Despite securing over Rs. 800 crore in new contracts from Power Grid Corporation, Bajel Projects’ shares remain subdued as investors await faster execution and margin improvement amid a growing order book.
Bajel Projects’ shares stayed subdued even after the company announced more than Rs. 800 crore of fresh work from Power Grid Corporation of India, underscoring how investors remain focused on near-term execution and earnings pressure rather than the longer-term order pipeline.
The stock was little changed after the latest awards, leaving the market capitalisation of the power infrastructure company at about Rs. 2,214 crore. That muted reaction came despite a recent burst of contract wins, including high-voltage transmission and substation work that should improve visibility for the next two financial years.
The latest orders add to a growing pipeline in a business where timing matters as much as headline value. According to the company’s quarterly update, revenue in the first quarter of FY27 fell 6.7% year on year to Rs. 566.9 crore, reflecting the pace of project execution and scheduled milestones. EBITDA dropped 5.3% to Rs. 23.6 crore, although the margin edged up slightly to 4.17%, while profit after tax rose on both a standalone and consolidated basis from a low base.
Recent disclosures also point to a healthier order book. Bajel Projects reported outstanding orders of Rs. 3,442 crore as of March 31, 2026, up 15% from a year earlier, and market reports have shown the shares reacting sharply on days when the company announced new Power Grid contracts. Those awards have included work on a 765 kV substation and 400 kV transmission lines, with execution periods running to roughly 21 months or 33 months depending on the package, reinforcing the company’s exposure to India’s expanding high-voltage grid build-out.
For now, the investment debate appears straightforward: fresh orders strengthen revenue visibility, but investors want to see faster execution and better margins before re-rating the stock. That tension helps explain why the shares have lagged even as the order book has improved.
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