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Bajel Projects Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹101.27Overvalued by 44.96%vs CMP ₹184.00

P/E (102.0) × ROE (2.7%) × BV (₹45.40) × DY (2.00%)

₹81.64Overvalued by 55.63%vs CMP ₹184.00
MoS: -125.4% (Negative)Confidence: 59/100 (Moderate)Models: 1 Under, 7 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹157.4327%Over (-14.4%)
Graham NumberEarnings₹37.6816%Over (-79.5%)
DCFCash Flow₹24.1013%Over (-86.9%)
Net Asset ValueAssets₹45.279%Over (-75.4%)
EV/EBITDAEnterprise₹72.0011%Over (-60.9%)
Earnings YieldEarnings₹13.909%Over (-92.4%)
ROCE CapitalReturns₹22.979%Over (-87.5%)
Revenue MultipleRevenue₹224.017%Under (+21.7%)
Consensus (8 models)₹81.64100%Overvalued
Key Drivers: EPS CAGR 55.5% lifts DCF — verify sustainability. | P/E of 102 makes PE-ROE unreliable — asset/earnings models are better benchmarks.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 55.5%

*Investments are subject to market risks

Analyst Summary

Bajel Projects Ltd operates in the Power - Transmission/Equipment segment, NSE: BAJEL | BSE: 544042, current market price is ₹184.00, market cap is 2,134 Cr.. At a glance, stock P/E is 102, ROE is 2.68 %, ROCE is 12.9 %, book value is 45.4, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹81.64, around 55.6% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹2,598 Cr versus the prior period change of 122.2%, while latest net profit is about ₹15 Cr with a prior-period change of 275.0%. The 52-week range shown on this page is 264/135, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisBajel Projects Ltd. is a Public Limited Listed company incorporated on 19/01/2022 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L3…

This summary is generated from the stock page data available for Bajel Projects Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

55
Bajel Projects Ltd scores 55/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health57/100 · Moderate
ROCE 12.9% GoodROE 2.7% WeakD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 2/5 years Inconsistent
Smart Money50/100 · Moderate
FII holding up 0.09% (6mo) Slight increaseDII holding down 0.54% MF sellingPromoter holding at 62.5% Stable
Earnings Quality75/100 · Strong
OPM expanding (-2% → 2%) ImprovingWorking capital: -12 days (improving) Efficient
Quarterly Momentum50/100 · Moderate
Revenue (4Q): +13% YoY GrowingProfit (4Q): -9% YoY Declining
Industry Rank30/100 · Weak
P/E 102.0 vs industry 40.3 Premium to peersROCE 12.9% vs industry 17.7% AverageROE 2.7% vs industry 14.7% Below peers

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: May 5, 2026, 2:19 am

Market Cap 2,134 Cr.
Current Price 184
Intrinsic Value₹81.64
High / Low 264/135
Stock P/E102
Book Value 45.4
Dividend Yield0.00 %
ROCE12.9 %
ROE2.68 %
Face Value 2.00
PEG Ratio1.84

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Bajel Projects Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Bajel Projects Ltd 2,134 Cr. 184 264/135102 45.40.00 %12.9 %2.68 % 2.00
Jyoti Structures Ltd 1,533 Cr. 12.9 21.8/7.9227.4 3.980.00 %2.24 %10.8 % 2.00
Indo Tech Transformers Ltd 2,888 Cr. 2,729 2,847/1,10032.2 3060.00 %37.8 %25.7 % 10.0
Aartech Solonics Ltd 152 Cr. 48.1 77.7/33.547.0 10.60.26 %5.65 %8.23 % 5.00
Transformers & Rectifiers India Ltd (TRIL) 9,984 Cr. 333 579/22437.8 50.50.06 %23.3 %19.1 % 1.00
Industry Average42,697.25 Cr2,090.6340.30295.060.61%17.72%14.65%5.25

All Competitor Stocks of Bajel Projects Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 175.01197.77205.02199.95275.08489.16512.01662.41622.39801.42607.64613.83562.34
Expenses 179.92204.48207.57203.96265.96481.31504.91645.61607.75780.68591.09591.00535.17
Operating Profit -4.91-6.71-2.55-4.019.127.857.1016.8014.6420.7416.5522.8327.17
OPM % -2.81%-3.39%-1.24%-2.01%3.32%1.60%1.39%2.54%2.35%2.59%2.72%3.72%4.83%
Other Income 7.0210.724.122.150.9710.3911.705.157.456.608.386.98-2.85
Interest 1.484.002.342.163.9710.079.1911.9315.4516.9515.8717.0216.22
Depreciation 2.000.681.241.401.431.752.163.263.214.064.614.815.22
Profit before tax -1.37-0.67-2.01-5.424.696.427.456.763.436.334.457.982.88
Tax % 2.19%16.42%-14.93%-18.08%28.36%-10.28%25.91%45.86%57.43%23.85%25.62%25.56%30.90%
Net Profit -1.40-0.78-1.70-4.443.367.075.523.661.464.823.325.941.98
EPS in Rs -0.390.290.610.480.320.130.420.290.510.17

Last Updated: March 3, 2026, 11:58 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 12:05 am

MetricMar 2023Mar 2024Mar 2025TTM
Sales 6641,1692,5982,585
Expenses 6941,1532,5322,498
Operating Profit -30166687
OPM % -5%1%3%3%
Other Income 54183119
Interest 18246066
Depreciation 661319
Profit before tax -042422
Tax % 468%-17%35%
Net Profit -241516
EPS in Rs 0.371.341.39
Dividend Payout % 0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2023-20242024-2025
YoY Net Profit Growth (%)300.00%275.00%
Change in YoY Net Profit Growth (%)0.00%-25.00%

Bajel Projects Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 2 years from 2023-2024 to 2024-2025.

Growth

Last Updated: September 5, 2025, 2:36 pm

Balance Sheet

Last Updated: December 4, 2025, 2:28 am

MonthMar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 23232323
Reserves 534543562502
Borrowings 115140113
Other Liabilities 3777621,2691,275
Total Liabilities 9351,3431,9931,913
Fixed Assets 486998106
CWIP 1007
Investments 0300
Other Assets 8871,2711,8951,800
Total Assets 9351,3431,9931,913

Reserves and Borrowings Chart

Cash Flow

MonthMar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1119569
Cash from Investing Activity + -3-135-128
Cash from Financing Activity + -8-1568
Net Cash Flow -0469
Free Cash Flow 816835
CFO/OP -48%1,233%105%

Free Cash Flow

MonthMar 2023Mar 2024Mar 2025
Free Cash Flow-31.001.00-74.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2023Mar 2024Mar 2025
Debtor Days 203190136
Inventory Days 744224
Days Payable 196201145
Cash Conversion Cycle 813115
Working Capital Days 23362-12
ROCE %6%13%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 62.85%62.85%62.75%62.72%62.61%62.59%62.57%62.57%62.55%62.53%
FIIs 10.51%10.46%0.51%0.29%0.50%0.28%0.31%0.32%0.67%0.40%
DIIs 11.98%12.03%8.07%7.83%8.29%9.54%9.60%10.30%8.66%9.06%
Public 14.66%14.66%28.67%29.17%28.59%27.59%27.51%26.81%28.11%28.01%
No. of Shareholders 63,36362,79683,26890,10690,72589,92988,56185,93985,01383,991

Shareholding Pattern Chart

No. of Shareholders

Bajel Projects Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Small Cap Fund 6,150,393 0.15 99.353,062,0712025-10-15 07:21:28100.86%
Nippon India Power & Infra Fund 3,557,135 0.81 57.463,460,0162026-03-23 10:20:502.81%
Nippon India Retirement Fund - Wealth Creation Scheme 712,744 0.37 11.51N/AN/AN/A
Bandhan Small Cap Fund 348,257 0.03 5.63204,3532026-03-23 10:20:5070.42%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24
FaceValue 2.002.00
Basic EPS (Rs.) 1.340.37
Diluted EPS (Rs.) 1.330.37
Cash EPS (Rs.) 2.430.87
Book Value[Excl.RevalReserv]/Share (Rs.) 57.6349.11
Book Value[Incl.RevalReserv]/Share (Rs.) 57.6349.11
Revenue From Operations / Share (Rs.) 224.76101.42
PBDIT / Share (Rs.) 7.803.10
PBIT / Share (Rs.) 6.702.59
PBT / Share (Rs.) 2.070.31
Net Profit / Share (Rs.) 1.340.37
NP After MI And SOA / Share (Rs.) 1.340.37
PBDIT Margin (%) 3.473.05
PBIT Margin (%) 2.982.55
PBT Margin (%) 0.920.31
Net Profit Margin (%) 0.590.36
NP After MI And SOA Margin (%) 0.590.36
Return on Networth / Equity (%) 2.320.75
Return on Capital Employeed (%) 11.055.01
Return On Assets (%) 0.740.31
Total Debt / Equity (X) 0.180.00
Asset Turnover Ratio (%) 1.520.00
Current Ratio (X) 1.131.47
Quick Ratio (X) 1.041.34
Inventory Turnover Ratio (X) 22.730.00
Interest Coverage Ratio (X) 1.691.93
Interest Coverage Ratio (Post Tax) (X) 1.291.65
Enterprise Value (Cr.) 1743.262322.33
EV / Net Operating Revenue (X) 0.671.99
EV / EBITDA (X) 19.3365.02
MarketCap / Net Operating Revenue (X) 0.722.12
Price / BV (X) 2.844.37
Price / Net Operating Revenue (X) 0.722.12
EarningsYield 0.010.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Bajel Projects Ltd. is a Public Limited Listed company incorporated on 19/01/2022 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L31900MH2022PLC375133 and registration number is 375133. Currently Company is involved in the business activities of Electric power generation, transmission and distribution. Company's Total Operating Revenue is Rs. 2598.24 Cr. and Equity Capital is Rs. 23.12 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Power - Transmission/Equipment801, Rustomjee Aspiree, Bhanu Shankar Yagnik Marg, Mumbai Maharashtra 400022Contact not found
Management
NamePosition Held
Mr. Shekhar BajajChairman & Non-Exe.Director
Mr. Rajesh GaneshManaging Director & CEO
Mr. Ajay NagleExecutive Director & Company Secretary
Mr. Rajendra Prasad SinghInd. Non-Executive Director
Ms. Radhika DudhatInd. Non-Executive Director
Mr. Maneck DavarInd. Non-Executive Director
Mr. Sudarshan SampathkumarInd. Non-Executive Director

FAQ

What is the intrinsic value of Bajel Projects Ltd and is it undervalued?

As of 09 May 2026, Bajel Projects Ltd's intrinsic value is ₹81.64, which is 55.63% lower than the current market price of ₹184.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (2.68 %), book value (₹45.4), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Bajel Projects Ltd?

Bajel Projects Ltd is trading at ₹184.00 as of 09 May 2026, with a FY2026-2027 high of ₹264 and low of ₹135. The stock is currently in the middle of its 52-week range. Market cap stands at ₹2,134 Cr..

How does Bajel Projects Ltd's P/E ratio compare to its industry?

Bajel Projects Ltd has a P/E ratio of 102, which is above the industry average of 40.30. This significantly elevated P/E suggests the market expects strong future growth, or the stock may be overpriced relative to current earnings.

Is Bajel Projects Ltd financially healthy?

Key indicators for Bajel Projects Ltd: ROCE of 12.9 % is moderate; ROE of 2.68 % is below ideal levels (industry average: 14.65%). Dividend yield is 0.00 %.

Is Bajel Projects Ltd profitable and how is the profit trend?

Bajel Projects Ltd reported a net profit of ₹15 Cr in Mar 2025 on revenue of ₹2,598 Cr. Compared to ₹-2 Cr in Mar 2023, the net profit shows an improving trend.

Does Bajel Projects Ltd pay dividends?

Bajel Projects Ltd has a dividend yield of 0.00 % at the current price of ₹184.00. The company is currently not paying meaningful dividends.

Last Updated: May 5, 2026, 2:19 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 544042 | NSE: BAJEL
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Bajel Projects Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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