In the nine months to September 2025, Bajel Projects reported net sales of ₹2,022.89 crores, representing a growth rate of 21.60% compared to the previous corresponding period. This figure indicates a positive movement in topline revenue over the medium term. The company’s return on capital employed (ROCE) for the half-year period stood at 13.72%, marking the highest level recorded in recent times and signalling efficient utilisation of capital resources.
Quarterly operating profit before depreciation, interest and taxes (PBDIT) reached ₹22.83 crores, also the highest in the company’s recent history. Correspondingly, the operating profit margin to net sales for the quarter was 3.72%, the peak level observed in the latest periods. These metrics suggest that operational efficiency has been maintained despite fluctuations in sales volume.
Patience pays off here! This Micro Cap from Fertilizers sector has delivered steady gains quarter after quarter. Now proudly part of our Reliable Performers list.
- New Reliable Performer
- Steady quarterly gains
- Fertilizers consistency
However, the quarter’s net sales figure of ₹613.83 crores showed a decline of 8.9% when compared to the average of the previous four quarters, indicating some softness in recent demand or project execution. Additionally, Bajel Projects’ interest expenses for the nine-month period rose by 36.29% to ₹49.84 crores, which may weigh on profitability. The company’s profit after tax (PAT) for the latest six months was ₹6.56 crores, reflecting a contraction of 28.54% relative to the prior period.
Non-operating income for the quarter accounted for 123.76% of profit before tax (PBT), highlighting a significant contribution from sources outside core operations. This factor may influence the overall earnings quality and warrants close attention from market participants.
From a market perspective, Bajel Projects’ stock price closed at ₹181.45, down 3.25% on the day, with a 52-week trading range between ₹145.20 and ₹308.25. The stock’s returns have lagged behind the broader Sensex index across multiple time frames. Year-to-date, Bajel Projects recorded a negative return of 33.73%, while the Sensex gained 8.36%. Over one year, the stock’s return was -23.00% compared to Sensex’s 9.48%. Longer-term returns for three, five, and ten years are not available for Bajel Projects, whereas the Sensex posted gains of 37.31%, 91.65%, and 232.28% respectively over these periods.
Bajel Projects or something better? Our SwitchER feature analyzes this small-cap Heavy Electrical Equipment stock and recommends superior alternatives based on fundamentals, momentum, and value!
- SwitchER analysis complete
- Superior alternatives found
- Multi-parameter evaluation
In summary, Bajel Projects’ recent quarterly financial trend adjustment from negative to flat reflects a stabilisation in key operational metrics despite some headwinds in sales and profitability. The company’s highest recorded ROCE and operating profit margin in the latest periods provide some positive context amid challenges such as rising interest costs and subdued PAT performance. Investors analysing Bajel Projects should consider these mixed signals alongside the stock’s relative underperformance versus the Sensex benchmark.
Limited Time Only! Subscribe for Rs. 12,999 and get 1 Year of MojoOne + an Additional Year Completely FREE. Don't miss out on this exclusive offer. Claim Your Free Year →
