Bondada Engineering Limited

Builds solar power plants, battery energy storage systems (BESS) and telecom infrastructure on an engineering, procurement and construction (EPC) basis, primarily for Indian central public sector undertakings and large private renewable energy developers. EPC revenue of INR 827.76 crore in Q4 FY26 was the largest named segment, covering solar and BESS projects executed for clients such as NTPC Renewable Energy, NTPC Green Energy, NLC India Renewables and the Adani Group. Services revenue of INR 30.75 crore covers operations and maintenance work on commissioned assets, while Products revenue of INR 55.35 crore covers manufactured items including 40-metre telecom towers supplied to BSNL through subsidiary Bondada Green Engineering. The order book stood at INR 7,147 crore as of March 31, 2026, with a solar EPC order book of around 5.5 GWp and a BESS order book of around 1.1 GWh, alongside an INR 9,000 crore Andhra Pradesh 2 GW IPP project in the pipeline. Cumulative commissioned capacity reached about 1.3 GW out of a 7.8 GW portfolio, with 1,536 BSNL telecom towers installed and 1,506 on-air (99% strike rate). Materials at 62.3% of revenue form the dominant cost, and the company is setting up a 27-acre integrated manufacturing facility near Hyderabad with INR 120-130 crore capex. Newer lines include data centres under an MOU with UK-based Bryanston, defence work including a first order from BEL, and entry into Indian Railways Kavach passive infrastructure.