How big is this order relative to Bajel Projects?

At ₹300-400 crore, the contract represents 13.4% to 17.9% of the company's ₹2,233 crore market capitalisation and an estimated 10-14% of its FY26 revenue.

Who is the client for this substation project?

The client is a domestic data-center operator. This is a notable shift for Bajel, whose recent major wins have come from utilities like PowerGrid.

What exactly will Bajel build?

Bajel will handle the engineering, procurement, and testing for a 400/220/33 KV gas-insulated substation (GIS). The project is scheduled for completion in 24 months.

Is this part of a broader trend for the company?

The win follows a recent major order from PowerGrid and is part of Bajel's push into diverse infrastructure segments, expanding its order book beyond traditional utility contracts.

Order Wins · Engineering - Construction · Small cap

Bajel Projects lands ₹300-400 cr data-center substation order

The EPC win is equivalent to as much as 17.9% of Bajel's market cap and 14% of its FY26 revenue. It comes from a private client, a shift from its utility base.

BAJEL By Tipsheet Editorial 3 Jun 2026 · 9:48 AM IST Verify on BSE · NSE

Mkt cap₹2,309 cr

P/E113.89×

ROE2.32%

Debt / eq.0.69

Div yld0.30%

₹300-400 cr Value of the 'Mega' EPC contract for a Mumbai GIS substation.

What's new

Bajel won a 'Mega' EPC contract to build an EHV gas-insulated substation in Mumbai.
The client is a domestic data center operator, not a traditional utility.
The 24-month project is valued at ₹300-400 crore.

Why this matters

For a company with a ₹2,233 crore market cap, this single order is material. The private-sector data-center client is the real story. It proves Bajel can sell beyond PowerGrid and state utilities, into a faster-growing segment where GIS tech often fetches fatter margins.

What we're watching

The mix of the next few orders: more data centers or back to utility wins?
How quickly revenue recognition starts, given the 24-month timeline.
Whether GIS margins hold as the order book scales.

The full read

Bajel Projects just won a ₹300-400 crore EPC contract for a Mumbai substation. The client is a data-center operator, not a state utility. That matters. For a company with a ₹2,233 crore market cap, the order size alone is 13.4%-17.9% of its value. GIS projects typically carry better margins than the air-insulated work that fills most utility books. The 24-month timeline locks in near-term revenue. Coming right after a PowerGrid win, this proves Bajel can sell into the private data-center boom, not just the regulated grid. The next test is whether this client mix sticks.

Questions answered

How big is this order relative to Bajel Projects?: At ₹300-400 crore, the contract represents 13.4% to 17.9% of the company's ₹2,233 crore market capitalisation and an estimated 10-14% of its FY26 revenue.
Who is the client for this substation project?: The client is a domestic data-center operator. This is a notable shift for Bajel, whose recent major wins have come from utilities like PowerGrid.
What exactly will Bajel build?: Bajel will handle the engineering, procurement, and testing for a 400/220/33 KV gas-insulated substation (GIS). The project is scheduled for completion in 24 months.
Is this part of a broader trend for the company?: The win follows a recent major order from PowerGrid and is part of Bajel's push into diverse infrastructure segments, expanding its order book beyond traditional utility contracts.

Mentioned: Bajel Projects · Domestic data-center client · PowerGrid

Primary source BSE · NSE · Tijori

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