proposal
The Board of Directors has recommended a dividend of Rs 0.60 per equity share for FY26, representing a 30% payout on the face value of Rs 2 per share. The proposal is subject to shareholder approval at the upcoming Annual General Meeting.
Operational developments
During the fourth quarter, the company secured multiple orders and partnerships across domestic and international markets.
Bajel received an ultra-mega order valued at over Rs 400 crore from Maharashtra State Electricity Transmission Company Ltd. (MSETCL) for high-voltage transmission engineering, procurement and construction (EPC) work.
The company also entered into a tripartite arrangement with the National Investment and Infrastructure Fund (NIIF) and AnantGrid for development of power transmission assets in India.
Internationally, Bajel formed a 50:50 joint venture with Al Sharif Group to pursue transmission and distribution opportunities in Saudi Arabia.
Additional orders secured during the quarter included the Mandsaur-Beawar Transmission Project in the Rs 100-200 crore category and the Vindhyachal Pool-Prayagraj Project valued at over Rs 400 crore.
Management remarks
Rajesh Ganesh, Managing Director and Chief Executive Officer (CEO) of Bajel Projects Ltd., said FY26 marked a significant year for the company as it completed 100 years of the Bajaj Group.
He said the company’s revenue growth and rise in profitability reflected a strategic focus on quality of earnings and selective execution of high-value projects. He also highlighted the sharp increase in quarterly profitability during Q4 FY26.
