New Delhi, Sept. 5 -- Bajel Projects Ltd is in no hurry to make the elephant dance. Even as India's renewable energy boom drives strong demand for power transmission projects, the Bajaj Group's engineering, procurement and construction (EPC) company is choosing steady growth over a rapid build-up of its order book, putting execution and margins first and passing up low-margin, high-risk business.

Chief executive and managing director Rajesh Ganesh, who is currently reading former IBM chief Louis Gerstner Jr.'s Who Says Elephants Can't Dance? , has his own take on the metaphor from Gerstner's memoir on how he saved his firm from near-collapse and bankruptcy in the 1990s.

"A wild elephant dancing is of no use to anybody, right? " said Gan...