FY2026 marks Bajel's transition to a more selective, scalable and sustainable growth platform — and the year execution became the proof.
Bajel Projects Limited is a power infrastructure company with a strong presence across Power Transmission and New Energies, supported by monopoles, manufacturing capability, international business and disciplined project execution.
The Company's core differentiator remains execution — an operating model that brings engineering, manufacturing, procurement, supply chain, project controls, safety and on-ground delivery into a single rhythm.
Power infrastructure EPC and manufacturing, with Power Transmission as the primary platform.
New Energies, monopoles and international business — entered where technical barriers are high.
Transmission lines qualified across all voltage levels; substations across AIS and GIS at all voltage levels.
FY2026 marks a clear step-up in Bajel's financial profile: revenue is 4.2x FY2023, EBITDA is 9.6x FY2023, EBITDA margin has expanded by 250 bps, and the unexecuted order book stands at ₹3,442 Cr at the close of Q4. Q4 FY2026 was the quarter revenue crossed ₹1,000 Cr and PBT before exceptional items moved to ₹19 Cr.
Bajel today stands as a focused, independent projects and products' company — with a clear strategic agenda, a robust order book, and a steadily improving margin profile.
Dear Shareholders,
It is a privilege to write to you after the close of a defining financial year for your Company, and a momentous milestone for the Bajaj Group as it completes a hundred years of building sustainable enterprises in service of the nation. In 1926, my grandfather Late Shri Jamnalal ji laid the foundation of what would become one of India's most endearing business houses, built on the belief that business must serve a larger purpose.
Through the freedom struggle, through the Licence Raj, through liberalisation, and now into the age of artificial intelligence, that founding philosophy — kathni karni ek si, the alignment of word and deed — has remained our North Star. Every Bajaj company, in every era, has been measured against that standard.
The discipline behind growth. Three years on, I am pleased to share that Bajel today stands as a focused, independent projects and products' company, spanning domestic power transmission, new energies, manufacturing and select international markets. The financial outcome of the year reflects this trajectory: standalone revenue from operations grew to ₹2,792 crore from ₹2,598 crore in the previous year.
Looking ahead. For the year ahead and beyond, I see three key drivers for growth. First, a market opportunity in transmission, smart grids, substations and renewable evacuation that is exceptional in scale. Second, a management team demonstrating both the capability and the integrity to capitalise on that opportunity. And third, a culture, inherited from a hundred years of Bajaj Group enterprise, that values how results are achieved as much as the results themselves.
I encourage you to read this report not as a compliance document, but as an account of how your Company is choosing to grow.
We have chosen to call this our pivot to quality of earnings. We are choosing projects very carefully, with focus on profitability and executability.
Our strategy — RAASTA 2030. Ours is a transformation story. At the heart of it is RAASTA 2030, our six-year strategic roadmap to position Bajel as a future-ready and globally recognised player in the power transmission infrastructure sector. Underpinning this is a deliberate shift in orientation — from scale-led growth to quality-led growth.
Performance in context. Your Company closed FY2026 with standalone revenue from operations of ₹2,792 crore, a growth of 7% over the previous year. Our domestic transmission and distribution business continued to be the workhorse of the year, and the fourth quarter saw inflows of mega and ultra-mega orders enabling us to exit FY2026 with a strong order book. What gives me greater confidence than the order book itself, however, is the rate at which we are converting it.
Manufacturing and vertical integration. Our Ranjangaon plant, which celebrated its twenty-fifth anniversary, continues to be a source of strength. The ability to galvanise, fabricate towers and build substation structures in-house gives us cost certainty, quality control and timing flexibility. As HVDC, 765 kV and smart grid projects populate the national pipeline, our integrated EPC-plus-manufacturing model provides a significant advantage.
International EPC — turning the corner. The signing of the 50:50 joint venture with Al-Sharif in the Kingdom of Saudi Arabia is, in my view, one of the most important strategic developments of the year. It gives us a beachhead in one of the fastest-growing electricity infrastructure markets globally.
The road ahead. For FY27 and beyond, our priorities are clear: scale Power Transmission execution velocity, deepen manufacturing competitiveness, accelerate the international EPC ramp, and use our growing capital architecture to participate in transmission asset opportunities that complement the EPC business.
FY2026 was a year of conversion. The Company moved beyond strategic intent and demonstrated visible progress across order wins, commissioning, project execution, partnerships, profitability and institutional capability.
Built the baseline through institutional stabilisation and RAASTA 2030 alignment, shifting away from raw volume towards a quality-led growth agenda.
Delivered early bottom-line validation with a 62% surge in quarterly PAT, prioritising margin-mix optimisation over low-margin contracts.
Expanded 9M margins by 130 bps while strengthening the bridge from operating EBITDA momentum to net profit realisation.
Delivered execution proof, sharp financial acceleration and transformative global and domestic market milestones.
Value creation at Bajel is driven by margin and complexity, not sheer volume. Strategy is built around selective participation — targeting opportunities where technical barriers to entry are high, and where execution certainty and financial discipline command a premium.
Value is created when opportunity is selected with discipline, engineered with depth, and executed with control.
RAASTA 2030 has transitioned from a stabilisation framework into an active performance engine. Having completed the foundational "Gear for Growth" phase, FY2026 represents the pivotal crossover into Phase 2: Prepare for Scale.
At the core of this pivot is Project NEEV, our systemic transformation initiative — replacing individual-led effort with process-led predictability through digital PMO dashboards, system-enabled project tracking and GPS-enabled fleet monitoring.
A transmission-led platform, extended selectively into adjacencies where Bajel's engineering depth, manufacturing backbone and qualification base create a genuine advantage.
The flagship growth platform. Design, engineering, procurement, construction and commissioning across 132 kV, 220 kV, 400 kV and 765 kV, plus AIS and GIS substations and bay extensions.
FY2026 commissioning included the 765 kV Navsari–Padghe line, 400 kV Navsari–Magarwada, the 400/220 kV GIS substation at Jalpura, 765 kV Bhadla–Sikar, 400 kV Jeypore–Jagdalpur and the Bawana–Mandola line at Maharani Bagh.
The repositioning of distribution capability into a selective platform for technically demanding electrical projects — data centres, BESS, metro and urban systems, complex loss-reduction mandates and renewable-linked infrastructure.
Live projects include a PGCIL loss-reduction mandate in Pulwama, a 33/11 kV substation programme with TPCODL in Odisha, and a 220/33 kV GIS substation for a data centre.
From general participation to selective depth. FY2026 saw completion of the 132 kV single-circuit line for ZESCO in Lusaka, Zambia, delivery of 220 kV monopoles into the UAE, and rural electrification of 46 villages for CEET in Togo.
The 50:50 joint venture with the Al-Sharif Group gives Bajel a platform in Saudi Arabia and the wider GCC, reducing the limits of a pure export-led model.
Compact infrastructure for complex corridors. Bajel introduced India to its first 400 kV transmission line on monopole and has since supplied more than 1,128 monopoles across 110 kV to 400 kV applications.
The Maharanibagh–Narela 400 kV multi-circuit line set national benchmarks: India's tallest monopole at 88.23 m, heaviest at 290 tonnes, and the first deployment of an insulated cross-arm on monopoles in India.
The Ranjangaon facility, 55 km from Pune, manufactures transmission line towers, monopoles, high masts, lighting poles and fabricated structures, supported by a fully enclosed galvanising unit serving internal and third-party requirements.
Technical base includes CNC profile cutting from MESSER (Germany), a 12-metre LVD press brake (Belgium), BODE submerged arc welding (UK) and a remote radio-controlled GIMECO hot-dip galvanising plant (Italy).
Post year-end wins include a 400 kV line under the Bellary–Davanagere renewable evacuation scheme, a 765 kV AIS substation package at Pune East, bay extensions at Karjat and Lonikand-II, and a first ultra-mega MENA order — a ₹400+ crore contract for a 500 kV overhead transmission line.
In a project-led EPC business, delivery depends not only on engineering blueprints and site machinery, but on leadership behaviour, safety discipline, localised ownership and rapid skill development.
The Values Charter — Courage, Collaboration, Commercial Mindset, Integrity and Ownership — provides a common behavioural foundation across project sites, manufacturing operations, corporate teams and customer-facing functions.
The flagship Saksham programme is a nine-month cadre-building engine anchored in the 70-20-10 learning model, giving young technical hires cross-site and cross-functional exposure before active deployment.
Safety is the ultimate indicator of operational discipline. Bajel is progressing from reactive safety management towards a mature, system-led, generative safety culture built across eight operational pillars.
Six Life Saving Rules govern high-risk activities such as working at height and electrical isolation. Risk management has moved to a holistic model using HIRA and Job Safety Analysis, so every task is evaluated through a structured risk matrix before mobilisation.
Tech EHS, the enterprise-wide digital platform, serves as the analytical heartbeat of the safety culture — a centralised database accessible across all 40+ active project sites via desktop, Android and iOS, with eight specialised modules covering action tracking and closure, contractor and manpower governance, audit digitisation and training management.
Bajel integrates resource efficiency, safety, governance and social responsibility directly into the way infrastructure is executed. FY2026 strengthened this connection by placing non-financial priorities inside the operating model rather than treating them as parallel disclosures.
Sustainable growth is not created by disclosure alone; it is built when environmental discipline, safety, social responsibility and governance are embedded into execution.
A clean record with zero reported instances of corruption, bribery or conflicts of interest.
Three priority categories identified: steel and zinc procurement, logistics and fleet integration, and contractor and site activities.
CSR and localised engagement programmes supporting education, safety awareness and community development around major project locations.
Governance at Bajel serves as an execution enabler and a safeguard for business quality. As the Company scales across larger projects and sharper timelines, oversight discipline becomes central to sustaining predictable growth.
Nitesh Bhandari
Amee Bharatbhai Joshi, w.e.f. 27 May 2026
S R B C & Co. LLP, Chartered Accountants