Bajel Projects wins two Power Grid contracts worth over Rs 400 crore
Author: PPD Team Date: February 9, 2026
Bajel Projects Limited announced on February 6, 2026, that it has secured two contracts from Power Grid Corporation of India Limited (PGCIL), together valued at over Rs 400 crore. The orders cover a substation extension and a high-capacity transmission line, supporting grid strengthening and renewable energy integration.
The first contract, categorised as a ‘Large’ order under the company’s policy and valued between Rs 100–200 crore, involves the extension of the 765/400/220 kV Mandsaur Pooling Station in Madhya Pradesh. The scope includes electrical and civil works under the “Augmentation of Transformation Capacity and Implementation of line bays at Mandsaur for RE interconnection” scheme. The project will be executed through the Tariff Based Competitive Bidding (TBCB) route and is scheduled for completion within 18 to 30 months. The expansion is intended to improve interconnection capacity for renewable energy.
In a separate disclosure on the same day, Bajel Projects announced an ‘Ultra Mega’ order valued at over Rs 400 crore. The contract covers the construction of an 87.3 km, 765 kV double-circuit transmission line between Vindhyachal Pool and Prayagraj. The project forms part of an inter-regional transmission system strengthening programme aimed at easing congestion on the Vindhyachal–Varanasi corridor and improving power flow between the Northern and Western Regions. The execution timeline for this project is 21 months.
Both contracts were awarded by PGCIL on behalf of its special purpose vehicles. Bajel Projects stated that the orders are arm’s length transactions, not related party transactions, and fall within its normal course of business.
The company recently reported improved financial performance for the nine-month period of FY26. Bajel Projects recorded EBITDA of Rs 87 crore, compared with Rs 63 crore in the corresponding period last year, with EBITDA margins rising to 4.8% from 3.5%. Profit before tax before exceptional items increased 30% to Rs 23 crore. Revenue from operations stood at Rs 1,784 crore, largely flat year on year, which the company attributed to a focus on the quality of earnings rather than revenue expansion.
Photo Source: Bajel Projects Limited
