Bajel Projects Reports Strong Quarterly Surge, Rise in EBITDA Margins

Mumbai, February 6, 2026, Bajel Projects Limited has announced its financial results for the third quarter (Q3) and the nine-month period ended December 31, 2025. ajel Projects achieved a notable expansion in EBITDA margins, reflecting the success of its strategic shift towards margin-accretive growth.

Financial Highlights

9-Month (9M) FY26 vs 9M FY25 Performance

Strong EBITDA Momentum: 9M EBITDA reached ₹87 Cr, a 38% increase over the ₹63 Cr reported in the previous year. EBITDA margins for the 9-month period improved to 4.8% from 3.5% YoY, a growth of 130 bps.

• Steady Profitability Growth: PBT before exceptional items for the 9-month period grew by 30%, reaching ₹23 Cr. Muted PAT growth seen due to one-time extraordinary impact of the new labour codes.
• Stable Revenue Base: Our total revenue from operations remained at ₹1,784 Cr, nearly at par with the previous year reflecting a deliberate pivot toward “Quality of Earnings” and selective high-value project execution.

Q3 FY26 vs Q3 FY25 Performance

EBITDA Growth: EBITDA rose to ₹32 Cr, representing a 45% YoY growth compared to ₹22 Cr in the corresponding quarter of the previous year. EBITDA margins expanded by 210 basis points (2.1%), reaching 5.6% (up from 3.5%), driven by active hedging of commodities, margin-accretive project execution, effective backward integration and other operational efficiencies. 

• Steady Profitable Growth: PBT before exceptional items for the quarter grew by 209%, reaching ₹11 Cr as compared to the corresponding quarter of the previous year. 

The results validate the transition into a specialized power transmission EPC player focused on technically challenging high-voltage projects. By completing 10 projects within the last 9 months, Bajel is actively contributing to strengthen India’s transmission infrastructure.

Commenting on the results, Rajesh Ganesh, Managing Director & CEO, Bajel Projects Limited, said: “Our nine-month performance reflects a strategic pivot towards margin-accretive growth. We have prioritized ‘Quality of Earnings’ over sheer volume, a move validated by a strong rise in the EBITDA for Q3. We are transitioning into a specialized power transmission EPC player, focusing on ‘winning the right contracts’ that align with our longer-term profitability goals. Despite a measured revenue environment, our ability to deliver profitability remains our core differentiator. Execution is our heartbeat. We continue to seamlessly commission complex projects within the Green Energy Corridor and Inter-State Transmission Systems (ISTS). Our people remain our primary driver of success. Looking ahead, we will continue to invest in our talent, robust systems, processes and internal capabilities to meet India’s growing power infrastructure needs while delivering sustainable value.”