Bajel Projects Ltd.

•

bajelprojects.comBSE: 544042NSE: BAJEL

Market Cap₹ 2,080 Cr.

Current Price

High / Low₹ 227 / 135

Stock P/E94.3

Book Value₹ 63

Price to Book2.18

Dividend Yield0.33 %

ROCE9.9 %

ROE2.9 %

Face Value₹ 2

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AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

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PROS

Latest quarter profit grew 60.1% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 7.13x)
Company has been maintaining a healthy dividend payout of 34.2%
Stock looks reasonably valued - P/E of 94.3 is below its historical median
Company generates healthy free cash flow
Company maintains a comfortable, low leverage position

CONS

A large part of profit comes from other income (99.3% of PBT)
Receivables are growing faster than sales - a possible quality concern
Company has a low return on equity of 2.1% over last 3 years
Company has a low return on capital employed of 8.1%
Interest coverage is weak at 1.4x - earnings barely cover interest

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3915.00	32.47	538651.57	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.00	47.52	42742.91	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1435.05	21.56	24506.71	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.64	24.86	23721.19	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1244.10	35.53	21372.09	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	269.20	19.30	15130.18	1.86	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	972.50	26.24	11310.13	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.75	35.45	10834.34	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	406.45	19.54	10819.70	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	113.20	20.33	10646.64	1.68	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	253.95	64.55	9339.89	0.79	303.00	120.52	26710.00	692.49	12.88	9.42
12.	BAJEL	179.80	94.32	2080.23	0.33	4.73	60.15	566.88	-5.73	9.88	3.30

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	478	506	652	615	790	601	607	555	995	567
	481	505	646	608	781	591	591	535	977	565
Operating Profit	-3	1	6	8	9	10	16	20	19	2
OPM %	-0.69%	0.15%	0.94%	1.25%	1.14%	1.71%	2.56%	3.65%	1.87%	0.32%
	10	12	5	7	7	8	7	-3	7	5
Interest	10	9	12	15	17	16	17	16	14	12
Depreciation	2	2	3	3	4	5	5	5	5	5
Profit before Tax	6	7	7	3	6	4	8	3	19	7
Tax %	-10.30%	25.87%	45.86%	57.43%	23.85%	25.39%	25.44%	30.90%	15.30%	33.04%
Net Profit	0	0	0	0	5	3	4	-4	14	5
	0.61	0.48	0.32	0.13	0.42	0.26	0.31	-0.04	1.22	0.41

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2024	Mar 2025	Mar 2026	TTM
	1,169	2,598	2,792	2,724
	1,152	2,529	2,680	2,668
Operating Profit	18	69	112	56
OPM %	1.50%	2.66%	4.01%	2.06%
	18	31	19	16
Interest	26	63	78	59
Depreciation	6	13	20	20
Profit before Tax	4	24	27	36
Tax %	-16.53%	35.50%	25.40%	22.19%
Net Profit	4	15	20	28
EPS	0.37	1.34	1.75	—
Dividend Payout %	0.00%	0.00%	34.23%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -7%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 2%
Last Year:: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2024	Mar 2025	Mar 2026
Equity Capital	23	23	23
	542	633	704
	149	371	360
Trade Payables	342	546	882
	273	478	571
Total Liabilities	1,328	2,051	2,541
	69	98	108
Capital Work in Progress	0	0	7
	3	82	66
	101	128	139
	607	971	1,634
Cash & Bank	153	268	183
	395	505	403
Total Assets	1,328	2,051	2,541

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2024	Mar 2025	Mar 2026
	195	69	21
Cash from Investing	-135	-128	19
Cash from Financing	-15	68	-72
	46	9	-32

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.72	62.61	62.59	62.58	62.57	62.55	62.53	62.53	62.53
	0.29	0.50	0.28	0.31	0.32	0.67	0.40	0.50	0.53
	7.83	8.29	9.53	9.59	10.30	8.66	9.06	9.58	9.20
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	29.16	28.60	27.59	27.53	26.81	28.12	28.01	27.39	27.74

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - Bajel Projects Limited has informed the Exchange about Schedule of meet

2026-09-07

Updates

2026-09-07 - Bajel Projects Limited has informed the Exchange regarding 'Outcome of the Board Meeting held on 7th August 2026 for FY 26-27 June Quarter '.

2026-09-05

Copy of Newspaper Publication

2026-09-05 - Bajel Projects Limited has informed the Exchange about Copy of Newspaper Publication of Postal Ballot Notice

2026-09-04

Shareholders meeting

2026-09-04 - Bajel Projects Limited has informed the Exchange regarding Notice of Postal Ballot

2026-09-01

General Updates

2026-09-01 - Grant of 2,84,000 (Two Lakh Eighty Four Thousand Only) Stock Options under the Bajel Projects Limited, Employee Stock Option Plan 2024 ( ESOP 2024 / Scheme ).

2026-08-31

Retirement

2026-08-31 - Revised - Bajel Projects Limited has informed the Exchange about Retirement of Executive Director

2026-08-31

Retirement

2026-08-31 - Bajel Projects Limited has informed the Exchange about Retirement of Executive Director

2026-08-21

Press Release

2026-08-21 - Bajel Projects Limited has informed the Exchange regarding a press release dated August 21, 2026, titled "AnantGrid Projects One Private Limited, an associate of Bajel Projects, declared Successful Bidder for the Lakadia Part A Inter-State Transmission Project under the TBCB route".

2026-08-12

Press Release

2026-08-12 - Bajel Projects Limited has informed the Exchange regarding a press release dated August 12, 2026.

News

Recent coverage and analyst commentary for BAJEL

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Bajel Projects Ltd.

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Free 5nance Account

Name

3915.00

32.47

538651.57

0.97

4988.03

15.51

67941.74

6.69

15.98

12.00

RVNL

205.00

47.52

42742.91

0.35

159.52

18.73

4321.23

10.55

10.81

4.41

KPIL

1435.05

21.56

24506.71

0.77

311.53

45.85

6407.97

3.84

18.95

8.77

IRB

19.64

24.86

23721.19

1.32

3062.70

1412.58

21372.72

918.25

7.72

53.93

CEMPRO

1244.10

35.53

21372.09

0.24

140.83

2.64

2720.92

7.02

33.53

10.09

ENGINERSIN

269.20

19.30

15130.18

1.86

157.94

141.49

819.84

-5.80

30.94

20.61

TECHNOE

972.50

26.24

11310.13

0.72

93.33

-31.44

630.34

19.84

14.86

15.79

WELENT

782.75

35.45

10834.34

0.38

56.36

-44.29

773.72

-8.44

16.44

19.49

KEC

406.45

19.54

10819.70

1.35

72.62

-41.72

5023.54

0.01

16.35

5.79

IRCON

113.20

20.33

10646.64

1.68

92.03

-43.92

1955.83

9.49

10.15

9.81

AFCONS

253.95

64.55

9339.89

0.79

303.00

120.52

26710.00

692.49

12.88

9.42

BAJEL

179.80

94.32

2080.23

0.33

4.73

60.15

566.88

-5.73

9.88

3.30

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

478

506

652

615

790

601

607

555

995

567

481

505

646

608

781

591

535

977

565

Operating Profit

-3

OPM %

-0.69%

0.15%

0.94%

1.25%

1.14%

1.71%

2.56%

3.65%

1.87%

0.32%

-3

Interest

Depreciation

Profit before Tax

Tax %

-10.30%

25.87%

45.86%

57.43%

23.85%

25.39%

25.44%

30.90%

15.30%

33.04%

Net Profit

-4

0.61

0.48

0.32

0.13

0.42

0.26

0.31

-0.04

1.22

0.41

Mar 2024

Mar 2025

Mar 2026

TTM

1,169

2,598

2,792

2,724

1,152

2,529

2,680

2,668

Operating Profit

112

OPM %

1.50%

2.66%

4.01%

2.06%

Interest

Depreciation

Profit before Tax

Tax %

-16.53%

35.50%

25.40%

22.19%

Net Profit

EPS

0.37

1.34

1.75

—

Dividend Payout %

0.00%

34.23%

—

Mar 2024

Mar 2025

Mar 2026

Equity Capital

542

633

704

149

371

360

Trade Payables

342

546

882

273

478

571

Total Liabilities

1,328

2,051

2,541

108

Capital Work in Progress

101

128

139

607

971

1,634

Cash & Bank

153

268

183

395

505

403

Total Assets

1,328

2,051

2,541

Mar 2024

Mar 2025

Mar 2026

195

Cash from Investing

-135

-128

Cash from Financing

-15

-72

-32

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

62.72

62.61

62.59

62.58

62.57

62.55

62.53

0.29

0.50

0.28

0.31

0.32

0.67

0.40

0.50

0.53

7.83

8.29

9.53

9.59

10.30

8.66

9.06

9.58

9.20

Government

0.00

29.16

28.60

27.59

27.53

26.81

28.12

28.01

27.39

27.74

Bajel Projects Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Bajel Projects Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI