BSE: 543971
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EPC, Services, Products. Asset-heavy EPC-led renewable energy and telecom infrastructure with growing manufacturing and asset ownership
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 801 | 1,571 | 2,843 |
| EBITDA (ex other income) | — | — | 327 |
| margin % | — | — | 11.5 |
| Owners' profit | — | — | 203 |
| EPS, as reported (₹) | 0.00 | 10.33 | 18.28 |
| ROE % · ROCE % | — · 37.3 | — · 35.5 | 28.8 · 42.6 |
| Debt / equity (x) | — | — | 0.38 |
| Cash from operations | 54 | (167) | 125 |
| Capex | — | (35) | (40) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 296 | 505 | 481 | 1,091 | 1,217 | 712 | 914 | 692 |
| Profit before tax | 17 | 45 | 49 | 106 | 125 | 73 | 87 | 73 |
| Net profit | — | — | — | — | 93 | 54 | 63 | 54 |
| EPS (₹) | 0.00 | 0.00 | 3.28 | 7.05 | 8.08 | 4.76 | 5.30 | 4.74 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| EPC | 2,512 | 88.4 |
| Services | 139 | 4.9 |
| Products | 100 | 3.5 |
| Product | 91 | 3.2 |
| Total, before eliminations | 2,843 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INDUS TOWERS LIMITED | 1,01,646 | 14.2 | 2.56 | 5.5 | 18.0 | 15.4 | 18.4 | 56.1 |
| HFCL LIMITED | 38,256 | 65.1 | 7.73 | 48.3 | 6.7 | 7.8 | 2.3 | 23.3 |
| Bondada Engineering Limited ◆ | 3,051 | 11.9 | 4.17 | 9.4 | 28.8 | 37.2 | — | 12.3 |
| PACE DIGITEK LIMITED | 3,018 | 8.9 | 1.34 | 7.4 | 13.6 | 14.5 | — | 20.6 |
| GTL INFRA.LTD | 1,294 | 1.6 | — | — | (14.9) | (233.9) | — | 45.2 |
| SUYOG TELEMATICS LIMITED | 521 | 8.5 | 1.07 | 3.8 | 12.9 | 10.2 | — | 62.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.9 | 13.8 | 7 of 15 | 57% |
| P/B | 4.2 | 3.4 | 7 of 12 | 46% |
| ROCE | 37.2 | 11.0 | 2 of 18 | 94% |
| ROE | 28.8 | 13.3 | 1 of 12 | 100% |
| Debt / Equity | 0.4 | 0.3 | 8 of 12 | 36% |
| EBITDA margin | 12.3 | 23.3 | 17 of 19 | 11% |
| Revenue growth | (36.6) | 6.1 | 19 of 20 | 5% |
| Market cap | 3051 | 2932 | 9 of 20 | 58% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Bondada gets LOI for 120 MWh Vanadium Redox Flow BESS EPC project in Gujarat | business updates | medium | — | — |
| 15 Oct 2026 · Routine compliance filing under SEBI Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 15 Oct 2026 · Bondada Engineering gets NSE in-principle nod for migration from BSE SME to main board | capital market events | high | — | — |
| 6 Oct 2026 · Bondada Engineering bags Rs 1,154 Cr EPC order for 270 MWp solar project | business updates | medium | — | — |
| 5 Oct 2026 · Bondada subsidiary gets 911 Cr loan from SBI for 225 MW solar project | credit debt | high | — | — |
| 1 Oct 2026 · Bondada Engineering Commissions 221.7 MWp Solar Projects in Q2 FY27 | business updates | high | — | — |
| 29 Sept 2026 · Bondada wins Rs 146.90 Cr orders across telecom, solar and lighting verticals | business updates | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · Board approves committee changes ahead of migration to BSE and NSE main board | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Bondada gets Rs 41.01 Cr smart meter LOI from Telangana discom | business updates | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.