Bajel Projects Bags ₹1,500 Crore Ultra-Mega EPC Order for Gujarat Transmission Network

Key numbers

Market Cap	₹1,799.4 CrGeneral Industrials
TTM Revenue	₹2,750.8 CrOperating Income
Promoter Holding	62.52%Latest Quarter
Order from	Lakadia A Power Transmission Limited
Execution period	36 months from the date of issuance of Purchase Order
Deal value	₹1,500 Cr
Share of market cap	83.4%
Share of annual revenue	54.5%

Key highlights

• Combined order value of ₹1,500 crore including GST, representing 83.4% of current market capitalization
• Scope includes 270 km of 765 kV double-circuit transmission lines from Halvad to Vadodara
• Execution timeline set for 36 months from the date of Purchase Order issuance
• Project is a part of a wider system designed to evacuate 14 GW of renewable power from Gujarat
• The contract is an arm's length transaction with Lakadia A Power Transmission Limited, a special purpose vehicle

Record Order Book Expansion for Bajel Projects

The ₹1,500 crore contract marks a significant milestone for Bajel Projects, representing approximately 54.5% of its trailing twelve-month revenue. This Ultra-Mega EPC order is the largest in the company's history, further solidifying its transition from the former EPC arm of Bajaj Electricals Limited to a standalone power infrastructure player. The project serves as a critical component in India's renewable energy infrastructure, specifically designed to enable the evacuation of nearly 14 GW of renewable energy capacity from high-potential zones in Lakadia, Jam Khambhaliya, and Jamnagar.

Technical Scope and Regional Impact in Gujarat

• Construction of approximately 270 km of 765 kV double-circuit transmission lines connecting Halvad and Vadodara
• Substantial additional works at the existing Halvad, Vadodara, and South Olpad substations
• The project is awarded by Lakadia A Power Transmission Limited, an SPV under AnantGrid Projects One Private Limited
• Ownership structure involves a collaboration between Bajel Projects (26%) and the National Investment and Infrastructure Fund (74%)
• The execution period is fixed at 36 months, aligning with national targets for non-fossil fuel energy capacity

Strategic Position and Management Commentary

This project uniquely positions us as we take up the dual role of an EPC partner and a project developer. As the country advances towards its ambitious clean energy goals, we remain committed to delivering world-class transmission networks that are reliable, sustainable, and future-ready.

Operational Pipeline and Sector Context

This win follows a series of successful bids in 2026, including an EPC contract from Tata Power in early October and multiple 765 kV packages from PGCIL in August. As of August 2026, the company reported an active bidding pipeline of approximately ₹22,000 crore. While the current stock performance reflects a 18.31% decline over the past year, the company has maintained a revenue growth guidance of over 15% for FY27.

The project falls under the RAASTA-2030 strategy, which targets high single-digit EBITDA margins by the end of the decade.

What to watch next

• Release of financial results for Q2/H1 FY27 following the trading window closure on October 1, 2026
• Updates on the execution progress of the 765 kV transmission line package TL05 awarded in August 2026
• Progress on the ₹22,000 crore bidding pipeline as of the next investor update

“Securing this landmark ₹ 1,500 crore* project, the largest transmission order in Bajel Projects’ history, is a proud milestone that reflects the strength of our execution capabilities, technical expertise, and the trust placed in us by our stakeholders.”

Bajel Projects · financial snapshot

Share price	₹155.5
Market capitalisation	₹1,799.43 Cr
Revenue (annual)	₹2,791.58 Cr
Net profit (annual)	₹20.28 Cr
Revenue (latest quarter)	₹566.88 Cr-43.75% vs previous quarter
Net profit (latest quarter)	₹4.73 Cr-66.52% vs previous quarter
P/E (TTM)	81.59×Sector 50.57×
Promoter holding	62.52%-0.01% QoQ
FII holding	0.33%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.