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
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INDUS TOWERS LIMITED | 1,02,358 | 14.3 | 2.58 | 5.5 | 18.0 | 15.4 | 18.4 | 56.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Bondada gets Rs 41.01 Cr smart meter LOI from Telangana discom | business updates | high | — | — |
| 9 Sept 2026 · In-principle approval received for migration from BSE SME to Main Board | capital market events | high | — | — |
| 3 Sept 2026 · Bondada Engineering incorporates PhotonicGrid Networks as wholly-owned subsidiary | strategic transactions | medium | — | — |
| 2 Sept 2026 · Bondada Engineering incorporates subsidiary for 225 MW BESS project in AP | business updates | medium | — | — |
| 1 Sept 2026 · Main Board migration filed, ₹10,023 Cr order book, Defence expansion | business updates | medium | — | — |
| 31 Aug 2026 · Secretarial compliance report filed for migration from BSE SME to Main Board | compliance | low | — | — |
| 27 Aug 2026 · Postal Ballot: Shareholders Approve Migration From BSE SME To Main Board (BSE & NSE) | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Shareholders approve migration from BSE SME to BSE/NSE Main Board | board shareholder meetings | low | — | — |
| 23 Aug 2026 · AGM results: 9 resolutions passed including dividend and Rs 10,000 cr borrowing limit | compliance | minimal | — | — |
| 11 Aug 2026 · Bondada Engineering bags Rs 514 cr orders for BESS projects and BSNL towers | business updates | high | — | — |
| Where a broker report shows | This document shows |
|---|
| HFCL LIMITED |
| 35,985 |
| 61.2 |
| 7.27 |
| 45.5 |
| 6.7 |
| 7.8 |
| 2.3 |
| 23.3 |
| PACE DIGITEK LIMITED | 3,418 | 10.1 | 1.52 | 8.2 | 13.6 | 14.5 | — | 20.6 |
| Bondada Engineering Limited ◆ | 3,149 | 12.3 | 4.30 | 9.7 | 28.8 | 37.2 | — | 12.3 |
| GTL INFRA.LTD | 1,486 | 1.8 | — | — | (14.9) | (233.9) | — | 45.2 |
| SUYOG TELEMATICS LIMITED | 767 | 12.6 | 1.57 | 5.2 | 12.9 | 10.2 | — | 62.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.3 | 12.6 | 7 of 17 | 63% |
| P/B | 4.3 | 3.4 | 7 of 12 | 46% |
| ROCE | 37.2 | 10.1 | 2 of 20 | 95% |
| ROE | 28.8 | 9.1 | 1 of 19 | 100% |
| Debt / Equity | 0.4 | 0.0 | 15 of 19 | 22% |
| EBITDA margin | 12.3 | 23.3 | 17 of 19 | 11% |
| Revenue growth | (36.6) | 6.1 | 19 of 20 | 5% |
| Market cap | 3149 | 3129 | 10 of 20 | 53% |
| 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 |
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.
