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

The headline order and why it matters

Bajel Projects has secured an engineering, procurement and construction (EPC) order valued at over ₹700 crore from Maharashtra State Electricity Transmission Company Ltd (MSETCL). The company classified the win in its “ultra-mega” bracket and described it as its largest single order in the power transmission business. The scope centres on building a high-voltage substation at Saswad in Pune district, along with associated transmission lines to connect it with the broader Maharashtra grid. The size of the order is notable because it adds a large, single-ticket project to Bajel’s domestic transmission portfolio. The announcement also triggered a sharp reaction in the stock during the next trading session.

What Bajel Projects will build at Saswad

The project involves establishing a greenfield 400/220 kV Air Insulated Switchgear (AIS) substation at Saswad. Bajel Projects will execute the complete turnkey scope, including design, supply, erection, testing and commissioning. The broader package includes civil works, supply, erection and commissioning for both the substation and the linked transmission elements. According to details shared in separate reports, the Saswad substation will have a transformation capacity of 2×500 MVA and will be equipped with a 1×125 MVAr bus reactor at the 400 kV level. The work also includes bay additions at three other substations to integrate Saswad into the existing network. Alongside these, Bajel will construct multiple new transmission lines and line-in-line-out (LILO) configurations, including 400 kV and 220 kV links.

Forward expansion provisions built into the design

Bajel Projects said the Saswad substation has been designed with future expansion provisions. The company linked this to Maharashtra’s long-term power demand growth and the need to keep grid infrastructure ready for additional capacity. Such provisions typically help reduce the cost and execution complexity of later upgrades, because the initial layout and equipment planning accounts for expansion needs. The company’s communication to exchanges highlighted this as a planning feature of the substation design. While the order note did not quantify expansion capacity beyond the stated substation configuration, it positioned the project as part of a larger grid buildout.

Timeline: different references across reports

Project timelines were described in more than one way across the available information. One report noted the project is slated for completion within 23 months. Another update, based on the tariff-based competitive bidding (TBCB) framework, said MSETCL acquired the project special purpose vehicle (SPV) “Saswad Power Transmission Ltd” on February 26, 2026, and that commissioning is scheduled within 18 months from the SPV transfer date, which works out to August 26, 2027. Readers tracking execution schedules should note these two references are not identical and may reflect different start-date conventions used in disclosures.

Stock market reaction after the announcement

Bajel Projects shares rose 14.6% to an intraday high of ₹159.99 on the NSE after the company said it had secured an order worth more than ₹700 crore. The price move was reported at 1220 IST in Mumbai. The order was described as being disclosed after market hours on a Friday. The sharp move suggests the market treated the win as material for near-term order inflows, given the order’s size and the company’s “largest single order win” framing.

Key facts at a glance

How the order fits into Bajel’s recent project wins

The Saswad contract adds to a series of transmission EPC wins cited across recent announcements and reports. Bajel has been awarded an ultra-mega 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. The company also secured an ultra-mega order from PowerGrid Corporation of India Ltd (PGCIL), through SPV MEL Power Transmission, for a 400 kV double-circuit transmission line of around 138 km from Mahan to Rewa in Madhya Pradesh, along with 400 kV substation bay extension works at Rewa, targeted for completion within 29 months. Another PGCIL-linked project mentioned is a 99 km 400 kV Siwani to Jind line, valued in the ₹300-400 crore range with an 18-month deadline.

Other disclosed orders and smaller contracts

Beyond ultra-mega wins, Bajel Projects has also reported a “large order” from PGCIL for a 765 kV substation extension, valued in the ₹100-200 crore range (inclusive of GST). Separately, Bajel Projects secured a transmission line order in the ₹50-100 crore range from Tata Power Company Ltd for monopoles and foundation works for the 220 kV Kalwa Kalyan Pal line in Mumbai, though the completion timeframe in the provided details was truncated. The company has also been reported to have a 132 kV transmission line contract for Madhya Pradesh Power Transmission Corporation Ltd (MPPTCL) in Bhopal, without a disclosed value in the provided text.

International expansion: Saudi Arabia joint venture

Bajel Projects has also taken steps to expand internationally through a joint venture in Saudi Arabia. The company signed a JV agreement with Al Sharif Contracting and Commercial Development Company (ASC) on February 17, 2026. The partnership is an equal, 50-50 arrangement focused on EPC opportunities, with an emphasis on high voltage infrastructure projects. While the available information does not quantify expected revenue from the JV, the structure indicates a platform approach rather than a single-project announcement.

Market impact and what investors may track next

From a market perspective, the Saswad order is significant because it is both large and broad in scope, combining substation construction with multiple line linkages and grid integration work. The project’s inclusion of bay additions and LILO configurations suggests meaningful coordination across existing grid nodes, which can influence execution sequencing and milestones. Investors are also likely to watch how Bajel’s order pipeline evolves, given multiple references to its order book in recent coverage, including an unexecuted order book of ₹2,912 crore as of December 31, 2025, and an interview reference indicating an order book of approximately ₹4,000 crore. Separately, the tariff-based competitive bidding detail available for the Saswad project referenced MSETCL’s winning tariff, described as annual transmission charges of ₹138 crore.

Conclusion

Bajel Projects’ ₹700+ crore Saswad EPC win from MSETCL stands out as its largest single order in the power transmission vertical, and it immediately drew a strong stock market reaction. The project combines a 400/220 kV AIS substation with extensive associated transmission works and grid integration elements. Next, market participants are likely to track execution timelines and milestones, particularly given differing timeline references across reports and the August 26, 2027 commissioning reference linked to the SPV transfer date.