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Bajel Projects Limited
(BAJEL)
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Rating:54Neutral
Price Target:
₹197.00
▲(12.51% Upside)
Action:Reiterated
Date:08/30/26
The score is held back primarily by weakened cash generation (negative operating and free cash flow in 2026) and thin, volatile profitability despite strong revenue growth. Technicals are moderately supportive with price above major moving averages and positive momentum, but an expensive valuation (very high P/E and low yield) limits upside on the score.
Positive Factors
Strong Revenue Scaling
Revenue has scaled sharply from 2023 to 2026 and remained positive in 2026. For a T&D EPC contractor, sustained top-line expansion can improve project absorption and customer reach, although conversion into profit still needs to strengthen.
Negative Factors
Negative Operating and Free Cash Flow
Operating and free cash flow both turned negative in 2026 after positive results in 2024–2025. For milestone-driven EPC work, this can signal working-capital absorption or project cash timing, reducing funds available for execution, debt service, and growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Scaling
Revenue has scaled sharply from 2023 to 2026 and remained positive in 2026. For a T&D EPC contractor, sustained top-line expansion can improve project absorption and customer reach, although conversion into profit still needs to strengthen.
Read all positive factors
Bajel Projects Limited (BAJEL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹21.26B
Dividend Yield0.32%
Average Volume (3M)22.41K
Price to Earnings (P/E)96.9
Beta (1Y)1.61
Revenue Growth2.11%
EPS Growth70.34%
CountryIN
Employees895
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)1.90
Shares Outstanding115,696,940
10 Day Avg. Volume20,016
30 Day Avg. Volume22,411
Financial Highlights & Ratios
PEG Ratio2.56
Price to Book (P/B)2.13
Price to Sales (P/S)0.57
P/FCF Ratio-27.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)10.1
Revenue Forecast (FY)₹34.68B
Bajel Projects Limited Business Overview & Revenue Model
Company Description
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, ...
How the Company Makes Money
BAJEL primarily makes money by executing EPC/turnkey contracts in the power T&D segment. Under this model, revenue is earned through contract awards from customers (typically utilities, grid operators, and other power-sector entities) and is recog...
Bajel Projects Limited Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
64
Positive
Cash Flow
39
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 27.51B | 27.92B | 25.98B | 11.69B | 5.69B |
| Gross Profit | 3.18B | 3.13B | 3.80B | 2.20B | 522.87M |
| EBITDA | 1.09B | 1.10B | 592.70M | 280.35M | 122.53M |
| Net Income | 220.54M | 202.77M | 154.63M | 42.87M | -15.81M |
Balance Sheet | |||||
| Total Assets | 0.00 | 25.38B | 20.75B | 13.43B | 9.35B |
| Cash, Cash Equivalents and Short-Term Investments | 825.11M | 1.83B | 1.03B | 593.47M | 6.53M |
| Total Debt | 0.00 | 3.67B | 1.40B | 149.10M | 7.21M |
| Total Liabilities | -7.48B | 17.91B | 14.09B | 7.77B | 3.78B |
| Stockholders Equity | 7.48B | 7.48B | 6.66B | 5.66B | 5.57B |
Cash Flow | |||||
| Free Cash Flow | -88.37M | -576.40M | 346.48M | 1.68B | 78.02M |
| Operating Cash Flow | 69.09M | -238.69M | 691.33M | 1.95B | 105.58M |
| Investing Cash Flow | 238.16M | 47.07M | -1.28B | -1.35B | -27.18M |
| Financing Cash Flow | -614.67M | -127.97M | 680.69M | -145.79M | -6.56M |
Bajel Projects Limited Technical Analysis
Positive
175.10
Price Trends
185.40
Positive
186.38
Positive
175.15
Positive
Market Momentum
0.34
Positive
50.39
Neutral
20.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BAJEL, the sentiment is Positive. The current price of 175.1 is below the 20-day moving average (MA) of 188.20, below the 50-day MA of 185.40, and below the 200-day MA of 175.15, indicating a neutral trend. The MACD of 0.34 indicates Positive momentum. The RSI at 50.39 is Neutral, neither overbought nor oversold. The STOCH value of 20.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:BAJEL.
Bajel Projects Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹16.64B | 12.19 | ― | 0.02% | 84.01% | 96.74% | |
68 Neutral | ₹18.33B | 9.98 | ― | 0.54% | 12.37% | -5.17% | |
65 Neutral | ₹14.17B | 14.24 | ― | 2.47% | 1.62% | 12.27% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹21.26B | 96.92 | ― | 0.32% | 2.11% | 70.34% | |
54 Neutral | ₹15.28B | 17.06 | ― | 0.39% | 37.86% | 57.21% | |
52 Neutral | ₹21.56B | 46.76 | ― | 1.10% | 4.58% | 34.38% |
* General Sector Average
IN:BAJEL
Bajel Projects Limited
187.45
-9.13
-4.64%
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179.00
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111.25
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1.15%
IN:SIMPLEXINF
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260.85
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IN:SPMLINFRA
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-37.86%
Bajel Projects Limited Corporate Events
Bajel Projects Discloses AGM Voting Results, Confirms Regulatory Compliance
Aug 10, 2026
Bajel Projects Limited has reported that its fourth Annual General Meeting was held on August 10, 2026, via video conferencing and other audio-visual means, with shareholders voting electronically on all items of business. The company confirmed it...
Bajel Projects Files Q1 FY 2026 Investor Presentation with Stock Exchanges
Aug 7, 2026
Bajel Projects Limited has notified the stock exchanges that it has prepared and shared an investor presentation on its financial results for the first quarter ended June 30, 2026. The company is positioning this disclosure as part of its regulato...
Bajel Projects Files Q1 FY2026 Investor Presentation with Stock Exchanges
Aug 7, 2026
Bajel Projects Limited has submitted an investor presentation detailing its financial results for the first quarter ended June 30, 2026, to the stock exchanges. The move underscores the company’s effort to maintain transparent communication ...
Bajel Projects Publishes Transcript of FY26 Earnings Call for Investors
Jun 3, 2026
Bajel Projects Limited has released the official transcript of its analyst earnings conference call discussing the audited consolidated and standalone financial results for the quarter and financial year ended 31 March 2026. The company has filed ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.