Synopsis: Bajel Projects Limited jumps 14% after winning a ₹700+ crore EPC order from Maharashtra State Electricity Transmission Company Limited for a 400/220 kV AIS substation at Saswad, Pune, enhancing power capacity, grid reliability, and future expansion.
The shares of one of the leading players in the infrastructure sector, specialising in the execution of complex projects related to power transmission and distribution, are in focus upon securing a Rs. 700 Crore Ultra-Mega Order from Maharashtra State Electricity Transmission Co. Ltd. (MSETCL).
With a market capitalization of Rs. 1,776.94 crores in the day’s trade, the shares of Bajel Projects Limited rose by 14 percent, reaching a high of Rs. 159.75 per share compared to its previous closing price of Rs. 139.95 per share.
What Happened
Bajel Projects Limited, a leading EPC player in power transmission infrastructure, has won an ultra-mega order worth over Rs. 700 crore from Maharashtra State Electricity Transmission Company Limited (MSETCL) for the establishment of a 400/220 kV Air Insulated Switchgear (AIS) substation at Saswad, Pune, along with its associated transmission lines. This marks the largest single order secured by the company in its Power Transmission business.
The project involves the complete turnkey EPC execution of the substation, including design, supply, erection, testing, and commissioning, along with all associated 400 KV and 220 KV transmission lines. It also includes the addition of bays at three other substations to ensure seamless integration with the existing transmission grid.
Strategically located in Pune district, the new Saswad substation will feature a 2×500 MVA AIS setup with a 1×125 MVAr Bus Reactor at 400 kV, designed for future expansion. This project will significantly enhance power evacuation capacity in the rapidly industrialising Pune region and strengthen grid reliability across Maharashtra.
Commenting on the win, Rajesh Ganesh, Managing Director & CEO of Bajel Projects Limited, said that securing the Rs. 700 crore+ ultra-mega order from MSETCL is a milestone for the company and a strong validation of its EPC capabilities. He highlighted that the 400/220 kV substation in Pune is critical for strengthening Maharashtra’s transmission network and supporting growing power demand, while reinforcing Bajel’s RAASTA 2030 strategy of focusing on high-value, complex projects and deepening partnerships with key state utilities.
Financials & Others
The company’s declined by 9.65 percent from Rs. 622.39 crores in December 2024 to Rs. 562.34 crores in December 2025. Meanwhile, Net profit from Rs. 1.46 crores turned to a loss of Rs. 0.42 crores in the same period.
The company shows a decent ROCE of 12.1% and a low ROE of 2.5%, supported by a conservative debt-to-equity ratio of 0.16, indicating strong capital efficiency with minimal leverage.
Bajel Projects Limited (Bajel) is a leading player in the power infrastructure sector, with a strong presence in both Power Transmission and Power Distribution. Formerly part of Bajaj Electricals Limited’s EPC segment, the company carries forward the values and expertise that guided its growth over two decades.
The company has a global presence in over 7 countries and brings 20+ years of EPC and manufacturing experience. As of 31st December 2025, the company’s EPC order book stood at Rs. 2,912 crore, with a production capacity of 39,525 MTPA reported in 9M FY’26.
As part of the Bajaj group, Bajel is recognised for its project management capabilities and operational excellence, making it a trusted partner for state, national, and international utilities, as well as private infrastructure players.
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