Bondada order book reaches Rs 10,445.8 crore, 68.6% renewable

Bondada Engineering Limited reported an approximately Rs 10,445.8 crore order book as of October 2026, of which renewable energy represented 68.6% and battery energy storage systems represented 21.2%. The backlog follows Rs 5,120.8 crore of H1 FY27 order wins disclosed in the company’s segment-wise order table.

What is Bondada’s current order book?

Bondada’s total order book was approximately Rs 10,445.8 crore as of October 2026. Management specified October 31, 2026 in its commentary, while the order-book page described the figure as being as of October 2026, covering renewable energy, battery energy storage systems, telecom, products, railways and defence and aerospace.

Renewable energy was the largest component at 68.6%, followed by battery energy storage systems, or BESS, at 21.2%. Telecom accounted for 5.8%, product manufacturing 2.8%, railways 1.6%, and defence and aerospace was shown as 0.0%, meaning renewable energy and BESS together constituted 89.8% of the stated backlog.

Bondada’s backlog was about 7.4 times its H1 FY27 consolidated revenue from operations of Rs 1,415.36 crore. This compares an October point-in-time order book with revenue for the six months ended September 30, 2026, rather than indicating a stated execution period or revenue conversion rate.

Which segments drove Bondada’s H1 FY27 order wins?

Renewable energy drove Bondada’s H1 FY27 order wins with Rs 3,902.8 crore, or about 76.2% of the Rs 5,120.8 crore segment total. BESS was second at Rs 971.1 crore, while telecom contributed Rs 203.8 crore, product manufacturing Rs 41 crore, and defence and aerospace Rs 2.1 crore.

The order-win mix differed from Bondada’s reported H1 FY27 revenue mix. Solar generated 80.70% of six-month revenue, telecom 12.57%, and products 6.73%, whereas BESS was separately disclosed as Rs 971.1 crore of new orders but was not listed as a revenue category in the presentation’s revenue-mix chart.

Management said Bondada had secured approximately Rs 4,663.6 crore of orders since April 2026 across solar engineering, procurement and construction, or EPC, BESS, telecom, smart metering and defence. The presentation does not reconcile that commentary figure with the Rs 5,120.8 crore total in the H1 FY27 segment order-wins table.

Which contracts underpin Bondada’s renewable backlog?

Bondada’s disclosed major awards include a Rs 1,338 crore NTPC REL contract for 250 megawatts, or MW, of solar capacity plus 50 MW/200 megawatt-hours, or MWh, of BESS at Sitapur, Uttar Pradesh. Other listed awards were a Rs 1,153.9 crore, 270 megawatt-peak, or MWp, solar EPC project in Maharashtra and Rs 816 crore of balance-of-system, or BOS, work for NTPC Green’s 600 MW Fatehgarh project in Rajasthan.

The company also listed a Rs 469.5 crore Adani Group order for 250 MW of BOS work at Khavda, Gujarat. Its Rs 971.1 crore BESS order category covers lithium iron phosphate, or LFP, and vanadium redox flow battery, or VRFB, projects, placing storage among the five largest disclosed order values.

Bondada reported about 1.7 gigawatt-peak, or GWp, of solar capacity commissioned and about 8 GW of solar under execution, including independent power producer, or IPP, projects. On July 27, 2026, it acquired a 60% controlling interest in Onix IPP Pvt Ltd, which has a 225 MW alternating-current solar portfolio in Maharashtra under PM-KUSUM Component C and a 25-year power purchase agreement, or PPA, with MSEDCL.

How much BESS capacity is under execution?

Bondada reported 1.27 gigawatt-hours, or GWh, of BESS orders under execution across LFP and VRFB technologies. The disclosed LFP contracts are 200 MW/400 MWh for TNGECL, 225 MW/450 MWh for APTRANSCO, and 50 MW/200 MWh for NTPC.

The VRFB projects are 16.6 MW/100 MWh for NTPC and 20 MW/120 MWh for Gujarat Industries Power Co. Ltd. The five listed projects total 1,270 MWh, equivalent to the 1.27 GWh BESS capacity reported by Bondada.

Bondada also identified a 425 MW/850 MWh utility-scale BESS project in Tamil Nadu, with TNGECL and APTRANSCO named as offtakers. The presentation describes Bondada’s BESS activities as covering build-own-operate, or BOO, projects, EPC and operations and maintenance, or O&M, rather than solely construction contracts.

What financial context accompanies Bondada’s order book?

Bondada reported H1 FY27 revenue from operations of Rs 1,415.36 crore, earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 162.22 crore, and net profit of Rs 111.4 crore. Revenue rose 16% year on year, EBITDA increased 12%, and net profit rose 18%, while EBITDA margin declined 49.2 basis points to 11.5% and net profit margin increased 14.2 basis points to 7.9%.

Operating cash flow was negative Rs 118.66 crore for H1 FY27, while cash and cash equivalents were Rs 335.3 crore as of September 30, 2026. Bondada also reported debt to equity of 0.68 and net worth of Rs 840.8 crore at that date; the presentation gives no project-level schedule for cash requirements, billing or completion dates.

Management said rated bank facilities had increased from Rs 800 crore to Rs 2,000 crore and cited a CRISIL A+/Stable rating. Separately, PhotonicGrid Networks Pvt Ltd, established on September 3, 2026 for fibre build-own-operate activity, was pre-operative and expected to begin after obtaining telecom licences.

Conclusion

Bondada’s October 2026 backlog is primarily tied to energy work, with renewable energy and BESS accounting for 89.8% of the Rs 10,445.8 crore total. The H1 FY27 order-win data points in the same direction: renewable contracts were Rs 3,902.8 crore and BESS contracts were Rs 971.1 crore, exceeding telecom, manufacturing and defence awards.

Investors can watch management’s FY27 target to commission 1.5 GWp and its goal of reaching 25 GW of cumulative renewable capacity by 2030. Other disclosed matters to track are execution of the 1.27 GWh BESS portfolio, the pre-operative fibre business’s licensing progress, and any reconciliation of the Rs 4,663.6 crore and Rs 5,120.8 crore order-win disclosures.