Bajel Projects Limited has released an investor presentation detailing its unaudited financial results for the third quarter ended December 31, 2025. The presentation covers the company's performance, strategy, and outlook. The company's nine-month performance reflects a strategic pivot towards margin-accretive growth, prioritizing 'Quality of Earnings' over sheer volume, which has been validated by a strong rise in EBITDA for Q3. Bajel Projects is transitioning into a specialized power transmission EPC player, focusing on securing contracts that align with its long-term profitability goals. Despite a measured revenue environment, the company emphasizes its ability to deliver profitability as a core differentiator. Execution of complex projects within the Green Energy Corridor and Inter-State Transmission Systems (ISTS) remains a key focus, driven by its people. Financially, for the nine months ended December 31, 2025, Bajel Projects reported revenue from operations of ₹1,784 crore, a slight decrease of 1% from ₹1,797 crore in the same period last year. However, EBITDA grew by 38% year-on-year to ₹87 crore, with the EBITDA margin expanding to 4.8% from 3.5%. Profit Before Tax (PBT) before exceptional items grew by 30% to ₹23 crore. The company's unexecuted order book stood at ₹2,912 crore as of December 31, 2025, with 93% in Power Transmission and 7% in Power Distribution. The company retains a 'CRISIL A/Stable & CRISIL A1' rating from CRISIL. The investor presentation also outlines the company's long-term strategy, 'RAASTA 2030', which focuses on enhancing win ratios, improving margins, becoming a digital-first organization, expanding international business, and entering new business areas. The strategy aims for double-digit revenue growth and high single-digit EBITDA margins by FY30. The presentation highlights significant opportunities in India's power infrastructure, driven by renewable energy growth and increasing electricity demand. The government's estimated investment of ₹4.25 lakh crore for transmission infrastructure from 2022-27 and ₹4.90 lakh crore for 2027-32 underscores the sector's potential.
