Bajel Projects Shares Surge Over 12%: What Is Behind the Rally? Rs 1,500 Crore Transmission Order, Tata Power Contract, Valuation and Levels
- October 27, 2026
- Posted by: Ankit Jaiswal
- Category: News
Bajel Projects shares surged as much as 12.6% to Rs 175.68 on Tuesday, 27 Oct 2026, after the company announced its largest-ever transmission order, worth Rs 1,500 crore including GST, a day after a Rs 200 crore order from Tata Power. By 10:57 AM the stock had eased to Rs 164.50, up 5.4% from the previous close of Rs 156.05 (data provider), so more than half of the early gain had already faded.
Quick Answer
Bajel Projects shares rose on the Rs 1,500 crore order for about 270 km of 765 kV transmission lines and substation works that help evacuate about 14 GW of renewable power in Gujarat. The order equals about 54% of the company’s revenue for the last four reported quarters (my calculation), yet the stock still trades at about 82 times earnings against an industry level of about 22. The intraday high of Rs 175.68 is above the SuperTrend upper band of Rs 172.93, and the price has since fallen back to Rs 164.50. This is educational and not a recommendation.
Bajel Projects shares have been range-bound near Rs 150 to Rs 170 for weeks, and the price is still far below its 52-week high of Rs 215.50. The Bajel Projects share price closed at Rs 156.05 on Monday, and Bajel Projects shares have since moved sharply. A large order can change the revenue outlook, but only if it converts into execution and margin, so this article checks the order, the financial record and the valuation together.
I could not find a Bajel Projects order book figure or an execution timeline for the new order in the sources I retrieved, and I flag both below. It is educational and not advice.
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Why Bajel Projects Shares Jumped: The Rs 1,500 Crore Order
| Bajel Projects shares: order detail | What the announcement says |
|---|---|
| Value | Rs 1,500 crore including GST, across multiple letters of award; Bajel classes it as an ultra-mega order |
| Issuer of the awards | Lakadia A Power Transmission Limited, a special purpose vehicle now held by AnantGrid Projects One Private Limited |
| Bajel’s role | EPC contractor and also a 26% owner of AnantGrid Projects One; the National Investment and Infrastructure Fund (NIIF) holds 74% |
| Scope | About 270 km of 765 kV double-circuit lines between Halvad and Vadodara, plus works at the Halvad, Vadodara and South Olpad substations |
| Purpose | A common transmission system to evacuate about 14 GW from the Lakadia (7.5 GW), Jam Khambaliya (5.5 GW) and Jamnagar (1 GW) renewable zones in Gujarat |
| Bid | AnantGrid Projects One won the tariff-based competitive bid in August 2026 |
| Execution timeline | Not stated in the report I retrieved |
The chief executive, Rajesh Ganesh, called it the largest transmission order in the company’s history and said the project positions Bajel in a dual role as an EPC partner and an owner. Because Bajel owns 26% of the vehicle, part of the benefit to Bajel Projects shares may come from returns on that stake over time, and part from EPC revenue during construction. The announcement does not say how the two will be split, so I do not estimate it. The Bajel Projects order is the largest the company has won.
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The Tata Power Order and the Run-Up Before the Surge
| Bajel Projects shares: date | Event | Price reaction |
|---|---|---|
| Mon 26 Oct 2026 | About Rs 200 crore order from Tata Power for two 400 kV gas-insulated substations at Dharavi and Ghatkopar in Mumbai, with an 18-month timeline | Closed at Rs 156.25 on the BSE, up 1.63% |
| Tue 27 Oct 2026, early | Rs 1,500 crore order announced after midnight | Opened at Rs 172, high of Rs 175.68, about 12.6% above the previous close |
| Tue 27 Oct 2026, 10:57 AM | Profit-taking after the open | Rs 164.50, up 5.4% |
Together the two orders behind Bajel Projects shares add about Rs 1,700 crore, which is about 61% of the last four quarters’ revenue (my calculation). Both Bajel Projects order wins are in the same segment, power transmission and substations, where Bajel has won repeated orders from Power Grid, Adani Energy Solutions and state utilities in the past. The Bajel Projects shares chart shows the same pattern after earlier wins: a sharp first-day move that partly fades.
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Financial Record Behind Bajel Projects Shares
| Quarter (Rs crore) | Revenue | EBITDA | Net profit | Operating margin |
|---|---|---|---|---|
| Jun 2025 | 616.02 | 24.93 | 2.96 | 4.09% |
| Sep 2025 | 620.81 | 29.80 | 3.60 | 4.53% |
| Dec 2025 | 567.21 | 32.04 | Loss of 0.42 | 3.95% |
| Mar 2026 | 1,014.53 | 37.91 | 14.14 | 3.75% |
| Jun 2026 | 571.95 | 23.61 | 4.73 | 4.26% |
For Bajel Projects shares, the data provider shows that revenue in the June 2026 quarter was down 7.1% from a year earlier while net profit rose 59.8% from a very small base (my calculation). Margins have stayed between 3.75% and 4.53%, which is thin for an EPC contractor, so a bigger order book only helps profit if the margin holds, and the Bajel Projects share price depends on margin more than on order size. The company’s Q2 FY27 results are not yet in the data provider series, and I did not find the date.
Some headline reports describe the Q1 profit rise as 36% or 37% and the standalone profit as Rs 4.5 crore, so figures differ by basis. The table above uses the data provider’s consolidated series, and Bajel Projects shares investors should check the company filing.
Valuation of Bajel Projects Shares
| Bajel Projects shares: measure | Reading (data provider) | Comment |
|---|---|---|
| Price to earnings | 81.75 (about 86 at Rs 164.50, my calculation) | Industry level is about 21.92 |
| Price to book | 2.42 | Book value Rs 64.60 per share |
| Return on equity | 3.31% | Low for an EPC contractor |
| Debt to equity | 0.49 | Moderate |
| Dividend yield | 1.54% | Small |
| Earnings per share (TTM) | Rs 1.91 | Low base inflates the P/E |
The valuation shows why the order excitement needs care. At Rs 164.50 the Bajel Projects share price already carries high expectations. Bajel Projects shares trade at nearly four times the industry P/E on trailing earnings of only Rs 1.91 a share, so the market is already paying for growth that the order must now deliver. A low return on equity of 3.31% also means that each rupee of capital has earned little so far.
Technical Levels for Bajel Projects Shares
| Bajel Projects shares: indicator | Reading | Meaning |
|---|---|---|
| Price at 10:57 AM | Rs 164.50 | Above the 20-day average |
| 14-day RSI | 50.43 | Neutral |
| 20-day EMA | Rs 161.26 | Price is slightly above it |
| SuperTrend (10, 3) | Buy; lower band Rs 148.97, upper band Rs 172.93 | The intraday high of Rs 175.68 broke above the upper band, but the price has since fallen back below it |
| 52-week range | Rs 135.10 to Rs 215.50 | The stock is about 24% below its high (my calculation) |
| Volume today | About 32 lakh shares by 10:57 AM | Far above the 0.79 lakh traded on 26 Oct |
The indicators are daily readings and describe trends. A neutral RSI of 50.43 means Bajel Projects shares are not overbought after the jump, which is a point in its favour. For Bajel Projects shares, a close above Rs 172.93 would be a stronger signal than an intraday spike, and a fall below Rs 161.26 would suggest that the rally has faded. Bajel Projects shares can hold the gain only above the average. These are not targets or recommendations.
Risks and What to Watch Next
- Execution of the Bajel Projects order. A Rs 1,500 crore project needs years of delivery, and no timeline was stated in the report I found.
- Margin. Operating margin has been below 4.6% for five quarters, so cost overruns can erase profit.
- Valuation. At about 86 times trailing earnings, Bajel Projects shares have little room for disappointment.
- Q2 results. The next quarterly numbers will show how much of the order flow has turned into revenue.
- Order book. I did not find the latest order book, so check the company’s investor presentation.
Conclusion: Bajel Projects Shares Need the Order to Turn Into Profit
Bajel Projects shares jumped over 12% on the largest order in the company’s history, but the stock gave up much of the gain by mid-morning and still trades at a rich valuation on thin margins. Bajel Projects shares may stay volatile. The order is a genuine positive for revenue visibility, while the timeline, the margin and the split between EPC and ownership returns are still unknown. Verify the filings and decide according to your own risk profile.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Why did Bajel Projects shares surge on 27 Oct 2026?
Ans. The company announced its largest-ever transmission order, worth Rs 1,500 crore including GST, for 765 kV lines and substation works in Gujarat, a day after a Rs 200 crore Tata Power order. Bajel Projects shares rose as much as 12.6% to Rs 175.68 and were at Rs 164.50 by 10:57 AM. Prices change quickly, so check the live quote.
What is the Rs 1,500 crore order for Bajel Projects?
Ans. It covers about 270 km of 765 kV double-circuit transmission lines between Halvad and Vadodara and works at three substations, as part of a system to evacuate about 14 GW of renewable power. The awards came from a special purpose vehicle that Bajel co-owns with a 26% stake, alongside the National Investment and Infrastructure Fund with 74%. The execution timeline was not stated.
How big is the order compared with Bajel’s revenue?
Ans. The data provider shows revenue of Rs 620.81 crore, Rs 567.21 crore, Rs 1,014.53 crore and Rs 571.95 crore for the last four reported quarters, a total of about Rs 2,774.50 crore. The Rs 1,500 crore order is about 54% of that (my calculation), and it includes GST. It will be executed over several years.
Are Bajel Projects shares overvalued?
Ans. On trailing earnings the stock trades at about 82 times against an industry level of about 22, and return on equity is only 3.31%. That means the price already assumes strong growth. A high valuation can fall quickly if execution or margins disappoint.
What was the Tata Power order for Bajel Projects?
Ans. On 26 Oct Bajel disclosed an order of about Rs 200 crore from Tata Power for two 400 kV gas-insulated substations at Dharavi and Ghatkopar in Mumbai, to be completed within 18 months. The stock closed at Rs 156.25 on the BSE that day, up 1.63%. It is classed as a major order under the company’s own policy.
What are the key technical levels for Bajel Projects shares?
Ans. Daily readings show an RSI of 50.43, a 20-day average of Rs 161.26 and a SuperTrend buy signal with a lower band of Rs 148.97 and an upper band of Rs 172.93. The 52-week range is Rs 135.10 to Rs 215.50. These are trend readings and not targets.
When will Bajel Projects announce Q2 FY27 results?
Ans. I did not find the date for the September 2026 quarter results. The latest quarter in the data provider series is June 2026, with revenue of Rs 571.95 crore and net profit of Rs 4.73 crore. Check the exchange announcements for the board meeting date.
Is this article investment advice?
Ans. No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.
