Bondada Engineering wins ₹1,338 cr NTPC solar-BESS order

Key developments driving the news

Bondada Engineering has reported a fresh set of domestic orders across telecom and renewable energy, ranging from smaller tower and solar supply contracts to large EPC awards for solar and battery energy storage systems (BESS). The disclosures include multiple orders from NTPC group entities, alongside packages linked to BSNL tower supply and solar components across states.

The latest update also reiterates how the company is positioning its order pipeline around solar EPC, Balance of System (BOS) works, and grid-scale storage. Several orders cited in the disclosures carry defined timelines, while some older wins referenced did not disclose contract values.

₹146.90 crore multi-order package with 2 to 4 month execution

Bondada Engineering disclosed multiple domestic orders aggregating to ₹146.90 crore (inclusive of taxes), with execution expected within two to four months. The package spans telecom tower supply and solar items across different group entities.

Bondada Green Engineering received an order to supply 200 telecom towers for the BSNL 40GBT project in Gujarat. Bondada Renewable Energy received an order for A-class items for a ground-mounted solar plant in Maharashtra. Bondada E&E received an order for 18-watt solar street lights in Uttar Pradesh.

The company also referenced a 100-tower BSNL supply contract won in June and an 850 MWh battery storage order in Tamil Nadu secured in July, but did not disclose the value for either.

NTPC Renewable Energy NOA: ₹1,338.03 crore solar-plus-storage EPC

Bondada Engineering said it received a Notification of Award (NOA) from NTPC Renewable Energy Limited for an EPC package to develop a 250 MW Solar PV project coupled with a 50 MW/200 MWh BESS at Sitapur, Uttar Pradesh.

The disclosed contract size is ₹1,338.03 crore (inclusive of GST), and the stated completion period is 18 months from receipt of the NOA. Reuters also carried a separate line noting that Bondada Engineering “gets order worth 13.38 billion rupees,” consistent with the disclosed ₹1,338.03 crore value.

Bondada stated that this order expands its solar EPC order book to approximately 5,500 MWp and increases its battery storage order book to approximately 1,100 MWh.

100 MWh VRFB BESS at Khavda with 10-year O&M

Separately, Bondada Engineering disclosed a Notification of Award from NTPC Renewable Energy for an EPC contract to build a 100 MWh Vanadium Redox Flow Battery (VRFB) energy storage system at the Khavda Solar Park in Gujarat.

The disclosure mentions the project includes 10 years of operations and maintenance (O&M). In another update on the same VRFB award, the company described it as India’s first and largest grid-scale VRFB BESS, with Delectrik Systems Pvt Ltd named as the technology partner and a completion timeline of 10 months.

NTPC Green Energy NOA: ₹816 crore BOS work for 600 MW solar

Bondada Engineering also reported a ₹816 crore Notification of Award from NTPC Green Energy Limited for BOS works on a 600 MW Solar PV project at Fatehgarh, Rajasthan.

The order is under EPC mode, includes a 3-year O&M component, and is scheduled for execution within 16 months, as per the company’s disclosure.

Another disclosure: ₹513.94 crore BESS projects plus BSNL towers

In another update, Bondada Engineering referred to an order valued at ₹513.94 crore covering 200 MW/400 MWh BESS projects and the supply of 100 BSNL towers. The company indicated this package is scheduled for delivery in FY2026-27.

Additional orders referenced across clients

The broader set of disclosures and referenced updates include multiple renewable EPC wins:

• Orders worth ₹469.52 crore from Adani Green Energy Ltd and Adani Green Energy Six Limited for a 250 MW BOS package at Khavda, Kutch, Gujarat.
• A Letter of Award from AP TRANSCO for a ₹627 crore standalone BESS project in Andhra Pradesh.
• A ₹391.38 crore EPC order from NTPC Green Energy Limited for a 300 MW Solar PV project in Lalitpur, including BOS works and a 3-year O&M component, to be executed over 15 months.
• A ₹945.11 crore EPC order from NLC India Renewables Limited for setting up 810 MW solar power projects in Bikaner, Rajasthan, including BOS works, EPC, and a 3-year O&M component, with execution expected within 15 months.
• A ₹465 crore LOA from MAHAGENCO for a 100 MW AC solar EPC package in Beed, Maharashtra, including land procurement and O&M.
• A ₹10.57 crore order from Kernex Microsystems for tower supply and installation for Southern Railways.

Under-execution storage mix cited by the company

Bondada’s disclosures also listed projects under execution across storage chemistries and models:

• LFP (BOO) - 850 MWh
• LFP (EPC) - 200 MWh
• VRFB (EPC) - 100 MWh

Stock moves and earlier trigger points

Bondada Engineering shares earlier hit a 10% upper circuit after the firm won a reported ₹9,000 crore order from the Andhra government, as per a headline dated May 23, 2025.

A separate table row provided alongside the material shows a quarterly result announcement dated 27 Jan 2026, with prices listed at 306.50 and 314.15.

Summary table: orders, scope, and timelines

Market impact: what the disclosures change

The disclosures add visibility on Bondada’s mix between telecom infrastructure supply and renewable EPC, with multiple projects anchored by central PSU clients. The ₹1,338.03 crore NTPC Renewable Energy award is specifically positioned as the company’s first large-scale solar-plus-storage order from a central public sector undertaking, with the company noting it broadens the client base beyond the Adani Group.

The company also quantified its updated order book metrics after the NTPC Renewable Energy award, citing approximately 5,500 MWp in solar EPC and approximately 1,100 MWh in BESS. In the context of execution, the cited under-execution storage split (850 MWh LFP under BOO, 200 MWh LFP under EPC, and 100 MWh VRFB under EPC) indicates active work across more than one storage pathway.

Analysis: why these orders matter

Bondada’s order flow, as described, clusters around three themes: PSU-linked utility-scale renewable EPC, grid-scale storage integration, and continuing tower and ancillary solar supply. The VRFB award at Khavda, with a 10-year O&M component and a disclosed technology partner, stands out because it is explicitly described as a first-of-its-kind grid-scale VRFB deployment in India.

At the same time, the mix of timelines suggests a pipeline that spans both near-term execution windows, such as the ₹146.90 crore package to be completed in two to four months, and longer-duration projects like the Sitapur solar-plus-storage EPC with an 18-month period and the Fatehgarh BOS award with a 16-month schedule.

Conclusion

Bondada Engineering’s latest disclosures combine a ₹146.90 crore short-cycle package with larger, time-bound renewable EPC orders, led by a ₹1,338.03 crore NTPC Renewable Energy solar-plus-storage contract. The company has also reported NTPC group awards in storage and BOS works, and referenced additional wins across Adani entities, AP TRANSCO, NLC India Renewables, and MAHAGENCO.

Next milestones will be tied to the stated completion schedules, including the 18-month Sitapur execution window, the 16-month Fatehgarh BOS timeline, and the 10-month VRFB completion target cited for the Khavda storage project.