1. At a Glance – Blink and You’ll Miss the Growth
Bondada Engineering is that kid in class who quietly topped the exam and only told everyone after the results came out laminated. Current price ₹324, market cap ₹3,620 Cr, ROCE 39.5%, ROE 36.2%, debt-to-equity 0.41. In Q3 FY26, revenue clocked ₹712 Cr (YoY +89%), PAT ₹54.2 Cr (YoY +119%). Order book stands at a chunky ₹5,044 Cr, over 3.2× FY25 revenue.
Solar EPC is driving the bus, telecom is riding shotgun, railways just entered the party, and manufacturing is quietly selling chairs for the wedding. Stock is down ~30% in a year, because markets love drama even when numbers don’t.
Question for you already: Is this a classic “execution monster ignored by the market” or a cyclical EPC sugar high?
2. Introduction – From Towers to Transformers
Founded in 2012, Bondada Engineering started life as a telecom EPC contractor—dig trenches, erect towers, connect cables, repeat. Then India woke up one day and decided solar is the new national hobby. Bondada pivoted faster than a day trader on budget day.
Today, the company straddles solar EPC, telecom infrastructure, railway communication systems, and manufacturing. That sounds diversified until you realise it’s all infrastructure, just wearing different helmets.
The real flex? Bondada didn’t jump into solar yesterday. It scaled with the sector. FY19 revenue was ₹224 Cr. FY25? ₹1,571 Cr. TTM growth ~96%. This isn’t Excel gymnastics; this is cranes-on-ground execution.
But EPC businesses are like gym bros—look great in growth cycles, wheeze when cash flows tighten. So the real story is not revenue growth, it’s working capital discipline, balance sheet sanity, and order book quality. Let’s peel layers.
3. Business Model
– WTF Do They Even Do?
Imagine Bondada as a contractor who shows up with design blueprints, raw material, labour, timelines, and penalties—and leaves only after electrons start flowing.
a) Renewable Energy (58% of FY25 revenue)
Full-stack solar EPC: site survey, design, BOS, MMS, installation, testing, O&M. Add BESS to the mix and suddenly Bondada isn’t just generating power, it’s storing it like a prepper before monsoon.
Recent wins include 650 MW Adani, 810 MW NLC, 225 MW / 450 MWh BESS for APTRANSCO. This is not rooftop jugaad solar—this is utility-scale muscle.
b) Telecom (28%)
Tower erection, fiber laying, O&M for Jio, Airtel, BSNL, Indus Towers. Low glamour, high repetition, stable cash flows—like government exams of EPC.
c) Railways (New Kid)
Ground infra for Kavach, LTE-R, telecom towers, electrification. Entry into Indian Railways is like getting a passport stamp—slow initially, but once inside, orders keep coming.
d) Manufacturing (14%)
AAC blocks, uPVC windows, MMS, towers, LED lights, BLDC motors. This segment exists to support EPC margins and control supply, not to become Asian Paints.
Lazy investor takeaway: Bondada sells execution certainty, not products.
4. Financials Overview – Numbers That Don’t
