Shareholders meeting

July 17, 2026 BSE Limited : Code No. 544042 Department of Corporate Services, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001 National Stock Exchange of India Limited : BAJEL – Series: EQ Listing Department Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051 Dear Sir/Madam, Sub.: Notice of the 4th Annual General Meeting (“4th AGM”) of Bajel Projects Limited (“Company”) This is further to our letter dated July 6, 2026, wherein the Company had informed that the 4th AGM of the Company is scheduled to be held on Monday, August 10, 2026. Pursuant to the provisions of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”) and Circulars issued in this regard, please find enclosed herewith Notice of the 4th AGM scheduled to be held on Monday, August 10, 2026, at 3:00 p.m. (IST) via Video Conferencing (VC)/Other Audio-Visual Means (“VC/OAVM”). The Notice of the 4th AGM is being made available on the website of the Company, at https://www.bajelprojects.com and also on the website of MUFG Intime India Private Limited, Registrar & Share Transfer Agent of the Company at https://in.mpms.mufg.com/. We request you to take the above on record and that the same be treated as compliance under the applicable provisions of the SEBI Listing Regulations and other applicable laws, if any. Thanking you, Yours faithfully, For Bajel Projects Limited Amee Bharatbhai Joshi Company Secretary & Chief Compliance Officer Membership No: - A22502 Encl.: As above SEAMLESS EXECUTION DRIVING SUSTAINABLE GROWTH EXECUTION THAT Sustainable growth begins when execution BUILDS QUALITY- discipline becomes repeatable. LED GROWTH FY2026 marks Bajel’s transition to EPC Order Book (As at 31 March 2026) FY2026 Performance for Revenue from Operations building a more selective, scalable, ₹3,442 Cr ₹2,792 Cr and sustainable growth platform while proving its execution capabilities. Standalone EBITDA Growth PAT Growth India’s power infrastructure landscape is entering a decisive phase. Transmission expansion, renewable evacuation, grid 38% YoY 74% YoY modernisation and energy-security priorities are creating long-cycle opportunities for companies that can deliver complex projects with reliability and discipline. For Bajel Projects Limited, FY2026 was not about pursuing growth for its own sake. It was about converting opportunity through better selectivity, stronger execution systems, manufacturing readiness, supply-chain discipline, project controls and a sharper focus on business quality. This is the progression behind the theme: Seamless Execution Driving Sustainable Growth. Execution remains Bajel’s heartbeat. It connects engineering, procurement, manufacturing, safety, digital monitoring and on-ground delivery into one operating rhythm. That rhythm is enabling the Company to participate in more demanding opportunities, strengthen customer confidence and build the foundation for the next phase of RAASTA 2030. The year reflects a clear shift from execution as a capability to execution as a growth multiplier. With a stronger order book, improved profitability and continued progress in technically complex segments, Bajel is preparing for scale with discipline rather than chasing scale without quality. Sustainable growth, for Bajel, means growth built on the right projects, stronger margins, repeatable delivery and institutional execution depth. FY2026 shows that this platform is taking shape. 2 Bajel Projects Limited – Annual Report 2026 www.bajelprojects.com 3 WHAT’S INSIDE Reports Board of Directors 74 Corporate Information 75 Notice of the Annual General Meeting 76 6 64 Directors’ Report 102 Report on Corporate Governance 140 page page Management Discussion and Analysis 168 Financial Highlights Sustainability and BRSR Highlights Business Responsibility and Sustainability 190 OUR FINANCIAL PROGRESS: SUSTAINABILITY: RESPONSIBLE Report (BRSR) FY2026 Scale-Up with a Standout Q4 EXECUTION FOR SUSTAINABLE GROWTH Big Picture Financials (Standalone and Consolidated) Financial Highlights 6 Independent Auditor’s Report (Standalone) 246 At a Glance 8 Standalone Balance Sheet 256 Chairman’s Message 14 Standalone Statement of Profit and Loss 257 16 26 70 Standalone Statement of Cash Flow 258 Managing Director & CEO’s Message 18 Standalone Statement of Changes in Equity 259 page page Notes to Standalone Financial Statements 260 Actions How We Create Value Governance and Risk Oversight Independent Auditor’s Report (Consolidated) 328 GOVERNANCE AND RISK OVERSIGHT: The Year In Review: Performance Scorecard 22 BUILT TO CONVERT OPPORTUNITY GROWTH SUPERVISED WITH DISCIPLINE Consolidated Balance Sheet 336 INTO EXECUTION-LED VALUE How We Create Value 26 Consolidated Statement of Profit and Loss 337 Strategy: RAASTA 2030 in motion 30 Consolidated Statement of Cash Flow 338 Consolidated Statement of Changes in Equity 339 Verticals Notes to Consolidated Financial Statements 340 Our Business Verticals 34 Power Transmission 36 56 102 New Energies 40 page page International Business 44 Monopoles and Product Business 48 PEOPLE, CULTURE, DIRECTORS’ Manufacturing and Products 52 AND SAFETY REPORT Capabilities People, Culture, and Safety 56 Environment, Health & Safety 60 ESG 60 168 Scan the QR code or Sustainability and BRSR Highlights 64 visit www.bajelprojects.com Governance and Risk Oversight 70 page page to download Annual Report 2026 ENVIRONMENT, HEALTH MANAGEMENT DISCUSSION & SAFETY & ANALYSIS 4 Bajel Projects Limited – Annual Report 2026 www.bajelprojects.com 5 Big Picture Actions Verticals Capabilities ESG Reports Financials Big Picture Financial Highlights OUR FINANCIAL PROGRESS: FY2026 Scale-Up with a Standout Q4 FY2026 marks a clear step-up in Bajel’s financial profile: revenue is 4.2x FY2023, EBITDA is 9.6x FY2023, EBITDA margin has expanded by 250 bps, and the unexecuted order book remains strong at `3,442 Cr at the end of Q4 FY2026. Q4 FY2026 stands out as the quarter where revenue crossed `1,000 Cr and PBT before exceptional items moved to `19 Cr. Revenue from Operations PBT before Exceptional Items 4.2x growth since FY2023 ` Cr Turnaround to `42 Cr Revenue From Operations 3.000 2,792 50 2,598 42 ₹2,792 Cr 2.000 30 24 4.2x vs FY2023 1,169 1.000 664 10 4 EBITDA -0.27 ₹125 Cr FY2023 FY2024 FY2025 FY2026 -10 FY2023 FY2024 FY2025 FY2026 9.6x vs FY2023 EBITDA & EBITDA Margin Unexecuted Order Book +250 bps margin expansion ` Cr 2.1x growth from March 2023 to March 2026 PBT Before Exceptional Items 5,000 ₹42 Cr ` Cr 6% 3,598 4,000 3,442 4.4% 2,984 150 3.4% 3,000 `19 Cr in Q4 3.0% 4% 1,638 2,000 1.9% 1,000 90 Unexecuted Order Book 50 36 0 ₹3,442 Cr 13 FY2023 FY2024 FY2025 FY2026 0 1% FY2023 FY2024 FY2025 FY2026 FY2026 Order Book Mix 2.1x vs Mar’23 96% 4% 0.2% EBITDA (` Cr) EBITDA Margin (%) Power Transmission New Energies Int’l EPC Standalone figures; ` in crores. EBITDA includes Other Income. Order Book excludes supply orders. Power Distribution renamed New Energies. 6 Bajel Projects Limited – Annual Report 2026 www.bajelprojects.com 7 Big Picture Actions Verticals Capabilities ESG Reports Financials Big Picture At a Glance A FOCUSED POWER Bajel Projects Limited is a power infrastructure company The Company’s core differentiator remains execution. Its with a strong presence across Power Transmission and New operating model brings together engineering, manufacturing, Energies, supported by monopoles, manufacturing capability, procurement, supply chain, project controls, safety and international business and disciplined project execution. on-ground delivery to convert sector opportunity into INFRASTRUCTURE measurable outcomes. FY2026 strengthened the Company’s investment case. Bajel closed the year with a stronger EPC order book, improved This ‘at a glance’ is a concise story of focus: a transmission- profitability, higher execution visibility and continued progress led platform, sh [Showing first 8,000 characters — download PDF for full document]