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Bajel Projects Limited
(BAJEL)
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Rating:48Neutral
Price Target:
₹167.00
▼(-4.63% Downside)
Action:Reiterated
Date:10/28/26
The score is held back primarily by weak recent cash flow (negative operating and free cash flow) alongside thin margins and rising leverage, despite strong revenue growth. Technicals are mixed-to-weak (below key longer-term averages with negative MACD), and valuation is demanding with a very high P/E and low yield.
Positive Factors
Strong Revenue Scaling
Rapid revenue scaling indicates that Bajel is expanding its execution base within power transmission and distribution infrastructure. Continued growth can improve operating leverage and strengthen its position with utilities, provided project economics and cash conversion remain disciplined.
Negative Factors
Thin, Volatile Margins
Very thin and volatile profitability leaves limited room for cost overruns, execution issues, or changes in project economics. Gross-margin compression also suggests that revenue growth is not yet translating reliably into stronger operating returns or durable earnings quality.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Scaling
Rapid revenue scaling indicates that Bajel is expanding its execution base within power transmission and distribution infrastructure. Continued growth can improve operating leverage and strengthen its position with utilities, provided project economics and cash conversion remain disciplined.
Read all positive factors
Bajel Projects Limited (BAJEL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹18.57B
Dividend Yield0.37%
Average Volume (3M)17.44K
Price to Earnings (P/E)84.5
Beta (1Y)1.93
Revenue Growth2.11%
EPS Growth70.34%
CountryIN
Employees895
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)1.90
Shares Outstanding115,718,990
10 Day Avg. Volume29,857
30 Day Avg. Volume17,439
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 contracts in the power T&D segment. Revenue is earned from project customers (typically utilities, grid operators, or other power-sector entities) under contract structures where BAJEL is paid for deliv...
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 | 138.25M |
| 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
Negative
175.10
Price Trends
172.34
Negative
180.44
Negative
173.86
Negative
Market Momentum
-2.86
Negative
46.09
Neutral
53.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BAJEL, the sentiment is Negative. The current price of 175.1 is above the 20-day moving average (MA) of 160.49, above the 50-day MA of 172.34, and above the 200-day MA of 173.86, indicating a neutral trend. The MACD of -2.86 indicates Negative momentum. The RSI at 46.09 is Neutral, neither overbought nor oversold. The STOCH value of 53.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹12.70B | 9.29 | ― | 0.02% | 84.01% | 96.74% | |
65 Neutral | ₹14.19B | 14.38 | ― | 2.45% | 1.62% | 12.27% | |
60 Neutral | ₹12.33B | 6.71 | ― | 0.54% | 12.37% | -5.17% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹10.86B | 12.10 | ― | 0.39% | 37.86% | 57.21% | |
48 Neutral | ₹18.57B | 84.49 | ― | 0.37% | 2.11% | 70.34% | |
47 Neutral | ₹20.03B | 43.29 | ― | 1.10% | 4.58% | 33.42% |
* General Sector Average
IN:BAJEL
Bajel Projects Limited
160.50
-27.51
-14.63%
IN:CAPACITE
Capacit'e Infraprojects Ltd.
145.70
-142.00
-49.36%
IN:GARUDA
Garuda Construction and Engineering Limited
136.55
-77.11
-36.09%
IN:GPTINFRA
GPT Infraprojects Limited
112.30
7.82
7.49%
IN:SIMPLEXINF
Simplex Infrastructures Limited
253.30
-34.45
-11.97%
IN:SPMLINFRA
SPML Infra Limited
128.00
-105.20
-45.11%
Bajel Projects Limited Corporate Events
Bajel Projects Wins INR 200 Cr+ GIS Substation Order in Mumbai
Oct 9, 2026
Bajel Projects Limited has secured an EPC order worth more than INR 200 crore for the supply and installation of 220kV gas insulated switchgear substations at Salsette and Powai in Mumbai. Classified as a Major order under the company’s poli...
Bajel Projects notifies shareholders via newspaper on postal ballot dispatch
Sep 5, 2026
Bajel Projects Limited is a listed company whose shares trade on BSE and the National Stock Exchange of India. The company operates under SEBI’s Listing Obligations and Disclosure Requirements framework and communicates with its shareholders...
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 ...
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.