Revenue from operations declined 9.64% year-on-year to Rs 562.34 crore in the quarter ended 31 December 2025.

During the quarter, profit before tax (PBT) stood at Rs 0.47 crore in Q3 FY26, down 86.29% from Rs 3.43 crore in Q3 FY25.

Total expenses declined 11.13% YoY to Rs 556.62 crore during the quarter. The cost of raw materials fell 19.45% to Rs 378.84 crore, while erection and subcontracting expenses surged 46.49% to Rs 81.68 crore. Employee benefit expenses increased 9.95% YoY to Rs 35.56 crore.

On a standalone basis, the company's net profit surged 35.61% YoY to Rs 1.98 crore in 9M FY26, despite a 9.64% decline in revenue to Rs 562.34 crore compared with 9M FY25.

EBITDA rose 45% YoY to Rs 32 crore in Q3 FY26, compared with Rs 22 crore in the corresponding quarter of the previous year. EBITDA margin expanded by 210 basis points to 5.6% from 3.5%, driven by active commodity hedging, margin-accretive project execution, effective backward integration, and other operational efficiencies.

Rajesh Ganesh, managing director & CEO, Bajel Projects, said, Our nine-month performance reflects a strategic pivot towards margin-accretive growth. We have prioritized 'quality of earnings' over sheer volume, a move validated by a strong rise in the EBITDA for Q3. We are transitioning into a specialised power transmission EPC player, focusing on 'winning the right contracts' that align with our longer-term profitability goals. Despite a measured revenue environment, our ability to deliver profitability remains our core differentiator. Execution is our heartbeat. We continue to seamlessly commission complex projects within the Green Energy Corridor and Inter-State Transmission Systems (ISTS). Our people remain our primary driver of success. Looking ahead, we will continue to invest in our talent, robust systems, processes and internal capabilities to meet India's growing power infrastructure needs while delivering sustainable value.'

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.

The counter rose 2.29% to Rs 170 on the BSE.

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