Bondada Engineering Limited has received a Notification of Award (NOA) from NTPC Green Energy Limited (NGEL) for the execution of Balance of System (BOS) works for a 600 MW Solar PV Project at Fatehgarh, Rajasthan. The award covers Block - 1 & Block – 3 of the solar project and was intimated to the exchanges on May 08, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Terms of the Notification of Award

The following table outlines the significant terms and conditions of the NOA as disclosed by the company:

Scope of Work

The project entails Design, Engineering, Site Development, Manufacture, Inspection at Supplier's Works, Supply, Insurance, Transport, Storage, Erection, Installation, Testing & Commissioning of a total capacity of 300 MW Solar Power Project (SPP) per block. The overall project scope encompasses BOS works for the 600 MW capacity across Block - 1 & Block – 3, to be executed under EPC mode. Additionally, Operations & Maintenance (O&M) services are included for a period of three years following commissioning.

Strengthening Order Book and NTPC Group Relationship

This award marks the second order received from the NTPC Group by Bondada Engineering. With this addition, the cumulative order inflow from the NTPC Group has reached approximately INR 1,207 Crore, with a total cumulative capacity nearing ~1 GW. The company's total Solar EPC order book in hand has increased to approximately ~5.3 GWp following this award.

Impact on Revenue Visibility

The order is expected to contribute to the company's revenues and profitability during the execution period. The award further strengthens the company's Solar EPC portfolio and enhances medium-term revenue visibility. The intimation was signed by Sonia Bidlan, CS & Compliance Officer (M. No. A37766), on May 08, 2026.

Bondada Engineering Limited held its Q4 and FY26 Post-Earnings Conference Call on April 28, 2026, to discuss the company's performance and future outlook. The management, led by Chairman and Managing Director Dr. Raghavendra Rao Bondada, Director & CFO CA Satyanarayana Baratam, and CEO Rear Admiral R Sreenivas, provided insights into the financial results, operational highlights, and strategic growth plans for the coming year.

Financial Performance and Order Book

The company reported a revenue of INR2,843 crores for the fiscal year ended March 31, 2026, compared to INR1,571 crores in the previous year. This growth reflects a Compound Annual Growth Rate (CAGR) of approximately 90% over the last three years. The net profit for the year stood at INR211 crores. The company’s net worth is around INR7,325 million, and it maintains a cash surplus position.

Bondada Engineering’s total order book as of March 31, 2026, stands at INR7,147 crores. The breakdown of the order book by segment is as follows:

The company also has a significant pipeline of orders, including INR9,000 crores for a 2 gigawatt Independent Power Producer (IPP) project in Andhra Pradesh, which is currently in the land pooling stage and treated as a separate Special Purpose Vehicle (SPV).

Business Overview and Operational Highlights

Bondada Engineering operates across diversified segments including renewable energy, telecom, railways, BESS, data centres, and defence. The company has a portfolio of 7.8 gigawatts in solar EPC and BESS under execution, with 1.3 gigawatts commissioned to date. In the telecom sector, the company has installed 1,536 BSNL towers, with a 99% strike rate for on-air status.

The management emphasized the company’s expansion into emerging sectors such as data centres and defence. Regarding data centres, Bondada Engineering has signed an MOU with Bryanston to create infrastructure for hyperscalers. The company is currently working on two facilities in Hyderabad and Vizag. In the defence sector, the company has secured its first order for a critical missile component and is exploring inorganic growth through mergers and acquisitions.

Strategic Outlook for FY27

For the financial year FY27, Bondada Engineering targets a revenue growth of 60% to 70%. This guidance is based on the existing order book of INR7,147 crores, which is to be delivered over the next 18 to 20 months, and ongoing orders. The company expects net profit margins to remain stable or improve in absolute terms, with a projected bottom-line growth of 60% to 70%.

A key strategic initiative for FY27 is the establishment of an integrated world-class manufacturing facility near Hyderabad. The company has identified a 27-acre land parcel for this facility, with construction expected to start in the second quarter of FY27. The capital expenditure for this facility is estimated at INR120 crores to INR130 crores, including the cost of land. This plant aims to integrate manufacturing units for renewable energy products, transmission towers, and BESS facilities.

Future Vision and Expansion

Looking towards the long term, Bondada Engineering has set a target of achieving 25 gigawatts of renewable energy capacity by 2030, aligned with the government’s renewable energy mission. This includes 16 gigawatts of solar and 9 gigawatts of BESS. The company also plans to strengthen its leadership in the telecom sector, particularly with the ongoing 5G expansion and the Kavach railway safety project.

The management expressed confidence in the company’s ability to maintain positive cash flow from operations, supported by efficient working capital management and the use of the TReDS facility for MSME payments. With a robust order book, diversified portfolio, and clear strategic roadmap, Bondada Engineering is well-positioned for sustained growth in the coming years.