Bajel Projects secures ₹1,500 crore EPC order

Bajel Projects Limited (NSE: BAJEL) has secured its largest-ever transmission order, valued at ₹1,500 crore including GST, for 270 km of 765 kV double-circuit transmission lines and associated substation works in Gujarat. The project adds significant business visibility over a 36-month execution period and strengthens Bajel’s position in India's expanding power transmission infrastructure market. The financial opportunity is meaningful relative to FY2026 revenue of approximately ₹2,792 crore. However, the headline contract value is not equivalent to recognised revenue, EBITDA or cash flow. The project’s actual contribution will depend on execution milestones, contract margins, procurement costs and customer collections. The key risk is profitability. Bajel’s FY2026 EBITDA margin was approximately 4.47%, so even a large order may create limited incremental value if costs overrun or working capital increases sharply. The contract is also disclosed as a related-party transaction, conducted at arm’s length with prior shareholder approval. That is an important governance point to monitor, rather than evidence of wrongdoing. My view: the order is SIGNIFICANT for the business,