Small-cap stock jumps over 17% to hit six-month high after securing multiple orders

Shares of Bajel Projects, a small-cap stock with a market capitalisation of ₹2,100 crore, surged 17% in Thursday’s trade, May 14, reaching a six-month high, after the company announced multiple order wins, further strengthening its order book and revenue visibility.

In separate regulatory filings, the company said the orders were awarded by Power Grid Corporation of India on behalf of its special purpose vehicles (SPVs), namely NES Pune East New Transmission Limited and Bellary Davanagere Power Transmission Limited.

The first order relates to Substation Contract SS137T for the construction of a 765kV new AIS substation at Pune East, along with bay extension works at Karjat Substation and Lonikand II Substation. The second order pertains to Transmission Line Package TL-01 for the construction of a 400kV Bellary-Davanagere quad double-circuit transmission line.

Both projects have been awarded under the EPC (Engineering, Procurement, and Construction) segment and are classified as domestic contracts. The execution timeline for both orders is 21 months from the date of issuance of the notification of award.

The company added that neither the promoter nor promoter group companies have any interest in the awarding entities, and the transactions do not fall under related-party transactions.

It further stated that the order value for each project is estimated to be between ₹200 crore and ₹300 crore.

Multiple transmission projects add to growth momentum

The latest order wins come close on the heels of major contracts secured in late April, including ultra-mega EPC orders for transmission lines from international clients in the Middle East and North Africa (MENA) region.

The overseas project involves the construction of two contiguous sections of 500kV overhead transmission lines and is valued at around ₹400 crore. The project is scheduled to be executed within 11 months from the commencement date.

In its regulatory filing dated April 29, the company stated that the project forms part of a flagship national grid reinforcement programme aimed at strengthening the high-voltage transmission backbone in the MENA region and enabling reliable power evacuation to support growing economic and industrial demand.

The company has secured several significant order wins in 2026. In mid-March, Maharashtra State Electricity Transmission Company (MSETCL), through its SPV Saswad Transmission, awarded Bajel Projects a contract worth ₹700 crore for the construction of a 400/220kV AIS substation.

Earlier in March, the company entered into a partnership agreement with National Investment and Infrastructure Fund (NIIF), an asset manager linked to the Government of India, and AnantGrid, a power transmission platform backed by NIIF.

Bajel Projects was formerly part of Bajaj Electricals under the EPC segment and continues to operate with the same values and operational legacy that guided its growth over the last two decades.

Bajel Projects stock performance

With today’s sharp rally, the stock turned marginally positive for May, with gains of around 1%. Although the stock remained under sustained selling pressure for a prolonged period, it rebounded in April with a strong 37% surge.

While the stock is attempting a recovery after a steep correction, it is still trading 43% below its record high of ₹330 apiece, touched in June 2024.

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