Bajel Projects Limited (BAJEL) AI Stock Analysis

Top Page

Bajel Projects Limited

(NSE:BAJEL)

Select Model

Rating:53Neutral

Price Target:INR 171.00▲(6.54% Upside)

Action:reiterated

Date:10/28/26

Solid financial performance from revenue expansion is the main positive driver, offset by bearish technical signals and stretched valuation.

Positive Factors

Strong Revenue ScalingRapid 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 MarginsVery 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.

Bajel Projects Limited (BAJEL) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 17.79B
Dividend Yield: 0.37%
Average Volume (3M): 20.39K
Price to Earnings (P/E): 84.5
Beta (1Y): 1.93
Revenue Growth: 2.11%
EPS Growth: 70.34%
Country: India
Employees: 895
Sector: General
Sector Strength: 55
Industry: Engineering & Construction

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, man...

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 deliveri...

Bajel Projects Limited Financial Statement Overview

Summary

Exceptional revenue growth and shift to profitability are positive, but declining cash flows and rising debt introduce notable risks.

Income Statement

75Positive

Balance Sheet

65Positive

Cash Flow

45Neutral

Financial statement breakdown
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	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	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

Technical Analysis SentimentNegative

Last Price160.50

Price Trends

50DMA172.34Negative

100DMA180.44Negative

200DMA173.86Negative

Market Momentum

MACD-2.86Negative

RSI46.09Neutral

STOCH53.25Neutral

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 160.50 is above the 20-day moving average (MA) of 160.49, below the 50-day MA of 172.34, and below 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

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:BAJEL against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:GARUDA	73Outperform	INR 12.70B	9.29	―	0.02%	84.01%	96.74%
IN:GPTINFRA	68Neutral	INR 14.19B	14.38	―	2.45%	1.62%	12.27%
IN:CAPACITE	64Neutral	INR 12.33B	6.71	―	―	12.37%	-5.17%
IN:SPMLINFRA	60Neutral	INR 10.86B	12.10	―	―	37.86%	57.21%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:BAJEL	53Neutral	INR 18.57B	84.49	―	0.37%	2.11%	70.34%
IN:SIMPLEXINF	47Neutral	INR 20.03B	43.29	―	―	4.58%	33.42%

* General Sector Average

Performance Comparison

IN:BAJEL and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
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 policy,...

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 th...

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 ha...

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 regulatory...

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 wit...

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.

Date of analysis: Oct 28, 2026

Bajel Projects Limited AI Stock Analysis

Top Page