Bajel Projects has secured a major power transmission order worth over Rs 700 crore from Maharashtra State Electricity Transmission Co. Ltd. (MSETCL), placing the company in focus for investors tracking India’s fast-growing electricity infrastructure segment. The project has been awarded on behalf of MSETCL’s special purpose vehicle Saswad Transmission and is scheduled to be executed within a period of 23 months from the issuance of the notification of award.

The contract relates to the establishment of a 400/220 kV Air Insulated Switchgear (AIS) substation at Saswad in Pune district, a project aimed at strengthening regional power transmission capacity in Maharashtra. According to the project scope available through official power sector updates and public infrastructure disclosures, the assignment will involve complete turnkey EPC execution covering design, supply, erection, testing and commissioning of the substation.

In addition to the substation infrastructure, the order includes the construction and integration of associated transmission lines and civil infrastructure. The work package also covers the supply of key equipment and full engineering procurement and construction responsibilities including erection testing and commissioning components.

This order is significant for Bajel Projects because large EPC contracts from state transmission utilities typically form the backbone of revenue visibility for engineering and infrastructure contractors operating in the power sector. Maharashtra’s grid expansion program has accelerated in recent years as electricity demand in the state continues to rise due to urban growth industrial expansion and renewable energy integration.

The Saswad substation is expected to improve power reliability and load management in the Pune region which has seen sustained electricity consumption growth driven by manufacturing clusters IT parks and residential expansion. Strengthening transmission infrastructure in such high demand corridors is a critical priority for state utilities.

For Bajel Projects the contract arrives at a time when the company has been strengthening its strategic positioning in India’s transmission EPC segment. Earlier this month the company also announced a collaboration agreement with the National Investment and Infrastructure Fund and AnantGrid Private Limited a transmission developer promoted by NIIF. Such partnerships indicate the company’s effort to participate in large scale grid infrastructure opportunities across the country.

From a market perspective the order reinforces the structural investment cycle underway in India’s power transmission ecosystem. The government has significantly increased grid spending to support renewable energy capacity expansion inter state transmission corridors and electrification reliability targets. Transmission utilities are increasingly awarding EPC contracts to private engineering players to accelerate project execution.

The order also comes at a time when Bajel Projects’ stock has been under pressure in recent months. In the previous trading session the shares closed at ₹139.95 declining about 3.68 percent for the day. The stock has seen a sharp correction from its 52 week high of ₹262 recorded in July 2025 and is currently trading nearly 47 percent below that level while hovering just above its 52 week low.

This divergence between operational order flow and stock performance will likely attract investor attention. Infrastructure EPC companies often experience volatility in their share prices due to execution timelines margin pressures and working capital cycles even when order books remain strong.