Bajel Projects jumps 10% on ₹400+ crore MENA order

Stock jumps as international order win comes in

Bajel Projects Ltd, a power transmission and distribution EPC player, saw sharp buying interest on Wednesday, April 29, after it reported a new international order win. The stock opened at ₹181.90 and quickly moved higher during the session. It climbed as much as 9.8% to an intraday high of ₹199.79, according to the details provided.

The rally followed an exchange filing where the company disclosed it had received an overseas contract classified as an “ultra-mega” order. In its classification, ultra-mega orders are those valued at ₹400 crore or more. While the company did not disclose an exact contract value, it said the order falls in that bracket.

What the company won in the Middle East and North Africa

In its exchange communication, Bajel Projects said the order was awarded by an international client in the Middle East and North Africa (MENA) region. The client is described as working to strengthen power infrastructure in its home country.

The project is linked to a large national grid strengthening program aimed at upgrading a high-voltage transmission network. The stated goal of the broader initiative is to improve the reliability and efficiency of electricity supply.

Project scope: 500 kV overhead transmission line

Bajel Projects said it has been assigned construction responsibility for a 500 kV overhead transmission line. The job is structured as an engineering, procurement and construction (EPC) contract.

The scope includes building two segments of the line. In another description provided in the same set of information, these were referred to as two lots, described as Lot 1 and Lot 5, which form part of a larger grid expansion initiative in the region.

Order value and timeline disclosed

The company said the total project value is more than ₹400 crore. It also stated that the project needs to be completed within 11 months.

The 11-month timeframe was described as running from the project commencement date. The tight schedule is typical of transmission EPC work, where utilities often push for faster commissioning to match demand growth and grid stability requirements.

Management commentary on the order

Rajesh Ganesh, Managing Director and CEO of Bajel Projects, described the order as an important moment for the company. He said the win reflects growing trust in the company’s engineering capability and ability to execute projects at an international level.

He also said the company remains committed to completing the project with high quality and safety standards. The statement positioned the order as a reference point for future overseas opportunities, with the company indicating that its international recognition could strengthen after execution.

How the stock traded on April 29

The price action on April 29 reflected a quick intraday reaction to the contract announcement. In addition to the move from the opening level of ₹181.90 to an intraday high of ₹199.79, another market snapshot provided said the stock was at ₹185.50 at 3:30 pm IST.

That level was cited as up 2.28% versus the prior close of ₹181.37. During the session, the stock was stated to have traded in a wide band, with an intraday low of ₹178.05 and a high of ₹201.00 (as per exchange data cited in the provided information).

Recent performance and market capitalisation

Bajel Projects’ stock has shown strong short-term momentum, with the provided data stating it gained about 32% over the last month. Over a one-year period, the rise was described as marginal.

The company’s market capitalisation was reported at ₹2,102 crore.

Why this MENA order matters for an EPC contractor

For EPC companies in power transmission, international orders can be important for diversifying execution beyond domestic utilities. In this case, the order is linked to a national grid strengthening program that targets reliability and efficiency improvements, which typically involves higher specification and compliance requirements.

The contract also sits in the extra-high-voltage segment at 500 kV, a category that usually requires strong engineering, supply-chain coordination, and site execution capabilities. The fact that the work includes two segments under a larger grid expansion program suggests the project is part of a broader network buildout rather than a standalone line.

Broader order-win context mentioned in the provided information

The broader set of material also referenced other Bajel Projects order wins and updates, indicating an active bidding and execution pipeline. These included an EPC order from Tata Power Company Limited in the ₹50 crore to ₹100 crore range for 220 kV transmission line work on monopoles in Mumbai, with a stated completion timeline of 10 months.

Separately, the material referenced an “ultra-mega” order of more than ₹700 crore from Maharashtra State Electricity Transmission Company Ltd (MSETCL) for a 400/220 kV air-insulated switchgear (AIS) substation at Saswad in Pune district, along with associated transmission lines, with a timeline of 23 months.

Another update cited an unexecuted order book of ₹2,912 crore as of December 31, 2025.

Key facts table

Market impact: what investors are reacting to

The immediate stock reaction suggests investors focused on the scale and overseas nature of the order. The company framed the win as part of a national grid strengthening program, which generally implies steady utility-backed execution and clear technical deliverables.

At the same time, the company did not disclose an exact contract value beyond the “₹400 crore or more” classification. For the market, the next checkpoints typically become start date clarity, execution milestones over the 11-month window, and any further disclosures on margins, working capital needs, or subcontracting and procurement plans, if shared later.

Conclusion

Bajel Projects’ April 29 rally followed the announcement of an ultra-mega international EPC order in the MENA region, involving construction of a 500 kV overhead transmission line in two segments with an 11-month completion timeline. The company positioned the order as a validation of its engineering capabilities and a step toward strengthening its overseas presence. Investors will watch for further project updates as execution begins and progresses through the stated schedule.