EN DE
Watch BAJEL PROJECTS LTD for free: we tell you when fair value or trend changes.
Data-driven stock valuation

BAJEL PROJECTS LTD (BAJEL) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of BAJEL PROJECTS LTD stock ₹71.79, price ₹158, that is 54.6% below the price, quality 39 out of 100. Rating: strongly overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.

  1. Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with one Yes, for free

Utilities IN · ISIN INE0KQN01018

BP BAJEL PROJECTS LTD logo Some data Nov 8, 2026

BAJEL PROJECTS LTD

BAJEL · NSE
Very expensive, weak quality

Our calculation puts a fair price 55% below what the stock costs today.

Expensive Growth (revenue 3y +69.9 %/yr in INR)
Thin margins · 0.8% net margin (TTM)
Some data
Costs 83 times its yearly profit.
Changed on Oct 24: ₹55.59 → ₹71.79
Fair value ₹71.79 · Strongly overvalued
Quality 39/100
Negative free cash flow
Trails peers (1/12)
Narrow moat 25/100
Watch BAJEL PROJECTS LTD for free: we tell you when fair value or trend changes. Watch for free

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹319.86 ₹109.03 Fair Value ₹71.79 Dec 2023 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

35‑month range ₹109.03 – ₹319.86 · fair‑value band ₹51.65 – ₹98.09 · the ₹158.06 price screens above the ₹71.79 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

Follow BAJEL PROJECTS in your weekly email

Every Wednesday you see whether BAJEL PROJECTS is on track or worth a review, plus price against fair value. Free, up to 3 stocks.

We send you a confirmation link. Unsubscribe with one click.

Which stocks are undervalued right now? Check free Discover now →

Company profile

Bajel Projects Limited engages in the engineering, procurement, and construction (EPC) for power transmission and distribution projects in India and internationally.

Show moreShow less

The company offers turnkey solutions, including engineering, designing, testing, manufacturing, executing, and commissioning of EHV transmission lines; and constructs new infrastructure, as well as the augmentation of existing infrastructure for various power distribution companies and agencies.

It also engages in rural/urban electrification; primary distribution substation; and underground cabling activities.

In addition, the company designs, manufactures, supplies, and installs monopoles; designs and manufactures a range of transmission, distribution poles, including single poles, twin poles, and special structures, such as cable termination poles, three poles, or quad structures; and tubular substation structures.

Further, it provides lattice structure, steel tubular poles, lighting poles and masts; and galvanizing services. Bajel Projects Limited was incorporated in 2022 and is based in Mumbai, India.

Stock analysis

BAJEL PROJECTS LTD (BAJEL) currently trades at ₹158.06, while our model-based Fair Value estimate is ₹71.79, 55% below the price, so the stock looks overvalued today.

Show more

Valuation

Bull case: the Multiples group reads highest at a median of ₹82.86 per share, and 1 of the 14 models we run sit above the ₹158.06 price.

Bear case: the Asset-Based group reads lowest at ₹28.33, and 13 of the 14 models stay below the price. Data coverage for this calculation is medium.

Scenario range: ₹51.65 (bear) to ₹98.09 (bull), the price of ₹158.06 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 39/100 (below-average quality), in the Utilities sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

BAJEL PROJECTS LTD reported revenue of ₹27.9B in FY2026 versus ₹5.7B in FY2023, a compound +69.9%/yr. Reported net income was ₹203M in FY2026.

Key figures

Market cap ₹18.3B (≈ $195M) Micro · P/E ratio 83.2 · P/S ratio 0.67 · EPS (TTM) ₹1.90 · Net margin 0.8% · Return on equity 2.9% · Return on assets (EBIT) 8.9% (4-year average) · Operating margin 2.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 25 out of 100 (medium confidence).

What moves the price

The share trades about 24% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −38% fair-value upside, at −55%, BAJEL screens richer than that median.

Fair Value models

Bear ₹51.65 Fair Value ₹71.79 Bull ₹98.09
Price ₹158.06 · Downside -54.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹1.17 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EPV ₹51.65 ₹55.13 ₹57.85 70
Residual Income ₹32.33 ₹34.18 ₹38.14 66
ROIC Compounder ₹51.65 ₹55.13 ₹57.85 66
All 14 models by family
Earnings-Based
Graham-Dodd ₹11.92 ₹83.11 ₹116.63 59
Lynch FV ₹42.94 ₹61.34 ₹79.74 57
PEG = 1.0 ₹42.94 ₹61.34 ₹79.74 53
EPV ₹51.65 ₹55.13 ₹57.85 70
Multiples
P/E Multiple ₹27.60 ₹36.80 ₹46.00 63
P/S Multiple ₹22.35 ₹29.79 ₹37.24 58
P/B Multiple ₹218.07 ₹290.76 ₹363.45 55
EV/EBIT ₹70.11 ₹98.77 ₹127.43 63
EV/EBITDA ₹66.47 ₹93.92 ₹121.37 64
EV/Revenue ₹45.50 ₹71.79 ₹98.09 50
Asset-Based
NCAV (Graham) ₹18.70 ₹28.33 ₹35.42 52
Economic Profit
Residual Income ₹32.33 ₹34.18 ₹38.14 66
ROIC Compounder ₹51.65 ₹55.13 ₹57.85 66
Growth Earnings
Growth-Adj P/E ₹56.16 ₹80.23 ₹104.30 63

Open the full fair value analysis →

Quality Score breakdown

Overall quality 39/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 33
How much profit the company makes from its sales and capital
Quality Growth 35
Are margins and returns getting better?
Cashflow 11
Do the profits arrive as real cash?
Financial strength 39
Debt, balance sheet and risk of trouble
Investment 50
Does it invest with discipline instead of growing at any price?
Low Volatility 48
How calm the share price moves, does not count
Price momentum 25
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 24
Distance to the 52-week high, does not count
New shares 83
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+7.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+69.9%
What shareholders gained per year (last 3 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +67.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+67.7%
Dividend (yield on the price)0.0%
⚠ Approximate: the rate leans on 2026, which sits 106% above its own trend.

BAJEL screens overvalued: fair value 55% below the price. Compare with NextEra Energy, Inc →

Compare BAJEL PROJECTS LTD with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Regulated Electric · 155 stocks

Beats the industry median on 1/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 39 · Bottom 25%
Fair Value upside −54.6% · Bottom 25%
Profitability
Return on equity (12 months) 2.9% · Bottom 25%
Return on assets 0.8% · Bottom 25%
Net margin (12 months) 0.8% · Bottom 25%
Operating margin (12 months) 2.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −6.7% · Bottom 25%
Dividend yield (12 months) 0.0% · Bottom 25%

Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper

P/E (12 months) 83.2× · Priciest 25%
P/B 2.45× · Priciest 25%
P/S (12 months) 0.67× · Cheapest 25%
EV/EBITDA 17.3× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 11
FUTURE (revenue growth)0 · sector 29
PAST (return on equity)11 · sector 40
HEALTH (low debt)0 · sector 52
DIVIDEND (yield)0 · sector 63

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
PG&E Corporation PCG $13.23 $17.29 +31% vs BAJEL
Exelon Corporation EXC $45.53 $36.01 −21% vs BAJEL
American Electric Power Company AEP $127.84 $100.03 −22% vs BAJEL
Xcel Energy Inc XEL $80.12 $53.45 −33% vs BAJEL
Dominion Energy, Inc D $68.37 $42.37 −38% vs BAJEL
The Southern Company SO $93.65 $56.88 −39% vs BAJEL
Duke Energy Corporation DUK $128.94 $75.79 −41% vs BAJEL
Consolidated Edison, Inc ED $119.28 $61.74 −48% vs BAJEL
NextEra Energy, Inc NEE $86.27 $29.83 −65% vs BAJEL
Entergy Corporation ETR $111.71 $37.37 −67% vs BAJEL

Explore undervalued stocks

More undervalued Utilities stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued High-Quality StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend StocksUndervalued 52-Week Low StocksStocks for 2027: Large Companies Below Fair Value

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screenerFilter by region, size and sector Compare toolTwo stocks side by side Extrinsic Value Calculator…Free calculator Peter Lynch Fair Value Formula &…Free calculator
Run the numbers yourself: free valuation calculators
DCF CalculatorP/E Ratio CalculatorPEG Ratio CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorIntrinsic ValueIntrinsic vs Extrinsic ValueP/E Ratio by Sector
For bloggers & editors: embed code + live data

For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.

BAJEL PROJECTS LTD: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "BAJEL PROJECTS LTD Fair Value". https://www.fairvalue-calculator.com/stock/BAJEL

Frequently asked questions

Is BAJEL PROJECTS LTD (BAJEL) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of ₹71.79 versus a price of ₹158.06, about 55% lower (overvalued).
What is the fair value of BAJEL?
Our model-based fair value for BAJEL PROJECTS LTD is ₹71.79 (as of Nov 8, 2026), built from audited fundamentals. The current price: ₹158.06.
What is the quality score of BAJEL?
BAJEL PROJECTS LTD has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for BAJEL PROJECTS LTD (BAJEL)?
Our model-based price target is the fair value of ₹71.79 (as of Nov 8, 2026) from 14 valuation models. Cautious scenario ₹51.65, optimistic scenario ₹98.09. It is a calculation from audited fundamentals, not an analyst target.
What is the BAJEL PROJECTS LTD stock forecast for 2026?
Our models put fair value at ₹71.79, about 55% lower versus a price of ₹158.06 (overvalued). Cautious scenario ₹51.65, optimistic scenario ₹98.09. The calculation is refreshed regularly with new filings.
What is the revenue of BAJEL PROJECTS LTD (BAJEL)?
BAJEL PROJECTS LTD reported trailing-twelve-month revenue of about ₹27.5B (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of BAJEL PROJECTS LTD (BAJEL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BAJEL PROJECTS LTD it is ₹71.79 per share (as of Nov 8, 2026), against a price of ₹158.06. It is the blended result of 14 valuation models in 5 families (Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is BAJEL PROJECTS LTD stock overvalued or undervalued in 2026?
As of Nov 8, 2026, BAJEL trades above its calculated fair value: price ₹158.06, fair value ₹71.79, a gap of about −55% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BAJEL?
No. The price is what the market pays today (₹158.06); the fair value is what the company's own numbers justify (₹71.79). For BAJEL PROJECTS LTD the two are ₹86.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is BAJEL PROJECTS LTD worth?
The market values BAJEL PROJECTS LTD at about ₹18.3B (market capitalisation, as of Nov 8, 2026). Per share that is ₹158.06; our models calculate a fair value of ₹71.79 per share.
What do the bullish and bearish scenarios say about BAJEL?
Our models span a range for BAJEL PROJECTS LTD: cautious scenario ₹51.65, base ₹71.79, optimistic ₹98.09 per share (as of Nov 8, 2026, price ₹158.06). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BAJEL?
BAJEL PROJECTS LTD trades at a price-to-earnings ratio of 83.2 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹71.79 is built from several models across several years. Other multiples: P/B 2.5, P/S 0.7, EV/EBITDA 17.3.
How solid is the balance sheet of BAJEL PROJECTS LTD (BAJEL)?
Balance-sheet figures for BAJEL PROJECTS LTD (as of Nov 8, 2026): return on equity 2.9%. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is BAJEL from its 52-week high?
BAJEL PROJECTS LTD trades at ₹158.06, about 24% below its 52-week high of ₹206.88 and 16% above the low of ₹136.80 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of ₹71.79 is for.
Which stocks are comparable to BAJEL PROJECTS LTD?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, American Electric Power Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is BAJEL PROJECTS LTD stock attractive at the current price?
The data as of Nov 8, 2026: price ₹158.06, calculated fair value ₹71.79 (−55%), Quality Score 39/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BAJEL calculated?
We run BAJEL PROJECTS LTD through 14 models from 5 families: Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ₹71.79 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. BAJEL PROJECTS LTD itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of BAJEL PROJECTS LTD (BAJEL)?
The closing price on Nov 9, 2026 was ₹158.06. Our model-based fair value is ₹71.79, about 55% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BAJEL PROJECTS LTD right now?
The price sits above even our optimistic bull case (₹98.09). The favourable scenario is already priced in. Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (₹51.65 to ₹98.09) leaves room in how you read the outcome.

Key figures of BAJEL PROJECTS LTD

How large is the market capitalisation of BAJEL PROJECTS LTD (BAJEL)?
The market capitalisation of BAJEL PROJECTS LTD is ₹18.3B (≈ $195M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of BAJEL PROJECTS LTD (BAJEL)?
The price-to-sales ratio of BAJEL PROJECTS LTD is 0.67 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of BAJEL PROJECTS LTD (BAJEL)?
Earnings per share at BAJEL PROJECTS LTD are ₹1.90 (price ÷ EPS = P/E 83.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of BAJEL PROJECTS LTD (BAJEL)?
The net margin of BAJEL PROJECTS LTD is 0.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of BAJEL PROJECTS LTD (BAJEL)?
The return on equity (ROE) of BAJEL PROJECTS LTD is 2.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of BAJEL PROJECTS LTD (BAJEL)?
On an EBIT basis the return on assets of BAJEL PROJECTS LTD is 8.9% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of BAJEL PROJECTS LTD (BAJEL)?
The operating margin of BAJEL PROJECTS LTD is 2.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BAJEL PROJECTS LTD (BAJEL)?
Revenue at BAJEL PROJECTS LTD is growing −6.7% versus a year earlier (3y avg +69.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at BAJEL PROJECTS LTD (BAJEL)?
Earnings per share at BAJEL PROJECTS LTD are growing +41.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does BAJEL PROJECTS LTD (BAJEL) generate?
The free cash flow of BAJEL PROJECTS LTD is −₹576M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does BAJEL PROJECTS LTD (BAJEL) carry?
The net debt of BAJEL PROJECTS LTD is ₹1.8B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed

Watch BAJEL PROJECTS LTD in the live analysis

One click puts BAJEL PROJECTS LTD on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.

Watch for free →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.