Bajel Projects Partner Anantgrid Wins Lakadia Transmission Contract For 270 KM Double-Circuit Lines

Market snapshot: Bajel Projects Limited's associate company, AnantGrid Projects One Private Limited, has received a Letter of Intent from PFC Consulting Limited declaring it the successful bidder for the Lakadia – Part A Inter-State Transmission Project in Gujarat. The project involves constructing approximately 270 km of 765 kV double-circuit transmission lines starting from Halvad. This strategic order win expands the execution pipeline of the joint venture developer platform formed between Bajel Projects and the National Investment and Infrastructure Fund.

Data Snapshot

• AnantGrid Projects One Private Limited, an associate company owned 26% by Bajel Projects and 74% by NIIF, has received a Letter of Intent for the Lakadia Part A transmission project.
• The project involves building approximately 270 km of 765 kV double-circuit transmission lines from Halvad, Gujarat.
• Bajel Projects completed a strategic equity investment of ₹7.03 lakh to acquire its 26% stake in AnantGrid Projects One Private Limited during Q1 FY27.
• Bajel Projects standalone unexecuted order book reached a record high of ₹4,055 crore as of June 30, 2026, representing a growth of 12.3% YoY.

What's Changed

• Strategic entry into Tariff-Based Competitive Bidding (TBCB) projects through the joint venture platform AnantGrid, expanding from pure-play EPC.
• Strategic associate investment of ₹7.03 lakh executed in Q1 FY27 to acquire a 26% stake in AnantGrid Projects One Private Limited, positioning Bajel for developer-linked opportunities.
• Increase in overall unexecuted order book to a record ₹4,055 crore as of June 30, 2026, compared to ₹3,612 crore in the corresponding quarter of the previous fiscal year.

Key Takeaways

• The successful bid for the Lakadia – Part A Inter-State Transmission Scheme marks a key milestone for AnantGrid Projects One Private Limited, an associate of Bajel Projects.
• This project involves major infrastructure development, specifically the construction of ~270 km of 765 kV double-circuit lines.
• Bajel Projects' 26% stake in AnantGrid secures its participation in developer-led power transmission assets alongside NIIF (74% stake).
• The order win adds strong visibility to Bajel's high-voltage execution pipeline, complementing its record-high order book of ₹4,055 crore.

SAHI Perspective

This win signifies a major strategic pivot for Bajel Projects. Traditionally operating as an EPC contractor, Bajel is leveraging its 26:74 joint venture with the National Investment and Infrastructure Fund (NIIF) to secure developer-linked transmission projects under the highly competitive Tariff-Based Competitive Bidding (TBCB) model. By investing a minor equity portion in the SPV, Bajel gains long-term construction and execution visibility while minimizing capital-intensive developer risk. This structure allows Bajel to capture high-margin high-voltage projects, such as the ~270 km 765 kV double-circuit Lakadia project, in a sector backed by the Government's clean energy evacuation goals.

Market Implications

The power transmission sector in India is undergoing rapid expansion to integrate over 500 GW of renewable energy by 2030. Projects like Lakadia Part-A are crucial for evacuating power from Gujarat's renewable energy hubs. As the TBCB route becomes the standard for both interstate and intrastate grids, players with backed developer platforms like AnantGrid (supported by sovereign-backed NIIF) are set to capture substantial market share. For Bajel, this JV provides a steady source of captive EPC orders, enhancing its competitive edge against traditional peers.

Trading Signals

Market Bias: Bullish

The contract win for the Lakadia transmission project through its associate AnantGrid, combined with a record-high unexecuted order book of ₹4,055 crore as of June 30, 2026, provides strong revenue visibility. Profitability continues to improve, with standalone PAT rising 37.2% YoY to ₹4.55 crore in Q1 FY27.

Overweight: Power Transmission, Infrastructure EPC, Renewable Energy Integration

Trigger Factors:

• Issuance of formal construction and EPC sub-contracts from AnantGrid to Bajel Projects for the ~270 km Lakadia transmission line.
• Execution speed and revenue recognition of major orders, including the recently won ₹400 crore+ and ₹300 crore+ WR-ER inter-regional network expansion packages.
• Sustained improvement in operating margins (EBITDA margin stood at 4.17% in Q1 FY27).

Time Horizon: Medium-term (3-12 months)

Industry Context

India's power transmission pipeline is expanding, driven by massive renewable energy integration requirements. State and central grids are increasingly shifting from direct state EPC routes to Tariff-Based Competitive Bidding (TBCB) for both interstate and intrastate networks. Sovereign and foreign capital platforms, such as NIIF's AnantGrid and I Squared Capital's CubeGrid, are injecting robust funding into the sector. Bajel's alliance with NIIF positions it strategically to capture a slice of the estimated ₹90,000 crore to ₹1,00,000 crore TBCB bidding pipeline anticipated for the current fiscal year.

Key Risks to Watch

• Execution delays caused by right-of-way (RoW) clearances or environmental permits along the ~270 km line route in Gujarat.
• Fluctuations in commodity prices, particularly steel and aluminum, which directly impact transmission line tower manufacturing costs.
• Dependency on timely project execution to meet stringent grid integration timelines set by PFC Consulting Limited.

Recent Developments

On 10 August 2026, Bajel Projects secured two major transmission line packages under the WR-ER Inter-Regional Network Expansion Scheme from Power Grid Corporation of India Limited, valued at over ₹400 crore and ₹300 crore respectively. Additionally, on 22 July 2026, Bajel Projects signed an agreement worth over ₹400 crore with the Egyptian Electricity Transmission Company (EETC) for the construction of 500 kV overhead transmission lines, marking its strategic expansion into the MENA region.

Closing Insight

Bajel Projects' successful bid for the Lakadia transmission line project via its associate company AnantGrid demonstrates the efficacy of its strategic alliance with NIIF. By bridging its technical EPC execution prowess with NIIF's financial backing, Bajel is successfully capturing large-scale TBCB projects. With a record-high order book and strategic expansion into international and high-voltage transmission lines, the company is well-positioned for sustainable and profitable long-term growth.

High Performance Trading with SAHI.