New Risk • May 31
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.4% average weekly change). Large one-off items impacting financial results. Reported Earnings • May 28
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: ₹1.75 (up from ₹1.34 in FY 2025). Revenue: ₹28.2b (up 8.5% from FY 2025). Net income: ₹202.8m (up 31% from FY 2025). Profit margin: 0.7% (up from 0.6% in FY 2025). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 53%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Electric Utilities industry in India. Announcement • May 22
Bajel Projects Limited to Report Fiscal Year 2026 Results on May 27, 2026 Bajel Projects Limited announced that they will report fiscal year 2026 results on May 27, 2026 New Risk • Mar 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Feb 06
Third quarter 2026 earnings released: ₹0.04 loss per share (vs ₹0.13 profit in 3Q 2025) Third quarter 2026 results: ₹0.04 loss per share (down from ₹0.13 profit in 3Q 2025). Revenue: ₹5.67b (down 8.9% from 3Q 2025). Net loss: ₹4.22m (down 129% from profit in 3Q 2025). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Electric Utilities industry in India. Announcement • Jan 30
Bajel Projects Limited to Report Q3, 2026 Results on Feb 05, 2026 Bajel Projects Limited announced that they will report Q3, 2026 results on Feb 05, 2026 Reported Earnings • Nov 16
Second quarter 2026 earnings released: EPS: ₹0.31 (vs ₹0.32 in 2Q 2025) Second quarter 2026 results: EPS: ₹0.31 (down from ₹0.32 in 2Q 2025). Revenue: ₹6.21b (down 6.3% from 2Q 2025). Net income: ₹36.0m (down 1.6% from 2Q 2025). Profit margin: 0.6% (in line with 2Q 2025). Announcement • Nov 08
Bajel Projects Limited to Report Q2, 2026 Results on Nov 14, 2025 Bajel Projects Limited announced that they will report Q2, 2026 results on Nov 14, 2025 Announcement • Aug 21
Bajel Projects Limited Appoints Sudarshan Sampathkumar as Independent Director Bajel Projects Limited at its AGM held on August 14, 2025 approved the appointment of Mr. Sudarshan Sampathkumar (DIN: 01875316) as an Independent Director. Announcement • Aug 02
Bajel Projects Limited to Report Q1, 2026 Results on Aug 08, 2025 Bajel Projects Limited announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • Jul 22
Full year 2025 earnings released: EPS: ₹1.34 (vs ₹0.37 in FY 2024) Full year 2025 results: EPS: ₹1.34 (up from ₹0.37 in FY 2024). Revenue: ₹26.0b (up 122% from FY 2024). Net income: ₹154.6m (up 261% from FY 2024). Profit margin: 0.6% (up from 0.4% in FY 2024). The increase in margin was driven by higher revenue. New Risk • Jul 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • May 23
Full year 2025 earnings released: EPS: ₹1.34 (vs ₹0.37 in FY 2024) Full year 2025 results: EPS: ₹1.34 (up from ₹0.37 in FY 2024). Revenue: ₹26.3b (up 125% from FY 2024). Net income: ₹154.6m (up 261% from FY 2024). Profit margin: 0.6% (up from 0.4% in FY 2024). The increase in margin was driven by higher revenue. Announcement • May 22
Bajel Projects Limited, Annual General Meeting, Aug 14, 2025 Bajel Projects Limited, Annual General Meeting, Aug 14, 2025. Announcement • May 16
Bajel Projects Limited to Report Fiscal Year 2025 Results on May 22, 2025 Bajel Projects Limited announced that they will report fiscal year 2025 results on May 22, 2025 Board Change • Apr 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Non-Executive Chairman of the Board Shekhar Bajaj is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Mar 28
Bajel Projects Limited Announces Resignation of Binda Misra as Chief Financial Officer, Key Management Personnel & Senior Management Personnel, Effective on April 30, 2025 Bajel Projects Limited informed that Mr. Binda Misra, Chief Financial Officer, Key Management Personnel & Senior Management Personnel of the Company, due to personal reasons, has tendered his resignation from the services of the Company to be effective from the close of business hours on April 30, 2025. Announcement • Mar 06
Bajel Projects Limited Appoints Piyush Bansal as Joint President & Business Head - PT Bajel Projects Limited announced that Mr. Piyush Bansal has been appointed as Senior Management personnel, designated as "Joint President & Business Head - PT (Power Transmission)" of the Company, with effect from March 06, 2025. Piyush, is an EPC professional with 30 years of experience. He comes with proven expertise in Business Development, Strategy, M&A, Sustainability (ESG), P&L management across various geographies. He brings deep expertise in Project execution and Contracts management in Renewable Energy, Transmission, Distribution, Metro Rail, Rural Electrification and Railway electrification projects. In his last assignment with Sterling and Wilson he was leading the T&D business as COO. Piyus has done his Bachelor of Engineering in Electrical & Electronics and an MBA in Marketing from the University of Rajasthan. Announcement • Feb 15
Bajel Projects Limited Provides Update on Litigation Bajel Projects Limited on dated February 10, 2024, disclosing the details of the litigation and further update on litigation dated February 15, 2024 and January 24, 2025, in accordance with Regulation 30(4) and Clause 8 of paragraph B of Part A of Schedule III of the SEBI Listing Regulations of the SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. Statement of Claim has been filed before the arbitrator Mr. Prateek Pansare in which Mr. Sushil Kumar Rout has claimed INR 42,400,000 (INR 20,254,000 against Different works with deviated quantities and extra rate, INR 20,051,480 against Interest and INR 2,094,540 as litigation cost) under Work Order dated April 23, 2018 and Amendment to Work Order dated July 05,2019. Reported Earnings • Feb 07
Third quarter 2025 earnings released: EPS: ₹0.13 (vs ₹0.29 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.13 (down from ₹0.29 in 3Q 2024). Revenue: ₹6.30b (up 129% from 3Q 2024). Net income: ₹14.6m (down 57% from 3Q 2024). Profit margin: 0.2% (down from 1.2% in 3Q 2024). Announcement • Feb 05
Bajel Projects Limited Announces Resignation of Himanshu Ojha as Business Head Power Distribution Bajel Projects Limited informed that Mr. Himanshu Ojha, Business Head Power Distribution, a Senior Management Personnel of the Company has tendered his resignation from the services of the Company, to be effective from the close of business hours on March 31,2025, due to personal reasons. Announcement • Jan 28
Bajel Projects Limited to Report Q3, 2025 Results on Feb 06, 2025 Bajel Projects Limited announced that they will report Q3, 2025 results on Feb 06, 2025 New Risk • Dec 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 16
Second quarter 2025 earnings released: EPS: ₹0.32 (vs ₹0.39 loss in 2Q 2024) Second quarter 2025 results: EPS: ₹0.32 (up from ₹0.39 loss in 2Q 2024). Revenue: ₹6.68b (up 240% from 2Q 2024). Net income: ₹36.6m (up ₹81.0m from 2Q 2024). Profit margin: 0.5% (up from net loss in 2Q 2024). Announcement • Nov 06
Bajel Projects Limited to Report Q2, 2025 Results on Nov 14, 2024 Bajel Projects Limited announced that they will report Q2, 2025 results on Nov 14, 2024 Buy Or Sell Opportunity • Oct 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.6% to ₹287. The fair value is estimated to be ₹360, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Recent Insider Transactions • Sep 07
No-Executive Independent Director recently bought ₹6.7m worth of stock On the 4th of September, Maneck Davar bought around 25k shares on-market at roughly ₹269 per share. This transaction increased Maneck's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹11m more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Aug 09
Now 21% undervalued Over the last 90 days, the stock has risen 10% to ₹283. The fair value is estimated to be ₹358, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Announcement • Jul 31
Bajel Projects Limited to Report Q1, 2025 Results on Aug 08, 2024 Bajel Projects Limited announced that they will report Q1, 2025 results on Aug 08, 2024 Recent Insider Transactions • Jun 13
No-Executive Independent Director recently bought ₹4.0m worth of stock On the 7th of June, Maneck Davar bought around 16k shares on-market at roughly ₹256 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Jun 01
Bajel Projects Limited Announces Appointment of Akash Sharma as Business Head - SCM & Manufacturing, Senior Management Personnel, Effective from the June 04, 2024 Bajel Projects Limited announced that Mr. Akash Sharma is appointed as the Business Head - SCM & Manufacturing, a Senior Management Personnel of the Company, effective from the June 04, 2024. Date of appointment: June 04, 2024 Terms of appointment: Full time employment with the Company. Akash is a Mechanical Engineer having 26 years of experience in managing Procurement lifecycle, Contracts Management, Subcontract management, Tendering and Estimation in EPC, Infrastructure, Utility and Oil & Gas sector. In his last assignment he was heading the Supply Chain and Business Acquisition function for the Global Services Business of Sterlite Technologies. Earlier Akash was working with Reliance Jio Infocom, Alstom India, Gujrat Gas and L&T where he was responsible for Procurement & Contracts Management, Bids and Proposal, Developing and Creating Vendor Ecosystem. Announcement • May 25
Bajel Projects Limited, Annual General Meeting, Aug 21, 2024 Bajel Projects Limited, Annual General Meeting, Aug 21, 2024. Announcement • May 24
Bajel Projects Limited Approves Appointment of Rohin Dhar as Head of International EPC Bajel Projects Limited announced that Mr. Rohin Dhar is appointed as the Head International EPC, a Senior Management Personnel of the Company as per Regulation 16(1)(d) of the SEBI Listing Regulations, effective from the May 23, 2024. Mr. Dhar will succeed Mr. Jayesh Ingale who is exiting the Company for better prospectus. Rohin is a Mechanical Engineer having 24+ years' of experience in Business Development (BD), Developing & Executing Projects, Project Planning & Control in EPC Oil & Gas sector. In his last assignment with IndianOil Adani Ventures Ltd. he was heading the BD function. Before moving into BD he was responsible for execution of high value project in Indonesia as Project Manager. In past Rohin has worked with Essar Projects in India, Singapore and Africa where he was responsible for project execution and BD for Southeast Asia, East Africa and Madagascar. Prior to that he has worked with Punj Lloyd Ltd. in India & Oman in construction management, project planning & control and estimation. Announcement • May 18
Bajel Projects Limited to Report Q4, 2024 Results on May 23, 2024 Bajel Projects Limited announced that they will report Q4, 2024 results on May 23, 2024 Announcement • Apr 30
Bajel Projects Limited Approves the Re-Designation of Rajesh Ganesh from Managing Director as Managing Director and Chief Executive Officer Bajel Projects Limited at its board of directors meeting held on April 29, 2024, based on the recommendation of the Nomination and Remuneration Committee, has approved the re-designation of Mr. Rajesh Ganesh, Managing Director as the Managing Director and Chief Executive Officer of the Company with effect from April 29, 2024, untill the end of his current term i.e. upto September 17, 2028. Rajesh has about 30 years of cross business, international experience with large multinational companies like Shell, Castrol, and Oiltanking GmbH. He has lived and worked in India, UK, Europe, Singapore and Indonesia. He is a Mechanical Engineer and has an MBA from The University of Chicago Booth School of Business. Prior to Joining Bajel Projects Ltd, he was the Managing Director of Indian Oiltanking Limited (A JV between Indian Oil Corporation Limited and Oiltanking GmbH). During his tenure as the MD, the enterprise value of Indian Oiltanking Limited more than doubled. He led the successful divestment of Oiltanking GmbH shareholding in Indian Oiltanking Limited to Adani Ports and SEZ Limited. He has been Managing Director of the Company since September 18, 2023. 
