Bajel Projects Limited (BAJEL) Fair Value & Analysis
Utilities · IN · Market cap ₹22.7B
Fair value as of: Aug 2, 2026
From 15 valuation models · updated 11 days ago
Fair value updated Aug 2, 2026, revised from ₹80.23 to ₹72.68 (−9.4%) since Jun 29, 2026. Share price +1.2% over the past month.
Below-average quality, and screening another 62% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (₹84.91). The favourable scenario is already priced in.
- Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts.
Price vs Fair Value (3 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.
How to read this chart
32‑month range ₹109.03 – ₹319.86 · fair‑value band ₹56.16 – ₹84.91 · the ₹192.77 price screens above the ₹72.68 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 2, 2026.
Analysis
Bajel Projects Limited (BAJEL) currently trades at ₹192.77, while our model-based Fair Value estimate is ₹72.68, implying the stock looks roughly 62.3% overvalued today. The Quality Score stands at 38/100 (below-average quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, Bajel Projects Limited generated revenue of ₹27.9B at a net margin of 0.7%. Revenue grew 25.7% year over year. It earns a return on equity of 2.9%. Net debt stands at ₹1.8B. Fundamentals as of Aug 2, 2026
Our scenario range runs from ₹56.16 (bear case) to ₹84.91 (bull case); at ₹192.77, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 27% below its 52-week high and 43% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -27% fair-value upside, at -62%, BAJEL screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 15 models by family
Widest divergence: Growth Earnings (₹80.23) versus DCF Models (₹34.97). Highest evidence: Growth-Adj P/E (68).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 38 · Market factors (momentum, volatility) 45
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Bajel Projects Limited engages in the engineering, procurement, and construction (EPC) for power transmission and distribution projects in India and internationally.
Full company description
Bajel Projects Limited engages in the engineering, procurement, and construction (EPC) for power transmission and distribution projects in India and internationally. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2023 – FY2026 · reported fiscal years
Bajel Projects Limited reported revenue of ₹27.9B in FY2026 versus ₹5.7B in FY2023, a compound +69.9%/yr. Reported net income was ₹203M in FY2026.
BAJEL screens 62% overvalued. Compare with NextEra Energy, Inc →
Peer Group
Utilities - Regulated Electric · 154 stocks
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.
Valuation Multiples vs Utilities - Regulated Electric median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| NextEra Energy, Inc NEE | $88.80 | $32.94 | -63% |
| The Southern Company SO | $95.61 | $61.06 | -36% |
| Duke Energy Corporation DUK | $126.11 | $97.11 | -23% |
| National Grid plc NGG | 61,175 ARS | 44,377 ARS | -27% |
| American Electric Power Company AEP | $132.50 | $79.33 | -40% |
| Dominion Energy, Inc D | $70.08 | $46.92 | -33% |
| NTPC Limited NTPC | ₹341.85 | ₹377.16 | +10% |
| CEZ, a. s. CEZ | 232.40 PLN | 159.33 PLN | -31% |
| Power Grid Corporation POWERGRID | ₹283.55 | ₹252.77 | -11% |
| China National Nuclear Power Co 601985 | ¥8.91 | ¥7.69 | -14% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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