Transcript of post earnings conference call held on 29th October, 2025.
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Bondada Engineering reported a strong H1 FY26 with revenue of INR 1,216 crores, up 153% from INR 480 crores in H1 FY25. EBITDA stood at INR 143 crores (~12% margin) and net profit grew 150% to INR 92 crores. The company has an order book of INR 6,000 crores, L1 pipeline of INR 2,600 crores, and submitted tenders worth INR 7,500 crores awaiting financial bids, targeting an order book of INR 8,500–9,000 crores by March 2026. Business mix is 78% renewable energy, 10% telecom, and 8–9% products. Working capital improved sharply with cash conversion cycle coming down from 110 to 80–90 days. Management guided that margins could improve by ~100 bps due to scale economics and reiterated a Vision 2030 target of becoming a $1 billion company with 25 GW of renewable energy deployment.
Strong execution, robust order visibility, improving working capital, and forward guidance on margin expansion are positive signals for shareholders. However, the shift toward capital-intensive IPP and BESS (4 GW) plus potential defence acquisitions could lead to higher debt and equity dilution over the next 1–2 years.