Bondada Engineering Limited H1 profit up 18%, operating cash negative

Bondada reported H1 FY27 net profit of Rs 111.40 crore, up 18% year on year, while operating cash flow was negative Rs 118.66 crore and EBITDA margin declined 49.2 basis points to 11.5%. Revenue from operations increased 16% to Rs 1,415.36 crore, while trade receivables reached Rs 1,035.19 crore at September 30, 2026.

How did Bondada perform in H1 FY27?

Bondada reported higher revenue, EBITDA and net profit in H1 FY27, although operating profitability narrowed. Revenue from operations rose from Rs 1,216.67 crore in H1 FY26 to Rs 1,415.36 crore in H1 FY27. Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 12% to Rs 162.22 crore from Rs 145.43 crore, while net profit rose from Rs 94.03 crore to Rs 111.40 crore.

The margin results differed between EBITDA and net profit. EBITDA margin fell from 12.0% in H1 FY26 to 11.5% in H1 FY27, a decline of 49.2 basis points, where 100 basis points equal one percentage point. Net profit margin increased from 7.7% to 7.9%, or 14 basis points, while other income rose to Rs 11.67 crore from Rs 1.32 crore and interest expense increased 17% to Rs 20.54 crore.

Bondada’s Q2 FY27 revenue was higher than its Q1 FY27 revenue. Q2 FY27 revenue reached Rs 723.71 crore, up 5% from Rs 691.65 crore in Q1 FY27 and 10% from Rs 658.84 crore in Q2 FY26. Q2 EBITDA was Rs 84.07 crore versus Rs 78.15 crore in Q1 FY27, and quarterly EBITDA margin improved to 11.6% from 11.3%.

Why was Bondada’s operating cash flow negative?

Bondada reported negative operating cash flow of Rs 118.66 crore for H1 FY27 despite reporting net profit of Rs 111.40 crore. The investor presentation does not provide a cash-flow statement or identify individual reasons for the outflow. It does show trade receivables rising by Rs 243.28 crore, from Rs 791.91 crore at FY26 to Rs 1,035.19 crore at September 30, 2026.

Working-capital balances moved in different directions over the same period. Inventories increased by Rs 18.67 crore to Rs 555.01 crore, while trade payables declined by Rs 94.52 crore to Rs 295.64 crore. Other current assets fell to Rs 113.78 crore from Rs 161.96 crore, but the presentation does not quantify how these individual movements affected operating cash flow.

Borrowings increased across both reported maturity profiles at H1 FY27. Non-current borrowings rose to Rs 94.38 crore from Rs 15.69 crore at FY26, and short-term borrowings rose to Rs 481.51 crore from Rs 259.47 crore. Bondada reported debt to equity of 0.68 at September 30, 2026, while shareholders’ funds stood at Rs 840.81 crore.

Which businesses supplied Bondada’s H1 revenue and orders?

Bondada derived 80.70% of H1 FY27 revenue from solar, its largest disclosed revenue segment. Telecom accounted for 12.57% and products for 6.73%, bringing the three reported categories to the full revenue mix. The company provides engineering, procurement and construction, or EPC, and operations and maintenance services across renewable energy, telecom, railways, manufacturing, battery storage, data centres and defence.

Renewable energy supplied the largest share of H1 FY27 order wins. Bondada reported total H1 FY27 order wins of Rs 5,120.80 crore, including Rs 3,902.80 crore in renewable energy and Rs 971.10 crore in battery energy storage systems, or BESS. Telecom contributed Rs 203.80 crore, product manufacturing Rs 41 crore, and defence and aerospace Rs 2.10 crore.

Bondada reported a total order book of about Rs 10,445.80 crore as of October 2026. Key wins listed include a Rs 1,338 crore NTPC REL project covering 250 megawatts of solar capacity and 50 megawatts or 200 megawatt-hours of BESS in Sitapur, Uttar Pradesh. Another listed award was a Rs 1,153.90 crore, 270-megawatt-peak solar EPC project in Maharashtra.

Bondada also reported about 1.7 gigawatt-peak of commissioned solar capacity, about 8 gigawatts of solar under execution including independent power producer projects, and 1.27 gigawatt-hours of BESS under execution. Renewable energy represented 68.6% of the disclosed October 2026 order-book mix and BESS represented 21.2%, together accounting for 89.8%.

What expansion plans does Bondada disclose for FY27 and beyond?

Bondada says it is targeting commissioning of 1.5 gigawatt-peak in FY27 and cumulative renewable-energy capacity of 25 gigawatts by 2030. On July 27, 2026, it acquired a 60% controlling interest in Onix IPP Pvt Ltd, which holds a 225-megawatt alternating-current solar portfolio in Maharashtra. The presentation says the portfolio has a 25-year power purchase agreement with MSEDCL.

Bondada identifies a 425-megawatt or 850-megawatt-hour utility-scale BESS project in Tamil Nadu, with TNGECL and APTRANSCO as offtakers. Its PhotonicGrid Networks Pvt Ltd subsidiary was formed on September 3, 2026 to build, own and operate fibre infrastructure. The presentation describes PhotonicGrid as pre-operative and says operations will begin after telecom licences are obtained.

Management’s Vision 2030 presentation sets a Rs 10,000 crore revenue milestone by 2030 and seeks to increase revenue from new business verticals to 30% from 10%. It also lists institutional-investor onboarding by Q3 or Q4 FY27 and describes the BSE Main Board transition as completed in Q3 FY27. These are management plans and milestones rather than H1 FY27 financial results.

Conclusion

Bondada’s H1 FY27 results combined 16% revenue growth and 18% net-profit growth with lower EBITDA margin and negative operating cash flow. The difference between the Rs 111.40 crore net profit and the Rs 118.66 crore operating cash outflow coincided with a Rs 243.28 crore increase in receivables, a Rs 94.52 crore decline in trade payables and higher borrowings at September 30, 2026.

The next disclosed markers are management’s 1.5-gigawatt-peak FY27 commissioning target, the start of PhotonicGrid operations after telecom licences, and institutional-investor onboarding planned for Q3 or Q4 FY27. Execution of the Rs 10,445.80 crore October 2026 order book, including 1.27 gigawatt-hours of BESS under execution, will provide further context for subsequent revenue, margin and cash-flow reporting.