Bajel Projects Limited has received a credit rating upgrade from CRISIL Ratings, with its long-term rating revised to ‘CRISIL A+/Stable’ from ‘CRISIL A/Stable’, while its short-term rating has been reaffirmed at ‘CRISIL A1’. CRISIL has also enhanced the company’s total bank loan facilities rating to INR 3,500 crore, up from INR 3,000 crore.
According to CRISIL, the upgrade reflects Bajel Projects’ strengthening business risk profile, driven by a sustained improvement in the quality and scale of its order book, better profitability prospects, and a disciplined strategy of securing higher-margin contracts from financially sound customers. The rating agency noted that the company’s order book has surpassed INR 4,000 crore, providing healthy revenue visibility over the medium term.
CRISIL highlighted that Bajel Projects has recorded consistent business growth over the past four years, with revenue rising to INR 2,808 crore in FY2025-26. The company’s operating margin also improved to approximately 4.6%, compared to 3.8% in the previous fiscal year. The agency expects margins to strengthen further as the company benefits from higher execution volumes, improved cost efficiencies, and an increased focus on profitable projects.
The rating agency also cited Bajel Projects’ comfortable financial position, supported by a net worth of around INR 748 crore, manageable debt levels, and expected financial support from Jamnalal Sons Private Limited, a holding company of the Bajaj Group.
Bajel Projects continues to leverage over two decades of experience in the engineering, procurement and construction (EPC) segment for power transmission and distribution infrastructure. The company is equipped to execute transmission lines of up to 765 kV, develop AIS and GIS substations, and manufacture transmission towers and poles through its backward-integrated facilities.
As of March 31, 2026, the company had an outstanding order book of INR 3,442 crore and secured additional orders worth approximately INR 1,098 crore during the first quarter of FY2026-27. More than 90% of the order book comprises power transmission projects, with a significant share from Power Grid Corporation of India Limited (PGCIL), supporting stable revenue visibility and lower collection risks. Bajel Projects is also expanding its international footprint through its UAE subsidiary and a strategic collaboration with Saudi Arabia-based Al Sharif Contracting.
While maintaining a positive outlook, CRISIL noted that the company continues to face challenges from intense competition in the power transmission EPC sector, relatively modest profitability, and the working capital-intensive nature of the business. However, the agency expects Bajel Projects’ improving operational performance, prudent project selection, and efficient working capital management to support its financial profile over the medium term.
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