Bondada Engineering Wins Rs 1153.93 Crore Mega Order for Solar Project in Maharashtra
- Bondada Engineering secured a Rs 1153.93 crore mega EPC order for a 270 MWp solar project in Maharashtra.
- The order is from a domestic renewable energy developer and is a related party transaction with promoter interest.
- Execution timeline for the new order is 6 months from receipt.
- The company's total disclosed order book for the last three quarters is Rs 3467.19 crore.
- FY26 revenue grew 80.4% YoY to Rs 2851.10 crore, with net profit rising 86.5%.
*this image is generated using AI for illustrative purposes only.
Bondada Engineering has secured a mega EPC order valued at Rs 1153.93 crore for the development of a 270 MWp ground-mounted solar PV project in Maharashtra. The awarding entity is a domestic company engaged in renewable energy projects.
Order Details and Terms
The company disclosed this order to the exchanges on October 6, 2026. The scope of work includes the engineering, procurement, and construction (EPC) of the solar project at various locations within Maharashtra. The execution timeline is set for 6 months from the receipt of the order. The transaction is tax-inclusive and is marked as a related party transaction with promoter interest involved.
Recent Order History
The new mega order joins a series of recent wins across diverse sectors including telecom, defence, and other renewable energy projects. The table below summarizes the latest order alongside previous disclosures:
| Date | Value (Rs Cr) | Classification | Awarding Entity | Scope |
|---|---|---|---|---|
| Oct 06, 2026 | 1153.93 | Mega | Domestic Renewable Energy Developer | EPC for 270 MWp Ground-Mounted Solar PV Project in Maharashtra |
| Sep 29, 2026 | 146.9 | Large | Various Government and Private Sector customers | Supply of Telecom Towers, Solar Plant A class items and Solar Street Lights |
| Sep 10, 2026 | 41.01 | Significant | Northern Power Distribution Company of Telangana Limited (TG NPDCL) | Procurement, supply, installation, integration, testing, commissioning, operation & maintenance of smart energy meters |
| Aug 11, 2026 | 513.94 | Major | Leading telecom and energy EPC companies | Setting up of BESS projects aggregating to 200 MW / 400 MWh and supply of 100 BSNL Towers |
| Aug 06, 2026 | 2.1015743 | Significant | Multiple Defence PSU customers | Manufacture and supply of specialised defence equipment/materials |
| Jul 17, 2026 | 10.443 | Significant | Veremax Technologie Services Limited | Supply of BSNL 40MTR Towers, Foundation Bolts & Templates |
| Jun 16, 2026 | 1338.03 | Mega | NTPC Renewable Energy Limited | EPC Package for Development of 250 MW Solar with 50 MW/200 MWh BESS Project |
| May 18, 2026 | 469.52 | Large | Adani Green Energy Ltd, Adani Green Energy Six Limited | Supply of Goods and onsite services for BOS for 250 MW Solar Power Project |
| May 08, 2026 | 816.01 | Major | NTPC Green Energy Limited | BOS Works for setting up of 600 MW Solar Projects under EPC along with O&M |
| Apr 29, 2026 | 125.3 | Large | Adani Green Energy Ltd, Adani Ports & SEZ Ltd, Ambuja Cements Ltd | Supply of Goods and onsite services for BOS for 75 MW Solar Power Project |
| Apr 20, 2026 | 3.94 | Significant | Singareni Collieries Company Limited, Pratap Technocrats Pvt. Ltd, Indian Institute of Technology Hyderabad | Supply of Telecom Towers, Supply of Kavacch Infra Railway Towers, Supply of LED Street Lights |
Financial Context and Order Book
The Rs 1153.93 crore order significantly boosts the company's visible order pipeline. As per pre-computed metrics, the total disclosed order book for the last three fiscal quarters stands at Rs 3467.19 crore across 10 orders. This backlog represents 4.63 quarters of average quarterly revenue or 1.16 years of annual revenue at the current run-rate.
The average quarterly revenue over the last four quarters is recorded at Rs 748.20 crore. The strong order inflow supports the company's revenue visibility for upcoming quarters.
Quarterly Order Inflow Summary
The following table details the order inflow by quarter for the last three fiscal quarters:
| Quarter | Total Order Inflow (Rs Cr) | Order Count | Key Awarding Entities |
|---|---|---|---|
| Q2FY27 (Jul-Sep 2026) | 714.39 | 5 | Leading telecom and energy EPC companies, Multiple Defence PSU customers, Northern Power Distribution Company of Telangana Limited (TG NPDCL), Various Government and Private Sector customers, Veremax Technologie Services Limited |
| Q1FY27 (Apr-Jun 2026) | 2752.80 | 5 | Adani Green Energy Ltd, Adani Green Energy Six Limited, Adani Ports & SEZ Ltd, Ambuja Cements Ltd, NTPC Green Energy Limited, NTPC Renewable Energy Limited, Singareni Collieries Company Limited, Pratap Technocrats Pvt. Ltd, Indian Institute of Technology Hyderabad |
Note: The Q2FY27 total provided in the input data (Rs 714.39 crore) reflects the sum of orders disclosed during that period prior to the October 6 disclosure.
Revenue and Profitability Trends
Consolidated financials indicate steady growth. Revenue for FY26 stood at Rs 2851.10 crore, marking an 80.4% YoY increase from Rs 1580.10 crore in FY25. Net Profit for FY26 was Rs 211.10 crore, up 86.5% YoY.
Recent quarterly performance shows consistent margins:
| Quarter | Revenue (Rs Cr) | Net Profit (Rs Cr) | OPM (%) |
|---|---|---|---|
| Q1FY27 | 698.90 | 53.90 | 11.30% |
| Q4FY26 | 916.20 | 62.90 | 10.53% |
| Q3FY26 | 716.90 | 54.20 | 11.93% |
Balance Sheet and Cash Flow
The company reported positive operating cash flow of Rs 124.60 crore in FY26, improving from negative Rs 140.90 crore in FY25. The current ratio stands at 1.38x, indicating adequate liquidity. Total Equity is Rs 732.50 crore as of FY26.
Historical Stock Returns for Bondada Engineering
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +3.97% | +11.34% | +3.97% | -8.26% | -23.81% | +902.84% |
How will the execution of the 200 MW BESS projects impact Bondada Engineering's operating profit margins compared to its historical 11% average?
Given the significant drop in order inflow from Q1FY27 to Q2FY27, what strategies is the company pursuing to sustain revenue momentum beyond the current backlog?
Will the expansion into Battery Energy Storage Systems require new capital expenditures or partnerships that could alter the company's current leverage ratio of 1.79x?
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