Bondada Engineering Bags ₹1,153 Crore EPC Order for 270 MWp Solar Project

Key numbers

Market Cap	₹3,013.5 CrMid-cap
P/E Ratio	14.81xSector: 31.77x
Promoter Holding	61.52%Stable Ownership
Execution period	6 months from receipt of the order
Deal value	₹1,153.93 Cr
Share of market cap	38.3%
Share of annual revenue	38.8%

Key highlights

• Contract value of ₹1,153.93 crore equals 38.3 percent of the company's current market capitalization
• Project involves EPC for a 270 MWp ground-mounted solar PV plant across various sites in Maharashtra
• Strict execution timeline of 6 months from the receipt of the order
• Classified as a related-party transaction as the promoter group has interest in the awarding entity
• Adds to an order book that exceeded ₹10,023 crore as of September 2026

A ₹1,153 Crore Solar EPC Mandate in Maharashtra

Bondada Engineering Limited has announced the receipt of a major Engineering, Procurement, and Construction order for a 270 MWp ground-mounted solar project. This contract, valued at ₹1,153.93 crore, is spread across multiple locations in Maharashtra. The deal is particularly significant for the company as it represents roughly 38.8 percent of its trailing twelve-month revenue of ₹2,976.63 crore.

The company is tasked with the complete development of the project, including implementation and commissioning, within a rapid timeframe of six months. This win reinforces Bondada's transition toward larger-scale renewable energy infrastructure projects beyond its traditional telecom and smaller solar works.

Expanding the Massive ₹10,000 Crore Order Book

• The company reported a consolidated order book exceeding ₹10,023 crore as of September 01, 2026
• This contract follows a ₹1,338.03 crore EPC award from NTPC Renewable Energy in June 2026
• Bondada recently commissioned 221.7 MWp of solar projects in Q2 FY27, reaching a cumulative 1.7 GWp execution
• The company maintains a long-term goal of achieving 25 GW of execution capacity by 2030
• Recent momentum includes a ₹513.94 crore order in August 2026 for BESS and telecom tower projects

Strategic Alignment in Renewable Infrastructure

The project is identified as a related-party transaction, with the company noting that the promoter group holds an interest in the entity awarding the contract. Despite the related-party nature, the order size is substantial relative to Bondada's current financial profile. The company's focus has increasingly shifted toward large-scale Solar EPC, Battery Energy Storage Systems, and emerging infrastructure.

Financial data shows that while revenue grew 23.99 percent year-on-year in the latest quarter, the company is managing a valuation of 14.81x price-to-earnings, which sits at a discount compared to the broader sector average of 31.77x.

What to watch next

• Project execution milestones toward the April 2027 completion deadline
• Announcement of Q2 FY27 financial results expected in November 2026
• Further updates on the 100 MWh VRFB BESS project at Khavda Solar Park

Bondada Engineering · financial snapshot

Share price	₹269.85
Market capitalisation	₹3,013.46 Cr
Revenue (annual)	₹2,842.80 Cr
Net profit (annual)	₹203.48 Cr
Revenue (latest quarter)	₹691.65 Cr-24.31% vs previous quarter
Net profit (latest quarter)	₹52.89 Cr-10.61% vs previous quarter
P/E (TTM)	14.81×Sector 31.77×
Promoter holding	61.52%-0.05% QoQ
FII holding	0.53%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.