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.