However, revenue from operations rose 18.91% YoY to Rs 601.36 crore in the quarter ended 30 June 2025.
Profit before tax (PBT) came in at Rs 4.09 crore in Q1 FY26, down by 45.17% compared to Rs 7.46 crore in Q1 FY25.
Total expenses increased 18.45% YoY to Rs 611.56 crore during the quarter. Cost of raw material jumped 14.25% to Rs 452.65 crore, while erection and subcontracting expenses surged 135.29% to Rs 59.93 crore. Employee benefit expenses increased 41.98% to Rs 36.25 crore.
On a standalone basis, the company’s net profit slumped 39.85% to Rs 3.32 crore, despite an 18.91% increase in revenue to Rs 601.36 crore in Q1 FY26 over Q1 FY25.
EBITDA for Q1 FY26 jumped 32% to Rs 24.9 crore, compared to Rs 18.8 crore in Q1 FY25. The EBITDA margin for Q1 FY26 stood at 4.04%, compared to 3.58% in the same quarter year ago.
Rajesh Ganesh, MD & CEO, Bajel Projects, said, “Our focus is on project execution. In Q1, we successfully executed several transmission line projects in Raichur, Jeypore–Jagdalpur, and Gurgaon. Revenue grew 19% year-on-year, while EBITDA margin improved to 4% from 3.6% in the same period last year. Despite ongoing finance cost pressures, we continue to enhance efficiency and collaborate with financial partners to mitigate challenges. We remain focused on execution excellence and creating long-term value for our stakeholders”
Bajel Projects (BPL) is a leading company in the business of power infrastructure, with a strong presence in the power transmission and power distribution sectors. BPL was formerly part of Bajaj Electricals under the EPC segment.