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Revenue
₹1,008 Cr
verified against source
Revenue YoY
7%
reported change
EBITDA
₹125 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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. EBITDA grew 39% YoY to ₹38 crore with margin expanding 30bps to 3.7%. Full-year revenue rose 7% to ₹2,792 crore, while PAT surged 74% to ₹27 crore, driven by disciplined execution and a shift to quality growth. The order book stood at ₹3,442 crore, with inflows of ₹3,100 crore (up 55% YoY). Management guided for 15%+ revenue growth in FY27 and expects to end the year with an order book of ₹4,000-5,000 crore. Key strategic moves include a tripartite collaboration with NIIF for project pipeline and a JV in Saudi Arabia. Risks include commodity price volatility (aluminium, zinc, steel) and geopolitical headwinds from the US-Iran conflict impacting Middle East operations.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets revenue growth upwards of 15% in FY27, driven by strong order pipeline and execution focus.
- Expects to end FY27 with an unexecuted order book of ₹4,000-5,000 crore, supported by current L1 status and pipeline.
- Three-phase expansion of Ranjangaon facility to 110-120k MT per annum, with first phase (galvanizing bath) by August 2026.
Risks flagged
- Rising aluminium, zinc, and steel prices due to global trade tariffs and geopolitical tensions could compress margins.
- US-Iran war has slowed Middle East plans and increased crude oil prices, impacting supply chain and project timelines.
- Receivables increased due to higher last quarter billing and a marquee customer delaying payment; though collected post-quarter, structural elongation remains a risk.
- Analyst raised concern about legacy orders in the book; management acknowledged commodity headwinds but did not quantify legacy impact.
Key quotes
- This is the first time Bajel Projects Limited has crossed 1,000 cr in a quarter. A huge milestone.
- We have no interest in asset ownership. Let me make that very clear that that's not the business that we are in.
- The endeavor here is really to try to insource as much as possible the raw material that we need as much as possible.
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