01 — At a Glance
The Startup That Decided to Become a Utility Tomorrow
- 52-Week High / Low₹510 / ₹263
- 9M FY26 Revenue₹1,928 Cr
- 9M FY26 PAT₹166 Cr
- 9M FY26 EPS₹14.74
- Order Book (Mar’25)₹5,044 Cr
- Book Value₹51.8
- Price to Book5.41x
- Debt / Equity0.41x
- Interest Coverage7.41x
- Promoter Holding61.55%
Auditor’s Spoiler Alert: Bondada hit ₹1,928 crore revenue in just 9 months of FY26 — already exceeding FY25’s full-year ₹1,571 crore. PAT surged to ₹166 crore (+7.67% margin), profit growth is +119% YoY. Order book sitting pretty at ₹7,385 crore in Mar’25 (per investor presentation). The stock is down 27% in one year because apparently, the market decided to punish competence. Also, BESS BOO contracts worth ₹425 MW / 850 MWh signed. Running at Usain Bolt speeds with the brakes inverted.
02 — Introduction
A 2012 Startup That Looks Like It’s Been Operating Since 1947
Bondada Engineering Limited. Founded in 2012. Doesn’t sound revolutionary. Then you look at the concall and realize they’re executing the infrastructure equivalent of a startup blitzkrieg — EPC (Engineering, Procurement, Construction) for solar. Then telecom tower operations. Then BESS (Battery Energy Storage Systems) that didn’t exist for them three years ago. Then Indian Railways Kavach deployment. Then defence products. Then data centre infrastructure. It’s like watching your chartered accountant friend suddenly announce he’s launching a SpaceX competitor from his garage in Hyderabad.
The numbers speak. Revenue CAGR over 14 years: 56%. That’s not steady growth — that’s velocity. Nine-month revenue in FY26 (₹1,928 crore) already exceeds the full FY25 (₹1,571 crore). Profit growth of 119% YoY in Q3. A management that talks about “vision 2030 targeting ₹10,000 crore revenue” not like it’s an aspiration, but like it’s a schedule. The CRISIL rating is A/Stable. The working capital cycle looks tighter than a Gujarati businessman’s expense claim. And the stock is down 27% because apparently, the market is still deciding if this is growth or a statistical anomaly that will collapse by Tuesday.
This is a company running at escape velocity. But that raises a question that every analysis should grapple with: is the valuation pricing in the next decade of growth, or is it pretending the last decade didn’t happen?
Concall Insight (Mar 2026): Management confirmed that as of Nov 2025, consolidated turnover was up 107% YoY, already surpassing full-year FY25 revenue. The order book is getting “progressively cleaner and richer in quality” — translation: fewer one-off projects, more recurring BESS and O&M contracts. Management is not optimistic about growth — they’re matter-of-fact. Like they’ve pre-calculated the next three years and are just executing the script.
03 — Business Model: WTF Do They Even Do?
They Build Solar Farms, Run Towers, and Now Store Electrons (Somehow).
Bondada operates in four main verticals. First: Renewable Energy, which is 58% of FY25 revenue. End-to-end solar EPC — site surveys, land clearance, system design, installation, performance monitoring. They’re doing 7.8 GW under execution across India. That’s not a project pipeline — that’s an industrial capacity. Second: Telecom at 28% of revenue. Tower erection, cell site construction, fibre laying, O&M contracts with clients like Reliance Jio, Airtel, Indus. They’ve got 9,000+ telecom towers under O&M generating recurring revenue. Third: A newer vertical — Indian Railways. Kavach deployment, 4G LTE-R infrastructure, electrification work. New in 2025, but management is taking it seriously. And fourth: Products Manufacturing (AAC blocks, UPVC windows, telecom/solar structures, LED solutions, BLDC motors). That’s the 14% vertical that keeps working capital from imploding.
The critical pivot, though, is Battery Energy Storage Systems (BESS). Entry into BOO (Build-Own-Operate) models starting 2026. They’ve already got ₹425 MW / 850 MWh under execution with TNGECL and APTRANSCO. Long-term recurring revenue. Policy-backed demand. Grid integration play. Management’s vision for 2030: 9 GWh of BESS capacity (BOO + EPC combined). That’s not speculation. That’s a roadmap with signed LOAs.
Solar Revenue %58%FY25 mix
Telecom %28%Recurring O&M
Under Execution7.8 GWSolar pipeline
Order Book₹7,385 CrAs of Mar’25
Adani Moment: In Nov 2025, Bondada signed a five-year strategic partnership with Adani on a single day. Adani awarded 650 MW solar EPC order immediately. That’s not a partnership announcement — that’s a validation stamp from India’s largest renewable platform. Management concall commentary: “Partnership brings credibility and allows us to compete at scale with Tier-1 EPC players.” Translation: we just became a system integrator, not a contractor.
💬 Here’s the thing: ₹425 MW of BESS BOO deals are now signed. Is this the “utility dream” or a one-off that’ll plateau in 2027? What’s your read?
04 — Financials Overview
Q3 FY26 & 9M FY26: Velocity Meets Volume
Result type: Quarterly Results (9M FY26 Consolidated) | Q3 FY26 EPS: ₹4.76 | Annualised EPS (Q3×4): ₹19.04 | 9M FY26 EPS: ₹14.74
| Metric (₹ Cr) |
Dec 2025 (Q3)
Latest Qtr |
Dec 2024 (Q3)
YoY Qtr |
Sep 2025 (Q2)
Prev Qtr |
YoY % |
QoQ % |
| Revenue | 712 | 376 | 659 | +89.4% | +8.0% |
| Operating Profit | 85 | 38 | 78 | +123.7% | +9.0% |
| OPM % | 12% | 10% | 12% | +200 bps | Flat |
| PAT | 54 | 25 | 52 | +118.8% | +3.8% |
| EPS (₹) | 4.76 | 2.25 | 4.75 | +119% | +0.2% |
The Annualisation Trap & What It Actually Means: Q3 EPS of ₹4.76 × 4 = ₹19.04 annualised. BUT WAIT. We only have 9-month data, so the 9M EPS is ₹14.74. Full-year shouldn’t be assumed at 4× Q3. However, if Q4 (Jan-Mar’26) maintains similar margins and momentum, annualised would be ₹18-19+. Current P/E at CMP ₹279 ÷ ₹14.74 (9M basis) = 18.9x. Pretty expensive. But if the annualised view is closer to ₹18-19? Then the P/E is closer to 14.7x — which is below the industry median of 15.8x shown in concurrencies. Valuation is the hinge pin here.
05 — Valuation: Fair Value Range
What’s This Infrastructure Darling Actually Worth?
