Transcript of earnings call held on 7th May 2025.
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Bondada Engineering reported FY25 revenue of Rs. 1,572 crores, up 96% year-on-year, with PAT growing around 150%. The order book stands at Rs. 5,044 crores, with management guiding to Rs. 8,000–8,500 crores by March 2026 and revenue of ~Rs. 2,600 crores for FY26. The company is diversifying into battery energy storage systems (Rs. 240 crores L1 order from Telangana GENCO), Indian Railways (Kavach and crash barriers, Rs. 228 crores South-Central Railway order), and completed its first international order worth $2.7 million in the USA. Margins expanded from 8.9% to 11.7% in FY25, with management guiding for a further 1–2% improvement. Long-term targets include 2 GW of BESS and railway revenue of Rs. 500–600 crores by 2030.
Strong order book visibility and entry into high-growth segments like BESS and railways support continued revenue doubling in FY26. Margin expansion guidance and healthy working capital management are positive signals for shareholders, though receivables remain elevated at ~34% of turnover.