Bajel Projects: Postal Ballot, ₹700 Cr+ EPC Wins 2026

What the postal ballot is about

Bajel Projects Limited has issued a postal ballot notice seeking shareholder approval for material related party transactions with AnantGrid Projects One Private Limited. The company has indicated the proposed transactions include EPC contracts and investments connected to a power transmission collaboration. Such approvals typically become necessary when transaction sizes cross regulatory thresholds or are classified as “material” under the company’s policy and applicable rules. For investors, the notice matters because it provides a formal pathway for Bajel to execute business with a related entity under a structured governance process. The development arrives at a time when the company has reported multiple large contract wins in the power transmission EPC segment. The postal ballot mechanism also signals that the company intends to put the proposed arrangement on record and obtain explicit consent. No additional financial limits or transaction values were provided in the supplied text.

A busy order pipeline in FY2026-27

Alongside the governance item, disclosed order data points to a strong pace of contracting. For FY2026-27, the “order value” is cited at ₹2,900.00 crore, with a quarter-on-quarter growth of 162.5%. The same snapshot mentions 16 orders in FY2026-27. The list also references Power Grid Corporation of India and a “Datacenter Client (Mumbai)”, suggesting a mix of central utility and private sector demand, although the provided text does not detail the full set of awards. A separate data point indicates an order book reaching an all-time high of ₹4,055 crore after new wins. These figures frame the postal ballot in the context of execution scale and capital allocation discipline.

Major PGCIL order: 765kV AIS Pune East substation

Bajel Projects has secured a Major EPC order from Power Grid Corporation of India Limited (PGCIL) for a 765kV AIS New Substation at Pune East in Maharashtra. The scope also includes bay extensions at Karjat and Lonikand-II substations. The company classified it as a “Major Order” under its internal framework. The contract value is stated as between ₹200 crore and ₹300 crore, inclusive of GST. Execution is planned over 21 months from the issuance of the Notification of Award. Projects of this nature typically involve high-voltage substation civil works, electrical installation, testing, and commissioning coordination across multiple locations.

Tata Power EPC work in Mumbai: 220 kV Kalwa–Kalyan Pal line

Bajel Projects has also been awarded an EPC contract by Tata Power Company Limited for transmission line infrastructure in Mumbai. The project relates to the 220 kV Kalwa–Kalyan Pal line and includes monopole construction and foundation works. Bajel classified this as a “Significant” order under its internal framework, where significant orders are in the ₹50 crore to ₹100 crore range inclusive of GST. The company stated the execution timeline as 10 months from the date of the purchase order. Bajel also clarified that the contract was received in the ordinary course of business and does not fall under related party transactions. It further noted that none of its promoters, promoter group, or group companies have any interest in Tata Power, the awarding entity.

Ultra-mega and mega wins under the WR-ER expansion scheme

Bajel has reported securing large packages under the WR-ER Inter-Regional Network Expansion Scheme. One disclosure states the company bagged an ultra-mega order worth more than ₹600 crore (also described as more than 6 billion rupees) for a 765kV transmission line package under the scheme. The ultra-mega TL05 package covers 765kV double-circuit transmission lines connecting Raigarh (Tamnar), Raigarh (Kotra) and Dharamjaygarh in Chhattisgarh, aimed at strengthening power evacuation between India’s western and eastern regions. Bajel also disclosed that PowerGrid Corporation of India acted for WR ER Part A Power Transmission Limited for the TL05 package under the WR-ER Inter-Regional Network Expansion Scheme Part A. The package included bypassing and LILO works around Raigarh and associated substations, with execution scheduled over 33 months from the Notification of Award.

Separately, Bajel secured two EPC orders from Power Grid Corporation of India under the same scheme umbrella. The TL06 package was classified as a “mega order” worth more than ₹300 crore and covered design, supply, and construction of a 400kV double-circuit line linking New Ranchi, New PPSP and Jamshedpur. Another update summarised that Bajel “bags ₹700 crore plus” in PowerGrid EPC orders covering 400kV and 765kV transmission lines under WR-ER Inter-Regional Network Expansion, with 27 and 33 month execution timelines, and an award date cited as 8 August 2026.

Renewable energy evacuation: Bellary–Davanagere line

Bajel Projects said it won a Major EPC order from PGCIL for a transmission line package connected to the Bellary–Davanagere renewable energy (RE) evacuation scheme. The project involves constructing an approximately 70 km, 400 kV (Quad) double-circuit transmission line between Bellary and Davanagere substations. The order was awarded by Power Grid Corporation of India Ltd through its SPV Bellary Davanagere Power Transmission. The company classified the order within the ₹200 crore to ₹300 crore “major orders” category under its internal policy. The project is described as part of a renewable energy evacuation system intended to integrate 0.25 GW at Davanagere and 2.75 GW at Bellary into the national grid. Execution is stated at 21 months from the issuance of the Notification of Award.

Company background and venture tie-up

Incorporated in 2022, Bajel Projects Limited operates in Engineering, Procurement and Construction, with its EPC segment focused on Power Transmission and Power Distribution. The company describes its capabilities as end-to-end solutions spanning in-house design, testing, procurement, manufacturing, installation, and commissioning. In a strategic development referenced in the text, Bajel and the National Investment and Infrastructure Fund formed a 26:74 venture in March to pursue Indian power-transmission opportunities, with Bajel contributing EPC capabilities. While details of how the venture links to the AnantGrid transactions are not provided in the supplied content, the existence of collaboration structures adds context to why related party approvals can become relevant in this sector.

Key disclosed orders and timelines at a glance

Market impact: why investors track these disclosures

For investors tracking EPC companies, two parallel threads matter here. First is governance: a postal ballot for material related party transactions indicates that management expects a meaningful volume of business or investment activity with a related entity and is seeking formal shareholder approval. Second is execution visibility: Bajel’s disclosures show a pipeline spanning substation work, high-voltage transmission lines, and RE evacuation connectivity across Maharashtra, Chhattisgarh, and Karnataka. Order sizes cited range from ₹50-100 crore (significant) to more than ₹600 crore (ultra-mega), with execution horizons from 10 months to 33 months. The FY2026-27 data snapshot of ₹2,900 crore order value and 16 orders, plus the mention of an order book hitting ₹4,055 crore, provides context on scale, though the supplied text does not break down revenue recognition or margins.

Analysis: postal ballot amid rapid scaling

Bajel’s recent pattern of awards suggests a focus on high-voltage corridors and grid expansion packages, a segment where project governance, counterparties, and execution discipline can be as important as headline order values. The postal ballot notice, limited as it is in disclosed details here, signals that the company is putting a shareholder approval framework in place before executing material related party transactions tied to a transmission collaboration. That sequence is relevant in capital-intensive EPC work because related party structures can intersect with procurement, subcontracting, or investment vehicles. Meanwhile, repeated wins from PGCIL and a contract from Tata Power indicate continued participation across public sector and private network upgrades.

Conclusion

Bajel Projects’ postal ballot to approve material related party transactions with AnantGrid Projects One comes as the company reports multiple large EPC wins across substations and transmission lines. Disclosed projects include a ₹200-300 crore PGCIL substation order at Pune East, a ₹50-100 crore Tata Power contract in Mumbai, and WR-ER expansion packages including TL05 valued at more than ₹600 crore. The next milestone to watch is the outcome of the postal ballot process, which will determine whether the company can proceed with the proposed related party arrangements as outlined in its notice.