Bajel Projects Ltd.
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ABOUT
AI Sector View
AI GENERATEDConstruction
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.
PROS
- Latest quarter profit grew 37.4% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 6.11x)
- Stock looks reasonably valued - P/E of 76.2 is below its historical median
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (79.7% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of 2.9% over last 3 years
- Company has a low return on capital employed of 10.1%
- Interest coverage is weak at 1.4x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3965.00 | 32.88 | 545530.90 | 0.96 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 209.50 | 48.56 | 43681.17 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1417.50 | 21.30 | 24207.01 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.67 | 24.90 | 23757.43 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1296.30 | 37.02 | 22268.82 | 0.23 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 281.90 | 20.21 | 15843.97 | 1.77 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 975.45 | 26.32 | 11344.44 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| IRCON | 118.65 | 21.31 | 11159.22 | 1.60 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| AFCONS | 295.00 | 74.98 | 10849.65 | 0.68 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| KEC | 406.15 | 19.53 | 10811.71 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| WELENT | 765.35 | 34.66 | 10593.50 | 0.39 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| BAJEL | 185.70 | 97.42 | 2148.49 | 0.32 | 4.73 | 60.15 | 566.88 | -5.73 | 9.88 | 3.30 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 197 | 194 | 270 | 478 | 506 | 652 | 615 | 790 | 601 | 607 | 555 | 995 | 567 | |
| 208 | 204 | 266 | 481 | 505 | 646 | 608 | 781 | 591 | 591 | 535 | 977 | 565 | |
| Operating Profit | -10 | -10 | 4 | -3 | 1 | 6 | 8 | 9 | 10 | 16 | 20 | 19 | 2 |
| OPM % | -5.22% | -4.94% | 1.63% | -0.69% | 0.15% | 0.94% | 1.25% | 1.14% | 1.71% | 2.56% | 3.65% | 1.87% | 0.32% |
| 4 | 2 | 1 | 10 | 12 | 5 | 7 | 7 | 8 | 7 | -3 | 7 | 5 | |
| Interest | 2 | 2 | 4 | 10 | 9 | 12 | 15 | 17 | 16 | 17 | 16 | 14 | 12 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 3 | 3 | 4 | 5 | 5 | 5 | 5 | 5 |
| Profit before Tax | -2 | -5 | 5 | 6 | 7 | 7 | 3 | 6 | 4 | 8 | 3 | 19 | 7 |
| Tax % | 14.93% | 18.08% | 28.36% | -10.30% | 25.87% | 45.86% | 57.43% | 23.85% | 25.39% | 25.44% | 30.90% | 15.30% | 33.91% |
| Net Profit | -2 | -4 | 3 | 7 | 6 | 4 | 1 | 5 | 3 | 6 | 2 | 16 | 5 |
| -0.15 | -0.39 | 0.29 | 0.61 | 0.48 | 0.32 | 0.13 | 0.42 | 0.29 | 0.51 | 0.17 | 1.36 | 0.39 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| 0 | 1,169 | 2,598 | 2,792 | 2,724 | |
| 0 | 1,152 | 2,529 | 2,680 | 2,668 | |
| Operating Profit | -0 | 18 | 69 | 112 | 56 |
| OPM % | — | 1.50% | 2.66% | 4.01% | 2.06% |
| 0 | 18 | 31 | 19 | 16 | |
| Interest | 0 | 26 | 63 | 78 | 59 |
| Depreciation | 0 | 6 | 13 | 20 | 20 |
| Profit before Tax | -0 | 4 | 24 | 34 | 36 |
| Tax % | -0.00% | -16.53% | 35.50% | 20.39% | 22.30% |
| Net Profit | -0 | 4 | 15 | 27 | 28 |
| EPS | -1.20 | 0.37 | 1.34 | 2.33 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 25.76% | — |
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:
- -9%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 3%
- Last Year:
- 4%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Equity Capital | 23 | 23 | 23 |
| 542 | 552 | 638 | |
| 149 | 371 | 360 | |
| Trade Payables | 342 | 546 | 882 |
| 273 | 478 | 571 | |
| Total Liabilities | 1,328 | 1,970 | 2,474 |
| 69 | 98 | 108 | |
| Capital Work in Progress | 0 | 0 | 7 |
| 3 | 0 | 0 | |
| 101 | 128 | 139 | |
| 607 | 971 | 1,634 | |
| Cash & Bank | 153 | 268 | 183 |
| 395 | 505 | 403 | |
| Total Assets | 1,328 | 1,970 | 2,474 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| -0 | 195 | 69 | 21 | |
| Cash from Investing | 0 | -135 | -128 | 19 |
| Cash from Financing | 0 | -15 | 68 | -72 |
| 0 | 46 | 9 | -32 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| PER SHARE | ||||
| EPS (₹) | -1.20 | 0.37 | 1.34 | 2.33 |
| Book Value (₹) | 0.80 | 48.98 | 49.72 | 57.12 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.60 |
| Cash EPS (₹) | -1.20 | 0.88 | 2.43 | 4.03 |
| PROFITABILITY | ||||
| Operating Margin % | 0.00% | 1.50% | 2.66% | 4.00% |
| Net Margin % | 0.00% | 0.37% | 0.60% | 0.97% |
| ROE % | -151.38% | 1.52% | 2.71% | 4.36% |
| ROCE % | -151.38% | 8.37% | 10.62% | 11.29% |
| -62.40% | 0.65% | 0.94% | 1.21% | |
| EFFICIENCY | ||||
| Debtor Days | 0 | 189 | 111 | 170 |
| Inventory Days | 0 | 32 | 16 | 17 |
| Payable Days | 0 | 72 | 84 | 135 |
| 0 | 149 | 43 | 53 | |
| FINANCIAL HEALTH | ||||
| Debt to Equity (x) | 0.00x | 0.24x | 0.62x | 0.53x |
| Interest Coverage (x) | 0.00x | 1.14x | 1.38x | 1.44x |
| 1.69x | 1.47x | 1.13x | 1.20x | |
| GROWTH | ||||
| Revenue Growth % | 0.00% | 0.00% | 122.22% | 7.44% |
| Operating Profit Growth % | 0.00% | 0.00% | 133.12% | 38.83% |
| Net Profit Growth % | 0.00% | 1523.61% | 260.75% | 74.30% |
| 0.00% | 130.87% | 259.76% | 74.16% | |
| VALUATION | ||||
| P/E (x) | 0.00x | 577.60x | 122.23x | 58.87x |
| P/B (x) | 0.00x | 4.38x | 3.29x | 2.40x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.44% |
| 0.00x | 57.32x | 19.79x | 12.63x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - Bajel Projects Limited has informed the Exchange regarding Notice of Postal Ballot
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 - Revised - Bajel Projects Limited has informed the Exchange about Retirement of Executive Director
2026-08-31 - Bajel Projects Limited has informed the Exchange about Retirement of Executive Director
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 - Bajel Projects Limited has informed the Exchange regarding a press release dated August 12, 2026.
2026-08-12 - Bajel Projects Limited has informed the Exchange about Bagging/Receiving of orders/contracts.
2026-08-10 - Bajel Projects Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 10, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-10 - Bajel Projects Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 10, 2026
News
Recent coverage and analyst commentary for BAJEL
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