Bajel Projects takes 26% Anant Grid stake, invests Rs 6.76 crore

Bajel Projects Limited acquired a 26% equity stake in Anant Grid Projects One Pvt. Ltd. for Rs 7.03 lakh and invested Rs 6.76 crore in compulsorily convertible debentures during the quarter ended June 30, 2026, recognising a Rs 6.87 lakh share of the associate’s loss for the half year ended September 30, 2026.

What did Bajel Projects invest in Anant Grid Projects One?

Bajel Projects acquired 26% equity in Anant Grid Projects One for Rs 7.03 lakh and made a further Rs 6.76 crore investment in compulsorily convertible debentures, or CCDs, during the quarter ended June 30, 2026. The filing accounts for Anant Grid Projects One as an associate in Bajel Projects’ unaudited consolidated financial results.

The half-year cash-flow statement records Rs 6.83 crore as investment in CCDs and equity shares of an associate for the half year ended September 30, 2026. It also records Rs 24 lakh of loans given to an associate in that period. The cash-flow statement does not identify the recipient of that loan, while note 4 specifically identifies Anant Grid Projects One for the equity and CCD transaction.

Bajel Projects describes its primary business as power transmission and distribution, which it reports as a single segment under Indian Accounting Standard 108. The filing does not disclose Anant Grid Projects One’s revenue, assets, borrowings, business activity, conversion terms for the CCDs or the date on which those instruments may convert into equity.

How did the Anant Grid Projects One stake affect profit?

Bajel Projects recognised a Rs 4.03 lakh share of loss from Anant Grid Projects One in the quarter ended September 30, 2026, and Rs 6.87 lakh for the six months ended September 30, 2026. These are the losses attributable to Bajel Projects’ associate holding, as specified in note 4 to the consolidated results.

At the consolidated level, Bajel Projects reported Rs 31.96 lakh of profit from joint ventures and associates in the September 2026 quarter, compared with a Rs 2.34 crore loss in the September 2025 quarter. For the six months, the combined line changed to a Rs 50.58 lakh profit from a Rs 2.70 crore loss a year earlier, meaning the disclosed Anant Grid Projects One loss was included in a wider category that moved into profit.

The quarterly profit before tax rose to Rs 8.12 crore from Rs 5.64 crore despite profit before the joint-venture and associate line declining to Rs 7.80 crore from Rs 7.98 crore. The source does not separately quantify the contribution of Anant Grid Projects One beyond the Rs 4.03 lakh recognised loss.

How has the associate investment changed Bajel Projects’ balance sheet?

Bajel Projects reported Rs 83.83 crore of investments in joint ventures and associates at September 30, 2026, compared with Rs 66.31 crore at March 31, 2026. The combined category therefore increased by Rs 17.52 crore over six months, but the filing does not allocate that full movement between Anant Grid Projects One and other joint ventures or associates.

Total non-current assets rose to Rs 486.77 crore at September 30, 2026 from Rs 419.75 crore at March 31, 2026. Capital work in progress increased to Rs 31.09 crore from Rs 6.98 crore, while deferred tax assets rose to Rs 27.10 crore from Rs 8.99 crore; the filing does not link either movement directly to the associate investment.

The balance sheet also shows total equity of Rs 711.58 crore at September 30, 2026, down from Rs 747.57 crore at March 31, 2026. Total assets declined to Rs 2,229.59 crore from Rs 2,538.46 crore over the same period, so the increase in investments in joint ventures and associates occurred alongside a reduction in total assets.

What do Bajel Projects’ September 2026 results show?

Bajel Projects reported Rs 496.14 crore of net sales for the quarter ended September 30, 2026, down from Rs 606.55 crore a year earlier, while profit after tax rose to Rs 6.12 crore from Rs 3.60 crore. Other operating income increased to Rs 17.97 crore from Rs 7.28 crore in the same comparison.

For the six months ended September 30, 2026, total income declined to Rs 1,092.73 crore from Rs 1,236.82 crore in the corresponding prior-year period. Profit after tax increased to Rs 10.85 crore from Rs 6.56 crore, while finance costs fell to Rs 23.60 crore from Rs 32.89 crore.

The consolidated results were unaudited and were reviewed by the Audit Committee and approved by Bajel Projects’ board on November 6, 2026. The half-year profit before tax was Rs 15.19 crore, compared with Rs 9.73 crore a year earlier, after the joint-venture and associate line contributed Rs 50.58 lakh rather than a Rs 2.70 crore loss.

What recovery and liquidity matters remain relevant for Bajel Projects?

Bajel Projects disclosed ongoing or invoked arbitration proceedings against three customers to recover outstanding balances, interest on delayed payments and losses suffered. The outstanding balance from these customers was Rs 85.92 crore at September 30, 2026, net of provision, and Bajel Projects said its legal evaluation indicated no further adjustment was necessary in the unaudited results.

Current trade receivables declined to Rs 1,042.25 crore at September 30, 2026 from Rs 1,633.78 crore at March 31, 2026. Cash and cash equivalents also fell to Rs 2.73 crore from Rs 23.72 crore, while current borrowings increased to Rs 375.07 crore from Rs 349.96 crore during the six-month period.

Bajel Projects generated Rs 108.84 crore of net cash inflow from operating activities in the half year ended September 30, 2026, compared with Rs 67.89 crore a year earlier. Its cash-flow statement recorded Rs 68.30 crore of investment in CCDs and equity shares of an associate and Rs 24 lakh of loans given to an associate during the same half year.

Conclusion

Bajel Projects’ 26% acquisition of Anant Grid Projects One and Rs 6.76 crore CCD investment establish a disclosed associate exposure in its consolidated accounts. The associate generated a Rs 6.87 lakh loss attributable to Bajel Projects in the September 2026 half year, while the broader joint-venture and associate line changed to a Rs 50.58 lakh profit from a Rs 2.70 crore loss a year earlier.

The next disclosures to watch are the future contribution of Anant Grid Projects One within the consolidated joint-venture and associate line, the use or conversion of the CCD investment, and the unresolved customer arbitrations involving Rs 85.92 crore of outstanding balances at September 30, 2026. The filing provides no separate operating target or timetable for Anant Grid Projects One.