Bajel Projects Q4 FY26: profit up 193%, sales 26%

Key takeaway from the March 2026 quarter

Bajel Projects posted a steep rise in profitability for the quarter ended March 2026, alongside a solid increase in sales. The company’s net profit rose 193.36% year-on-year to ₹14.14 crore, compared with ₹4.82 crore in the quarter ended March 2025. Sales increased 26.03% to ₹995.26 crore, up from ₹789.73 crore a year earlier. The numbers point to a stronger quarter in execution-led performance, as captured in the data provided. Bajel Projects operates as an EPC player in power transmission and distribution, and the quarter’s improvement is being linked in the provided text to robust execution and cost efficiencies. The financial jump is notable because the base quarter profit was comparatively low.

Q4 FY26 results: profit up, revenue rises

The most directly stated quarterly figures show a meaningful expansion in the bottom line compared to the same quarter last year. Net profit for Q4 (ended March 2026) is stated at ₹14.14 crore versus ₹4.82 crore in Q4 (ended March 2025). Revenue (sales) for the same period is stated at ₹995.26 crore versus ₹789.73 crore. Separately, another snapshot in the provided material cites rounded figures of net profit at ₹15.7 crore versus ₹4.8 crore and revenue at ₹1,000 crore versus ₹800 crore, along with a profit margin movement from about 0.6% to about 1.57%. Since both sets of figures appear in the same input, they are best read as two presentations of the quarter’s performance, one more precise and one rounded. What is consistent across the input is the narrative of strong year-on-year growth in profit and revenue.

Full-year FY26 performance

For the year ended March 2026, Bajel Projects reported net profit of ₹20.28 crore, up 31.18% from ₹15.46 crore in the year ended March 2025. Full-year sales increased 7.65% to ₹2,758.57 crore from ₹2,562.61 crore. Compared with the Q4 jump, the full-year sales growth is more moderate, but the full-year profit still improved. This suggests the March quarter contributed meaningfully to the annual profitability in FY26. The provided tables also show FY25 net profit at ₹15.46 crore and adjusted EPS at ₹1.34.

Summary table: Q4 and full-year headline numbers

Quarterly trend: sales, operating profit, PAT (as provided)

The input includes a quarterly result table covering Dec 2024 to Dec 2025. While it does not include the March 2026 quarter in that table, it helps frame how sales and profitability moved through the year before the March 2026 close. Net sales were ₹622.38 crore in Dec 2024 and ₹801.43 crore in Mar 2025, followed by ₹607.63 crore in Jun 2025, ₹613.83 crore in Sep 2025, and ₹562.35 crore in Dec 2025. Operating profit is listed as ₹14.65 crore (Dec 2024), ₹20.73 crore (Mar 2025), ₹16.55 crore (Jun 2025), ₹22.83 crore (Sep 2025), and ₹27.17 crore (Dec 2025). Profit after tax in the same table is ₹1.46 crore (Dec 2024), ₹4.82 crore (Mar 2025), ₹3.31 crore (Jun 2025), ₹5.94 crore (Sep 2025), and ₹1.98 crore (Dec 2025). The data also shows an exceptional item of -₹7.72 crore in Dec 2025.

Business context: power T&D EPC and demerger background

Bajel Projects is described in the input as an EPC company in the power transmission and distribution sector, demerged from Bajaj Electricals. In project-led businesses, quarterly profit can move sharply based on execution, cost control, and project mix. The provided narrative attributes the improvement to “robust execution” and better cost efficiencies in operations. The margin discussion in the material is also tied to improved operational margins and lower relative overheads. The improvement in profit alongside a rise in revenue is consistent with that explanation, as presented in the input.

Valuation and market snapshot metrics cited

The material also lists market-related metrics for Bajel Projects based on a stated share price. Bajel Projects’ share price is cited as ₹184.34. Market capitalisation is cited as ₹2,132.75729979 crore. The PE ratio is stated as 132.790664169428 and the P/B ratio as 3.40217411365188. These figures are presented as point-in-time values in the input and are not accompanied by a timestamp beyond the surrounding context. Readers should treat them as the metrics cited in the provided snapshot rather than a live quote.

Additional operating data points mentioned

A separate line in the material references “Q3 and 9M FY26” performance: 9M EBITDA of ₹87 crore (+38%), Q3 EBITDA of ₹32 crore (+45%), and revenue of ₹1,784 crore. These figures provide additional context on operating momentum during FY26 before the March quarter. The same input also includes consolidated figures showing operating profit, OPM percentage, profit before tax, tax percentage, and EPS for Mar 2024, Mar 2025, and TTM, including OPM of 1% (Mar 2024) and 3% (Mar 2025 and TTM). While these are not directly reconciled to the FY26 numbers elsewhere in the input, they are part of the broader dataset shared.

Registered office and corporate details provided

The registered office details included in the material place the company in Mumbai, Maharashtra. The address is listed as: 801, Rustomjee Aspiree, Bhanu Shankar Yagnik Marg, Sion East, Mumbai, Maharashtra. Another line in the input also states: 801 Rustomjee Sion East, Anik Wadala Link Road, Mumbai, Maharashtra-400022, with a phone number of 91-022-68267300. Both address formats appear in the provided text and are reproduced here as stated.

Why the Q4 FY26 print matters

The most important feature of the March 2026 quarter is the scale of the year-on-year profit increase, along with double-digit revenue growth. Even using the more precise numbers provided, profit grew far faster than sales, which aligns with the margin-expansion narrative included in the snapshot. The full-year growth rates are lower than Q4, but still show improvement in both sales and net profit. For investors tracking EPC names in power transmission and distribution, these results add a fresh data point on execution outcomes and profitability progression. Future interpretation will depend on whether the company sustains profit levels seen in the March quarter across upcoming quarters.

Conclusion

Bajel Projects reported Q4 FY26 net profit of ₹14.14 crore on sales of ₹995.26 crore, alongside full-year FY26 net profit of ₹20.28 crore on sales of ₹2,758.57 crore. The input also presents a rounded snapshot pointing to profit of about ₹15.7 crore and revenue around ₹1,000 crore for the quarter, reinforcing the same direction of improvement. The next focus for the market will be subsequent quarterly disclosures that show whether higher profitability is sustained alongside project execution in the power T&D EPC pipeline.