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Swing Capital

Bajel Projects Ltd

NSE: BAJEL BSE: 544042Energy

Incorporated in 2022, Bajel Projects Ltd is in the business of Engineering, Procurement and Construction[1]Bajel Projects Limited (BPL) is a carved out legal entity from Bajaj Electricals Ltd. It's EPC segment comprises of Power Transmission & Power Distribution. BPL provides end to end solutions ranging from inhouse design, testing, procurement, manufacturing, installation & commissioning of the projects.

₹172
52W: ₹135 — ₹264
PE 94.6 · Book ₹45.4 · +279% vs book
Market Cap₹1,986 Cr
Stock P/E94.6Price to Earnings
ROCE12.9%Return on Capital
ROE2.68%Return on Equity
Div. Yield0%Face Value ₹2

Strengths

  • +Debtor days have improved from 176 to 136 days.

Weaknesses

  • −Stock is trading at 3.79 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of 0.98% over last 3 years.
  • −Company's cost of borrowing seems high

Shareholding Pattern

Promoters62.53%
FIIs0.5%
DIIs9.58%
Public27.39%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters62.72%62.61%▼0.162.59%▼0.062.57%▼0.062.57%62.55%▼0.062.53%▼0.062.53%
FIIs0.29%0.5%▲0.20.28%▼0.20.31%▲0.00.32%▲0.00.67%▲0.40.4%▼0.30.5%▲0.1
DIIs7.83%8.29%▲0.59.54%▲1.39.6%▲0.110.3%▲0.78.66%▼1.69.06%▲0.49.58%▲0.5
Public29.17%28.59%▼0.627.59%▼1.027.51%▼0.126.81%▼0.728.11%▲1.328.01%▼0.127.39%▼0.6

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales199.95275.08489.16512.01662.41622.39801.42607.64613.83562.34
Expenses203.96265.96481.31504.91645.61607.75780.68591.09591535.17
Operating Profit-4.019.127.857.116.814.6420.7416.5522.8327.17
OPM %-2.01%3.32%1.6%1.39%2.54%2.35%2.59%2.72%3.72%4.83%
Net Profit-4.443.367.075.523.661.464.823.325.941.98
EPS ₹-0.390.290.610.480.320.130.420.290.510.17

AI Insights

Revenue Trend

TTM revenue at ₹2,585Cr, down 0.5% YoY. OPM at 3%.

Debt Position

Borrowings at ₹113Cr. Debt-to-equity ratio: 0.23x. Healthy balance sheet.

Capex Cycle

CWIP at ₹7Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 9.58% (-2.40pp change). FIIs: 0.5% (-10.01pp change). Promoters hold 62.53%.

Margin & Efficiency

ROCE improving from 0% (Mar 2023) to 13% (Mar 2025). Working capital days: -12.

Valuation

PE 94.6x with 12.9% ROCE. Price is 279% above book value of ₹45.4. Dividend yield: 0%.

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