Bajel Projects

What Bajel Projects does

Bajel Projects Limited is a publicly listed engineering, procurement, and construction (EPC) company headquartered in Mumbai, India, focused on power transmission and distribution infrastructure. It was carved out of Bajaj Electricals Limited's EPC segment following NCLT approval and listed independently on NSE and BSE in December 2023 under the ticker BAJELPROJECTS. The company operates through four business verticals: Power Transmission (turnkey EHV projects for transmission lines and substations up to 765 kV), Power Distribution (rural electrification, feeder separation, and distribution substations up to 33 kV), International EPC (projects in MENA and Africa), and Monopoles (design, manufacture, supply, and installation of steel monopoles up to 765 kV). Bajel is recognized as a pioneer in monopole technology in India, having commissioned the country's first 400 kV double-circuit monopole-based transmission line for PGCIL in 2006.

Bajel's competitive position rests on vertically integrated capabilities spanning in-house design, manufacturing, installation, and commissioning. Its world-class manufacturing facility at Ranjangaon MIDC near Pune covers 67,840 sq.m with an annual capacity of 60,000 MT, equipped with CNC machinery from Germany, Belgium, the UK, and Italy, and includes one of India's largest 13-meter hot-dip galvanizing baths. The company has executed more than 7,000 circuit kilometers of EHV transmission lines, 40+ AIS/GIS substation projects, electrified 50,000+ villages, and installed 2.6 million+ service connections. It holds ISO 9001, ISO 14001, ISO 45001, and ISO 3834-2 certifications, and is the only Indian EPC company with ISO 45001 and ISO 14001 certification across all project sites.

The business model is project-based and driven by competitive bidding. Revenue is generated from one-time EPC contracts awarded by government-owned utilities (PGCIL, MSETCL, UPPTCL, MPPTCL, PSPCL, BSPTCL, CSPTCL, TANTRANSCO, DTL) and private enterprises (Tata Power, ZESCO, a domestic data center operator). Contract values range from ₹200-300 crore for standard transmission projects to ₹400+ crore for ultra-mega projects, with an order book of ₹2,912 crore as of Q3 FY26. Q4 FY26 revenue reached ₹995.3 crore (up 26% YoY), with H1 FY26 revenue of ₹1,221 crore. Recent strategic actions — a 50/50 JV with Al Sharif Contracting for Saudi Arabia (February 2026), a collaboration with NIIF and AnantGrid for a transmission development platform (March 2026), and entry into data center infrastructure — extend Bajel's footprint beyond its traditional state-utility customer base.

Name

Bajel Projects

Legal name

Bajel Projects Limited

Website

https://bajelprojects.com

Company type

Public

Founded year

2023

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Bajel Projects Limited is a publicly listed Indian EPC company executing turnkey power transmission and distribution projects up to 765 kV, serving central and state utilities, private power companies, and international clients across MENA and Africa.

Ownership category

akta.pro rank

Product category

Power Transmission and Distribution EPC Services

NAICS

Power and Communication Line and Related Structures Construction (237130), Electric Power Generation, Transmission and Distribution (2211), Electric Bulk Power Transmission and Control (221121), Engineering Services (541330)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600), Water, Sewer, Pipeline, Comm & Power Line Construction (1623), Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

Transmission line EPC & construction (overhead) (EUADAKAA)

akta.pro secondary industries

Substation EPC & construction (AIS/GIS, greenfield/brownfield) (EUADAKAC), Distribution Substations & Switching Stations (MV) EPC (EUAEACAC), Overhead & Underground Collection System Construction (MV/HV Lines, Duct Banks) (EUAEADAG), Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE) (EUAMAFAJ)

Keywords

• Power transmission EPC
• Substation engineering
• Transmission line construction
• Steel monopole manufacturing
• Power distribution infrastructure

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D

Revenue model

1. EPC Contracts - Power Transmission: Engineering, Procurement, and Construction contracts for power transmission infrastructure including transmission lines and substations. Revenue is project-based, one-time at contract execution with milestone-based billing. Mix of domestic orders from PGCIL, state utilities, and international orders from MENA region clients.
2. EPC Contracts - Power Distribution: Turnkey EPC services for rural electrification, feeder separation, and distribution substations up to 33 kV. Project-based revenue model with one-time contract execution.
3. Galvanizing Services: Hot dip galvanizing services offered to external customers from Ranjangaon facility with monthly capacity of 5,000 MT. Revenue from toll galvanizing and services.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

Bajel Projects Limited is an Engineering, Procurement, and Construction (EPC) company that delivers turnkey power transmission and distribution infrastructure, including extra-high-voltage (EHV) transmission lines up to 765 kV, AIS/GIS substations, steel monopoles, and rural electrification projects. The company provides end-to-end solutions spanning in-house design, procurement, manufacturing at its Ranjangaon facility, installation, and commissioning for state electricity utilities, international governments, and private infrastructure clients.

Product overview

Bajel Projects Limited operates as a unified EPC (Engineering, Procurement, and Construction) platform offering integrated power infrastructure solutions. The core portfolio comprises four business verticals: Power Transmission (EHV transmission lines and substations up to 765 kV), Power Distribution (rural electrification and distribution up to 33 kV), International EPC (global power T&D projects), and Monopoles (steel pole design, manufacturing, and installation up to 765 kV). Supporting these is a world-class Manufacturing Unit at Ranjangaon producing transmission towers, monopoles, poles, and masts with in-house Galvanizing Services. The company provides end-to-end solutions from in-house design through procurement, manufacturing, installation, and commissioning, serving Indian state utilities, international governments, and private infrastructure clients.

Differentiator

Problem solved

Functional benefit

Products and services

• Power Transmission EPC Turnkey EPC projects for transmission lines and substations up to 765 kV. Bajel Projects has executed more than 7,000 ckms of EHV transmission lines and 40+ AIS/GIS substation projects for state electricity transmission utilities and central transmission utilities.
• Power Distribution EPC Turnkey EPC services in rural electrification, feeder separation system strengthening, and distribution substations up to 33 kV. Has electrified more than 50,000 villages and installed more than 26,00,000 service connections in rural and urban electrification projects across India.
• International EPC Global solution provider in power transmission and distribution EPC, with completed projects in Sub-Saharan and Western Africa (including a 132 kV transmission line project for ZESCO in Zambia) and active operations in the MENA region through a 50:50 joint venture with Al Sharif Contracting and Commercial Development Company in Saudi Arabia.
• Steel Monopoles Design, manufacturing, supply, and installation of steel monopoles up to 765 kV, including single pole, twin pole, quad structures, and specialized foundations (caisson, anchor-based, direct-embed). Bajel pioneered monopole technology in India with 15+ years of expertise and has supplied 700+ monopoles. Completed India's largest 400 kV monopole transmission line project (94 monopoles) in Noida for UPPTCL.
• Manufacturing Unit (Fabricated Steel Structures) World-class manufacturing facility at Ranjangaon (about 55 km from Pune, Maharashtra) covering 67,840 sq.m with an annual capacity of 60,000 MT. Produces transmission line towers, monopoles, high masts, octagonal poles, conical poles, and other fabricated galvanized structures. Equipped with MESSER (Germany) CNC profile cutting, LVD (Belgium) press brake, BODE (UK) welding machines, FICEP (Italy) angle punching and shearing machines, and GIMECO (Italy) galvanizing plant.
• Hot Dip Galvanizing Services Hot dip galvanizing service with a 13-meter-long fully enclosed galvanizing bath, 14 process tanks, and 60,000+ MT annual capacity. Follows ISO 1461 quality standard and a 7-tank process. Offered both for captive use and to external customers on a toll/service basis with monthly capacity of 5,000 MT.

Quantifiable outcome

• 7000+ ckms of EHV transmission lines executed
• +4 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• National Investment and Infrastructure Fund (NIIF) and AnantGrid Private LimitedcoreStrategic or Co-development Partner · 10 March 2026Strategic collaboration to create a power transmission development platform. Bajel holds 26% equity stake in selected projects while NIIF retains 74%. Partnership combines NIIF's USD 5 billion investment capabilities, AnantGrid's project development expertise, and Bajel's engineering and EPC expertise. Platform targets power transmission assets under India's tariff-based competitive bidding framework. Aimed at capitalizing on India's grid modernisation push and goal of achieving 500 GW non-fossil fuel capacity by 2030.
• Al Sharif Contracting and Commercial Development Company (ASC)coreStrategic or Co-development Partner · 17 February 202650/50 joint venture established in Mumbai on 17 February 2026 to pursue EPC business in Saudi Arabia's power transmission and infrastructure sectors. Focus on Extra High Voltage EPC activities including overhead transmission lines, substation packages, and underground cabling projects. Combines Bajel's EHV technical expertise with ASC's four decades of local market presence and manufacturing capabilities. Aligned with Saudi Vision 2030 grid modernisation and renewable energy integration objectives. Each partner investing up to SAR 1 million (~$270,000) in JVCo.

Scale indicators16 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Transrail Lighting: Transrail Lighting is an Indian power T&D EPC contractor and transmission tower manufacturer, similar in scale to Bajel, competing on the same set of PGCIL and state-utility transmission line and substation tenders.
• Skipper Limited: Skipper Limited is an Indian power T&D EPC and transmission tower manufacturer with comparable scale and customer base, directly competing with Bajel in domestic transmission line and tower manufacturing markets.
• KEC International: KEC International is one of India's largest power T&D EPC contractors, executing transmission lines, substations, and distribution projects domestically and internationally — directly comparable to Bajel across core product, customer base (PGCIL, state utilities), and business model.
• Kalpataru Projects International: Kalpataru Projects International is a listed Indian EPC major with a dedicated Power Transmission & Distribution business unit, comparable to Bajel in EHV transmission line and substation execution, government utility customers, and project-based revenue model.
• Tata Projects: Tata Projects is a leading Indian EPC company with significant power T&D execution capability for PGCIL and state utilities, directly competing with Bajel on transmission line and substation tenders across India.

Emerging players

• Sterling and Wilson Renewable Energy: Sterling and Wilson operates in power infrastructure EPC including transmission and substations, partially overlapping with Bajel's T&D offering while focusing more on renewable energy infrastructure — comparable as a growing Indian EPC competitor.

Broad incumbents

• Larsen & Toubro (L&T) Construction: L&T's Power Transmission & Distribution business executes EHV transmission lines, substations, and distribution projects globally — a larger incumbent peer with broader infrastructure portfolio but directly competing on the same PGCIL/state-utility tenders as Bajel.
• GE T&D India: GE T&D India (now part of GE Vernova) provides substation equipment and solutions for India's power T&D sector, comparable to Bajel on substation scope while primarily operating as an equipment vendor and systems integrator.
• Hitachi Energy India: Hitachi Energy India supplies substation equipment (AIS/GIS) and is increasingly involved in turnkey substation delivery — adjacent to Bajel as a systems supplier and partial competitor for EHV substation EPC work in India.

Others

• Power Grid Corporation of India (PGCIL): PGCIL is Bajel's largest customer but also operates its own in-house EPC capabilities and TBCB subsidiaries; it represents both the primary demand source and a potential competitive dynamic for high-value transmission packages.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/bajelprojects
• Facebookfacebook.com/bajelprojects
• LinkedInlinkedin.com/company/bajelprojects

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bajel Projects