Bajel Projects wins ₹700+ crore MSETCL EPC order in 2026

The new order and why it matters

Bajel Projects Limited reported a large transmission EPC win from Maharashtra State Electricity Transmission Company Limited (MSETCL), lifting investor attention on its power transmission pipeline. In a regulatory filing, the company said it has secured an ultra-mega order valued above ₹700 crore (inclusive of GST). The contract is for building a new 400/220 kV substation and associated transmission infrastructure in Pune district, Maharashtra. The order is positioned as the company’s largest single win so far in its power transmission business, based on the disclosures shared with exchanges. The size of the contract and the clear execution timeline were key triggers for the market reaction during the session.

Who awarded the contract and the project location

The order has been awarded by MSETCL and will be executed for MSETCL’s special purpose vehicle, Saswad Transmission Limited. Bajel Projects said the project will be set up at Saswad in Pune district. The scope includes both substation work and related transmission line connectivity, indicating an integrated turnkey delivery. The company disclosed the development under Regulation 30 of the SEBI Listing Regulations. Such disclosures typically include key commercial and execution terms, which helps investors assess near-term revenue visibility. For Bajel Projects, the Saswad project also adds to its presence in high-voltage transmission infrastructure.

Scope of work: turnkey EPC for a 400/220 kV AIS substation

Bajel Projects said the contract involves a greenfield 400/220 kV Air Insulated Switchgear (AIS) substation at Saswad. The company’s scope includes engineering, procurement and construction, covering design, supply, erection, testing and commissioning. The filing also noted the work includes associated transmission lines and connectivity infrastructure. The disclosure referenced civil works, equipment supply and erection, and testing and commissioning activities as part of the turnkey package. The combination of substation plus line connectivity can increase execution complexity, but it also consolidates billing potential into a single order. The project fits within the company’s transmission EPC portfolio, where large contracts can materially influence quarterly order inflows.

Timeline: about 23 months from the Notice of Award

Bajel Projects indicated 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 in market reports). The clarity on the timeline provides a defined window for ramp-up and project billing. For investors tracking order-to-revenue conversion, a 23-month schedule suggests revenue recognition will be spread across multiple quarters. The company did not provide milestone-wise billing details in the shared text, and no separate capex guidance was included in the excerpts. Still, the timeline is a key data point for evaluating near-term execution load.

“Ultra-Mega Order” classification and threshold

The company categorised the Saswad contract as an “Ultra-Mega Order”. As per its internal classification disclosed in the filing, this bracket corresponds to contracts valued at ₹400 crore and above. That categorisation is consistent with the stated value of the MSETCL order being above ₹700 crore. The threshold also helps frame the order in the context of other wins that Bajel Projects has announced in recent quarters. Internal order bands are often used by EPC companies to communicate deal size without disclosing exact contract values.

Share price reaction: sharp intraday gains

The order announcement was followed by a strong move in the stock. Exchange data cited in the report showed Bajel Projects shares trading at ₹157.42 at 2:18 pm IST on March 16, 2026, up ₹17.46 or 12.47% for the session. The previous close referenced was ₹139.96. Another market update said the stock rose 14.6% to an intraday high of ₹159.99 on the NSE after the company’s communication about an order worth more than ₹700 crore. Separate intraday snapshots also indicated the stock traded up to around ₹158 per share, and later pared gains to about ₹153.3 as of 09:27 AM, against a marginal decline in the Nifty 50 at that time. On the BSE, a cited tick showed the stock at ₹149.10, with an intraday high of ₹159.50 and an intraday low of ₹149.

Recent order flow: 765 kV line, 400 kV line, and other projects

Alongside the MSETCL win, the broader set of reported contracts provides context on Bajel Projects’ order inflows. The company has also been reported to have won an ultra-mega EPC order valued at over ₹400 crore for a 765 kV transmission line spanning 87.3 km, with a completion timeline of 21 months from the Notification of Award. Another order referenced in the provided material includes a “Mega” category EPC order valued between ₹300 crore and ₹400 crore (inclusive of GST) for a 99 km, 400 kV double-circuit (Quad) transmission line package (Siwani–Jind TL04) under the Rajasthan Renewable Energy Zone Phase IV scheme, with an 18-month timeline from Notification of Award. The text also referenced solar-wind hybrid power evacuation projects and an expanded international presence with orders from Liberia, indicating a wider pipeline beyond domestic state utility work.

Financial and order book snapshot from the disclosures

Bajel Projects’ recent performance metrics cited in the provided material show mixed topline movement with margin improvement. For 9M FY’26, revenue was reported at ₹1,784 crore, down 1% year-on-year. Q3 FY’26 revenue was reported at ₹562 crore, down 10% year-on-year. Profitability, however, improved: 9M FY’26 EBITDA margin was cited at 4.8% versus 3.5% year-on-year, and Q3 FY’26 EBITDA margin expanded by 210 basis points to 5.6%.

On the order book, the material cited an unexecuted order book of ₹2,912 crore as of December 31, 2025. Another data point in the provided text said the order book stood at ₹2,792 crore as of December 2024 and was increased by approximately ₹1,047 crore in orders secured during Q4 FY25. The same set of reports also referenced a company statement indicating the total order book stood at approximately ₹4,000 crore.

Strategy signals: RAASTA 2030 and NIIF-AnantGrid partnership

In market reports around the MSETCL order, the company linked the win to its “RAASTA 2030 strategy” of expanding into high-value, high-complexity projects. The material also noted that on March 10, the company entered into a partnership agreement with the National Investment and Infrastructure Fund (NIIF) and AnantGrid Private Limited (AnantGrid), a power transmission developer supported by NIIF. While the provided excerpts do not specify project-level outcomes from that partnership, it adds context to the company’s broader positioning in transmission infrastructure. For EPC players, such partnerships can influence access to new bid pipelines and execution collaboration, depending on the structure.

Key facts at a glance

What investors will track next

After a large order win, the market typically watches execution progress, working capital discipline, and the cadence of further order inflows. For Bajel Projects, the 23-month schedule makes quarterly execution updates important for tracking conversion from order book to revenue. Investors may also track how the company balances multiple high-voltage line and substation projects across timelines of 18 months, 21 months, and 23 months as cited in the provided material. Any further regulatory filings on project milestones, subcontracting, or material procurement could add clarity on execution visibility.

Conclusion

Bajel Projects’ ₹700+ crore MSETCL contract for a 400/220 kV AIS substation and associated transmission lines at Saswad marks a major addition to its transmission EPC pipeline. The stock’s sharp intraday move reflected the size of the win and the company’s stated focus on higher-value projects. The next checkpoints will be subsequent exchange updates on project execution and any additional large order announcements.