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On 6 Nov 2026, Bajel Projects was priced at ₹163.49, or 86.0× trailing earnings, against an industry P/E of 10.8×, and the shares are 24% below their 52-week high. Its ROCE of 12% is the second-highest among the 7 largest Utilities (Regulated Electric) peers, and sales grew 67% a year over 3 years. Its dividend yield is 0.4%, and debt is 0.49× equity. It is a small-cap company with a market cap of ₹1,892 Cr, ranked 6th of 11 Utilities (Regulated Electric) companies by market cap; the shares fell 9.2% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year
Open
₹169.32
Day high
₹171.01
Day low
₹159.12
Prev. close
₹168.26
Volume
4.4 L

Health check

1 good · 2 fair · 3 to check
  • ReturnsIn line

    −9.2% over a year, better than 3 of 7 peers.

  • Price tagPricier

    P/E 86.0 vs industry 10.8.

  • GrowthStrong

    Sales +67.5% a year over 3 years.

  • ProfitabilityAverage

    ROCE 11.7% vs peer median 9.3%.

  • Balance sheetStretched

    Debt 0.49× equity, interest covered 1.4×, Piotroski 8 of 9.

  • Red flags4 to check

    Return on equity is low at 2.9%.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Utilities - Regulated Electric

10 listed peers. Screen the industry

Small cap

₹1,892 Cr, #6 of 11 in its industry by size.

Moves with the market

Beta 0.96 vs the NIFTY 50: tracks the market closely.

Key metrics

Last 12 months to Jun 2026: sales ₹2,751 Cr · profit ₹22 Cr
Market cap
₹1,892 Cr
Small cap
P/E
86.0
Industry 10.8
Price to book
2.53
Peers 1.41
Dividend yield
0.37%
ROE
2.9%
Peers 14.5%
ROCE
11.7%
Peers 9.3%
Debt to equity
0.49
Debt ₹367 Cr
EPS (TTM)
₹1.90
Face value ₹2
OPM (TTM)
3.5%
Net margin 0.8%
Sales growth
−7.1%
Latest quarter vs a year ago
Profit growth
+60.1%
Latest quarter vs a year ago
Price to sales
0.69
EV/EBITDA 22.9

Strengths and risks

Strengths

  • Quarterly profit up 60.1% on a year ago.
  • Positive operating cash flow in each of the last 4 years.

Risks to check

  • Return on equity is low at 2.9%.
  • Quarterly sales down 7.1% on a year ago.
  • P/E of 86.0 against an industry P/E of 10.8.
  • Interest coverage of only 1.7×.

Derived automatically from reported figures. Not a recommendation.

About Bajel Projects

Bajel Projects Limited engages in the engineering, procurement, and construction (EPC) for power transmission and distribution projects in India and internationally. The company offers turnkey solutions, including engineering, designing, testing, manufacturing, executing, and commissioning of EHV transmission lines; and constructs new infrastructure, as well as the augmentation of existing infrastructure for various power distribution companies and…

Headquarters
Mumbai
Employees
895
Sector
Utilities
ISIN
INE0KQN01018
Website
bajelprojects.com

Price range

52 weeks

₹135.10₹215.50

Today

₹159.12₹171.01
Avg volume (3M)
3 L
1-year return
minus 9.2%
From 52-week high
minus 24.1%

Peers · Utilities - Regulated Electric

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
NTPCNTPC323.45plus 2.13%3,13,63910.69.68.9%30.8%1.261.9%minus 4.2%
POWERGRIDPower Grid Corporation of India259.90minus 0.48%2,41,72314.910.111.2%82.3%1.460.6%minus 6.4%
NLCINDIANLC India237.61minus 1.60%32,9488.310.19.3%31.4%1.042.7%minus 7.9%
CESCCESC126.25minus 3.07%16,73510.88.410.0%23.0%1.719.2%minus 28.5%
GIPCLGujarat Industries Power Company164.37minus 5.85%2,5515.110.74.4%41.2%0.943.2%minus 2.2%
BAJELBajel Projects163.49minus 2.83%1,89286.020.511.7%3.7%0.4967.5%minus 9.2%
DPSCLTDDPSC6.45minus 0.46%62880.6136.02.8%0.5%0.143.7%minus 44.8%
GVELECTRICG V Electricals104.00minus 1.81%11711.27.039.4%10.6%0.4914.5%minus 37.3%
Median of 7 peers–−1.60%16,73510.810.19.3%30.8%1.043.2%−7.9%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Sep 25Dec 25Mar 26Jun 26
601607555995559
585584533964540
16.622.821.931.118.5
2.8%3.8%3.9%3.1%3.3%
84.67.75.25.3
15.91716.214.311.8
4.64.85.255
––−7.7––
4.15.60.5177.1
27.7%36.1%189.5%16.7%33.0%
33.6−0.414.14.7
0.250.31-0.041.220.41

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+67.5%
ROE
2.9%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
5871,1402,5632,759
–+94.3%+124.8%+7.6%
5941,1232,4972,650
−7.417.265.4109
−1.3%1.5%2.6%4.0%
20.414.4249
7.413.553.563.4
6.35.812.719.7
0.4−8.60.8−7.8
−0.33.72427.2
−472.5%−16.5%35.5%25.4%
−1.64.315.520.3
––+260.7%+31.1%
-0.140.371.331.74

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
2323.123.123.1
534543643724
0.714.9376367
3777621,0331,424
9351,3432,0752,538
48.469.498.5117
0.8–0.18.6
–004.7
0.759.355.723.7
8851,2141,9212,385
9351,3432,0752,538

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
10.619569.121.1
−2.7−135−12819.1
−8−14.668.1−72.1
−0.1469.1−32
−2.8−27.1−34.5−33.8
7.816834.6−12.7

Shareholding pattern

Source: NSE filings

NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 9.2% (Yahoo estimate).

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you