Bajel Projects Q2 FY27 Revenue at ₹514 Cr, Orderbook Surges to ₹5,000 Cr
Bajel Projects reported Q2 FY27 revenue of ~₹514 Cr and H1 FY27 revenue of ~₹1,081 Cr. The company achieved its highest ever unexecuted order book of ~₹5,000 Cr, with the current book at ~₹6,500 Cr. EBITDA for Q2 FY27 was ~₹25 Cr with a 4.8% margin, and PAT was ~₹6 Cr. Key orders secured include a ₹400 Cr+ transmission line in Egypt and ~₹1,600 Cr for WR-ER network expansion.
The substantial increase in the order book, securing large value projects in India and Egypt, and maintaining healthy margins indicate strong future revenue visibility and operational efficiency, which will have a significant impact on the company's financial performance.
The company reported its highest ever unexecuted order book, significant order wins in India and internationally, and maintained steady EBITDA margins despite cost pressures. The reduction in interest costs also contributed positively.
Bajel Projects Limited announced its un-audited financial results for the second quarter and half-year ended September 30, 2026. The company achieved a highest-ever unexecuted order book (UEOB) of approximately ₹5,000 crore at the end of Q2 FY27, marking a 48% growth compared to Q2 FY26. For Q2 FY27, revenue from operations stood at approximately ₹514 crore, impacted by project delays due to geopolitical events and domestic right-of-way issues. Revenue for H1 FY27 was approximately ₹1,081 crore.
EBITDA for Q2 FY27 was approximately ₹25 crore, with a steady EBITDA margin of 4.8%, maintained despite increased commodity prices and cost pressures. For H1 FY27, EBITDA was approximately ₹49 crore with a margin of 4.4%. Profit Before Tax (PBT) for Q2 FY27 was approximately ₹8 crore, and Profit After Tax (PAT) was approximately ₹6 crore. This was aided by a significant 31% reduction in interest costs year-on-year. For H1 FY27, PBT was approximately ₹15 crore and PAT was approximately ₹10 crore.
During the quarter, Bajel secured a 500 kV transmission line agreement with Egypt’s Egyptian Electricity Transmission Company (EETC) valued at over ₹400 crore (incl. GST). The company also won mega orders under the WR-ER Inter-Regional Network Expansion Scheme, valued at approximately ₹1,600 crore (incl. GST). In October, Bajel secured two orders from Tata Power for substation works in Mumbai, each valued at over ₹200 crore (incl. GST). Furthermore, the company won orders totaling approximately ₹1,500 crore (incl. GST) for 765 kV transmission lines and substations in Gujarat, its largest order win in the power transmission segment.
Mr. Rajesh Ganesh, MD & CEO, Bajel Projects Ltd., commented that the company has achieved its highest ever UEOB of approximately ₹5,000 crore at the end of Q2 FY27, with the current order book standing at approximately ₹6,500 crore, providing healthy revenue visibility. He highlighted the focus on margin discipline and building a high-quality order book, maintaining Q2 EBITDA margin despite cost pressures. The company remains focused on seamless project delivery and pursuing opportunities aligned with its capabilities and return expectations, with priorities on strengthening execution, improving efficiency, and supporting sustainable, profitable growth.
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