Bajel order book rises 48% to Rs 5,000 crore in Q2 FY27

Bajel Projects Limited reported an unexecuted order book of about Rs 5,000 crore at September 30, 2026, up 48% from the end of Q2 FY26, and said the figure had reached about Rs 6,500 crore by November 6, 2026. The increase followed transmission and substation contract wins in India and Egypt.

What was Bajel’s unexecuted order book at September 30, 2026?

Bajel’s unexecuted order book, or UEOB, was about Rs 5,000 crore at the end of Q2 FY27 on September 30, 2026. Bajel described this as its highest-ever UEOB and said it was 48% higher than the level at the end of Q2 FY26.

Bajel separately reported an order book of about Rs 6,500 crore “as of date” in its November 6, 2026 results release. This was about Rs 1,500 crore above the September 30 level, so the two amounts relate to different reporting dates rather than the same quarter-end position.

The disclosed orders span transmission lines and substations, including 500 kilovolt, or kV, and 765 kV projects. Bajel describes its activities as engineering, procurement and construction, or EPC, and manufacturing solutions across power transmission and new energies, formerly called power distribution.

Why did Bajel’s revenue fall while its order book increased?

Bajel reported revenue from operations of Rs 514 crore in Q2 FY27, down 16% from Rs 614 crore in Q2 FY26, despite the 48% increase in UEOB. For H1 FY27, revenue from operations was Rs 1,081 crore, 11% below Rs 1,221 crore in H1 FY26.

Bajel attributed the Q2 FY27 revenue outcome to delayed project starts caused by the war in the Middle East and domestic right-of-way, or RoW, issues. The release did not quantify the revenue effect of either factor, but linked both matters to the quarterly revenue of Rs 514 crore.

The comparison shows that the larger order book had not translated fully into Q2 FY27 revenue. Management said the about Rs 6,500 crore order book provided future revenue visibility, while identifying execution and efficiency as priorities for the coming quarters.

Which orders lifted Bajel’s transmission pipeline?

During Q2 FY27, Bajel formalised a 500 kV transmission-line agreement with Egypt’s Egyptian Electricity Transmission Company, or EETC, valued at more than Rs 400 crore, including goods and services tax, or GST. The agreement added an overseas transmission contract to the awards disclosed for the September 2026 quarter.

Bajel also secured ultra-mega and mega orders under the WR-ER Inter-Regional Network Expansion Scheme valued at about Rs 1,600 crore, including GST. The release did not divide that Rs 1,600 crore value between the ultra-mega and mega categories or give an execution timetable for the work.

In October 2026, Bajel won two Tata Power orders for substation works in Mumbai, each valued at more than Rs 200 crore, including GST. Bajel also secured orders worth about Rs 1,500 crore, including GST, for 765 kV transmission lines and substations in Gujarat.

Bajel described the Gujarat orders as its largest win in the power-transmission segment. The disclosed October contracts were announced after the September 30 quarter end, consistent with management reporting an about Rs 6,500 crore order book on November 6 rather than the about Rs 5,000 crore Q2 FY27 UEOB.

How did Bajel’s Q2 margins and profits compare year on year?

Bajel reported earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 25 crore in Q2 FY27, compared with Rs 30 crore in Q2 FY26. EBITDA fell 16%, matching the reported 16% decline in quarterly revenue from operations.

EBITDA margin was unchanged at 4.8% in Q2 FY27 and Q2 FY26, despite what Bajel described as high commodity prices and other cost pressures. The company stated that EBITDA includes other income and that its EBITDA margin is calculated on total income.

Profit before tax was Rs 8 crore in Q2 FY27, compared with Rs 8 crore a year earlier, while profit after tax was Rs 6 crore in both quarters. Bajel said a 31% reduction in interest costs from Q2 FY26 supported the quarterly profit outcome, but did not disclose absolute interest-cost amounts.

For H1 FY27, EBITDA was Rs 49 crore, down from Rs 55 crore in H1 FY26, while EBITDA margin remained 4.4% in both periods. Profit before tax increased to Rs 15 crore from Rs 12 crore, and profit after tax increased to Rs 10 crore from Rs 9 crore.

What does Bajel plan to do after the new order wins?

Rajesh Ganesh, Bajel’s managing director and chief executive officer, said the company’s priorities for the coming quarters are to strengthen execution, improve efficiency and support sustainable, profitable growth. His comments followed Q2 FY27 revenue of Rs 514 crore and the record UEOB of about Rs 5,000 crore.

Management said Bajel would pursue opportunities aligned with its capabilities and return expectations as India strengthens its transmission network for growing energy demand and clean-energy ambitions. The November 6, 2026 release did not disclose a revenue target, order-intake target, margin target or contract-completion schedule for the about Rs 6,500 crore order book.

Bajel’s reported contracts include the more than Rs 400 crore EETC agreement, about Rs 1,600 crore of WR-ER scheme orders and about Rs 1,500 crore of Gujarat transmission and substation orders. The release did not state how much of these contracts will be executed in FY27 or in later periods.

Conclusion

Bajel entered the period after Q2 FY27 with an unexecuted order book of about Rs 5,000 crore, 48% above the prior-year quarter-end level, and reported about Rs 6,500 crore by November 6, 2026. The order growth came alongside lower revenue, with Q2 revenue from operations declining 16% to Rs 514 crore, while EBITDA margin remained 4.8%.

The next disclosed issue to watch is Bajel’s execution of its 500 kV, 765 kV and substation contracts while dealing with Middle East project delays and domestic RoW issues. Management has set execution and efficiency as priorities for coming quarters, but has not provided dated delivery milestones, revenue guidance or margin targets for the order book.