Bondada Engineering Ltd (543971)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Bondada Engineering's revenue was ₹692 Cr (+24.0% year on year, -24.3% on the previous quarter), and net profit ₹53.9 Cr (+28.4% year on year); the operating margin was 11.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹692 | +24.0% | -24.3% |
| Operating profit | ₹78.1 | +20.2% | -18.6% |
| Net profit | ₹53.9 | +28.4% | -14.4% |
| EPS (₹) | 4.74 | +38.2% | -10.6% |
| Operating margin | 11.3% | — | — |
📢 Recent Corporate Announcements
Bondada Engineering has received an in-principle approval letter dated October 14, 2026, from the National Stock Exchange of India (NSE) to migrate its equity shares from the BSE SME platform to the NSE Main Board. This follows an earlier in-principle approval from BSE received on September 9, 2026, paving the way for dual-exchange listing on main boards. With a market capitalization of Rs 3,063 Cr and TTM revenue of Rs 2,977 Cr, migrating off the SME platform eliminates lot-size trading restrictions and typically broadens institutional investor participation.
- NSE in-principle approval letter received on October 14, 2026
- Earlier in-principle approval secured from BSE on September 9, 2026
- Marks formal progress to transition trading from BSE SME platform to NSE Main Board
Bondada Engineering Limited has secured a domestic EPC work order aggregating to ₹1,153.93 crore (inclusive of taxes) for the development of a 270 MWp Ground-Mounted Solar PV Project across multiple locations in Maharashtra. This single order represents ~38.8% of the company's TTM revenue of ₹2,977 crore. The project has an aggressive execution timeline of 6 months from receipt of the order. Notably, the contract falls under related-party transactions as promoters or group entities hold an interest in the awarding entity.
- Order size of ₹1,153.93 crore (inclusive of taxes)
- Project scope covers a 270 MWp Ground-Mounted Solar PV installation in Maharashtra
- Stringent execution timeline of 6 months from receipt of order
- Contract is classified as a related-party transaction involving promoter interest
Bondada Engineering's subsidiary, Onix IPP Private Limited, has received a financial sanction of ₹911.25 Crores from State Bank of India to fund a 225 MW Solar IPP Project. The sanctioned facilities comprise ₹900 Crores in term loans and ₹11.25 Crores in non-fund-based facilities. The project has long-term revenue backing through a 25-year Power Purchase Agreement (PPA) with MSEDCL. The ₹911.25 Crore facility is significant compared to Bondada's current debt of ₹240 Crores and represents ~30.6% of its TTM revenue (₹2,977 Crores).
- Subsidiary Onix IPP received ₹911.25 Crores credit sanction from State Bank of India
- Facility comprises ₹900 Crores term loan and ₹11.25 Crores non-fund-based facilities
- Funds 225 MW Solar Independent Power Producer (IPP) Project
- Backed by a 25-year Power Purchase Agreement (PPA) with MSEDCL
Bondada Engineering Limited announced the successful commissioning of 221.7 MWp of solar power projects during Q2 FY27 across Maharashtra and Gujarat. These projects were executed for key clients including Adani, MAHAGENCO, KP Group, and Paradigm IT. With this milestone, the company's cumulative executed solar capacity has reached approximately 1.7 GWp. This operational update validates execution progress in its core solar EPC vertical, which forms a vital part of its TTM revenue base of Rs 2,977 Cr.
- Commissioned 221.7 MWp aggregate solar capacity during Q2 FY27
- Cumulative solar capacity executed reached approximately 1.7 GWp
- Executed projects across Maharashtra and Gujarat for Adani, MAHAGENCO, KP Group, and Paradigm IT
Bondada Engineering has secured multiple domestic orders totaling ₹146.91 crore (inclusive of taxes) across its subsidiaries. The contracts cover the supply of 200 telecom towers under the BSNL 40GBT project in Gujarat, A-class items for a ground-mounted solar plant in Maharashtra, and 18W solar street lights in Uttar Pradesh. The total order value represents approximately 4.9% of the company's TTM revenue of ₹2,977 crore. Execution is scheduled swiftly over a 2 to 4 month timeframe.
- Secured multiple orders aggregating to ₹146.91 crore inclusive of taxes
- Short execution timeline of 2 to 4 months from receipt of orders
- Order includes 200 Telecom Towers under BSNL 40GBT project in Gujarat
- Additional supplies include A-class items for a solar plant in Maharashtra and 18W Solar Street Lights in UP
- Awarded by various domestic government and private sector customers with zero related-party interest
Bondada Engineering announced outcomes from its board meeting held on September 22, 2026. The company is preparing for migration from the BSE SME platform to the Main Boards of BSE and NSE. To comply with Main Board governance norms under SEBI LODR Regulation 20, the Board reconstituted its Stakeholders Relationship Committee by inducting Independent Director Mr. P Dinakara Rao alongside three existing members. Additionally, the Board amended its Whistle Blower Policy and appointed an Ombudsman.
- Reconstituted Stakeholders Relationship Committee to comply with Regulation 20 of SEBI LODR.
- Inducted Independent Director Mr. P. Dinakara Rao to the 4-member committee.
- Step taken towards proposed migration from BSE SME platform to BSE and NSE Main Boards.
- Amended Whistle Blower Policy and appointed an Ombudsman during the meeting from 4:00 PM to 4:50 PM.
Bondada Engineering Limited has submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2026, issued by practicing company secretaries M/s Vivek Surana & Associates. The report confirms nil deviations, penalties, or non-compliances across applicable SEBI regulations, including LODR, ICDR, and PIT norms. This filing serves as a regulatory prerequisite for the company's proposed migration from the BSE SME platform to the Main Boards of BSE and NSE. The transition to the Main Board is an important structural step for the company, which currently has a market cap of ₹3,201 Cr and TTM revenue of ₹2,977 Cr.
- Secretarial compliance report for the year ended March 31, 2026 reported NIL deviations or regulatory actions.
- Submission prepared specifically for migrating equity shares from BSE SME to the Main Board of BSE and NSE.
- Certified full compliance with SEBI LODR, ICDR, and Insider Trading regulations with no director disqualifications.
- Prior approval from the Audit Committee was confirmed for all related party transactions during the review period.
Bondada Engineering has secured orders worth Rs 513.94 crore for setting up 200 MW / 400 MWh Battery Energy Storage Systems (BESS) in Tamil Nadu and supplying 100 BSNL towers. This order represents approximately 17.1% of the company's TTM revenue, significantly boosting its presence in the high-margin energy storage segment. The consolidated order book has now reached ~Rs 10,023 crore, providing over 3.3x revenue visibility based on TTM figures. Execution is scheduled for completion within FY 2026-27.
- Total order value of Rs 513.94 crore (including taxes) to be executed by the end of FY 2026-27
- Consolidated order book strengthened to ~Rs 10,023 crore, providing significant long-term revenue visibility
- BESS project capacity of 200 MW / 400 MWh in Tamil Nadu, a key growth area for 'Vision 2030'
- Supply of 100 BSNL towers for locations in Udaipur and Ahmedabad to be delivered in FY 2026-27
Bondada Engineering's indirect subsidiary, KCS Engineering Solutions, has received multiple work orders totaling ₹2.10 crore from prominent Defence PSUs including BEL, DRDO, and AVNL. While the financial impact is minimal at approximately 0.07% of TTM revenue (₹2999 Cr), the orders represent a strategic entry into the specialized defence equipment manufacturing sector. The contracts involve the manufacture and supply of specialized materials across India with a short execution window of 6 months. This move aligns with the company's 'Vision 2030' to diversify into high-barrier segments like Defence and Aerospace.
- Total order value aggregates to ₹2,10,15,743 including GST
- Execution timeline is strictly defined within 6 months
- Orders received from 5 major entities: BEL, DRDO, DRDL, SHAR, and AVNL
- Order value represents a negligible 0.07% of the company's TTM revenue of ₹2999 Cr
- Orders will be executed through KCS Engineering Solutions, a subsidiary under Bondada Dynamics
Bondada Engineering's board approved the unaudited financial results for Q1 FY27 (ended June 30, 2026) in a meeting held on August 5, 2026. The company enters the new fiscal year with a TTM revenue of Rs 2,999 Cr and a PAT of Rs 225 Cr. While specific Q1 figures were not detailed in this outcome letter, the company is currently focused on executing large-scale orders like the Rs 1,522 Cr MAHAGENCO project. Investors should monitor the full filing for progress on the 100 bps margin expansion target guided by management.
- Board approved unaudited financial results for the quarter ended June 30, 2026
- The board meeting was conducted over a 55-minute duration (1:15 PM to 2:10 PM)
- Company is tracking against a TTM revenue base of Rs 2,999 Cr and TTM PAT of Rs 225 Cr
- Management is pursuing a 'Vision 2030' goal to reach USD 1 Bn in revenue
- Current order book includes major projects like the Rs 1,156 Cr BSNL and Rs 1,522 Cr MAHAGENCO orders
Bondada Engineering's board approved the un-audited financial results for Q1 FY27 (ended June 30, 2026) on August 5, 2026. The company is tracking toward a 'Vision 2030' target of USD 1 Bn revenue, supported by a current TTM revenue of Rs 2,999 Cr. This quarter's performance is critical to validate the expected 56% growth rate and the transition to higher-margin, large-scale projects. Investors should analyze the full results for progress on the Rs 1,522 Cr MAHAGENCO and Rs 1,026 Cr NLC orders.
- Board approved un-audited standalone and consolidated results for the quarter ended June 30, 2026.
- The meeting concluded within 55 minutes (1:15 PM to 2:10 PM) on August 5, 2026.
- Company reported FY26 revenue of Rs 2,843 Cr with an operating profit margin of 11.0%.
- Current order book includes significant projects like the Rs 1,522 Cr MAHAGENCO solar order.
Bondada Engineering has announced August 14, 2026, as the record date for a final dividend of ₹0.28 per share for FY26. This represents a 14% payout on the face value of ₹2. Given the TTM EPS of ₹19.64, the dividend payout ratio is conservative at approximately 1.4%, and the dividend yield is low at roughly 0.09% based on the current price of ₹300.5. The payment remains subject to shareholder approval at the upcoming Annual General Meeting.
- Final dividend of ₹0.28 per equity share recommended for the financial year ended March 31, 2026.
- Record date for determining shareholder eligibility is fixed for Friday, August 14, 2026.
- Dividend payout represents 14% of the face value of ₹2 per share.
- The company reported a TTM EPS of ₹19.64, indicating a very high level of earnings retention for growth.
Bondada Engineering has scheduled a board meeting for August 5, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. This follows a strong FY26 performance where the company achieved a revenue of 2,843 Cr, representing approximately 81% growth over FY25. Investors will be monitoring if the company can maintain the momentum from its record March 2026 quarter, which saw revenue of 914 Cr. The trading window for insiders remains closed until August 7, 2026.
- Board meeting scheduled for August 5, 2026, to approve Q1 FY27 results
- Trading window closure in effect from July 1, 2026, to August 7, 2026
- Company reported TTM revenue of 2,999 Cr as of March 2026
- FY26 annual revenue grew to 2,843 Cr from 1,571 Cr in FY25
- March 2026 quarterly net profit stood at 63 Cr
Bondada Engineering has released its FY25-26 Annual Report, proposing a final dividend of Rs 0.28 per share. The company achieved FY26 revenue of Rs 2,843 Cr, a significant jump from Rs 1,571 Cr in FY25, with a net profit of Rs 211 Cr. Management is focusing on 'Vision 2030' to reach USD 1 billion in revenue by diversifying into BESS (400MWh orders in hand), Railway Kavach, and Defence. The company is transitioning to large-scale projects, evidenced by the Rs 1,522 Cr MAHAGENCO and Rs 1,156 Cr BSNL orders.
- Proposed final dividend of Rs 0.28 per equity share for FY 2025-26
- FY26 Revenue reached Rs 2,843 Cr compared to Rs 1,571 Cr in FY25
- Order book includes major contracts: MAHAGENCO (Rs 1,522 Cr) and BSNL (Rs 1,156 Cr)
- Vision 2030 targets 25 GW renewable capacity and USD 1 billion total revenue
- BESS segment currently holds 400MWh of orders in hand
Bondada Engineering has dispatched its FY 2025-26 Annual Report and scheduled its 14th AGM for August 21, 2026. The company has proposed a final dividend of Rs 0.28 per equity share for the fiscal year. The report highlights a strong FY26 performance with revenue reaching Rs 2,843 Cr, an 81% increase from FY25. Management reiterated its 'Vision 2030' goal to reach USD 1 Bn in revenue by diversifying into BESS, Railway signaling (Kavach), and Defence.
- 14th Annual General Meeting scheduled for August 21, 2026, via Video Conferencing.
- Proposed final dividend of Rs 0.28 per equity share for FY 2025-26.
- FY26 revenue reported at Rs 2,843 Cr compared to Rs 1,571 Cr in FY25.
- Order book includes significant projects like MAHAGENCO (Rs 1,522 Cr) and NLC (Rs 1,026 Cr).
- Vision 2030 targets 25 GW renewable capacity and expansion into BESS with 400MWh orders in hand.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 153.2% YoY to INR 1,216.67 Cr in H1FY26. Segmental breakdown: Renewable Energy (78% of revenue, INR 955 Cr), Telecom (14%, INR 170 Cr), and Products (8%, INR 91 Cr).
Geographic Revenue Split
The company maintains a PAN-India presence with operations across 7 states for telecom projects and major renewable projects in Andhra Pradesh and Maharashtra.
Profitability Margins
Gross margins are influenced by COGS at 84.4% of revenue. Net Profit Margin stood at 7.6% in H1FY26, a slight decrease of 7 bps from 7.7% in H1FY25.
EBITDA Margin
EBITDA margin improved to 11.8% in H1FY26, up 121 bps from 10.5% in H1FY25, driven by larger project scales and efficient execution.
Capital Expenditure
Not explicitly disclosed in absolute INR Cr for future periods, but the company is investing in permanent labor colonies and medical facilities to support project execution over the next 3-5 years.
Credit Rating & Borrowing
CRISIL 'A Stable' rating. The company has no long-term debt; the debt-equity ratio of 0.34 includes only working capital debt. Interest coverage ratio is healthy at 8.38x.
Operational Drivers
Raw Materials
Key materials include Solar PV modules, steel for telecom towers, cement and fly ash for AAC blocks, aluminum, copper, and components for LED and BLDC motors. COGS represents 84.4% of total revenue.
Import Sources
Sourced primarily within India to support 'Digital Bharat' and infrastructure initiatives, though specific state-level sourcing is not detailed.
Capacity Expansion
Current focus on executing a 2 GW Solar IPP project for the Andhra Pradesh government and 400MWh of BESS orders. Vision 2030 targets 25 GW of renewable energy capacity.
Raw Material Costs
COGS was INR 1,027.09 Cr in H1FY26, representing 84.4% of revenue, up 153.3% YoY in line with revenue growth.
Manufacturing Efficiency
The company is transitioning from small projects to large-scale projects (INR 300 Cr to INR 2,000 Cr), improving operational leverage.
Strategic Growth
Expected Growth Rate
56%
Growth Strategy
Growth will be driven by 'Vision 2030' to become a USD 1 Bn revenue company. Strategies include expanding into BESS (400MWh orders in hand), Railway signaling (Kavach), Defence & Aerospace, and Data Centers, alongside a robust order book of INR 5,989 Cr.
Products & Services
Solar EPC and IPP services, Telecom Tower EPC and O&M, Railway Signaling (Kavach), AAC Blocks, Telecom Towers, MMS, LED lights, and BLDC Motors.
Brand Portfolio
Bondada, Atpole Technologies.
New Products/Services
BESS (Battery Energy Storage Systems) with 16-17% IRR, Kavach Railway Infra, and Defence engineering services.
Market Expansion
Targeting 25 GW renewable capacity and expansion into global OEM supply chains for defence by 2030.
Strategic Alliances
Partnership with the Andhra Pradesh government for a 2 GW IPP project and L1 status for orders worth INR 2,628 Cr.
External Factors
Industry Trends
The industry is shifting toward 5G expansion, 4G saturation in rural areas, and massive solar adoption. BESS is emerging as a critical annuity-style income stream with 12-15 month execution cycles.
Competitive Landscape
Operates in a tender-based environment against major players for NTPC, NHPC, and state-run utility contracts.
Competitive Moat
Moat is built on a 28-year leadership track record, a massive workforce of 3,500+ employees, and established O&M relationships across 11,600+ telecom sites.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and India's renewable energy capacity expansion goals.
Consumer Behavior
N/A as the business is primarily B2B and B2G.
Geopolitical Risks
Management reports minimal impact from geopolitical factors over the last 14 years, focusing instead on internal resource planning.
Regulatory & Governance
Industry Regulations
Operations are subject to telecom licensing, solar grid regulations, and railway safety standards (Kavach).
Environmental Compliance
Strong focus on ESG through renewable energy projects and 'Green Engineering' subsidiaries like Bondada Green Engineering.
Taxation Policy Impact
Effective tax rate of approximately 25.7% (INR 32.09 Cr tax on INR 124.65 Cr PBT in H1FY26).
Risk Analysis
Key Uncertainties
Execution risk of large-scale orders and potential working capital stretches are the primary uncertainties, with a 20% revenue shortfall identified as a critical threshold.
Geographic Concentration Risk
Revenue is concentrated in India, specifically across 7 states for telecom and major solar hubs like Andhra Pradesh.
Third Party Dependencies
High dependency on government and quasi-government entities like BSNL and state power gencos for the order book.
Technology Obsolescence Risk
Risk of falling behind in BESS technology or 5G infrastructure standards, mitigated by the acquisition of Atpole Technologies.
Credit & Counterparty Risk
Trade receivables stood at INR 711.23 Cr in H1FY26, with debtor days at 107, indicating significant but improving credit exposure.
