Bajel Projects wins 400 kV EPC order (Rs 200-300 cr)

What Bajel Projects has won

Bajel Projects has secured a “major” domestic EPC order for a 400 kV transmission line project under the Bellary-Davanagere renewable energy evacuation scheme. The contract was awarded by Power Grid Corporation of India Ltd (PGCIL) through its special purpose vehicle, Bellary Davanagere Power Transmission.

The company classified the order in its internal “major orders” band of Rs 200 crore to Rs 300 crore. Bajel said the project will be executed within 21 months from the date of issuance of the notification of award. The company also disclosed that neither its promoter, promoter group, nor group companies have any interest in the awarding entity.

Project scope: TL-01 package under a 400 kV line scheme

The work involves construction of a 400 kV (Quad) double-circuit transmission line under the TL-01 package. It is part of the Bellary-Davanagere 2nd 400 kV line scheme.

The transmission corridor is positioned as a key link in the central transmission system for evacuating renewable power from solar and wind zones in Karnataka. The line length is around 70 km and connects the Bellary Substation to the Davanagere Substation, as per the company’s disclosure.

Renewable evacuation context: 3.0 GW planned integration

The scheme is designed to help integrate renewable generation into the national grid. Bajel said the evacuation system is aimed at integrating 0.25 GW at Davanagere and 2.75 GW at Bellary, adding up to 3.0 GW.

For investors tracking India’s grid capex cycle, such projects are typically linked to increased build-out needs as renewable capacity scales up. In this case, the stated objective is explicitly tied to renewable energy evacuation and grid integration for Karnataka’s renewable zones.

Timeline and contract nature

Bajel Projects stated that the execution timeline is 21 months from the notification of award. The company described it as a domestic EPC order.

The disclosure about promoter interest is relevant for governance checks because it clarifies there is no stated related-party interest in the awarding entity. The awarding route is via a PGCIL SPV, which is a commonly used structure for transmission project implementation.

Management commentary on the order

Rajesh Ganesh, Managing Director and CEO, said the order win supports Bajel’s positioning in high-voltage transmission and aligns with India’s energy transition priorities. He described the Bellary-Davanagere corridor as a central transmission system for evacuation of renewable power from critical solar and wind zones in Karnataka.

The management statement also highlighted a focus on safety and quality standards in execution. While the quote reflects positioning, the underlying deliverable remains the EPC build-out of the specified 400 kV corridor within the stated timeline.

Company profile: transmission and distribution EPC

Bajel Projects is engaged in power infrastructure with a presence in power transmission and power distribution. The company was formerly part of Bajaj Electricals under the EPC segment.

That background matters because many of Bajel’s recent public updates have been tied to transmission-line packages, SPV-awarded projects, and renewable evacuation-linked corridors, which are a recurring theme in India’s transmission capex pipeline.

Financial snapshot and stock move

Bajel Projects reported a consolidated net loss of Rs 0.42 crore in Q3 FY26, compared with a net profit of Rs 1.46 crore in Q3 FY25.

On the market reaction to the announcement, shares of Bajel Projects rose 2.12% to close at Rs 171.15 on the BSE.

How this order fits into recent order flow

The latest “major” order comes in a context where Bajel has disclosed multiple high-voltage wins and project updates. In a July 4, 2025 update, Bajel said it won a “Mega Order” worth between Rs 300 crore and Rs 400 crore from PGCIL for a 400 kV TL04 Siwani–Jind (PG) double-circuit (Quad) transmission line of approximately 99 km under the REZ Phase IV (Part 3: 6GW) scheme, awarded through Tariff-Based Competitive Bidding (TBCB) via the SPV POWERGRID Siwani Transmission Limited. Bajel indicated that project was expected to be completed within 18 months.

Separately, Bajel has also disclosed an “ultra-mega” order (Rs 400 crore and above) from PGCIL involving a new 400 kV double-circuit line of about 138 km connecting Mahan to Rewa in Madhya Pradesh, along with extension of 400 kV substation bay works at Rewa. In that disclosure, the completion timeline mentioned was 29 months.

Key facts at a glance

Market impact and what investors typically track

In transmission EPC, investors usually track order quality, execution timelines, and counterparty risk. In this case, the counterparty is PGCIL via an SPV, and the company has specified a 21-month execution window.

The other monitorable is how such orders stack up alongside other disclosed wins in the 400 kV and 765 kV segments and what that implies for near-term execution bandwidth. Bajel’s recent public updates show a pipeline of large high-voltage projects linked to renewable evacuation, which can be operationally demanding given right-of-way challenges and schedule discipline.

Conclusion

Bajel Projects’ latest Rs 200 crore to Rs 300 crore “major” EPC order adds another 400 kV transmission line package linked to renewable energy evacuation in Karnataka. The company has guided to a 21-month execution timeline from the notification of award, with the project connecting the Bellary and Davanagere substations over around 70 km. Investors will watch for subsequent project milestones and further disclosures tied to execution progress under the Bellary-Davanagere scheme.