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Bajel Projects Ltd (BAJEL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544042 NSE: BAJEL Engineering - Construction | Small Cap | Bajel Projects Share Price
₹171.60 0.20 (0.12%)
As on 21-Sep'26 16:59
Bajel Projects Ltd (BAJEL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544042 NSE: BAJEL Engineering - Construction | Small Cap | Bajel Projects Share Price
₹171.60 0.20 (0.12%)
As on 21-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹1,985 Cr.
Current Price
₹171.6
52-Week Low / High
₹136 / 227
TTM EPS
₹1.9
TTM Sales
₹2,716 Cr.
Book Value per Share
₹63.2
P/E Ratio
90.02
Lower than its 5-year historical median
Industry PE
24.4
Price to Book (P/B)
2.71
Lower than its 5-year historical median
Price to Sales (P/S)
0.73
Lower than its 5-year historical median
EV/EBITDA
17.44
Lower than its 5-year historical median
Dividend Yield
0.35%
Profitability Efficiency
Return on Equity (ROE)
2.93%
Underperforms industry median
Return on Capital Employed (ROCE)
9.88%
Underperforms industry median
Return on Assets (ROA)
0.88%
Operating Profit Margin
4%
Net Profit Margin
0.73%
Gross Profit Margin
2.2%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
-
7.44%
Operating Profit Growth (1 Year)
-
61.84%
Net Profit Growth (1 Year)
-
31.18%
Asset Quality
Promoter Holding
62.53%
Pledged shares (%) of Promoter's holding (%)
2.55%
Reserves
₹709 Cr.
Equity
₹23.1 Cr.
Face Value
₹2
All Time Low / High
₹108.05 / 330.00
Check Before You Invest
Quality
Not GoodValuation
FairCheck Valuation charts
Price Trend
Weak
Is Bajel Projects Ltd a good quality company?
Bajel Projects Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Bajel Projects Ltd performance compare with that of its Peers?
Revenue growth of Bajel Projects Ltd vs industry peers?
Bajel Projects Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of Bajel Projects Ltd?
Promoters hold 62.53% of the Bajel Projects Ltd, with 2.55% of their stake pledged, indicating low pledge risk.
Stock return of Bajel Projects Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -23.74% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Bajel Projects Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|
| ROCE % ⓘ | -151.4% | 8.4% | 10.6% | 11.3% | - |
| Value Creation Index ⓘ | -11.8 | -0.4 | -0.2 | -0.2 | - |
Growth Parameters ⓘ |
|||||
| Sales ⓘ | 0 | 1,169 | 2,598 | 2,792 | 2,716 |
| Sales YoY Gr. | - | NA | 122.2% | 7.4% | - |
| Adj EPS ⓘ | -1.2 | 0.8 | 1.3 | 2.7 | 2.4 |
| YoY Gr. | - | NA | 60.2% | 103% | - |
| BVPS (₹) ⓘ | 0.8 | 49 | 49.7 | 57.1 | 57.5 |
| Adj Net Profit ⓘ | -0.3 | 9.5 | 15.4 | 31.3 | 28 |
| Cash Flow from Ops. ⓘ | -0.1 | 195 | 69.1 | 21.1 | - |
| Debt/CF from Ops. ⓘ | 0 | 0.7 | 5.2 | 16.6 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | NA | 7.4% | ||||
| Adj EPS ⓘ | NA | NA | NA | 103% | ||||
| BVPSⓘ | NA | NA | 314.9% | 14.9% | ||||
| Share Price | - | - | - | -20.6% | ||||
Key Financial Parameters ⓘ
| Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|
| Return on Equity % ⓘ | -151.4 | 3.4 | 2.7 | 4.9 | 4.3 |
| Op. Profit Mgn % ⓘ | 0 | 1.5 | 2.7 | 4 | 3.7 |
| Net Profit Mgn % ⓘ | 0 | 0.8 | 0.6 | 1.1 | 1 |
| Debt to Equity ⓘ | 0 | 0.2 | 0.6 | 0.5 | - |
| Working Cap Days ⓘ | 0 | 172 | 190 | 247 | 104 |
| Cash Conv. Cycle ⓘ | 0 | 52 | 60 | 86 | 18 |
Valuation of Bajel Projects - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|
| Sales | 1,169 | 2,598 | 2,792 |
| Operating Expenses ⓘ + | 1,152 | 2,529 | 2,680 |
| Operating Profit ⓘ | 18 | 69 | 112 |
| Operating Profit Margin (%) | 1.5% | 2.7% | 4.0% |
| Other Income ⓘ + | 25 | 31 | 27 |
| Interest ⓘ | 26 | 63 | 78 |
| Depreciation ⓘ | 6 | 13 | 20 |
| Profit Before Tax ⓘ | 4 | 24 | 27 |
| Tax ⓘ | -1 | 9 | 7 |
| Profit After Tax | 4 | 15 | 20 |
| PAT Margin (%) | 0.4% | 0.6% | 0.7% |
| Adjusted EPS (₹) | 0.4 | 1.3 | 1.8 |
| Dividend Payout Ratio (%) | 0% | 0% | 34.20% |
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 565 | 656 | 727 | ||||||||
| Debt + | 136 | 357 | 350 | ||||||||
| Minority Interest | 0 | 0 | 0 | ||||||||
| Trade Payables | 342 | 546 | 882 | ||||||||
| Others Liabilities ⓘ | 286 | 492 | 582 | ||||||||
| Total Liabilities ⓘ | 1,328 | 2,051 | 2,541 | ||||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 69 | 98 | 108 | ||||||||
| CWIP ⓘ | 0 | 0 | 7 | ||||||||
| Investments ⓘ | 3 | 82 | 66 | ||||||||
| Inventories | 101 | 128 | 139 | ||||||||
| Trade Receivables | 607 | 971 | 1,634 | ||||||||
| Cash Equivalents | 153 | 268 | 183 | ||||||||
| Others Assets ⓘ | 395 | 505 | 403 | ||||||||
| Total Assets ⓘ | 1,328 | 2,051 | 2,541 | ||||||||
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 195 | 69 | 21 |
| Cash Flow From Investing Activity ⓘ + | -135 | -128 | 19 |
| Cash Flow From Financing Activity ⓘ + | -15 | 68 | -72 |
| Net Cash Flow ⓘ | 46 | 9 | -32 |
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 0.76 | 2.53 | 2.93 | |||||||
| ROCE (%) | 4.19 | 10.12 | 9.88 | |||||||
| Asset Turnover Ratio | 0.88 | 1.54 | 1.22 | |||||||
| PAT to CFO Conversion(x) | 48.75 | 4.6 | 1.05 | |||||||
| Working Capital Days | ||||||||||
| Receivable Days | 189.50 | 110.80 | 170.30 | |||||||
| Inventory Days | 31.50 | 16.10 | 17.40 | |||||||
| Payable Days | 143.70 | 84 | 134.60 | |||||||
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Bajel Projects Ltd FAQs
The current trading price of Bajel Projects on 21-Sep-2026 16:59 is ₹171.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 20-Sep-2026 the market cap of Bajel Projects stood at ₹1,985.4 Cr
The latest P/E ratio of Bajel Projects as of 20-Sep-2026 is 70.44.
The latest P/B ratio of Bajel Projects as of 20-Sep-2026 is 2.98.
The 52-week high of Bajel Projects is ₹227.1 and the 52-week low is ₹135.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bajel Projects is ₹2,716 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Bajel Projects Ltd is a below average quality company.
The key valuation ratios of Bajel Projects Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Bajel Projects Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Bajel Projects Ltd
Bajel Projects Limited is a leading company in the business of power infrastructure, with a strong presence in the Power Transmission and Power Distribution sectors. It was formerly part of Bajaj Electricals Limited under the engineering, procurement, and construction (EPC) segment and is powered by the same beliefs and values that have guided its growth for the last 15 years at Bajaj Electricals Ltd.
It is known for its project management skills and driving operations excellence, making it a preferred partner for several states, international governments, and private infrastructural projects.
The company has a world-class manufacturing facility at Ranjangaon, Pune, Maharashtra. With a well-engineered layout, the plant is equipped to manufacture transmission line towers, monopoles, high masts, octagonal poles, conical poles, and other fabricated structures. Also, the unit is equipped with a remotely controlled 13-meter-long galvanizing bath, mast straightening machines, and more. These advanced technologies and the internal team of experts come together to ensure quality-driven processes at every step.
With a state-of-the-art manufacturing facility, the company is equipped to deliver the best possible services to its clients. The plant is certified to meet stringent quality standards: ISO 14001, ISO 9001, ISO 3834-2, ISO 45001, and OHSAS 18001.
Business area of the company
The company is engaged mainly in four business segment:
Power Transmission: The company comes with over 15 years of experience in this business of providing engineering, design, testing, manufacturing, and executing solutions. BPL is one of the seven empaneled EPC contractors for quoting TBCB tenders up to 765 kV Pan-India in Power Grid Corporation of India Ltd. This vertical has got three sub-segments namely Transmission lines, EHV Substations and EHV Underground cables.
Power Distribution: Distribution is the most crucial link in the value chain of the power sector. It is the sole point of contact between utilities and consumers. In power distribution, it executes projects for the construction of new infrastructure as well as the augmentation of existing infrastructure for various power distribution companies and agencies.
International EPC: The company has forged its presence in the international arena over the past several years. It is fully equipped to meet the technical requirement of international projects with competent in-house design and engineering teams, strategic tie-ups with Indian and foreign vendors, in-house Monopoles / Lattice Tower, manufacturing facilities and competent site execution teams. With a team of highly skilled professionals, it has been able to successfully complete numerous projects overseas, meeting all technical and EHS requirements up to DLP.
Monopoles: With many years of expertise, the company is a pioneer in the designing, manufacturing, supplying, and installation of Monopoles in India. Its in-house capacity to conceptualise and customise solutions which meet and exceed client requirements, makes it the preferred partner for various national and international companies.
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