Bajel Projects Limited (Bajel) announced its financial results for the third quarter (Q3) and the nine-month period ended December 31, 2025. The company reported a notable expansion in EBITDA margins, reflecting a strategic shift towards margin-accretive growth. For the nine-month period (9M) of FY'26, Bajel's EBITDA reached ₹87 Cr, a 38% increase from ₹63 Cr in the previous year. EBITDA margins improved to 4.8% from 3.5% year-on-year, a growth of 130 basis points. Profit Before Tax (PBT) before exceptional items grew by 30% to ₹23 Cr. Total revenue from operations remained stable at ₹1,784 Cr, nearly at par with the previous year, indicating a focus on quality of earnings and selective project execution. In Q3 FY'26, EBITDA rose by 45% YoY to ₹32 Cr compared to ₹22 Cr in the corresponding quarter of the previous year. EBITDA margins expanded by 210 basis points to 5.6% (up from 3.5%), driven by active commodity hedging, margin-accretive project execution, effective backward integration, and operational efficiencies. PBT before exceptional items grew by 209% to ₹11 Cr for the quarter. Rajesh Ganesh, Managing Director & CEO of Bajel Projects Limited, commented that the nine-month performance reflects a strategic pivot towards margin-accretive growth, prioritizing 'Quality of Earnings' over sheer volume. The company is transitioning into a specialized power transmission EPC player focused on technically challenging high-voltage projects and aims to continue delivering sustainable value by investing in talent, systems, and internal capabilities.
