Bondada Engineering Ltd — Updates, 11-05-2025: Company Update

Bondada Engineering Limited has announced a board meeting on the financial results for the quarter and half-year. The company reported a strong FY25 with 96% revenue growth to nearly Rs.1572 crore and around 150% PAT growth. The order book stands healthy at Rs.5000+ crore, primarily from renewable energy (RE) EPC (~Rs.3300 crore) and solar O&M (~Rs.250 crore), with battery energy storage system (BESS) orders (~Rs.240 crore) poised to scale. Expansion into Indian Railways and telecom, including the Kavach safety project and fiber network, offers new growth avenues with better margins. The company is executing orders over the next 12-18 months without major capacity constraints but focuses on talent acquisition and working capital efficiency. Solar EPC remains the largest contributor with expected Rs.1800 crore revenue next year, while products grow at 35-40% annually. BESS projects are in early EPC and CapEx stages with cost per MW hour installation around Rs.1.8-2 Cr; revenue generation from BESS expected within six months. Robust receivables management keeps average collection under two months, supported by cash-rich PSU clients. The firm sees 50-60% CAGR over the next 3-5 years driven by solar, BESS, railways, and telecom, targeting Rs.8000-8500 crore order book by next year-end. New contracts include operational & maintenance services for Microsoft data centers and potential orders from Adani. The company remains optimistic about order inflows across sectors amidst stable working capital cycles and margin expansion prospects.