Bajel Projects order wins: ₹700+ cr EPC in 2026

Key developments at a glance

Bajel Projects Limited, a Bajaj Group company focused on power transmission EPC, has disclosed a series of large order wins across transmission lines and substations. The latest set of updates includes a major Power Grid Corporation of India Limited (PGCIL) transmission line contract under the Bellary–Davanagere renewable energy evacuation scheme, and an ultra-mega order from Maharashtra State Electricity Transmission Company Limited (MSETCL) for a new substation and associated transmission infrastructure in Pune district. Separately, the company also reported ultra-mega EPC orders for overseas 500 kV overhead transmission lines in the Middle East and North Africa (MENA) region.

These orders matter because they expand the company’s executable pipeline in high-voltage grids, a segment that is seeing fresh investments through renewable evacuation programmes and state-level transmission upgrades.

PowerGrid win: Bellary–Davanagere 400 kV line

Bajel Projects said it has 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 value was disclosed in the range of ₹200 crore to ₹300 crore, inclusive of GST. The contract is for Transmission Line package TL-01 under the “Bellary Davanagere 2nd 400 kV (Quad) D/c line project.”

Bajel Projects stated that the order was placed on behalf of PGCIL’s special purpose vehicle (SPV), M/s Bellary Davanagere Power Transmission Limited.

Scope and structure of the Bellary–Davanagere package

The disclosed scope centres on building the second 400 kV (Quad) double-circuit line as part of the wider Bellary–Davanagere line project. The work connects the Bellary Substation to the Davanagere Substation, with the overall route length indicated as around 70 km.

The company referenced the Notification of Award and said the disclosure was made pursuant to Regulation 30 of the SEBI Listing Regulations. The awarding entity is PGCIL, with the order placed on behalf of its SPV.

While the update does not provide an execution timeline for this specific package, the package name and voltage configuration indicate a high-voltage transmission line scope, typically involving survey, tower foundations, tower erection, stringing, testing, and commissioning as part of EPC delivery.

MSETCL win: ₹700+ crore ultra-mega order in Maharashtra

In a separate development highlighted in 2026 coverage, Bajel Projects reported an ultra-mega transmission EPC order from MSETCL valued above ₹700 crore, inclusive of GST. The project is for establishing a 400/220 kV substation along with associated transmission infrastructure in Pune district, Maharashtra.

The order is to be executed for MSETCL’s SPV, Saswad Transmission Limited, and the project is planned at Saswad in Pune district. Bajel Projects said the execution timeline is approximately 23 months from the date of issuance of the Notice of Award (also referred to as the Notification of Award).

The company also classified the contract as an “Ultra-Mega Order,” which it said corresponds to contracts valued at ₹400 crore and above under its internal categorisation.

What the Saswad substation project includes

According to the regulatory disclosure details cited in market reports, the scope covers EPC for a greenfield 400/220 kV Air Insulated Switchgear (AIS) substation at Saswad, including transmission connectivity infrastructure. The contract includes design, supply, erection, testing and commissioning of the substation and associated transmission lines.

One report also described the substation configuration as a greenfield 2×500 MVA, 400/220 kV AIS substation at Saswad, along with the installation of a 1×125 MVAr bus reactor at the 400 kV level and provisions for future expansion.

Separately, Bajel Projects clarified that neither the promoter nor promoter group entities have any interest in the awarding entity, and that the order does not fall under related party transactions.

Overseas EPC wins: 500 kV lines in MENA

Bajel Projects also disclosed that it has been awarded two ultra-mega EPC orders cumulatively valued at ₹400+ crore for constructing 500 kV overhead transmission lines. These were described as Lot 1 and Lot 5 for an international client in the Middle East and North Africa region.

The company did not provide additional project site details, timelines, or client name in the provided text, but the disclosure adds an overseas component to its transmission line order book.

Another PGCIL-linked order: 765 kV TL02 package

In another reported order, Bajel Projects announced an EPC order valued at over ₹400 crore from PGCIL for a 765 kV transmission line. The contract, designated as “Transmission Line Package TL02,” involves constructing the 765 kV Vindhyachal Pool – Prayagraj double-circuit line (Part-II), with a length of 87.3 km.

The contract was placed by Vindhyachal Varanasi Transmission Ltd, described as a tariff-based competitive bidding (TBCB) subsidiary of PGCIL, and is scheduled for completion in 21 months.

Market reaction: stock moves after the MSETCL order

Following the disclosure of the ₹700+ crore MSETCL order, market reports noted sharp stock moves. One report said shares of Bajel Projects rose 14.6% to an intraday high of ₹159.99 on the NSE after the company disclosed an order worth more than ₹700 crore. Another report said the stock lifted over 12%, and a separate mention indicated a surge of 11.11% to ₹115.50.

These price points and percentages were reported across different updates and time windows, but the common driver cited was the size of the new order and its classification as the company’s largest single order win in the power transmission business.

Summary table: disclosed order wins and scope

Why these wins matter for the transmission EPC pipeline

Taken together, the disclosures show Bajel Projects building a pipeline across both transmission lines and substation EPC. The Bellary–Davanagere contract ties directly to RE evacuation needs, where grid strengthening is required to move renewable generation from resource-rich areas to demand centres.

The MSETCL order is notable for its size, its 23-month execution timeline, and the inclusion of a greenfield 400/220 kV AIS substation with associated lines. It also provides a clear signal on Bajel’s internal order classification, with “ultra-mega” defined as ₹400 crore and above.

The overseas 500 kV line orders and the 765 kV TL02 package add further scale in high-voltage transmission lines, with disclosed line lengths and timelines in the 765 kV order, and a separate, cumulative value for the MENA wins.

Conclusion

Bajel Projects has reported multiple large transmission EPC wins, led by a ₹700+ crore ultra-mega order from MSETCL for the Saswad substation and associated transmission lines, and a ₹200–₹300 crore PGCIL line package under the Bellary–Davanagere RE evacuation scheme. The company has also referenced ultra-mega overseas 500 kV line orders and a 765 kV line package valued at ₹400+ crore.

The next operational milestones, where disclosed, are execution timelines of around 23 months for the Saswad project and 21 months for the 765 kV TL02 package, based on the respective award notifications.