Bajel Projects cites ₹9.84 lakh crore grid estimate for 2027-36

Bajel Projects Limited cites a ₹9.84 lakh crore transmission-investment estimate for 2027-36 to integrate 900 gigawatts (GW) of non-fossil capacity and 69 GW of Brahmaputra-basin hydro potential, positioning grid construction as its stated demand backdrop. The estimate is not a Bajel Projects revenue forecast or disclosed order target.

What transmission investment does Bajel Projects cite for India?

Bajel Projects cites the Union Ministry’s revised ₹9.84 lakh crore estimate for 2027-36 as spending required to integrate 969 GW of non-fossil and hydro potential into India’s grid. The stated capacity consists of 900 GW of non-fossil fuel capacity and 69 GW of hydro potential in the Brahmaputra basin. The presentation presents this as an industry investment estimate rather than an allocation to Bajel Projects.

The presentation also cites planned transmission spending of ₹4.25 lakh crore for 2022-27 and ₹4.90 lakh crore for 2027-32. These periods differ from the 2027-36 estimate and overlap with it, so they are not directly additive measures of a single spending programme. Bajel Projects also refers to approximately ₹6.6 lakh crore of additions in Inter-State Transmission System, or ISTS, lines and substations, without disclosing a period split for that figure.

How much transmission capacity is planned through FY32?

Bajel Projects shows transmission-line capacity rising from 456,716 circuit kilometres, or ckm, in FY22 to 571,403 ckm in FY27 (Plan) and 648,190 ckm in FY32 (Forecast). This implies additions of 114,687 ckm in FY22-27E and 76,787 ckm in FY27E-32E. The presentation also states that 42% of India’s transmission-line capacity existing through 2022 is expected to be added over the 10 years from 2022 to 2032.

The composition of line additions changes between the two periods. ISTS additions account for 51,185 ckm of the 114,687 ckm planned for FY22-27E, while intra-state additions account for 63,502 ckm. In FY27E-32E, ISTS additions are forecast at 43,324 ckm, above the 33,463 ckm of intra-state additions, even as total planned additions decline from the earlier five-year period.

Substation capacity is shown increasing from 1,070,950 megavolt-amperes, or MVA, in FY22 to 1,847,280 MVA in FY27 and 2,345,135 MVA in FY32. The FY22-27E addition is 776,330 MVA, including 472,225 MVA of ISTS capacity and 305,105 MVA of intra-state capacity. The FY27E-32E addition falls to 497,855 MVA, comprising 348,165 MVA of ISTS and 181,940 MVA of intra-state capacity.

Why does Bajel Projects expect renewable growth to need grid expansion?

Bajel Projects links grid expansion to projected growth in installed power capacity from 382 GW in FY20-21 to 520 GW as of January 2026 and 1,299 GW in FY35-36. The FY35-36 capacity estimate includes 98 GW of pumped-storage projects and 80 GW of battery energy storage systems. These storage components form part of the presentation’s projected power-system capacity rather than a separate transmission forecast.

Peak electricity demand is shown rising from 190 GW in FY20-21 to 245 GW as of January 2026, before reaching 459 GW in FY35-36. The presentation displays compound annual growth rate, or CAGR, measures of 6% and 8% alongside the capacity and peak-demand forecasts, as well as 5% and 6% for the other comparison period. Bajel Projects says new transmission and distribution systems are needed for new capacity additions, industrial-led demand and system reliability.

The generation mix in the presentation shifts sharply toward solar by FY35-36. Solar rises from 10% in FY20-21 and 27% as of January 2026 to 45% in FY35-36, while coal declines from 55% to 44% and then 28%. Wind remains at 10% between FY20-21 and January 2026 before increasing to 14% in FY35-36, supporting Bajel Projects’ stated case for connecting renewable capacity with upgraded networks.

What does Bajel Projects identify beyond India’s grid market?

Bajel Projects identifies rising electricity demand and overseas line additions as additional parts of its market thesis. It says Indian electricity demand grew at about 9.46% CAGR during 2022-24, compared with about 5% annually during 2017-22, and expects long-term demand growth of 5%. The presentation attributes expected demand growth during 2023-32 mainly to industrial and manufacturing activity.

For international markets, Bajel Projects cites 2024-28 transmission-line additions of 179,000 ckm in Rest of Asia, 106,000 ckm in the South Asian Association for Regional Cooperation region and 81,000 ckm in Southeast Asia. The presentation also identifies 29,000 ckm each in the Middle East and Central Asia, 30,000 ckm in Australia and New Zealand, and 25,000 ckm in the United States. These are market estimates rather than Bajel Projects contracts or order-book disclosures.

Bajel Projects’ RAASTA 2030 roadmap says the company is transitioning into its “Prepare for Scale” phase within a six-year plan to FY30. Management’s stated actions include selective international engineering, procurement and construction projects, product supply to key accounts and entry into adjacent businesses. Its final-phase targets include double-digit revenue growth, high single-digit earnings before interest, tax, depreciation and amortisation margins, return on capital employed above 15%, and increased revenue contribution from international and new businesses.

Conclusion

Bajel Projects frames its transmission focus around a cited ₹9.84 lakh crore grid-investment estimate for 2027-36, alongside projected line capacity of 648,190 ckm and substation capacity of 2,345,135 MVA by FY32. Its presentation connects this infrastructure requirement to a projected 1,299 GW power system by FY35-36, a solar share of 45%, and peak demand of 459 GW.

What to watch next is progress against the RAASTA 2030 roadmap to FY30. Management plans selective overseas EPC participation, product supply to key accounts, adjacent-business entry and increased international contribution, while targeting double-digit revenue growth, high single-digit EBITDA margins and return on capital employed above 15%.