Highest-Ever Transmission Order in This Small-Cap Stock’s History: Company Secures Rs 1,500 Crore Order, Nearly 80% of Its Market Cap

Power transmission accounted for 83.58 per cent of Bajel Projects’ FY2025-26 turnover, making large high-voltage contracts central to its strategy of improving project mix and execution scale. The company has now secured letters of award worth Rs 1,500 crore, including GST, for a major Gujarat transmission project, its largest-ever transmission order.

The engineering, procurement and Construction (EPC) contract has been awarded by Lakadia A Power Transmission Limited. It covers around 270 km of 765 kV double-circuit transmission lines between Halvad and Vadodara, along with associated substation works at Halvad, Vadodara and South Olpad.

The project has a completion period of 36 months from the purchase order issuance date. Bajel classifies the combined order as an Ultra-mega project under its internal order-classification policy.

As per company press release, the combined value represents the largest transmission order in Bajel Projects' history. The combined value of these LOAs is Rs 1,500 crore. 

Lakadia A Power Transmission is the special-purpose vehicle developing the common transmission system for evacuating power from Lakadia Phase II, Jam Khambhaliya Phase II and Jamnagar Phase I, Part A. It was transferred by PFC Consulting Limited to AnantGrid Projects One Private Limited, which is owned 26 per cent by Bajel and 74 per cent by the National Investment and Infrastructure Fund. AnantGrid won the tariff-based competitive bidding process in August 2026.

The wider transmission system is intended to enable evacuation of nearly 14 gigawatt of renewable-energy capacity from high-potential zones in Gujarat. Bajel said the development would support grid integration of renewable generation and strengthen the national transmission network as India works towards 500 gigawatt of non-fossil fuel capacity by 2030.

The award adds a substantial execution programme to Bajel’s unexecuted Order Book of Rs 3,442 crore at the end of FY2025-26, which was already 96 per cent concentrated in power transmission. The company recorded standalone revenue of Rs 2,791.58 crore in FY2025-26, while its standalone earnings before interest, Tax, depreciation and amortisation margin improved to 4.47 per cent from 3.45 per cent a year earlier. The new project’s eventual profitability will depend on delivery discipline, procurement costs and timely certification over its three-year execution period.

As of 10:35 am on October 27, 2026, Bajel Projects shares were trading at Rs 163.80, up 4.9 per cent from the previous close of Rs 156.15. The stock was about 21 per cent lower over one year, compared with a 9.01 per cent decline in the BSE 500 over the same period. At the current price, the shares remained below their 52-week high of Rs 207.60, although above the 52-week low of Rs 137.15.

What This Means for Investors

The order reinforces Bajel’s shift towards larger, high-voltage transmission assignments, where technical qualifications, manufacturing support and project controls can be important differentiators. It also gives the company a dual role in the project ecosystem, as an EPC contractor and a 26 per cent shareholder in the AnantGrid platform that won the transmission project. The 36-month timeline should support medium-term revenue visibility, rather than creating an immediate earnings contribution.

The development is strategically supportive because it expands Bajel’s presence in renewable-energy evacuation infrastructure, an area requiring major grid investment. However, it also raises the importance of execution and cash-flow management. Bajel’s consolidated trade receivables increased by Rs 599.82 crore in FY2025-26, while transmission already dominates its order book. With the stock trading at 81.93 times trailing 12-month earnings, investors are likely to focus on whether this large order converts into improved margins, timely collections and stronger profit growth.

Disclaimer: The article is for informational purposes only and not investment advice.