Bajel Projects Limited — Q4 FY26
Bajel Projects reported a strong Q4 FY26 with standalone revenue crossing ₹1,000 crore for the first time, up 26% YoY to ₹1,008 crore.
bullish
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
64%Questions answered1Evaded / deflected7Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Asked about margin trajectory and whether legacy orders are impacting margins.
Asked by Rahul Kumar Mishra, Antic
Answered about commodity impact but did not address legacy order question specifically.
did not directly address legacy ordersfocused on commodity hedging
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Question
So my first question would be on the margins uh trajectory... apart from these uh have you seen any other challenges like we are executing question like uh uh do we have any legacy order uh in the current order book.
Management (unidentified speaker)
last six months uh the the commodities have been on a bit of a run... we are in conversation with our customers to see given the extraordinary circumstances if if some sort of leeway can be provided.
Answered
High priority
Asked about capex, timeline for capacity expansion, revenue guidance, and order book.
Asked by Nishita Sanisha, Sapphire Capital
Provided specific capex, timeline, revenue growth target, and order book details.
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Question
I just wanted to know what is the cex for that and when will the uh uh expanded facility be operational? My second question would be on what kind of revenue growth do we see in FI27... and the current order book that we have of around 3,400 crores. What is the execution timeline for that?
Management (unidentified speaker)
the overall capex outlay in Nishita is 170 crores... we're trying to do that in three phases... we targeting anywhere upwards of 15%... the current order book as you know stands slightly south of 3,500 crores... we've already received orders worth,000 crores and we are L1 in orders worth another 2,000 crores.
Evasive
Medium priority
Follow-up: asked about revenue potential from expanded facility and ramp-up plan.
Asked by Nishita Sanisha, Sapphire Capital
Did not quantify revenue potential or provide ramp-up plan; discussed strategic intent instead.
no revenue potential givenfocused on insourcing rationale
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Question
what is the uh revenue potential that we can get from this expanded manufacturing facility that will be operational by the end of FY27? And how are we going to ramp up this facility?
Management (unidentified speaker)
The endeavor here is really to try to insource as much as possible the raw material that we need... to ensure that we protect our margins... the big objective is to ensure that we have sufficiently in-houseed our captive demand.
Partial answer
Medium priority
Asked about industry dynamics and HVDC project plans.
Asked by Yeshaic (likely Yesha Securities), Yeshaic stock broking
Provided industry outlook but gave no concrete HVDC plans or timeline.
no specific HVDC timeline or pipeline
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Question
If you could just throw some light on the industrial industry dynamics both on the domestic as well as industrial bank and secondly uh are we looking for any extra HDC projects in coming months in the coming year?
Management (unidentified speaker)
India is uh one of those markets uh is is an exciting market for power transmission and distribution... we do not have HBDC in our portfolio yet but uh but we are keen... we are waiting for the right opportunity when it comes to HBDC really.
Answered
High priority
Asked about impact of SPV equity stake on financials and dual role as EPC contractor.
Asked by Ashok Jen, Aush Capital
Clearly explained the structure, funding, and exit plan, addressing the financial impact.
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Question
How will the dual role of varial project turnkey EPC contractor and also a 26% equity stakeholder in the SPV impact the profit and loss balance sheet and cash flow of bil project during and after the commissioning of the selected power transmission project under the tripotype SPV?
Management (unidentified speaker)
we have no interest in in asset ownership... the financing of it is largely going to be done by NIF... we'd be taking a small equity and in return what we're getting is uh is uh the EPC agreement backto-back EPC agreement... we would be exited out uh as soon as the the you know the project is is commissioned.
Partial answer
Medium priority
Asked about losses from employee welfare trusts and whether more losses are expected.
Asked by Ashok Jen, Aush Capital
Explained current loss but did not quantify expected future losses or recovery.
no forward guidance on future losses
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Question
Are the losses of the five joint ventures of employee welfare trust of 6.667 667 crores as per item eight of our results being fully booked or more are more are to come in the coming years?
Nitesh Vhandari (CFO)
these are five employed trusts and the impact is primarily because of the mark to market that we have done... as they improve as the share prices come back we should be able to uh bring back those numbers back on track the the real impact of the share of profit and loss is uh is 6.68 and 1.57 for the quarter ended 31st March 2026.
Answered
High priority
Asked about working capital increase, receivables, and normalization timeline.
Asked by Vidang (likely from Choice AMC), Choice AMC
Provided specific numbers and explained the reasons, confirming collection.
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Question
We have seen a uh increase in data days and receivables meaningfully during FY26 alongside with rise in the borrowing. So could you help us understand whether this is largely linked to uh some execution timings... or whether payment cycles across PSUs... are being structurally elongated?
Nitesh Vhandari (CFO)
The datas have increased by around 590 crores from 1258 crores to 1849 crores... one marquee customer held back payments in the last fortnight of March of around 225 crores... both of these have been collected by us... till date we have collected most part of it.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Target revenue growth upwards of 15% for FY27 | 15% | 7% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.