Bajaj Steel Electrical-Panel Exports Rise to Rs 40 Crore in FY26

Bajaj Steel Industries’ Electrical Panel Division reported Rs 40 crore of export revenue in FY26, up from Rs 6 crore in FY23, while total divisional revenue reached Rs 57 crore. The more-than-sixfold export increase coincided with exports comprising about 70% of FY26 revenue; the division reported a Rs 50 crore order book as of November 6, 2026.

How fast did Bajaj Steel’s electrical-panel exports grow?

Bajaj Steel’s electrical-panel export revenue rose by Rs 34 crore, from Rs 6 crore in FY23 to Rs 40 crore in FY26. The increase occurred during the first two years of the period: exports reached Rs 19 crore in FY24 and then Rs 40 crore in FY25. Export revenue was unchanged at Rs 40 crore in FY26, meaning the division maintained its FY25 overseas sales level rather than extending the preceding year’s increase.

The FY23-to-FY26 change means FY26 export revenue was about 6.7 times the FY23 level. The presentation identifies the business as the Electrical Panel Division and lists products including power control centre panels, motor control centre panels, automatic power factor correction panels and control panels. It does not provide export volumes, destination countries, contract values or an export split by product category.

The comparison also shows that total division revenue more than doubled, increasing by Rs 33 crore from Rs 24 crore in FY23 to Rs 57 crore in FY26. Export revenue supplied Rs 34 crore of the Rs 33 crore overall increase, while domestic revenue moved from Rs 18 crore to Rs 17 crore over the four reported financial years. This arithmetic indicates that the revenue-mix change was driven by export growth rather than domestic expansion.

How has Bajaj Steel’s electrical-panel revenue mix changed?

Bajaj Steel’s Electrical Panel Division became more export-led between FY23 and FY26. Exports represented 25% of the FY23 total of Rs 24 crore, calculated from Rs 6 crore of exports, and about 70% of the FY26 total of Rs 57 crore, calculated from Rs 40 crore. Domestic sales were the larger component in FY23, but export sales exceeded domestic revenue from FY24 onward.

Domestic revenue declined from Rs 18 crore in FY23 to Rs 15 crore in FY24 and Rs 14 crore in FY25 before recovering to Rs 17 crore in FY26. That FY26 recovery was Rs 3 crore from FY25, but domestic sales remained Rs 1 crore below FY23. In contrast, exports rose by Rs 13 crore in FY24 and a further Rs 21 crore in FY25, then remained flat in FY26.

Total revenue increased from Rs 34 crore in FY24 to Rs 54 crore in FY25, a Rs 20 crore gain that coincided with export revenue rising from Rs 19 crore to Rs 40 crore. Total revenue then added Rs 3 crore in FY26, when domestic revenue increased by Rs 3 crore and exports stayed at Rs 40 crore. The presentation supplies revenue by domestic and export channels but does not state the causes of the change or attribute export revenue to a particular partnership or customer.

What products and partnerships does Bajaj Steel report?

Bajaj Steel reports a product range spanning power and motor control centres, low-tension and high-tension panels, drive panels, programmable logic controller and supervisory control and data acquisition panels, and automatic mains failure panels. The division also lists synchronization panels, lighting panels, power distribution boards, customized panels and panel cabinets, alongside bus trunking systems and intelligent motor control centres.

The presentation lists Schneider Electric and ABB as channel partners for electrical panels, while Mitsubishi is listed as a channel partner for heating, ventilation and air-conditioning. These relationships are disclosed alongside the FY23-to-FY26 revenue history, but the presentation does not quantify revenue earned through any of the three channel partnerships. It also does not specify whether sales through those arrangements were domestic or export sales.

Bajaj Steel reports IEC 61439 Parts 1 and 2, UL certification and IS 8623 certification for the division. Its listed customers include JSW Steel, Raymond, Jaypee Group, Sunflag Steel and Haldiram’s Nagpur. The presentation does not assign customer revenue, order values or panel types to those names, so their contribution to the Rs 57 crore FY26 revenue total cannot be determined from the disclosed information.

What does Bajaj Steel’s Rs 50 crore order book show?

Bajaj Steel reported an Electrical Panel Division order book of Rs 50 crore as of November 6, 2026. That disclosed order book was equivalent to about 88% of the division’s FY26 revenue of Rs 57 crore, based on the reported figures. It is also Rs 7 crore lower than FY26 revenue, although an order book and annual revenue measure different stages of commercial activity.

The presentation does not disclose the expected execution period, domestic-export split, customer concentration or product composition of the Rs 50 crore order book. It therefore does not establish how much of the order book relates to power control centre panels, motor control centre panels, automatic power factor correction panels or the wider offering of control, drive and distribution panels. Nor does it say whether the order book includes sales associated with Schneider Electric, ABB or Mitsubishi.

The reported order book provides a disclosed pipeline measure while FY25 and FY26 export revenue both stood at Rs 40 crore. The revenue history alone does not show the timing of conversion from orders to sales. The distinction matters because domestic sales supplied the Rs 3 crore increase in total division revenue from Rs 54 crore in FY25 to Rs 57 crore in FY26.

Conclusion

Bajaj Steel’s reported Electrical Panel Division data show a shift toward overseas revenue: exports rose from Rs 6 crore in FY23 to Rs 40 crore in FY26, while domestic revenue ended the period at Rs 17 crore. Total revenue reached Rs 57 crore, and the export share increased from 25% to about 70%, based on reported domestic, export and total revenue figures.

The next disclosed item to watch is conversion of the Rs 50 crore order book reported on November 6, 2026. The presentation does not provide delivery dates, export content or customer and product splits for that order book, and it leaves unresolved whether electrical-panel exports can move above the Rs 40 crore level recorded in both FY25 and FY26.