Bajel Projects Limited · NSE:BAJEL
Bajel Projects — Q3 FY2026 Earnings Presentation
34 slides from Bajel Projects's earnings presentation, Feb 5, 2026
Slide 1: Exchange cover letter for investor presentation
February 5th, 2026 To, BSE Limited : Code No. 544042 Department of Corporate Services, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001 National Stock Exchange of India Limited : BAJEL – Series: EQ Listing Department Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051 Dear Si
Slide 2: Q3 & 9M FY'26 Performance Investor Presentation
(A Bajaj Group Company) Q3 & 9M FY'26 PERFORMANCE Investor presentation 1
Slide 3: Disclaimer
Disclaimer The material that follows is a Presentation of general background information about the activities of BAJEL Projects Limited (“Company”) or its subsidiary or joint venture or associate (together with the Company, the “Group”) as at the date of the Presentation or as otherwise indicated. I
Slide 4: Index
Index Bajaj Group overview 4 Bajel Projects Limited at a glance 5 Key Projects & Capabilities 9 Financial performance snapshot 19 Our Strategy- RAASTA 2030 25 Investor Presentation || Q3 FY’26 3
Slide 5: Bajaj Group: A Multinational Conglomerate
Bajaj Group: A Multinational Conglomerate Bajaj Group, India’s 3rd largest group by market capitalization, maintains a significant footprint across multiple industries $167+ Bn 90+ 40+ 100,000+ 70+ Group Market Years in Group Happy Countries Cap Business Companies Employees Founded in 1926 by Shri J
Slide 6: Bajel Projects Limited at a Glance
BAJEL PROJECTS LIMITED AT A GLANCE Investor Presentation | Q3 FY’26 5
Slide 7: A Legacy of Excellence
A Legacy of Excellence Secured the first-ever distribution project Successfully demerged from under the RGGVY scheme for NHPC Won the 1st EPC contract for Bajaj Electricals Limited leading Ltd. Introduced India to its first 400 a 132 kV GIS substation by to formation of Bajel Projects kV transmissio
Slide 8: 20+ years of impact in Power Infrastructure
20+ years of impact in Power Infrastructure Power Power Monopole International Manufacturing Transmission Distribution Business Unit 9,281+ ckm 85,496+ 1,069+ Product 39,525 MT Transmission Monopoles supplies in of production in Transformers Lines installed supplied 7+ Countries 9M FY’26 46+ AIS/GIS
Slide 9: Bajel Projects Limited: Powering the Future
Bajel Projects Limited: Powering the Future India Presence* 20+ 7+ Pulwama 2023 2024 2025 Years Countries Jind EPC + Manufacturing Experience Global EPC + Product Presence Siwani Delhi Maharanibagh Gurugram Gr. Noida Sikar Jalpura Noida Rangpo ₹ 1,804 39,525 Beawar Mohanlalganj Bhadla Chandausi Lakh
Slide 10: Key Projects & Capabilities
KEY PROJECTS & CAPABILITIES Investor Presentation | Q3 FY’26 9
Slide 11: Key Projects: Power Transmission
Key Projects: Power Transmission 400 kV M/C Maharanibagh - Narela Monopole 400 kV D/C Ananthpuram–Kurnool Transmission 400/220 kV 500 MVA GIS Substation at Metro Transmission Line Line depot Location: Delhi NCR Location: Ananthpuram Kurnool Location: Greater Noida Line Length: 114 ckm Line Length: 1
Slide 12: Key Projects: Power Distribution
Key Projects: Power Distribution Loss Reduction project from PGCIL in Pulwama District, 33/11kV Substation featuring 2x8 MVA transformers with Data Center substation & line - construction of 220/33 KV Jammu & Kashmir TPCODL in Odisha GIS Substation and associated Transmission line Status: On-going S
Slide 13: Key Projects: International Business
Key Projects: International Business Construction of 132kV Single Circuit Transmission Line fron Coventry Medium and Low Voltage Networks for Rural Electrification of 46 Villages – Waterworks, Coventry – Jimmy – Chawama for ZESCO in Lusaka for Compagnie Energie Electrique du Togo (CEET) Location: Za
Slide 14: 9M FY'26 Highlights: Manufacturing Facility in Ranjangaon
Manufacturing Facility in Ranjangaon A state-of-the-art manufacturing facility situated in Ranjangaon, Product Portfolio 55km from Pune, India. The plant specializes in Transmission Line Towers, Monopoles, High Masts, Lighting Poles, and other structures, supported by a fully enclosed galvanizing un
Slide 15: Core Strengths in Power T&D
Core Strengths in Power T&D Power Transmission Substation Voltage Level AIS GIS Extensive experience in the design, Bay Bay New Extension New Extension Completed engineering, procurement, construction, and commissioning of 132 kV, 220 kV, 400 kV, and <=132 KV 765 kV transmission lines in S/C, D/C an
Slide 16: Trusted by Industry Leaders
Trusted by Industry Leaders AND MANY MORE... Investor Presentation | Q3 FY’26 15
Slide 17: Building Infrastructure with Safety, Sustaining Growth with Responsibility
Building Infrastructure with Safety, Sustaining Growth with Responsibility Certified Management Systems • ISO 45001 (Occupational Health & Safety) and ISO 14001 (Environmental Management) implemented across operations. Employee Engagement & Training • Trainings conducted for BPL employees • Training
Slide 18: Guided by experienced Board of Directors
Guided by experienced Board of Directors Rajendra Singh Radhika M Dudhat Maneck Davar Sudarshan Non-Executive Sampathkumar Non-Executive Non-Executive Independent Independent Director Independent Director Director Additional Non-Executive Independent Director Shekhar Bajaj Chairman Non-Executive Dir
Slide 19: Strong Leadership Team in place
Strong Leadership Team in place Rajesh Ganesh Ajay Nagle Nitesh Bhandari Piyush Bansal Shyam Mittal Rohin Dhar Managing Director & Executive Director, CS & Chief Financial Officer Head Head Head Chief Executive Officer Chief Compliance Officer Power Transmission Power Distribution International Akas
Slide 20: Financial Performance Snapshot
FINANCIAL PERFORMANCE SNAPSHOT Investor Presentation || Q3 FY’26 19
Slide 21: Q3 & 9M FY'26 Standalone Financial Performance
Q3 & 9M FY’26 Standalone Financial Performance Quarterly Performance Standalone figures ₹ in crores Revenue from Operations EBITDA & EBITDA Margin Profit Before Tax and Exceptional Items Margin 3.5% 5.6% Margin 0.5% 1.9% 622 32 11 562 22 3 Q3 FY'25 Q3 FY'26 Q3 FY'25 Q3 FY'26 Q3 FY'25 Q3 FY'26 Nine M
Slide 22: From the Management's Desk
From the Management’s Desk "Our nine-month performance reflects a strategic pivot towards margin-accretive growth. We have prioritized 'Quality of Earnings' over sheer volume, a move validated by a strong rise in the EBITDA for Q3. We are transitioning into a specialized power transmission EPC playe
Slide 23: Standalone Income Statement
Standalone Income Statement Particulars (Rs in Cr) Q3 FY’26 Q3 FY’25 Growth (%) 9M FY’26 9M FY’25 Growth (%) 9M FY'26 Financial Highlights Revenue from Operations 562 622 -10% 1,784 1,797 -1% 5 7 -35% 20 24 -17% Financial Discipline Other Income • . Achieved revenue from operations Total Income 567
Slide 24: Unexecuted Order Book
Unexecuted Order Book (₹ in crores) Unexecuted Order Book Unexecuted Order Book As on 31st December 2025 Order Updates • Secured 400 kV D/C 0.3% (Quad) Transmission Line 7%* for Siwani Jind in 3,612 3,375 Q2FY26 2,984 2,912 • Holding L1 position in 2,912 Crs # multiple tenders: Orders expected in Q4
Slide 25: Year on year financial performance
Year on year financial performance Standalone figures ₹ in crores Revenue from Operations EBITDA & EBITDA Margin (%) 3.4% 2,598 3.0% 90 1.9% 1,169 36 664 13 FY23 FY24 FY25 FY23 FY24 FY25 Profit Before Tax & EPS (₹) Return on Average Capital Employed 1.34 12.8% 24 0.37 5.1% 1.3% -0.14 4 FY23 FY24 FY2
Slide 26: Our Strategy: RAASTA 2030
OUR STRATEGY: RAASTA 2030 RAASTA 2030 Investor Presentation || Q3 Q3 FY’26 FY’26 25
Slide 27: India's Power Supply growth to be driven by renewables
India’s Power Supply growth to be driven by renewables Installed Capacity and Electricity Demand Forecast All Nos. are in GW Capacity Peak Demand *Peak Demand of CAGR 458 GW by 2032 including 7% Green Hydrogen & Green Ammonia 15% 997 (70 GW) 669 6% 500^ 8% 458* 296 388 250 FY’24-25 FY’26-27 FY’31-32
Slide 28: Robust Growth in Transmission Lines & Substations
Robust Growth in Transmission Lines & Substations Transmission Line Capacity (ckm) Capacity Addition Capex Planned Time Period Capacity Addition • The Government has 700000 648,190 (ckm) 600000 571,403 FY 22 – 27E 1,14,687 estimated a substantial 456,716 500000 FY 27E – 32E 76,787 investment of Rs.
Slide 29: Significant Capacity Addition expected in Asia, Middle East, ANZ & Africa
Significant Capacity Addition expected in Asia, Middle East, ANZ & Africa Middle Central East Asia 29k ckm/ 29k ckm $3bn Rest of Asia 179k ckm/ $16bn SAARC 106k ckm/ $10bn SEA 81k ckm/ $9bn West South East ANZ USA LatAm Africa Africa Africa 30k ckm/ 25k ckm/ 5k ckm 12k ckm/ 3k ckm/ 10k ckm/ $3bn $4b
Slide 30: Power Surge: Rising demand meets growing supply
Power Surge: Rising demand meets growing supply Electricity demand in the India, the World’s 4th largest Thus, laying and upgrading country has increased at economy by GDP ranks at transmission & distribution a CAGR of about 5 % per number 23 by per capita systems is essential for: annum during the
Slide 31: RAASTA 2030: 6-Year Strategic Roadmap to FY'30
RAASTA 2030 : 6-Year Strategic Roadmap to FY'30 GEAR FOR GROWTH YEAR ACCELERATE • Organization Building 2-4 • Revenue Target: Double digit • Efficiency Improvement revenue growth • Digitization: PMO, IT, IoT • High single digit EBITDA margins • International Business • >15% Return on Capital Employe
Slide 32: RAASTA 2030: Work started on Key Focus Areas
RAASTA 2030 : Work started on Key Focus Areas PLAY IN NICHE SEGMENTS SELECTIVE PLAY IN RISKY AREAS Ex. High Voltage segments with limited Ex. Play in Power distribution projects where competition and qualification advantage. funding is available or barriers to entry are high. GROW INTERNATIONALLY DI
Slide 33: Bajel Projects Limited: Delivering Seamless Execution
Bajel Projects Limited: Delivering Seamless Execution Huge opportunities in Long term Strategy Creating stakeholder Power Infrastructure - (RAASTA-2030) in place value through India & globally with immediate action plans sustainable growth Investor Presentation | Q3 FY’26 32
Slide 34: Investor Relations Contact
Investor Relations Contact: Tanya Verma Investor Relations Manager Investor.relations@bajelprojects.com Investor Presentation || Q3 FY’26 33 27