Bajel Projects secured two significant EPC orders from Power Grid Corporation of India worth ₹400-600 crore each. According to reports from LiveMint, the first order involves Substation Contract SS137T for constructing a 765kV new AIS substation at Pune East, along with bay extension works at Karjat Substation and Lonikand-II Substation. The second order pertains to Transmission Line Package TL-01 for constructing a 400kV Bellary-Davanagere Quad double-circuit transmission line. Both projects have been awarded under the EPC segment and are classified as domestic contracts with a 21-month execution timeline.
As reported by LiveMint, the order value for each project is estimated to be between ₹200 crore and ₹300 crore. The company clarified that neither the promoter nor promoter group companies have any interest in the awarding entities, and the transactions do not fall under related-party transactions. This marks another major order win for the company after securing ultra-mega EPC transmission line orders from international clients in the Middle East and North Africa region in late April, involving construction of two contiguous sections of 500kV overhead transmission lines valued at around ₹400 crore. The combined value of these latest domestic wins complements the ₹400+ crore MENA region orders bagged in April 2026, showcasing a balanced growth strategy between Indian grid strengthening and global expansion.
According to LiveMint, the company's order book has expanded significantly, with cumulative wins of approximately ₹1,700 crore secured within the last 60 days. The unexecuted order book stood at ₹2,912 crore as of December 2025, with the latest wins improving order book visibility and moving the book-to-bill ratio toward 1.8x based on FY25 revenues. The addition of the 765kV AIS substation project expands the company's technical footprint into ultra-high voltage categories, demonstrating advanced engineering capability as these are ultra-high voltage systems that typically command higher margins and have stricter entry barriers for EPC players.
According to LiveMint, the company's shares witnessed renewed selling pressure in May, declining 10% so far amid the broader market sell-off. However, the stock had rebounded 38% in April, offering much-needed relief to shareholders after ending six out of the last eight months in the red. In terms of yearly performance, the stock delivered a negative return of 36% in 2025, following a multibagger gain of nearly 100% in 2024. In the current year so far, the stock is marginally down by 2%. The consistent win of high-voltage projects signals a robust capital expenditure cycle in India's power transmission sector, driven by renewable energy evacuation needs, with the Indian power transmission sector undergoing a massive upgrade to accommodate 500GW of renewable energy by 2030.
