Bondada Engineering Ltd

BSE: 543971

₹ 263.55-4.01%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 2,943 crWebsite: www.bondada.netUpdated: 24 Oct 2026

About

Bondada Engineering Ltd is an EPC company working in renewable energy, telecom infrastructure and products. It has also moved into battery storage, data centres and defence. FY26 revenue was Rs 2842.8 Cr, and Renewable Energy made up 79% of the mix. The closing order book was ~INR 71,475 Mn as on 31 March 2026, which is 2.5x FY26 revenue.^[1][2]

Business segments

Revenue mix in FY26: Renewable Energy 79%, Telecom 14%, Products 7%. In 9MFY26 it was 80%, 12% and 7%.^[2][3]
Reported segments in FY26: EPC Rs 2512.47 Cr (88.4% of revenue), Products Rs 191.42 Cr (6.7%), Services Rs 138.92 Cr (4.9%).^[4]
From FY2024 to FY2026, EPC's share of revenue rose 18.2 percentage points. Products fell 12.8 points and Services fell 5.5 points.^[4]
Telecom's share of revenue fell from ~52% to ~28% in FY25 as the 5G rollout in Tier 3 towns slowed.^[5]
Products revenue rose from Rs.162 cr to ~Rs.218 cr in FY25, growth of ~35%.^[5]

Order book

Order book of ~INR 71,475 Mn as on 31 March 2026: RE INR 45,367 Mn, BESS BOO INR 14,630 Mn. The INR 90,000 Mn AP 2GW IPP is excluded.^[2]
Order book was ~INR 78,754 Mn at Q3FY26 (5.0x FY25 revenue), INR5,989 cr at H1FY26 and Rs.5,044 cr at March 2025.^[3][6][5]
In H1FY26, a further INR2,628 cr of orders were at L1 stage awaiting LOA.^[6]
Solar EPC orders are to be executed over 18-24 months and BESS BOO orders over 18 months, as of FY26.^[2]

Key operating numbers

492 MWp of solar was commissioned in FY26, taking cumulative commissioned capacity to ~1.3 GWp. ~7.8 GW is under execution.^[2]
1,536 BSNL towers were installed in FY26.^[2]
Net working capital cycle was 89 days in H1FY26, down from 111 days in FY25. Debtor days fell from 125 to 107.^[6]

Customers

Solar BOS wins announced at Q3FY26: Adani 650 MW (INR 10,500 Mn), NLC 810 MW (INR 9,451 Mn), MAHAGENCO 100 MWAC (INR 4,650 Mn), NTPC Green 300 MW (INR 3,914 Mn).^[3]
Solar revenue growth in FY25 came mainly from PSU orders, including Singareni, MAHAGENCO and NLC.^[5]
Management said in Q2 FY26 that it is discussing 3-4 GW of work with Adani over the next 3-4 years.^[6]
First railways order: Rs.228 cr from South Central Railway for Kavach passive infrastructure (FY25).^[5]

New businesses

BESS build-own-operate orders: TNGECL 400 MWh and APTRANSCO 450 MWh. The TN project is scheduled to be commissioned by 31 Dec 2026.^[2][3]
In Feb 2026, Canara Bank sanctioned INR 506.55 Cr for the TNGECL BESS project.^[2]
In Mar 2026, Bondada Dynamics won its first defence order, worth INR 4 Mn, from BEL for critical components.^[2]
The company signed an MoU with Bryanston Inc. to jointly develop 'connection ready' data centre parcels in Hyderabad, Vizag and South AP.^[2]

Expansion plans

Target of 1.5 GWp solar EPC commissioning in FY27.^[2]
Plans to set up an integrated manufacturing facility in FY27.^[2]
Goal of USD 1 Bn revenue with 25 GW of RE by 2030, and a BESS vision of 9 GWh (BOO + EPC) by 2030.^[2][3]
The first 250 MW of the AP 2 GW solar IPP is planned for FY27, with the rest over 4-5 years.^[6]
Plans to migrate to the main boards of BSE and NSE in FY27.^[2]

Recent developments

On 29 Sep 2026, the company reported domestic orders worth Rs. 146,90,71,383 for telecom towers, solar plant items and solar street lights, to be executed in 2 to 4 months.^[7]

Market Cap

₹2,943 Cr

High / Low

₹503 / 215

Stock P/E

14.5

Price / Book

4.2

Book Value

₹62

EPS

₹18.2

No. of Shares

11.16 Cr

ROCE

38.8%

ROE

34.8%

OPM

11.4%

Debt / Equity

0.40

Sales

₹2,843 Cr

Net Profit

₹211 Cr

Promoter holding

61.5%

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Bondada Engineering Ltd

About

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Order book

Key operating numbers

Customers

New businesses

Expansion plans

Recent developments

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