Bajel Projects Ltd Share Price – NSE  / BSE

Infrastructure Developers & Operators, Small Cap

The order will be placed by MSETCL on behalf of its special purpose vehicle, Saswad Transmission.

The scope of the project includes construction of a 400/220 kV AIS substation and development of 400 kV and 220 kV transmission lines linked to the facility.

The engineering, procurement and construction (EPC) contract is to be executed within 23 months from the date of issuance of the notification of award, the company said in a regulatory filing.

The company also clarified that neither the promoter nor promoter group entities have any interest in the awarding entity and the order does not fall under related party transactions.

Rajesh Ganesh, managing director (MD) & CEO, Bajel Projects, said, Securing this 700 crores ultra-mega order from MSETCL is a milestone for Bajel Projects and a strong validation of our EPC capabilities in the high-voltage substation segment. A 400/220 kV substation of this scale in the Pune district is critical infrastructure that will strengthen Maharashtra's transmission network and support the region's growing industrial and urban power demand. This order reinforces our RAASTA 2030 strategy of expanding into high-value, high-complexity projects and deepens our partnership with one of India's most important state transmission utilities. Our team is fully committed to delivering this project with the highest standards of quality and safety.

Bajel Projects (BPL) is a leading company in the business of power infrastructure, with a strong presence in the power transmission and power distribution sectors. BPL was formerly part of Bajaj Electricals under the EPC segment.

Bajel Projects reported a consolidated net loss of Rs 0.42 crore in Q3 FY26, compared with a net profit of Rs 1.46 crore posted in Q3 FY25. Revenue from operations declined 9.64% year-on-year to Rs 562.34 crore in the quarter ended 31 December 2025.

Shares of Bajel Projects declined 3.68% to end at Rs 139.95 on the BSE.

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Bajel Projects announced the signing of a collaboration agreement with National Investment and Infrastructure Fund (NIIF), a sovereign-linked alternative asset manager anchored by the Government of India and AnantGrid, a power transmission developer promoted by NIIF.

The collaboration agreement proposes to participate in the opportunities of mutual interest in the power transmission sector in India, emanating from the Government of India's focus on renewable energy integration, grid modernization, and private sector participation. The framework aims to deliver high-quality and cost-efficient power transmission projects on time in India by combining:

1. NIIF's investment and asset management capabilities
2. AnantGrid's business development and project management capabilities, and
3. Bajel's engineering and execution expertise.

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Bajel Projects announced the signing of a landmark Joint Venture (JV) agreement with Al Sharif Contracting and Commercial Development Company (ASC). ASC is a part of Al Sharif Group Holdings and one of the leading EPC contractors & manufacturers. This partnership marks a significant milestone in Bajel's international expansion strategy, positioning the company to participate in the significant infrastructure transformation currently underway in the Kingdom of Saudi Arabia.

The Joint Venture is built on a foundation of equal partnership, between Bajel Projects and Al Sharif Contracting and Commercial Development Company. The JV will be established specifically to undertake Engineering, Procurement, and Construction (EPC) business within Saudi Arabia, focusing on:

• High Voltage and Extra High Voltage (EHV) Infrastructure which also includes:
• Overhead Transmission Lines
• Substation Packages
• Underground Cabling Projects and more

Commenting on the Joint Venture agreement, Rajesh Ganesh, MD & CEO, Bajel Projects, said: The signing of this Joint Venture agreement with Al Sharif Contracting and Commercial Development Company is a defining moment for Bajel Projects as we strategically expand our presence outside India. Saudi Arabia is currently witnessing an unprecedented infrastructure surge. This partnership enables us to bid for complex, extra high-voltage inter-regional corridors and substations that are vital to Saudi Vision 2030 and beyond. BAJEL is excited and looking forward to contributing to the grand vision of the Kingdom?.

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According to an exchange filing, the proposed joint venture company (JVCo) will undertake engineering, procurement and construction (EPC) projects in high voltage (HV), extra high voltage (EHV) overhead transmission lines, substations and underground cabling in Saudi Arabia. The JVCo will execute projects based on successful bids.

Bajel Projects will hold 50% of the equity share capital of the JVCo, while the remaining 50% will be held by Al-Sharif Contracting & Commercial Development Co. Ltd. The board of the JVCo will comprise an equal number of nominees from both partners. Post incorporation, the JVCo will be classified as an associate of Bajel Projects.

Each partner will initially invest up to SAR 1 million (approximately $270,000) in cash towards equity capital. The proposed entity is yet to be incorporated, with formation expected within three to six months from the signing of the agreement. The name of the JVCo is currently under discussion.

The company clarified that the investment does not fall under the purview of related party transactions. Apart from the proposed equity participation in the JVCo, the promoters and promoter group have no interest in the entity.

The joint venture aims to capture emerging EPC opportunities in Saudi Arabia. This association will bolster the company?s engineering capabilities, project management expertise and superior execution strength in the EPC segment. The partnership will further enhance the company?s international presence in the EPC business ecosystem and support its strategic growth objectives, while enabling it to capture emerging business opportunities in the region of KSA. This is in line with the main business of the company.

Rajesh Ganesh, MD & CEO, Bajel Projects, said, The signing of this joint venture agreement with Al Sharif Contracting and Commercial Development Company is a defining moment for Bajel Projects as we strategically expand our presence outside India. Saudi Arabia is currently witnessing an unprecedented infrastructure surge. This partnership enables us to bid for complex, extra-high-voltage inter-regional corridors and substations that are vital to Saudi Vision 2030 and beyond. BAJEL is excited and looking forward to contributing to the grand vision of the Kingdom ?.

Al Sharif Contracting CEO, Engineer Hussain N. Gardezi, said, ?We are happy to conclude the agreement. The resources of two big players will be pooled together for development of infrastructure of Kingdom of Saudi Arabia. This is the need of the hour in line with vision 2030 and beyond of Kingdom of Saudi Arabia. Kingdom of Saudi Arabia plans to build one of the most sustainable transmission networks to connect abundance renewable energy to the load centres.

Bajel Projects (BPL) is a leading company in the business of power infrastructure, with a strong presence in the power transmission and power distribution sectors. BPL was formerly part of Bajaj Electricals under the EPC segment.

Bajel Projects reported a consolidated net loss of Rs 0.42 crore in Q3 FY26, compared with a net profit of Rs 1.46 crore posted in Q3 FY25. Revenue from operations declined 9.64% year-on-year to Rs 562.34 crore in the quarter ended 31 December 2025.

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