Bondada Engineering’s FY26 Surge: Order Book Scale-Up, BESS Entry, and a Busy FY27 Roadmap

Bondada Engineering Limited closed FY26 with sharp growth in scale and profitability, as its execution-heavy renewable EPC business accelerated and new verticals like BESS and data centres moved from narrative to early traction. On a consolidated basis, revenue from operations rose to INR 2,842.8 crore in FY26, up 81.0% year-on-year. EBITDA grew to INR 326.6 crore, while net profit increased to INR 211.1 crore.

The company’s FY26 revenue mix remained led by Renewable Energy at 79%, with Telecom contributing 14% and Products 7%. Management framed FY26 as a year of sector expansion, highlighting entry into battery storage via BOO projects, the first defence order through Bondada Dynamics, and a data centre services roadmap anchored by an MoU for “connection-ready” parcels.

FY26 performance in numbers and what drove the mix

The FY26 expansion was primarily execution-led, and the order environment remained supportive. Bondada reported solar commissioning of 492 MWp during FY26, taking cumulative commissioned capacity to about 1.3 GWp. In telecom, the company highlighted BSNL towers installed till date at 1,536, with 1,506 on-air.

Quarterly profitability in Q4FY26 softened versus Q3FY26, with EBITDA margin at 10.5% compared to 11.9% in Q3FY26. In the earnings call, management attributed the dip to a higher share of low-margin billing in Q4 and an increase in input costs, specifically steel and cable prices.

Order book strength and where execution is concentrated

As of 31 March 2026, Bondada reported a total order book of about INR 7,147.5 crore, which management described as about 2.5 times FY26 revenue. Renewable Energy (Solar EPC and IPP) was the largest component at INR 4,536.7 crore, followed by BESS BOO orders at INR 1,463.0 crore and Telecom at INR 785.4 crore.

The geographic distribution was concentrated in a few large states, with Maharashtra and Gujarat each contributing over INR 1,500 crore of orders, and Tamil Nadu adding material BESS-linked exposure. Management also highlighted a separate Andhra Pradesh 2 GW IPP project with an order value of INR 9,000 crore, explicitly excluded from the total order book computation. In the concall, management described this as confirmed but housed in a separate SPV and planned to be executed in phases.

BESS, data centres, and defence: how new verticals are being positioned

Battery Energy Storage Systems is the clearest new business line in the documents. Bondada disclosed 850 MWh of BESS BOO projects under execution. The two orders in hand are TNGECL (200 MW/400 MWh) and APTRANSCO (225 MW/450 MWh). On the call, management described these as annuity-style contracts over a 12-year period after commissioning and indicated project IRRs in the range of 13% to 14%.

Data centres are positioned as a services and infrastructure adjacency, built on the company’s telecom execution experience. Bondada’s presentation stated it is successfully managing a Microsoft data centre facility in Hyderabad. It also disclosed an MoU with Bryanston Inc. for joint development of “connection-ready” data centre parcels, with focus areas including Hyderabad, Vizag, and South Andhra Pradesh. In the concall, management guided that data centres could contribute about 7% to 8% of FY27 revenue, with an expected EBITDA margin of about 14% to 15%.

Defence and aerospace is early-stage but presented as a margin-accretive product pathway. The company disclosed its first defence order from Bharat Electronics Ltd for critical components in March 2026. Management stated the initial component relates to a missile program and is under confidentiality, with a near-term execution timeline of about three months and potential follow-on orders after trials.

FY27 roadmap: growth guidance, capex, and margin expectations

For FY27, management’s guidance was explicit on growth and relatively firm on profitability. In Q&A, management indicated FY27 revenue growth could be about 60% to 70% over FY26. It also stated bottom line growth of about 50% to 60% in absolute terms. On margins, management guided that EBITDA margin could remain similar or improve by 20 to 30 basis points, stating that the existing order book yields healthy margins.

A key capex item is the planned integrated manufacturing facility. Management stated it has identified about 27 acres near Hyderabad and expects construction to begin in Q2 FY27. Capex guidance was INR 120 to 130 crore including land, and commissioning was indicated to take about one year. While management did not position this facility as required for FY27 numbers, it framed it as capacity building for future growth and deeper backward integration.

The company also highlighted progress on liquidity and working capital. It stated that cash flow from operations turned positive in FY26. On the concall, the CFO attributed this to strong collections in Q4, including more than INR 1,000 crore collected in the quarter and about INR 457 crore in March alone. Management also discussed using the TReDS platform for MSME payments as a working capital tool.

Takeaways

Bondada’s FY26 story is anchored in scale-up: strong consolidated growth, a large and diversified order book, and continued dominance of renewable EPC in the revenue mix. The FY27 setup is more ambitious, with management guiding 60% to 70% revenue growth and stable-to-improving margins, while pushing simultaneously on BESS execution, data centre expansion, and a manufacturing capex cycle.

The documents also show the typical trade-offs of an EPC-led model, including sensitivity to project mix and commodity inputs, and sustained working capital intensity. With that said, management’s guidance is numeric on key points like growth range, planned capex, and data centre revenue share, which provides a clearer framework for tracking execution through FY27.