Bajel Projects Q2 FY27 Results: Standalone Net Profit ₹5.80 Crore on Total Income of ₹521 Crore
- Earnings
- power transmission and distribution
Reviewed byRachit TripathiBlacklitt Research
Bajel Projects (NSE: BAJEL) reported standalone total income of ₹520.78 crore and net profit of ₹5.80 crore for the quarter ended 30 Sep 2026, in results approved by its board on 6 Nov 2026.
Key highlights
Standalone
The company on its own, without its subsidiaries
- Total income: ₹520.78 crore, down 16.1% YoY and 9.3% QoQ
- Net profit and EPS: ₹5.80 crore, down 2.4% YoY and up 27.5% QoQ; basic EPS ₹0.50 against ₹0.51 a year earlier
- Finance costs: ₹11.82 crore, down 30.6% YoY
- Customer balances in arbitration: ₹85.92 crore outstanding, net of provision, as at 30 Sep 2026
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 520.78 | 620.81 | -16.1% | 573.95 | -9.3% | |
| Revenue from operations | 514.11 | 613.83 | -16.2% | 568.88 | -9.6% |
| Other income | 6.67 | 6.98 | -4.4% | 5.07 | +31.6% |
| 5.80 | 5.94 | -2.4% | 4.55 | +27.5% | |
| Finance costs | 11.82 | 17.02 | -30.6% | 11.78 | +0.3% |
| Depreciation | 5.33 | 4.81 | +10.8% | 4.95 | +7.7% |
| Tax expense | 2.01 | 2.03 | -1.0% | 2.33 | -13.7% |
| Net profit margin | 1.11% | 0.96% | +0.16 pp | 0.79% | +0.32 pp |
| Tax as share of profit before tax | 25.8% | 25.4% | +0.33 pp | 33.9% | -8.10 pp |
| EPS, basic (₹) | 0.50 | 0.51 | -2.0% | 0.39 | +28.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit fell 2.4% from a year earlier, to ₹5.80 crore, while total income fell 16.1%, to ₹520.78 crore. Profit before tax was ₹7.80 crore, against ₹7.98 crore a year before. Other income of ₹6.67 crore is 1.3% of total income and 85.5% of profit before tax, while revenue from operations of ₹514.11 crore makes up most of the income line.
Finance costs and depreciation moved in opposite directions. Finance costs fell 30.6% to ₹11.82 crore, while depreciation rose 10.8% to ₹5.33 crore. Finance costs were 2.3% of total income in the quarter.
Tax expense of ₹2.01 crore is 25.8% of profit before tax, against 33.9% in the June quarter and 25.4% a year earlier. Sequentially, net profit rose 27.5% while total income fell 9.3%, and basic EPS was ₹0.50 against ₹0.39.
The quarter shows no exceptional item; the Labour Codes charge of ₹7.72 crore sits in the year ended 31 Mar 2026. Note 2 of the results covers arbitration proceedings against three customers for recovery of balances, with interest on delayed payments and losses. The outstanding balance from these customers was ₹85.92 crore net of provision at 30 Sep 2026. The statutory auditor SRBC & Co LLP issued an unmodified limited review conclusion, drew attention to this note, and states that the outcome of the arbitration cannot presently be determined. The company's legal evaluation found no further adjustments necessary in these results.
Inference
The six-month standalone statement shows net cash inflow from operating activities of ₹108.84 crore and dividend paid to equity shareholders of ₹6.94 crore.
In the June quarter the company acquired a 26% equity stake in Anant Grid Projects One Pvt. Ltd. for ₹7.03 lakh and invested ₹6.76 crore in its compulsorily convertible debentures, which it classifies as an investment in an associate carried at cost.
The reasons for the arbitration proceedings, the timing of any outcome, and the reason finance costs fell are not stated.
Filed with BSE on . Reference: Original filing (PDF)
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