Bajel Projects Wins Two Powergrid Orders Exceeding ₹700 Crore Under WR-ER Scheme

Market snapshot: Bajel Projects Limited has bagged two significant Engineering, Procurement, and Construction (EPC) orders from Power Grid Corporation of India Limited (POWERGRID) with a cumulative value exceeding ₹700 crore. The orders are associated with the Western Region-Eastern Region (WR-ER) Inter-Regional Network Expansion Scheme - Part A.

Data Snapshot

• Total contract value for the dual power transmission orders exceeds ₹700 crore.
• Package TL02 is classified as an Ultra-Mega order valued at ₹400 crore+ (inclusive of GST) for a 765kV double-circuit transmission line.
• Package TL06 is classified as a Mega order valued at ₹300 crore+ (inclusive of GST) for a 400kV double-circuit transmission line.

What's Changed

• Order vs. Revenue: These new contracts represent ≈123% of the company's Q1 FY27 standalone revenue (derived: ₹700 crore vs ₹567 crore).
• Order pipeline boost: Follows a series of major wins in 2026, including a ₹400 crore Cairo project in July and a CRISIL long-term rating upgrade to CRISIL A+/Stable.

Key Takeaways

• Bajel Projects has secured Package TL02 (765kV Raigarh-Jamshedpur line) and Package TL06 (400kV LILO Ranchi-Jamshedpur line).
• Both packages are part of Power Grid's Western Region-Eastern Region Inter-Regional Network Expansion Scheme - Part A.
• The scope of work spans engineering, procurement, construction, supply, erection, testing, and commissioning.

SAHI Perspective

These high-value domestic transmission wins validate Bajel Projects' technical capabilities in executing complex 765kV and 400kV high-voltage lines. Backed by its strong relationship with Power Grid, the company is successfully capturing structural growth from India’s inter-regional grid expansion. This solidifies their transition into a highly specialized EPC transmission player following their demerger.

Market Implications

The ₹700 crore+ order book addition ensures robust revenue visibility over the next 18 to 24 months. Furthermore, executing higher-margin 765kV projects is likely to support the company's strategic pivot toward improving its Quality of Earnings and profitability.

Trading Signals

Market Bias: Bullish

The addition of ₹700 crore+ in orders further accelerates Bajel's peak unexecuted order book. Backed by Q1 FY27 standalone Net Profit growing 37% YoY to ₹4.5 crore and a recent CRISIL rating upgrade to A+/Stable, the execution outlook remains highly constructive.

Overweight: Power Infrastructure, Capital Goods, EPC Contractors

Trigger Factors:

• Execution timelines and milestone billings for TL02 and TL06.
• Working capital management efficiency as the order book expands rapidly.
• Margin performance under high-voltage execution environments.

Time Horizon: Near-term (0-3 months)

Industry Context

India is aggressively expanding its inter-regional transmission capacity to evacuate massive renewable energy loads and prevent grid bottlenecks. Under schemes like the WR-ER Inter-Regional Network Expansion, transmission infrastructure developers are witnessing a multi-year Capex boom, creating a structural tailwind for specialized EPC vendors.

Key Risks to Watch

• Fluctuations in key input commodities like steel, aluminum, and copper.
• Delays associated with Right-of-Way (RoW) clearances and forest land acquisitions for linear transmission projects.

Recent Developments

On August 7, 2026, Bajel Projects announced its Q1 FY27 financial results, reporting operations revenue of ₹567 crore and standalone Net Profit growth of 37% YoY to ₹4.5 crore. It also secured a rating upgrade from CRISIL to 'CRISIL A+/Stable' in August. Prior to this, on July 22, 2026, the company signed an international agreement with the Egyptian Electricity Transmission Company for a 500 kV Overhead Transmission Line project worth over ₹400 crore.

Closing Insight

Positioned well under the Bajaj Group umbrella, Bajel Projects continues to translate India's infrastructure momentum into high-quality order backlog. With a stronger credit rating and sequential large wins across both domestic and international markets, the firm is successfully building long-term operational scale.

High Performance Trading with SAHI.