Bondada Engineering sets ₹10,000 crore plan for 25 GW by 2030

What the company has announced

Bondada Engineering, a solar engineering, procurement and construction (EPC) company with around ₹2,800 crore scale, has outlined a large expansion plan linked to its 2030 targets. The company has indicated investments of about ₹10,000 crore over the next four years to move towards 25 GW of renewable energy capacity by 2030. Alongside renewables, it is also evaluating adjacent verticals such as data centres and defence manufacturing.

The company’s chairman and managing director, Bondada Raghavendra Rao, said these new areas are expected to contribute to the company’s topline in coming years. The plan, as described across disclosures and media reports, combines a build-out in solar and storage with a push into infrastructure segments that require reliable connectivity and round-the-clock power.

Investment plan: renewables first, defence also in focus

Bondada has said that around ₹2,000 crore from the total proposed investments will be directed towards defence manufacturing, including acquisitions, and augmentation of its power plants. The balance of the capex plan is linked to reaching the 25 GW renewable energy target.

While the company has not provided a project-by-project capex schedule in the provided text, the broad direction is clear: scale renewable assets and EPC capability, while building optionality in higher complexity segments such as defence and data centres. Management has positioned this as an expansion that still leverages the firm’s execution background in infrastructure.

25 GW mix: solar plus battery storage

Bondada’s 25 GW 2030 renewable capacity target includes both generation and storage. Out of the 25 GW total, around 16 GW is expected to come from solar and 9 GW from battery energy storage systems (BESS).

Within the 16 GW solar pipeline, the company has indicated that around 2 GW will be deployed by Bondada as an independent power producer (IPP). For storage, the company has outlined around 2.5 GWh as its own deployment, while around 6.5 GWh is expected to be BESS EPC.

These numbers point to a blended strategy. Part of the platform is intended to be owned capacity (IPP and owned storage), and part is EPC-led execution where capacity is delivered to customers.

Data centres: entry via green-powered partnerships

Bondada has said it has capabilities in two key requirements for data centres: connectivity and round-the-clock power. It has also stated it can execute related works and hand over facilities to operators, and that it is in discussions with hyperscalers.

A concrete step on this track was announced in February 2026. Bondada Engineering entered into a Memorandum of Understanding (MoU) with Bryanston Renewables FZCO, Dubai, UAE, for the development of green-powered data centres in India and select international markets. In a regulatory filing, the company said the MoU establishes a framework for joint development and readiness to develop and deploy data centre project packages powered by green energy for domestic and international investors and data centre operators.

In a separate company note, Bondada described its footprint across infrastructure, telecom networking, solar energy, BESS and data centre MEP (mechanical, electrical and plumbing) as relevant capabilities for scaling in this segment.

Order book and execution pipeline: targets and reported figures

Bondada has communicated multiple order book figures and targets across different updates. In one report, the company said it is targeting an order book of around ₹10,000 crore by the end of the current financial year. Another update stated that Bondada Group had an order book of ₹7,500 crore by the end of the current fiscal year, with a cumulative 5.1 GW under execution and about 1.3 GW commissioned.

Separately, during an interview, management said the current confirmed order book was around ₹5,000 crore excluding a recent Tamil Nadu order worth over ₹863 crore, and expected the order book to close between ₹8,000 crore and ₹9,000 crore by the end of FY26 after accounting for that year’s revenues. The company also indicated that this range does not include its 2 GW IPP project proposal in Andhra Pradesh, which would be executed via a subsidiary.

Andhra Pradesh 2 GW IPP project: cost, timeline, and structure

Bondada has also secured a contract to develop a 2 GW solar project in Andhra Pradesh under the state’s Integrated Clean Energy Policy. The project, planned in independent power producer mode, is estimated to cost ₹9,000 crore and is to be developed across 9,000 acres in the Sri Sathya Sai and Ananthapuramu districts.

The project is expected to be commissioned within 24 months. For execution, Bondada incorporated a special purpose vehicle, Greenbond RE Park, with Bondada Engineering holding a 51% stake. The company has said the land parcels have been mapped and pooling has commenced, and that the State Investment Promotion Board approved the proposal in May 2025.

Recent project wins and references cited in updates

Bondada has been cited as receiving a letter of intent from the Adani Group for a 650 MW solar EPC project at the Khavda Renewable Energy Park in Gujarat, with an estimated contract cost of ₹1,050 crore. Another corporate update referenced a 400 MWh or 200 MW BESS project awarded by Tamil Nadu Green Energy Corporation Ltd (TNGECL), valued at ₹836 crore, structured under a build-own-operate (BOO) model across specified substations.

The same company communication also mentioned a Microsoft data centre contract in Hyderabad valued at ₹2.3 crore for integrated mechanical, electrical and facility O&M services. Separately, an update stated that in January 2026 the company commissioned 69.51 MWp of solar projects and in December 2025 won a renewable contract worth ₹945 crore.

Key figures at a glance

Market context and positioning mentioned in coverage

One Hindi-language analysis included valuation references, stating Bondada Engineering’s P/E ratio around 19-20 and market capitalisation in the ₹3,700-₹3,900 crore range at the time of that write-up. The same note cited an estimate that India’s data centre sector could reach around ₹2,430 crore (₹24.3 billion) by 2032.

On operating performance, an ET Now interview excerpt cited management commentary of a 153% year-on-year surge in H1 FY26 revenues with over 100 basis points margin expansion, alongside the broader 2030 ambition of reaching $1 billion revenue.

Conclusion: what to watch next

Bondada Engineering’s stated roadmap combines a large renewable capacity target with specific steps into green-powered data centres and defence manufacturing. The near-term markers to track, based on the provided disclosures, include order book movement through FY26, progress on the 2 GW Andhra Pradesh IPP project via its SPV, and any project-specific announcements emerging from the Bryanston Renewables MoU framework.