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Bajel Projects (BAJEL)₹158.06−2.89%Heavy Electrical Equipment
In the Jun 2026 quarter (consolidated), Bajel Projects reported sales of ₹569 Cr, down 6.7% from Jun 2025, and net profit of ₹4.74 Cr, up 59.6% year on year. For the year to Mar 2026, sales were ₹2,801 Cr and net profit ₹20.04 Cr.
Company filings, consolidated accounts; latest reported quarter Jun 2026
| Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 491 | 513 | 664 | 624 | 804 | 610 | 615 | 564 | 1,011 | 569 |
| Expenses | 480 | 504 | 644 | 606 | 779 | 590 | 592 | 537 | 975 | 547 |
| Operating Profit | 7.88 | 7.12 | 16.86 | 14.70 | 20.80 | 16.24 | 20.57 | 24.85 | 30.68 | 18.62 |
| OPM % | 1.6% | 1.4% | 2.6% | 2.4% | 2.6% | 2.7% | 3.4% | 4.4% | 3.0% | 3.3% |
| Other Income | 10.37 | 11.69 | 5.14 | 7.44 | 6.59 | 8.37 | 6.97 | −2.84 | 6.75 | 5.25 |
| Interest | 10.10 | 9.21 | 11.97 | 15.49 | 17.00 | 15.91 | 17.06 | 16.27 | 14.35 | 11.81 |
| Depreciation | 1.74 | 2.15 | 3.25 | 3.20 | 4.05 | 4.60 | 4.80 | 5.21 | 6.03 | 4.94 |
| Profit before tax | 6.41 | 7.44 | 6.75 | 3.42 | 6.31 | 4.08 | 5.62 | 0.47 | 16.93 | 7.05 |
| Tax % | −10.3% | 25.9% | 45.8% | 57.4% | 23.8% | 27.8% | 36.1% | 185.4% | 16.7% | 32.9% |
| Exceptional items | −6.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | −5.02 | 0.00 | 0.00 |
| Net Profit | 7.08 | 5.53 | 3.67 | 1.47 | 4.83 | 2.97 | 3.61 | −0.43 | 14.17 | 4.74 |
| EPS (Rs) | 0.62 | 0.49 | 0.33 | 0.14 | 0.43 | 0.27 | 0.32 | −0.05 | 1.23 | 0.42 |
| Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|
| Sales | 1,173 | 2,607 | 2,801 | 2,759 |
| Expenses | 1,150 | 2,517 | 2,675 | 2,650 |
| Operating Profit | 16.06 | 75.22 | 111 | 94.72 |
| OPM % | 1.4% | 2.9% | 4.0% | 3.4% |
| Other Income | 17.96 | 20.97 | 9.98 | 16.13 |
| Interest | 24.07 | 60.19 | 74.21 | 59.49 |
| Depreciation | 5.99 | 12.99 | 19.97 | 20.98 |
| Profit before tax | 3.99 | 23.94 | 26.92 | 30.07 |
| Tax % | −17.1% | 34.9% | 25.0% | — |
| Exceptional items | −0.82 | −3.97 | −8.75 | −5.02 |
| Net Profit | 4.01 | 15.02 | 20.04 | 22.09 |
| EPS (Rs) | 0.38 | 1.35 | 1.76 | 1.92 |
| Dividend payout % | 0.0% | 0.0% | 34.0% | — |
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Equity Capital | 22.96 | 22.96 | 22.96 |
| Reserves | 544 | 644 | 725 |
| Borrowings | 14.97 | 376 | 366 |
| Other Liabilities | 763 | 1,036 | 1,428 |
| Total Liabilities | 1,345 | 2,079 | 2,542 |
| Fixed Assets | 69.03 | 98.13 | 108 |
| CWIP | 0.00 | 0.00 | 7.03 |
| Investments | 2.99 | 81.79 | 65.91 |
| Other Assets | 1,273 | 1,899 | 2,361 |
| Inventories | 101 | 128 | 139 |
| Trade receivables | 609 | 974 | 1,638 |
| Cash & equivalents | 153 | 267 | 183 |
| Total Assets | 1,345 | 2,079 | 2,542 |
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Cash from operating activity | 194 | 68.81 | 20.94 |
| Cash from investing activity | −135 | −128 | 18.97 |
| Cash from financing activity | −15.03 | 68.17 | −72.12 |
| Net cash flow | 46.06 | 9.02 | −32.07 |
| Capex | 27.08 | 34.53 | 33.82 |
| Free cash flow | 168 | 35.06 | −13.03 |
| CFO / OP % | 1,233.0% | 90.9% | 24.0% |
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Debtor days | 190 | 136 | 214 |
| Inventory days | 41 | 23 | 25 |
| Days payable | 201 | 103 | 166 |
| Cash conversion cycle | 32 | 58 | 75 |
| Working capital days | 63 | −12 | 24 |
| ROCE % | — | 11.9% | 10.9% |
For the Jun 2026 quarter, Bajel Projects reported sales of ₹569 Cr, down 6.7% year on year and net profit of ₹4.74 Cr, up 59.6% year on year. The operating margin was 3.3%.
Bajel Projects' sales for the year to Mar 2026 were ₹2,801 Cr; over the last twelve months they were ₹2,759 Cr.
Net profit for the year to Mar 2026 was ₹20.04 Cr, and ₹22.09 Cr over the last twelve months. Earnings per share over the same trailing period were ₹1.92.
Bajel Projects reported borrowings of ₹366 Cr at Mar 2026, against cash and equivalents of ₹183 Cr.
Cash from operations was ₹20.94 Cr in the year to Mar 2026; after capital spending, free cash flow was −₹13.03 Cr.