Bajel Projects has more transmission work waiting to be built, but its September quarter shows how unevenly orders can turn into revenue. The company ended September with an unexecuted order book of about ₹5,000 crore, up 48% from a year earlier. By November 6, management put it at about ₹6,500 crore.
Standalone revenue from operations in Q2 FY27 fell 16% to roughly ₹514 crore. Bajel attributed the weaker revenue to delayed project starts linked to the Middle East war and domestic right-of-way issues.
The Breakdown
The dates matter. The larger November backlog includes work added after the September quarter closed. It describes the workload ahead, while the revenue number measures activity already recognised in the accounts.
An order book is a balance at a point in time; quarterly revenue is a flow over three months. Dividing one by the other would not establish a delivery timetable. Projects can span several reporting periods, and access to a transmission route can affect when work begins.
For a contractor, winning a project therefore answers only the first question. The next is whether it can put people, materials and equipment to work on schedule. A growing backlog makes that execution question more important, particularly when starts have already slipped.
A steady margin on a smaller revenue base
Bajel reported Q2 EBITDA of about ₹25 crore and a 4.8% margin, unchanged year on year. Its EBITDA includes other income, and the margin is calculated on total income. It is not a margin on revenue from operations alone.
That definition matters when comparing contractors. The same percentage can describe different earnings measures, and a steady margin can coexist with fewer rupees of profit when the income base contracts. Holding a percentage does not, by itself, show that delayed work has caught up.
The Crunch
Bajel’s larger backlog provides work to pursue. The useful test in coming quarters is how much progresses into revenue, and what profitability accompanies that work. Fresh awards add to the opportunity; delivery determines how much of it reaches the accounts.
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