Bajel Projects Ltd Q1 FY27 Results

Bajel Projects' consolidated revenue for Q1 FY27 (quarter ended June 30, 2026) came in at ₹566.9 Cr, down 6.7% year-on-year from ₹607.6 Cr and down a steep 43.8% sequentially from ₹1,007.8 Cr in Q4 FY26 — a seasonal pattern typical of EPC/T&D contractors where Q4 execution and billing peaks ahead of fiscal year-end. Consolidated PAT rose 60.1% YoY to ₹4.73 Cr from ₹2.96 Cr, though it fell 66.5% QoQ from ₹14.14 Cr. Standalone PAT was ₹4.55 Cr (EPS ₹0.39) against consolidated PAT of ₹4.73 Cr (EPS ₹0.41), the gap coming from a ₹0.19 Cr net share of profit from the company's joint ventures and associate. There were no exceptional items in either the current or year-ago quarter — FY26's ₹7.72 Cr one-off labour-code charge sits outside both comparison quarters, so the YoY PAT growth needs no adjustment.

The profit growth despite falling revenue is a margin story: net profit margin expanded to 0.84% of revenue from 0.49% a year ago, largely on a lower cost-of-materials ratio (70.9% of revenue in Q1 FY27 versus 72.9% in Q1 FY26). Sequentially, however, NPM compressed from 1.40% in Q4 FY26, consistent with the sharp QoQ revenue drop-off and the fixed-cost drag of a thinner execution quarter. Profitability in this business remains structurally thin (sub-1% NPM), so the swings are outsized relative to the absolute rupee amounts involved — PAT moved by just ₹1.78 Cr YoY and ₹9.41 Cr QoQ.

The stock went into the print at ₹191.78, up 3.3% over the past month of trading.

We could not find analyst/brokerage consensus estimates for this print, so vs-street is unknown; there is also no prior formal guidance or concall commentary on record for this company to check the quarter against, so vs-guidance is unknown too. Two corporate developments this quarter are relevant to the trajectory: a ₹400+ Cr, 500kV transmission-line contract with Egypt's EETC signed July 22, 2026, and incorporation of a wholly-owned UAE subsidiary on July 19, 2026 — both point to international order-book diversification, though neither shows up in this quarter's revenue given typical execution lags on new EPC awards. Separately, the auditors' review report flags ₹85.96 Cr of arbitration-disputed receivables from three customers, carried without further provision as the outcome is undetermined — a balance-sheet item worth tracking given its size relative to quarterly profit.