Synopsis: A Bajaj group infrastructure firm secures a mega-sized EPC contract from a Mumbai data center client, marking a strong addition to its order book.
India’s data center boom is throwing up big opportunities for electrical infrastructure firms. A Bajaj group company has now tapped into that wave, bagging a sizeable contract to build a high-voltage substation for a Mumbai-based data center client – a move that adds meaningful scale to its ongoing order pipeline.
Shares of Bajel Projects Limited, with a market capitalization of Rs. 2,291 crore, are trading at a price of Rs.200 i.e. 3% up from its previous closing price of Rs.194.05. It is trading at a P/E ratio of 92.5.
Data Center Power Play
Order Details
Bajel Projects Limited has been awarded a Mega EPC order for the construction of a 400/220/33 KV Gas Insulated Switchgear (GIS) Substation for a data center client in Mumbai. The company disclosed this to BSE and NSE on June 3, 2026, under Regulation 30 of the SEBI Listing Regulations.
Under its internal order classification system, Bajel tags contracts between ₹300 crore and ₹400 crore as “Mega Orders.” The disclosed contract falls within this band, placing its value between ₹300 crore and ₹400 crore inclusive of GST. Bajel’s total order book is valued at Rs.3,442 Crore.
Scope and Timeline
The scope of work covers the full EPC cycle – design, engineering, procurement, supply, erection, testing, commissioning, and performance testing of the high-voltage GIS substation. The project is to be executed over 24 months from the commencement date. The client is a domestic entity, and the order does not involve any related-party transaction or promoter group interest.
Why It Matters
The win fits into a broader trend of surging data center investments across India, particularly in Mumbai, which remains the country’s largest data center hub. Power infrastructure – especially high-voltage substations – is a critical bottleneck for large-scale data center builds, making this type of EPC contract a high-demand segment for specialized players like Bajel.
Financial Snapshot
Bajel’s Q4 FY26 results showed a sharp improvement. Consolidated revenue came in at ₹1,008 crore in Q4 FY26, up from ₹801 crore in Q4 FY25. Net profit for the quarter stood at ₹14 crore, compared to ₹5 crore in the year-ago period. For the full year FY26, consolidated revenue grew to ₹2,792 crore from ₹2,598 crore in FY25, while net profit rose to ₹20 crore from ₹15 crore. Operating profit for the full year came in at ₹91 crore, up from ₹66 crore in FY25.
About the Company
Bajel Projects Limited is a Mumbai-based EPC company focused on electrical infrastructure, including substations, transmission lines, and industrial electrification. Part of the Bajaj group, the company is listed on both BSE and NSE and serves clients across power utilities, industrials, and the data center sector.
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