Credit Rating- Revision

August 06, 2026 BSE Limited : SCRIP Code No. 540442 Department of Corporate Services Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001 National Stock Exchange of India Limited : BAJEL - Series: EQ Listing Department Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Sub.: Intimation in respect of reaffirmation of the Credit Rating under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”) of Bajel Projects Limited (“Company”) Dear Sir/Madam, Pursuant to the provisions of Regulation 30 (read with Schedule III) of the SEBI Listing Regulations, we wish to inform you that, CRISIL Ratings Limited (“CRISIL”), vide its intimation dated August 05, 2026, has communicated to the Company regarding its rating awarded to the Company as: Rating action: - • Total Bank Loan Facilities Rated: Rs. 3500 Crore (Enhanced from Rs. 3000 Crore) • Long Term Rating: Crisil A+/Stable (Upgraded from ‘Crisil A/ Stable’) • Short Term Rating: Crisil A1 (Reaffirmed) A copy of the said letter, as received from CRISIL in this regard is enclosed herewith. Please note that the rating of the Company is also available in the below cited Links: https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/BajelProjectsLimited_August%2005_% 202026_RR_401806.html We request you to kindly take the above information on record. Thanking you, Yours faithfully, For Bajel Projects Limited Amee Bharatbhai Joshi Company Secretary & Chief Compliance Officer (Membership No.: A22502) 8/5/26, 7:53 PM Rating Rationale Rating Rationale August 05, 2026 | Mumbai Bajel Projects Limited Long-term rating upgraded to 'Crisil A+/Stable'; Short-term rating reaffirmed; Rated amount enhanced for Bank Debt Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.3500 Crore (Enhanced from Rs.3000 Crore) Instrument Long Term Rating Crisil A+/Stable (Upgraded from 'Crisil A/Stable') RBI Short Term Rating Crisil A1 (Reaffirmed) RBI Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has upgraded its rating on the long-term bank facilities of Bajel Projects Limited (BPL) to ‘Crisil A+/Stable’ from ‘Crisil A/Stable’ while short-term rating has been reaffirmed at ‘Crisil A1’. The ratings upgrade factors in improvement in business risk profile driven by sustained improvement in both the quality and size of the order book, along with expectation of profitability improvement as execution progresses over medium term. The company’s prudent approach to order selection, with a focus on margin accretive projects and strong counterparties, has strengthened its order book to over ₹4,000 crore, providing healthy revenue visibility while supporting a sustained improvement in profitability. Revenue increased at 61% CAGR over the last 4 years to Rs 2,808 crores in fiscal 2026 (fiscal 2025: Rs. 2,628 crore) viz-a- viz Rs.417 crores in fiscal 2022 over-and-above Crisil Ratings expectations driven by an increasing order book and healthy execution capabilities. The strong growth momentum in revenues is expected to sustain over the medium term as the company focuses on prudent bidding to increase their order book and effective utilization of its integrated production capacities. Operating margin has also improved from ~3.8% in fiscal 2025 to ~4.6% in fiscal 2026 and is expected to increase to ~ 5% in current fiscal with better absorption of fixed costs due to improvement in scale of operations and selection of orders with better margin. The financial risk profile remains comfortable, marked by networth of ~Rs 748 crore against total short term borrowings/debt of ~Rs 350 crore as on March 31, 2026. Total Debt is expected to increase over the medium term due to increasing working capital requirement with ramp-up in operations and to fund capital expenditure (capex) of Rs 170 crore over the next 2 years towards its manufacturing plant near Pune, Maharashtra of which 70% would be funded by debt and balance by internal accruals. Debt protection metrics remain moderate, with interest coverage ratio of ~1.6 times for fiscal 2026, which is expected to improve to over 2 times over the medium term. Total outside liabilities to adjusted networth is expected to remain at ~2.3 times over the medium term. The company had unencumbered cash and equivalents of Rs 24 crore (out of total cash of Rs 205 crore) as on March 31, 2026. The rest balance is kept as fixed deposits against the non-fund based limits. The ratings also factor in the benefit of being a part of the Bajaj group and expectation of financial support, if required, from one of the group holding companies, Jamnalal Sons Pvt Ltd (JSPL). JSPL has robust financial flexibility, as reflected in its holdings in various companies of the group and small debt obligation or contingent liabilities. These strengths are however, partially offset by low profitability, exposure to intense competition in power transmission line business and large working capital requirement. Analytical Approach Crisil Ratings has changed the analytical approach from standalone and considered the consolidated business and financial risk profiles of BPL. https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/BajelProjectsLimited_August 05_ 2026_RR_401806.html 1/9 8/5/26, 7:53 PM Rating Rationale Crisil Ratings has also applied its criteria for notching up ratings for financial support provided by Jamnalal Sons Private Limited (JSPL, which is one of holding companies of the Bajaj group). Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation. Key Rating Drivers - Strengths Track record in the engineering, procurement & construction (EPC) business The engineering, procurement and construction (EPC) business has been in existence for more than two decades and due to long track record, it is qualified to execute complex projects across transmission and distribution The Company has wide range of qualifications in execution of projects comprising turnkey projects for execution of transmission line towers carrying extra-high voltage, power distribution lines carrying high voltage, sub-stations and feeder separators. This enables the company to bid and tap various tenders in the transmission and distribution (T&D) segment. The company is well qualified to bid for long-distance transmission lines (up to 765 KV) and AIS/GIS substations (up to 765 KV) The company is also backward integrated through its manufacturing of towers and poles, which can help improve cost efficiency over the medium term. Growing and healthy order book providing revenue visibility The order book has remained strong with outstanding orders of Rs.3,442 crore as of 31st Mar 2026. Company has received additional orders of over ~Rs 1098 crores in Q1 fiscal 2027. Power transmission segment constitutes more than ~90% of the order book and balance is from the power distribution segment indicating adequate revenue visibility for the next one year. In power transmission, majority of the projects are from the Power Grid Corporation of India Ltd (60-70% of orders from PGCIL in the total order book as on 31st March 2026), which reduces the collection risk. The company is also focusing on expanding overseas business through its subsidiary in UAE and in collaboration with Saudi Arabia’s Al Sharif Contracting which will further enhance its order pipeline. Expected financial support from the parent The Bajaj group is one of the largest business groups in India and ranks among the top 5 in terms of market capitalisation. The company is expec [Showing first 8,000 characters — download PDF for full document]