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Bondada Engineering Ltd

BONDADA

BSE

₹290.60-3.76%19 Oct 2026

Reports

Infra Engineering General

Bondada Engineering Ltd

BONDADA

BSE

₹290.60

-3.76%

19 Oct 2026

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Infra Engineering General

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Bondada Engineering is an infrastructure builder that has ridden India’s twin transitions - digital connectivity and renewable energy - from a small telecom contractor into a multi-vertical EPC (Engineering, Procurement and Construction) group with a pan-India footprint. Founded in Hyderabad in 2012, it first laid tower foundations and fibre for mobile networks, then pivoted into solar plant construction in 2017, and after its 2023 stock-market listing has added battery storage, data centres, and defence manufacturing - each new leg built on the cash flows and project-execution muscle of the one before. The recurring pattern is backward integration: wherever possible, the company makes its own key inputs - telecom towers, solar mounting structures, AAC blocks, LED lights, BLDC motors - so it controls cost, quality and supply for its own projects while also selling to other builders.

Business segments

Five engines at different stages - a telecom-and-railways order-book anchor, a solar EPC growth engine now spawning its own power-generation fleet, a battery-storage annuity business, a manufacturing backbone that feeds them all, and early-stage bets on data centres and defence - each built with the cash flows of the one before.

1. Telecom and railways infrastructure: the order-book anchor

The company builds and maintains the passive backbone of India’s mobile and railway communication networks - towers, fibre and signalling foundations - under multi-year contracts with the country’s largest telecom operators and Indian Railways.

Towers, fibre and cell sites from the ground up - it handles everything from tower foundations and erection to fibre-cable laying and equipment installation, plus long-term O&M (Operations & Maintenance) covering power backup, security and environmental monitoring. It has delivered more than 11,000 telecom towers to date.
One landmark contract proved its scale - the BSNL 4G saturation project, won in 2022, was a single order worth INR 1,156 crore.
It runs a whole telecom circle for Reliance Jio - managing 35,000 route kilometres of fibre and 35,000 towers across Telangana, where it lifted network uptime to roughly 99.92% within three months and pushed the circle’s national ranking from 17th to 5th.
Railways is a natural extension of the same skills - for Indian Railways’ Kavach safety system and 4G LTE-R network, it builds towers and lays fibre to create a private communication corridor along the tracks, and also supplies crash barriers for high-speed routes. The first tender was won for South Central Railway.

2. Solar EPC and IPP: where the group’s growth is coming from

The company designs and builds utility-scale solar power plants for India’s biggest energy players, and is now using that EPC expertise to build its own fleet of power-generating assets that will earn revenue for 25 years.

Concept-to-commissioning solar builder - it handles site survey, land preparation, system design, installation and performance monitoring, plus O&M under three-to-five-year contracts covering cleaning, repairs and testing. As of March 2026 it had ~7.8 GW of solar projects under execution, with 1.3 GW commissioned since inception.
Working for the country’s largest offtakers - key customers include NLC, NTPC, Adani, MAHAGENCO and Greenko, with major projects underway in Rajasthan (1,134 MW), Gujarat (1,800 MW) and Maharashtra (568 MW). A five-year framework agreement with Adani Green Energy supports the 30 GW Khavda renewable energy park in Gujarat.
It makes its own mounting structures - subsidiary Bondada Green Engineering manufactures solar Module Mounting Structures (MMS) for captive use and for sale to other EPC players and developers, hedging against supplier price swings.
Building its own power plants for recurring income - the IPP (Independent Power Producer) ambition is anchored by a 2,000 MW AC solar project in Andhra Pradesh, valued at INR 9,000 crores, with a 25-year revenue stream expected from FY 2029 and streamlined state approvals including free power sales and evacuation infrastructure. A smaller first IPP plant of 2.8 MW was commissioned in December 2024 under a 25-year Power Purchase Agreement signed with Hyderabad.

3. Battery Energy Storage Systems: the annuity engine

The company installs containerised battery storage at existing substations under a Build, Own, Operate model, creating a 12-year recurring-revenue stream from each project.

Owned storage, not just built - under the BOO model, Bondada finances, installs and operates the battery containers, earning annuity payments over a 12-year contract life rather than a one-time construction fee.
Early wins with state power utilities - it has secured 500 MWh of orders from Tamil Nadu PSUs TGGENCO and TNGECL (250 MW for 2 hours) under 12-year contracts, and emerged as the lowest bidder for a 50 MW / 100 MWh project from Telangana GENCO.
Paired with solar to win larger mandates - a June 2026 award from NTPC Renewable Energy for a 250 MW solar project included a 50 MW / 200 MWh BESS component, expanding the combined BESS order book to roughly 1.1 GWh.

4. Manufacturing and products: the backward-integration backbone

The group runs an in-house manufacturing ecosystem that supplies its own EPC projects with towers, structures, blocks, lights and motors, while also selling to external construction and industrial customers.

Steel and structures for its own sites - subsidiary Bondada Green Engineering makes telecom towers, transmission towers, solar MMS, crash barriers and industrial cable trays, feeding both captive EPC needs and export orders such as a $2.7 million solar MMS supply to GameChange Solar in the USA.
Green building materials under its own brands - Bondada Ecobuild produces AAC blocks (Smartbrix), jointing mortar (SmartFix), ready-mix plaster (SmartPlast) and wall putty (Smartcare), with AAC capacity expanded to 2,00,000 cubic metres per year across plants in Andhra Pradesh and Telangana. It also makes uPVC windows and doors (truVU) with backward integration into profile extrusion at 300 MT per month, and aluminium windows (Alurise).
LED lighting and motors for efficiency - Bondada E&E manufactures industrial LED lighting under the Bee-Lite brand with a NABL-accredited in-house lab, and is approved under the Andhra Pradesh government’s standard rate schedule for state projects. Atpole Technologies designs and makes BLDC motors and controllers for EVs, drones, defence and appliances, with capacity of 8,000-10,000 motors per month.

5. Data centres and defence: the early-stage bets

The company has entered two new sectors - green-powered data centres and defence manufacturing - through a mix of O&M contracts, joint-development agreements and an acquisition, with initial order books still small.

Data centres started with an O&M foot in the door - it won an operations and maintenance contract from Microsoft India in Telangana, covering uptime, performance and preventive maintenance. A February 2026 MOU with Dubai-based Bryanston Renewables sets a framework to jointly develop green-powered data centre facilities in Hyderabad and Vizag, targeting hyperscalers with fibre and 24/7 renewable energy.
Defence is a manufacturing play built through a subsidiary and an acquisition - Bondada Dynamics, incorporated in August 2025 and 70% owned, targets design and manufacture of UAVs, naval subsystems, airframe components and electronic systems for defence PSUs and export markets. In March 2025 the group acquired Speck Systems, a Hyderabad-based geospatial technology firm serving defence and paramilitary clients, through the NCLT liquidation process for INR 19.81 crore in cash.

Group structure and partners

The listed parent operates through a constellation of subsidiaries, each ring-fenced to a specific vertical - renewable energy, manufacturing, services or defence - with a growing web of partnerships that extend its reach from Indian PSUs to US solar and Dubai data centres.

Renewable energy and BESS sit in dedicated SPVs - Bondada Renewable Energy executes solar and wind EPC and holds the 2,000 MW Andhra IPP; GreenBond RE Park (51% owned) is the BESS and IPP storage vehicle; and Bondada Dinesh SPV (51% owned) was created for a MAHAGENCO consortium project.
Manufacturing is split by product line - Bondada Green Engineering (steel structures), Bondada Ecobuild (green building materials), Bondada E&E (LED lighting, 85% stake), Atpole Technologies (BLDC motors, 60% stake) and Bondada Abodes (uPVC doors and windows) each focus on a distinct category.
Services are pooled under Bondada Managed Services - a 95% subsidiary providing O&M for telecom, renewable energy, data centres and facilities.
Global partners open new markets - a framework agreement with Adani Green Energy covers five years of renewable design and construction; GameChange Solar of the US was the first export customer for solar MMS; and Bryanston Renewables of Dubai is the joint-development partner for green data centres.

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Mkt Cap

Market Capitalization

₹3,243Cr

Close Price

₹290.40

Industry

Infra Engineering General

Price To Earnings

14.85

Price To Sales

1.09

Revenue

₹2,977Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	376	714	558	659	712	914	692
Growth YoY Revenue Growth YoY%					89.4	27.9	24.0
Expenses ExpensesCr	338	633	493	581	627	818	614
Operating Profit Operating ProfitCr	38	82	65	78	85	96	78
OPM OPM%	10.2	11.4	11.7	11.8	11.9	10.5	11.3
Other Income Other IncomeCr	3	3	2	2	5	2	7
Interest Expense Interest ExpenseCr	7	8	8	10	14	9	10
Depreciation DepreciationCr	2	2	2	3	2	3	3
PBT PBTCr	33	74	57	67	73	87	73
Tax TaxCr	8	19	16	15	19	24	19
PAT PATCr	25	56	42	52	54	63	54
Growth YoY PAT Growth YoY%					119.0	13.3	29.3
NPM NPM%	6.6	7.8	7.5	7.9	7.6	6.9	7.8
EPS EPS₹	2.3	4.9	3.5	4.8	4.8	5.3	4.7

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	376	714	558	659	712	914	692
Growth YoY Revenue Growth YoY%					89.4	27.9	24.0
Expenses ExpensesCr	338	633	493	581	627	818	614
Operating Profit Operating ProfitCr	38	82	65	78	85	96	78
OPM OPM%	10.2	11.4	11.7	11.8	11.9	10.5	11.3
Other Income Other IncomeCr	3	3	2	2	5	2	7
Interest Expense Interest ExpenseCr	7	8	8	10	14	9	10
Depreciation DepreciationCr	2	2	2	3	2	3	3
PBT PBTCr	33	74	57	67	73	87	73
Tax TaxCr	8	19	16	15	19	24	19
PAT PATCr	25	56	42	52	54	63	54
Growth YoY PAT Growth YoY%					119.0	13.3	29.3
NPM NPM%	6.6	7.8	7.5	7.9	7.6	6.9	7.8
EPS EPS₹	2.3	4.9	3.5	4.8	4.8	5.3	4.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	224	229	287	334	371	801	1,571	2,843	2,977
Growth Revenue Growth%		2.5	25.1	16.4	10.9	116.1	96.2	81.0
Expenses ExpensesCr	205	211	271	314	340	732	1,400	2,516	2,639
Operating Profit Operating ProfitCr	19	18	16	20	31	68	171	327	337
OPM OPM%	8.6	8.0	5.7	5.9	8.3	8.6	10.9	11.5	11.3
Other Income Other IncomeCr	0	0	1	0	0	3	9	8	16
Interest Expense Interest ExpenseCr	2	2	4	3	6	9	21	41	43
Depreciation DepreciationCr	2	2	2	2	2	1	7	10	11
PBT PBTCr	16	14	12	15	24	62	152	285	300
Tax TaxCr	5	4	2	5	6	15	39	74	77
PAT PATCr	11	10	9	10	18	46	113	211	223
Growth PAT Growth%		-10.6	-9.3	10.1	80.1	153.7	144.4	86.5
NPM NPM%	5.1	4.4	3.2	3.0	4.9	5.8	7.2	7.4	7.5
EPS EPS₹	138.5	123.8	5.9	6.5	11.4	4.6	10.1	18.3	19.6

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	224	229	287	334	371	801	1,571	2,843	2,977
Growth Revenue Growth%		2.5	25.1	16.4	10.9	116.1	96.2	81.0
Expenses ExpensesCr	205	211	271	314	340	732	1,400	2,516	2,639
Operating Profit Operating ProfitCr	19	18	16	20	31	68	171	327	337
OPM OPM%	8.6	8.0	5.7	5.9	8.3	8.6	10.9	11.5	11.3
Other Income Other IncomeCr	0	0	1	0	0	3	9	8	16
Interest Expense Interest ExpenseCr	2	2	4	3	6	9	21	41	43
Depreciation DepreciationCr	2	2	2	2	2	1	7	10	11
PBT PBTCr	16	14	12	15	24	62	152	285	300
Tax TaxCr	5	4	2	5	6	15	39	74	77
PAT PATCr	11	10	9	10	18	46	113	211	223
Growth PAT Growth%		-10.6	-9.3	10.1	80.1	153.7	144.4	86.5
NPM NPM%	5.1	4.4	3.2	3.0	4.9	5.8	7.2	7.4	7.5
EPS EPS₹	138.5	123.8	5.9	6.5	11.4	4.6	10.1	18.3	19.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	1	1	1	16	22	22	22
Reserves ReservesCr	28	38	47	57	62	141	410	672
Current Liabilities Current LiabilitiesCr	67	95	115	96	164	315	697	1,277
Non Current Liabilities Non Current LiabilitiesCr	11	6	8	3	5	21	26	32
Total Liabilities Total LiabilitiesCr	107	140	171	158	251	505	1,199	2,042
Current Assets Current AssetsCr	92	126	157	143	233	440	995	1,763
Non Current Assets Non Current AssetsCr	15	13	14	15	18	65	204	278
Total Assets Total AssetsCr	107	140	171	158	251	505	1,199	2,042

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	1	1	1	16	22	22	22
Reserves ReservesCr	28	38	47	57	62	141	410	672
Current Liabilities Current LiabilitiesCr	67	95	115	96	164	315	697	1,277
Non Current Liabilities Non Current LiabilitiesCr	11	6	8	3	5	21	26	32
Total Liabilities Total LiabilitiesCr	107	140	171	158	251	505	1,199	2,042
Current Assets Current AssetsCr	92	126	157	143	233	440	995	1,763
Non Current Assets Non Current AssetsCr	15	13	14	15	18	65	204	278
Total Assets Total AssetsCr	107	140	171	158	251	505	1,199	2,042

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	4	-18	3	11	-32	44	-141	125
Investing Cash Flow Investing Cash FlowCr	-5	-1	-2	-2	-12	-52	-105	-63
Financing Cash Flow Financing Cash FlowCr	6	12	3	-12	45	21	246	90
Net Cash Flow Net Cash FlowCr	5	-6	4	-3	0	13	1	152
Free Cash Flow Free Cash FlowCr	-1	-19	1	9	-36	18	-169	97
CFO To PAT CFO To PAT%	36.0	-172.6	33.0	105.7	-177.4	95.0	-124.5	59.0
CFO To EBITDA CFO To EBITDA%	21.3	-95.5	18.7	54.0	-105.1	64.3	-82.5	38.1

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	4	-18	3	11	-32	44	-141	125
Investing Cash Flow Investing Cash FlowCr	-5	-1	-2	-2	-12	-52	-105	-63
Financing Cash Flow Financing Cash FlowCr	6	12	3	-12	45	21	246	90
Net Cash Flow Net Cash FlowCr	5	-6	4	-3	0	13	1	152
Free Cash Flow Free Cash FlowCr	-1	-19	1	9	-36	18	-169	97
CFO To PAT CFO To PAT%	36.0	-172.6	33.0	105.7	-177.4	95.0	-124.5	59.0
CFO To EBITDA CFO To EBITDA%	21.3	-95.5	18.7	54.0	-105.1	64.3	-82.5	38.1

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						1,841	4,125	2,471	3,243
Price To Earnings Price To Earnings						205.8	37.5	12.1	14.8
Price To Sales Price To Sales						2.3	2.6	0.9	1.1
Price To Book Price To Book						56.7	9.5	3.6	4.7
EV To EBITDA EV To EBITDA						27.3	25.1	7.7	10.1
Profitability Ratios Profitability Ratios
GPM GPM%	22.9	26.1	31.8	16.8	15.4	11.7	15.2	14.8	14.8
OPM OPM%	8.6	8.0	5.7	5.9	8.3	8.6	10.9	11.5	11.3
NPM NPM%	5.1	4.4	3.2	3.0	4.9	5.8	7.2	7.4	7.5
ROCE ROCE%	32.5	20.7	16.4	18.9	18.1	30.0	27.8	33.0	33.0
ROE ROE%	39.6	26.2	19.3	17.5	23.3	28.5	26.2	30.4	30.4
ROA ROA%	10.7	7.3	5.4	6.4	7.3	9.2	9.4	10.3	10.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						1,841	4,125	2,471	3,243
Price To Earnings Price To Earnings						205.8	37.5	12.1	14.8
Price To Sales Price To Sales						2.3	2.6	0.9	1.1
Price To Book Price To Book						56.7	9.5	3.6	4.7
EV To EBITDA EV To EBITDA						27.3	25.1	7.7	10.1
Profitability Ratios Profitability Ratios
GPM GPM%	22.9	26.1	31.8	16.8	15.4	11.7	15.2	14.8	14.8
OPM OPM%	8.6	8.0	5.7	5.9	8.3	8.6	10.9	11.5	11.3
NPM NPM%	5.1	4.4	3.2	3.0	4.9	5.8	7.2	7.4	7.5
ROCE ROCE%	32.5	20.7	16.4	18.9	18.1	30.0	27.8	33.0	33.0
ROE ROE%	39.6	26.2	19.3	17.5	23.3	28.5	26.2	30.4	30.4
ROA ROA%	10.7	7.3	5.4	6.4	7.3	9.2	9.4	10.3	10.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ENGINERSIN	IRCON	ISGEC	BONDADA	BGRENERGY	EMSLIMITED	AXTEL
Market CapitalizationMkt CapCr	15,164	9,772	6,635	3,243	2,295	1,732	671
Close PriceClose₹	269.80	103.90	902.40	290.40	318.10	311.95	415.50
IndustryIndustry	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General
Price To EarningsPE	19.34	18.65	33.86	14.85		25.42	21.51
Price To SalesPS	3.91	1.06	0.89	1.09	10.12	2.66	2.93
RevenueRevenueCr	3,878	9,241	7,458	2,977	227	652	229
Revenue Growth TTMRev Gr TTM%	16.3%	-9.9%	19.5%		-38.2%	-34.0%	42.1%
PAT Growth TTMPAT Gr TTM%	54.8%	-22.2%	5.7%		-10.8%	-63.0%	97.3%

	ENGINERSIN	IRCON	ISGEC	BONDADA	BGRENERGY	EMSLIMITED	AXTEL
Market CapitalizationMkt CapCr	15,164	9,772	6,635	3,243	2,295	1,732	671
Close PriceClose₹	269.80	103.90	902.40	290.40	318.10	311.95	415.50
IndustryIndustry	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General	Infra Engineering General
Price To EarningsPE	19.34	18.65	33.86	14.85		25.42	21.51
Price To SalesPS	3.91	1.06	0.89	1.09	10.12	2.66	2.93
RevenueRevenueCr	3,878	9,241	7,458	2,977	227	652	229
Revenue Growth TTMRev Gr TTM%	16.3%	-9.9%	19.5%		-38.2%	-34.0%	42.1%
PAT Growth TTMPAT Gr TTM%	54.8%	-22.2%	5.7%		-10.8%	-63.0%	97.3%