Bajel Projects Reports Highest Ever Unexecuted Orderbook of Rs 5,000 Crore
Mumbai, November 7, 2026: Bajel Projects Ltd announced its financial results for the second quarter and half-year ended September 30, 2026, recording its highest ever unexecuted order book of approximately Rs 5,000 crore, according to a company press release.
The unexecuted order book represents a 48 percent growth compared to the end of Q2 FY26. Total revenue from operations for Q2 FY27 stood at approximately Rs 514 crore, down from Rs 614 crore in Q2 FY26, impacted by delayed project starts due to conflict in the Middle East and domestic right-of-way challenges. Revenue from operations for H1 FY27 reached approximately Rs 1,081 crore.
Despite cost pressures and high commodity prices, the company maintained a steady EBITDA margin of 4.8 percent for Q2 FY27, generating an EBITDA of approximately Rs 25 crore. For H1 FY27, EBITDA reached approximately Rs 49 crore with an EBITDA margin of 4.4 percent.
Profit before tax for Q2 FY27 was recorded at approximately Rs 8 crore, while profit after tax stood at approximately Rs 6 crore, supported by a 31 percent reduction in interest costs year-over-year. For H1 FY27, profit before tax stood at approximately Rs 15 crore and profit after tax reached approximately Rs 10 crore, compared to Rs 12 crore and Rs 9 crore in the corresponding period last year.
During the quarter, the company formalized a 500 kV transmission line agreement worth over Rs 400 crore with Egypt’s Egyptian Electricity Transmission Company. It also secured orders valued at approximately Rs 1,600 crore under the WR-ER Inter-Regional Network Expansion Scheme. In October, the company won two substation orders in Mumbai from Tata Power valued at over Rs 200 crore each, alongside power transmission and substation orders worth approximately Rs 1,500 crore in Gujarat.
Commenting on the performance, Rajesh Ganesh, MD & CEO, Bajel Projects Ltd, said: “We have achieved our highest ever unexecuted order book (UEOB) of ~Rs. 5000 Cr at the end of Q2 FY27 and ~ Rs. 6500 Cr, as of date, reflecting healthy revenue visibility for the future. Our performance in Q2 FY27 reflects our focus on margin discipline and building a high-quality order book. While revenue from operations for the quarter was modest, we held our Q2 EBITDA margin steady at 4.8% despite high commodity prices and other cost pressures. As India continues to strengthen its power transmission network to meet growing energy demand and enable the country’s clean energy ambitions, we remain focused on seamless project delivery, while pursuing opportunities that are aligned with our capabilities and return expectations. Our priorities for the coming quarters are to strengthen execution, improve efficiency and support sustainable, profitable growth.”
