ALFA Finder
| H1 FY27 Revenue | ₹1,415.3 Cr16% YoY Growth |
|---|---|
| Order Book | ₹10,445.8 CrAs of Oct 31, 2026 |
| Net Profit TTM | ₹221.14 CrTrailing 12 Months |
| Market Cap | ₹3,189.9 CrMid-cap |
Key highlights
- H1 FY27 revenue increased 16% year-on-year to ₹1,415.3 crore
- Consolidated order book robust at ₹10,445.8 crore as of October 2026
- Management targets 60% revenue growth for FY27, aiming for ₹4,000-4,500 crore
- Strategic shift targets 30% revenue contribution from new technologies by 2030
- Debt expected to peak between ₹1,300 crore and ₹1,500 crore by March 2027
Order Book Dynamics and Client Concentration
Bondada Engineering's consolidated order book reached ₹10,445.8 crore as of October 31, 2026, providing significant revenue visibility for the next 24 months. While core EPC projects in solar and telecom continue to drive volumes, the company faces high client concentration, with its top five customers, including NTPC and Adani Group, accounting for 70% of the current order book. To mitigate this, the management is actively bidding in a pipeline valued between ₹25,000 crore and ₹30,000 crore across public and private sectors.
Approximately ₹7,000 crore of the existing order book is slated for execution within the next two years, excluding long-term operations and maintenance contracts.
Diversification into BESS and Defense Segments
- Secured projects involving Vanadium Redox Flow Battery technology in Gujarat
- Acquired a 75% stake in KCS Engineering Solutions to enter the specialized defense design sector
- Executing a 225 MW AC solar power project in Maharashtra with a 25-year PPA
- Entered digital infrastructure via Photonic Grid Networks for fiber optic solutions
- Targeting 30% revenue mix from BESS, data centers, and defense by 2030
- Commissioning milestone for the ₹1,050 crore Adani solar project set for March 2027
Financial Performance and Capital Structure
The company maintained an EBITDA margin of 11.5% in H1 FY27 despite global supply chain volatility and fluctuating raw material costs. Profit after tax for the first half stood at ₹111.4 crore, an 18% increase over the previous year. As execution scales to meet the FY27 revenue guidance of ₹4,000-4,500 crore, working capital requirements are increasing.
Total debt, which stood at ₹480 crore in September 2026, is projected to peak between ₹1,300 crore and ₹1,500 crore by March 2027. This includes term loans for BESS projects and expanded banking facilities to support the heavy H2 execution cycle, which traditionally contributes 65% of annual revenue.
Strategic Roadmap to 2030
By 2030, you know that actually our number also, 10,000 crores revenue. From now to 10,000 crores is almost three to four times of our growth. Based on that actually you can also estimate that actually what is that going to be market cap.
What to watch next
- Commissioning of the Adani solar power project by March 2027
- Finalization of migration from SME platform to the NSE and BSE main boards
- Execution of the 50 MW hyper-scale data center infrastructure contract
- Next quarterly earnings announcement for Q3 FY27 in early 2027
“Our focus remains on improving execution efficiency, maintaining cost discipline, and delivering sustainable profitability as we scale our operations.”
“The emergence of VRFB technology on the horizon actually removes those restrictions. You can the plant life duration, it can be at par with the life of your solar plant.”
| Share price | ₹285.65 |
|---|---|
| Market capitalisation | ₹3,189.90 Cr |
| Revenue (annual) | ₹2,842.80 Cr |
| Net profit (annual) | ₹203.48 Cr |
| Revenue (latest quarter) | ₹723.71 Cr+4.63% vs previous quarter |
| Net profit (latest quarter) | ₹55.96 Cr+5.79% vs previous quarter |
| P/E (TTM) | 15.68×Sector 33.28× |
| Promoter holding | 61.52%0.00% QoQ |
| FII holding | 0.44%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Bondada Engineering Limited announcing its Q2 and H1 FY27 financial results and investor presentation details. Market figures from a third-party data provider.
