Bajel Projects logo

Bajel Projects CEO, MD, chairman, board of directors and AGM

NSE: BAJELBSE: 544042Electrical EquipmentSmall Cap

Last close ₹153.48down ₹1.67 (1.08%)BSE ₹153.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹155.15.

52-week range of traded prices to 23 Oct 2026
₹135.10Low, 30 Mar 2026₹215.50High, 29 May 2026
Market cap
₹1,776 Cr1,161st largest listed
P/E
80.5
P/E without one-offs
59.6
P/B
2.4
Dividend yield
0.39%
ROE
3.1%
ROE without one-offs
4.2%
ROCE
7.3%
Debt to equity
0.47
Volume, NSE
3,73,97546.3% delivered

Bajel Projects board of directors

At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • ChairpersonShekhar BajajRelated to the promoter
  • Managing director and CEORajesh Ganesh
  • Company Secretary and Compliance OfficerAMEE BHARATBHAI JOSHI

8 directors4 independent2 executive2 non-executive

  • Shekhar Bajaj · ChairpersonNon-executive · joined Jan 2022 · 5 listed boards · 4 committee seats, 3 as chair
  • Rajesh Ganesh · Managing director and CEOExecutive · joined Sep 2023 · 1 listed board · 1 committee seat
  • Ajay Suresh NagleExecutive · joined Sep 2023 · 1 listed board · 1 committee seat
  • R P SinghIndependent · joined Aug 2023 · reappointed Aug 2023 · 34 months as independent · 2 listed boards · 2 as independent · 2 committee seats
  • Maneck Eruch DavarIndependent · joined Aug 2023 · reappointed Aug 2023 · 34 months as independent · 3 listed boards · 3 as independent · 3 committee seats, 2 as chair
  • Radhika Madhukar DudhatIndependent · joined Aug 2023 · reappointed Aug 2023 · 34 months as independent · 4 listed boards · 4 as independent · 6 committee seats, 1 as chair
  • Sudarshan SampathkumarIndependent · joined May 2025 · reappointed May 2025 · 13 months as independent · 2 listed boards · 2 as independent · 2 committee seats, 1 as chair
  • Pooja BajajNon-executive · joined May 2026 · reappointed May 2026 · 1 month as independent · 3 listed boards · 1 committee seat

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 27 May 20268 of 8 present4 independent · 63 days in between
    • 24 Mar 20267 of 7 present4 independent · 46 days in between
    • 5 Feb 20267 of 7 present4 independent

  • Audit Committee

    Chair Maneck Eruch Davar

    R P Singh, Radhika Madhukar Dudhat

    • 27 May 20263 of 3 present3 independent · 110 days in between
    • 5 Feb 20263 of 3 present3 independent

  • Nomination and remuneration committee

    Chair R P Singh

    Shekhar Bajaj, Maneck Eruch Davar

    • 27 May 20263 of 3 present2 independent · 193 days in between
    • 14 Nov 20253 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair Shekhar Bajaj

    R P Singh, Radhika Madhukar Dudhat, Ajay Suresh Nagle, Rajesh Ganesh

    No meeting listed in the filing.

  • Risk Management Committee

    Chair Shekhar Bajaj

    Radhika Madhukar Dudhat, Ajay Suresh Nagle, Rajesh Ganesh, Amit Sharma, Nitesh Bhandari

    • 30 Apr 20264 of 6 present1 independent · 128 days in between
    • 22 Dec 20253 of 6 present1 independent

  • Corporate Social Responsibility Committee

    Chair Shekhar Bajaj

    R P Singh, Radhika Madhukar Dudhat, Rajesh Ganesh

    • 27 May 20264 of 4 present2 independent · 63 days in between
    • 24 Mar 20264 of 4 present2 independent

  • Finance Committee

    Chair Shekhar Bajaj

    R P Singh, Rajesh Ganesh, Ajay Suresh Nagle

    No meeting listed in the filing.

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Jun 2026.

  • SRBC & CO. LLPPeer-review certificate valid to Feb 2029
1 earlier auditor
  • SRBC and Co. LLPNamed in filings from Mar 2025 to Mar 2026

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Bajel Projects AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Bajel Projects dividend history

Postal ballot, 4 Oct 2026

81,276 shareholders on the register on 28 Aug 2026; votes counted by Mr. Anant B. Khamankar / Messrs. Anant B. Khamankar & Co., Practising Company Secretaries.The company's voting result (opens in a new tab)

  1. To approve Material Related Party Transactions between Bajel Projects Limited (“the Company”) and AnantGrid Projects One Private Limited (“AGPOPL”) and/or its to be wholly-owned subsidiary Lakadia A Power Transmission Limited.MoreLess
    Ordinary
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 4.99%

    Turnout: all 9.39% · promoters 0.00% · institutions 97.64% · other public 0.39%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 10 Aug 2026, 8 resolutions

84,166 shareholders on the register on 3 Aug 2026; present: 43 promoters and 47 others; votes counted by ANANT B. KHAMANKAR / ANANT B. KHAMANKAR & CO., COMPANY SECRETARIES.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements for the Financial Year ended March 31, 2026, together with Directors’ and Auditors’ Report thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 71.68% · promoters 98.14% · institutions 97.78% · other public 3.70%

  2. To appoint a director in place of Mr. Rajesh Ganesh (DIN: 07008856), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 1.36%

    Turnout: all 71.68% · promoters 98.14% · institutions 97.78% · other public 3.70%

  3. Declaration of final dividend on the equity shares of the Company for the financial year ended March 31, 2026.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 71.68% · promoters 98.14% · institutions 97.78% · other public 3.70%

  4. To consider and approve for giving authorization to the Board of Directors for borrowing under section 180(1)(c) of the Companies Act, 2013 upto an aggregate limit of ₹ 5,000 crores.
    Special
    87.06% for12.94% against

    Against: promoters 0.00% · institutions 100.00% · other public 0.00%

    Turnout: all 71.68% · promoters 98.14% · institutions 97.78% · other public 3.70%

  5. To consider and approve the proposal for giving authorization to the Board of Directors for creation of mortgage/charge on assets of the Company, under section 180(1)(a) of the Companies Act, 2013 upto an aggregate limit of ₹ 5,000 crores.MoreLess
    Special
    87.25% for12.75% against

    Against: promoters 0.00% · institutions 98.51% · other public 0.04%

    Turnout: all 71.68% · promoters 98.14% · institutions 97.78% · other public 3.70%

  6. To ratify the remuneration of Cost Auditors of the Company for the financial year ending March 31, 2027.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.07%

    Turnout: all 71.68% · promoters 98.14% · institutions 97.78% · other public 3.70%

  7. To appoint Ms. Pooja Bajaj (DIN: 08254455) as a Non-Executive and Non-Independent Director of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 71.68% · promoters 98.14% · institutions 97.78% · other public 3.70%

  8. Approval for Payment of Commission to Non-Executive Directors.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.07%

    Turnout: all 71.68% · promoters 98.14% · institutions 97.78% · other public 3.70%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 14 Aug 2025, 7 resolutions

86,132 shareholders on the register on 7 Aug 2025; present: 40 promoters and 33 others; votes counted by Anant B. Khamankar / M/s. Anant B. Khamankar & Co..The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements including Balance Sheet as at March 31, 2025, and the Statement of Profit and Loss for the year ended on that date together with Directors’ and Auditors’ Report thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.57%

    Turnout: all 72.92% · promoters 99.86% · institutions 97.25% · other public 0.30%

  2. To appoint a director in place of Mr. Ajay Suresh Nagle (DIN 00773616), who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.85% for0.15% against

    Against: promoters 0.00% · institutions 1.01% · other public 4.30%

    Turnout: all 72.92% · promoters 99.86% · institutions 97.25% · other public 0.30%

  3. To consider and approve the appointment of Mr. Sudarshan Sampathkumar (DIN: 01875316) as an Independent Director
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.68%

    Turnout: all 72.92% · promoters 99.86% · institutions 97.25% · other public 0.30%

  4. To consider and approve for giving authorization to the Board of Directors for borrowing under section 180(1)(c) of the Companies Act, 2013 upto an aggregate limit of Rs.3,500 crores
    Special
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 1.01% · other public 0.60%

    Turnout: all 72.92% · promoters 99.86% · institutions 97.25% · other public 0.30%

  5. To consider and approve for giving authorization to the Board of Directors for creation of mortgage/charge on assets of the Company, under section 180(1)(a) of the Companies Act, 2013 upto an aggregate limit of Rs.3,500 croresMoreLess
    Special
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 1.01% · other public 0.65%

    Turnout: all 72.92% · promoters 99.86% · institutions 97.25% · other public 0.30%

  6. To ratify the remuneration of Cost Auditors of the Company for the financial year ending March 31, 2026
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.57%

    Turnout: all 72.92% · promoters 99.86% · institutions 97.25% · other public 0.30%

  7. To consider and approve the appointment of Secretarial Auditors
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.57%

    Turnout: all 72.92% · promoters 99.86% · institutions 97.25% · other public 0.30%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 21 Aug 2024, 9 resolutions

Present: 46 promoters and 42 others.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2024, together with the reports of Board of Directors and Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 73.52% · promoters 100.00% · institutions 94.83% · other public 10.17%

  2. To appoint a director in place of Mr. Shekhar Bajaj (DIN 00089358), who retires by rotation and being eligible, offers himself for re-appointment
    OrdinaryPromoters have an interest in it
    99.86% for0.14% against

    Against: promoters 0.00% · institutions 1.34% · other public 0.01%

    Turnout: all 73.52% · promoters 100.00% · institutions 94.83% · other public 10.17%

  3. To ratify the remuneration of Cost Auditors of the Company for the financial year ending March 31, 2025
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 73.52% · promoters 100.00% · institutions 94.83% · other public 10.17%

  4. To consider and approve for giving authorization to the Board of Directors under section 180(1)(c) of the Companies Act, 2013 upto an aggregate limit of Rs.2,500 crores.
    Special
    96.33% for3.67% against

    Against: promoters 0.00% · institutions 34.37% · other public 0.02%

    Turnout: all 73.52% · promoters 100.00% · institutions 94.83% · other public 10.17%

  5. To consider and approve for giving authorization to the Board of Directors under section 180(1)(a) of the Companies Act, 2013 upto an aggregate limit of Rs.2,500 crores
    Special
    96.33% for3.67% against

    Against: promoters 0.00% · institutions 34.37% · other public 0.02%

    Turnout: all 73.52% · promoters 100.00% · institutions 94.83% · other public 10.17%

  6. To consider and approve an option for the conversion of outstanding debt into equity share capital of the Company in the event of a default as per the terms of the facility agreement.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.03%

    Turnout: all 73.52% · promoters 100.00% · institutions 94.83% · other public 10.17%

  7. To consider and approve amendment of Articles of Association of the Company.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 73.52% · promoters 100.00% · institutions 94.83% · other public 10.17%

  8. To approve Material Related Party Transactions with Bajaj Electricals Limited.
    OrdinaryPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.30%

    Turnout: all 9.86% · promoters 0.00% · institutions 94.83% · other public 6.94%

  9. To approve Material Related Party Transactions with Bajaj Finance Limited.
    OrdinaryPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.30%

    Turnout: all 9.86% · promoters 0.00% · institutions 94.83% · other public 6.94%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 13 Jun 2024, 1 resolution

The company's voting result (opens in a new tab)

  1. Approval of the Bajel Projects Limited- Employee Stock Options Plan-2024 (ESOP 2024/Scheme)
    Special
    89.07% for10.93% against

    Against: promoters 0.00% · institutions 99.72% · other public 0.94%

    Turnout: all 71.51% · promoters 99.85% · institutions 96.36% · other public 3.55%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.

Mutual fund votes, meeting of 14 Aug 2025, 3 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements including Balance Sheet as at March 31, 2025, and the Statement of Profit and Loss for the year ended on that date together with Directors’ and Auditors’ Report thereon.MoreLess
    3 for0 against
  • To appoint a director in place of Mr. Ajay Suresh Nagle (DIN 00773616), who retires by rotation and being eligible, offers himself for re-appointment
    3 for0 against
  • To consider and approve the appointment of Mr. Sudarshan Sampathkumar (DIN: 01875316) as an Independent Director
    3 for0 against
  • To consider and approve for giving authorization to the Board of Directors for borrowing under section 180(1)(c) of the Companies Act, 2013 upto an aggregate limit of Rs.3,500 crores
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundCompliant with the law. Governance Concern: Majority of the existing borrowing limit unutilized. Transparency Concern: Inadequate disclosures regarding justification for need of such high borrowing limits.
    2 for1 against
  • To consider and approve for giving authorization to the Board of Directors for creation of mortgage/charge on assets of the Company, under section 180(1)(a) of the Companies Act, 2013 upto an aggregate limit of Rs.3,500 croresMoreLess
    Against Motilal Oswal Mutual Fund
    • Motilal Oswal Mutual FundCompliant with the law. Governance Concern: Majority of the existing borrowing limit unutilized. Transparency Concern: Inadequate disclosures regarding justification for need of such high borrowing limits.
    2 for1 against
  • To consider and approve the appointment of Secretarial Auditors
    3 for0 against
1 proposal not matched to one resolution
  • Ratification of remuneration of Rs. 1.21 Lakhs/- plus applicable taxes and reimbursement of out-of-pocket expenses payable to Messrs R. Nanabhoy and Co., Cost Accountants (Firm registration no. 000010) as Cost Auditors of the Company for conducting the cost audit for financial year 2025-26.MoreLess
    3 for0 against

Mutual fund votes, meeting of 21 Aug 2024, 2 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • To receive, consider and adopt the audited financial statements of the Company for the financial year ended March 31, 2024, together with the reports of Board of Directors and Auditors thereon.
    2 for0 against
  • To appoint a director in place of Mr. Shekhar Bajaj (DIN 00089358), who retires by rotation and being eligible, offers himself for re-appointment
    2 for0 against
  • To consider and approve for giving authorization to the Board of Directors under section 180(1)(c) of the Companies Act, 2013 upto an aggregate limit of Rs.2,500 crores.
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundCompliant with the law. Governance concern: Existing borrowing limit unutilized. Transparency Concern: Inadequate disclosures.
    1 for1 against
  • To consider and approve for giving authorization to the Board of Directors under section 180(1)(a) of the Companies Act, 2013 upto an aggregate limit of Rs.2,500 crores
    Against Nippon India Mutual Fund
    • Nippon India Mutual FundCompliant with the law. Governance concern: Existing borrowing limit unutilized. Transparency Concern: Inadequate disclosures.
    1 for1 against
  • To consider and approve an option for the conversion of outstanding debt into equity share capital of the Company in the event of a default as per the terms of the facility agreement.
    2 for0 against
  • To consider and approve amendment of Articles of Association of the Company.
    2 for0 against
  • To approve Material Related Party Transactions with Bajaj Electricals Limited.
    2 for0 against
  • To approve Material Related Party Transactions with Bajaj Finance Limited.
    2 for0 against
1 proposal not matched to one resolution
  • Ratification of remuneration of Rs. 1,15,000/- plus applicable taxes and reimbursement of out -of- pocket expenses, as approved by the Board and upon recommendation of the Audit Committee, to be paid to Messrs R. Nanabhoy and Co., Cost Accountants (Firm registration no. 000010) as Cost Auditors of the Company for conducting the cost audit for financial year 2024 - 25.MoreLess
    2 for0 against
1 earlier meeting

Mutual fund votes, meeting of 13 Jun 2024, 3 fund houses

  • Approval of the Bajel Projects Limited- Employee Stock Options Plan-2024 (ESOP 2024/Scheme)
    Against HDFC Mutual Fund, LIC Mutual Fund, Nippon India Mutual Fund
    • HDFC Mutual FundThere is lack of disclosure or clarity on the pricing formula or exercise price at which the ESOP will be granted
    • LIC Mutual FundNon-compliant with SEBI (SBEB & SE) Regulations, 2021: Exercise Price or Pricing Formula not disclosed. Governance & Transparency Concern: Re-pricing, No clarity on Maximum option to single employee & Excessive Dilution.
    • Nippon India Mutual FundInadequate Disclosure
    0 for3 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Tax disputes and stakes in unlisted companies

Reported in the filing for the quarter to Jun 2026.

  • Unlisted stake boughtANANTGRID PROJECTS ONE PRIVATE LIMITEDSince 19 Jun 2026

    26.00% bought in the quarter; holding 26.00%, from 0.00%

  • Tax disputeGST Authority Karnataka, Joint Commisioner of Commercial Taxes (Admn)Since 24 Jan 2025
    There is no Movement
    At the filing before: The Company has replied to the notice on 25th March, 2025 and matter is pending with Deputy Commissioner of Commercial Taxes (Audit).
  • Tax disputeGST Authority Danapur, Deputy Commisioner of State TaxSince 13 Mar 2025
    There is no Movement
    At the filing before: The GST Authority has raised tax and interest demands of ₹390.90 lakh (Intimation dated March 13, 2025) and ₹236.77 lakh (Show Cause Notices dated July 19, 2025) due to a mismatch between GSTR-3B and GSTR-7 returns. The Company submitted its reply on August 21, 2025, and the matter is pending before the Joint Commissioner of State Tax, DanapurMoreLess

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
No
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

The company's results filing for the quarter to Jun 2026 says no statement of how money raised was used applies to it.