Bajel Projects Ltd shares surged as much as 20% to ₹167.95 on Monday, March 16, 2026, following the announcement of two significant contract wins within two days. The company informed exchanges that it had secured a significant EPC order from Tata Power Company for transmission line works, with the order classified as worth ₹50-100 crore. This followed Friday's announcement of securing an ultra-mega engineering, procurement and construction (EPC) order worth over ₹700 crore from Maharashtra State Electricity Transmission Company Ltd (MSETCL). According to CNBC TV18, the latest Tata Power contract involves EPC of monopoles, including foundation works, for the 220 kV Kalwa-Kalyan-Pal transmission line project in Mumbai. The market response reflects strong investor confidence in the company's ability to execute these substantial infrastructure projects across multiple regions.
The comprehensive project portfolio includes the complete turnkey EPC execution of the 400/220 kV AIS substation at Saswad, covering design, supply, erection, testing and commissioning of the facility along with all related transmission lines. As reported by Upstox, the scope extends to civil works and full erection, testing and commissioning components required for the project. The project will also involve bay additions at three existing and proposed substations to integrate the new Saswad facility with the current transmission network. The MSETCL contract involves setting up a 2×500 MVA, 400/220 kV air-insulated switchgear (AIS) substation at Saswad in Pune district, along with associated transmission lines. The project is expected to be completed within 23 months from the date of issuance of the notification of award, with provisions for future expansion to support Maharashtra's long-term growth in power demand.
According to Upstox, the contract has been awarded by MSETCL and will be placed on behalf of its special purpose vehicle, Saswad Transmission Ltd. Managing Director and CEO Rajesh Ganesh stated that securing the ₹700 crore plus ultra mega order marks a key milestone for the company and highlights its EPC capabilities in the high voltage substation segment. The Saswad substation is expected to play a vital role in strengthening Maharashtra's transmission network and meeting the rising power demand from the region's expanding industrial and urban areas. Ganesh emphasized that the project supports the company's RAASTA 2030 strategy of expanding into high value and complex infrastructure projects while strengthening partnerships with key state transmission utilities. The latest Tata Power contract further demonstrates the company's diversified presence across multiple transmission projects in key metropolitan areas like Mumbai.
Following these contract announcements, shares of Bajel Projects Ltd were trading about 20% higher at ₹167.95 on Monday, as reported by CNBC TV18. Despite securing these major contracts, shares of Bajel Projects had ended lower on Friday, March 13 by 5.43% at ₹139.96 on the NSE, as reported by Upstox. However, the 20% surge on Monday following the dual contract announcements demonstrates strong market confidence in the company's execution capabilities across multiple transmission projects. The stock is currently trading 46.58% below its 52-week high of ₹263.90 and 1.41% above its 52-week low of ₹137.25, indicating significant recovery potential. The contrasting Friday and Monday performance suggests investors initially viewed the contracts as already priced in, but the market reaction on Monday shows renewed optimism about the company's growth prospects in the power transmission sector.
