Bondada Engineering Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Bondada Engineering Ltd filed with BSE on 06 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Bondada Engineering reported FY26 revenue of INR2,843 crore, up from INR1,571 crore in FY25, and net profit of around INR211 crore, backed by an order book of INR7,147 crore as of March 31, 2026. Management said EBITDA margin improved to about 7.5% for the year despite a fourth-quarter dip attributed to low-margin project billing and higher steel and cable costs. The company outlined plans for BESS, data centre, and defence and aerospace expansion, alongside a new integrated manufacturing facility near Hyderabad.
Numbers mentioned
Revenue: INR2,843 crores (FY26)
p. 5
“now 2026 we have reported INR2,843 crores of revenue which is coming almost around last three years if you see that our average CAGR is around 90%, 95%.”
Dr. Raghavendra Rao Bondada, page 5 of the filed PDF · View the filing
Net worth: INR732 crores
p. 3
“The net worth of the company is around INR7,325 million -- INR732 crores, and around 7.8 gigawatt of portfolio in solar, EPC and as well as the BESS is under execution.”
Dr. Raghavendra Rao Bondada, page 3 of the filed PDF · View the filing
Order book: INR7,147 crores (as of 31 March 2026)
p. 8
“In terms of the total order book we are sitting on INR7,147 crores of order book as of 31 March 2026.”
Satyanarayana Baratam, page 8 of the filed PDF · View the filing
Net profit: INR211 crores (FY26)
p. 10
“That's what I'm telling, actually this year, you have seen that our net profit is around INR211 crores so.”
Dr. Raghavendra Rao Bondada, page 10 of the filed PDF · View the filing
EBITDA margin: 7.5% (FY26)
p. 16
“Last year we were at 7.2% percent and this year we were at 7.5% close to.”
Satyanarayana Baratam, page 16 of the filed PDF · View the filing
BSNL towers installed: 1,536 numbers (as of 31 March 2026)
p. 9
“if you see we have BSNL towers installed as of now about 1,536 numbers and on-air which means which is getting radiated is about 1,506 numbers.”
Satyanarayana Baratam, page 9 of the filed PDF · View the filing
Operating cash flow: INR125 crores (FY26)
p. 17
“That too if you see on the numbers we are operating cash flow. We are positive by INR125 crores.”
Satyanarayana Baratam, page 17 of the filed PDF · View the filing
Net cash surplus: INR100 crores (as of 31 March 2026)
p. 17
“After netting of all the debt still the company is sitting on INR100 crores of cash, cash positive.”
Satyanarayana Baratam, page 17 of the filed PDF · View the filing
L1 orders pending: INR2,850 crores
p. 11
“currently we are almost sitting on around INR2,850 crores orders L1 which we are going to get in the first quarter.”
Dr. Raghavendra Rao Bondada, page 11 of the filed PDF · View the filing
AP 2 gigawatt IPP order book: INR9,000 crores
p. 20
“It is a confirmed order book for sure. It is INR 9,000 crores of order book is confirmed.”
Satyanarayana Baratam, page 20 of the filed PDF · View the filing
March collections: INR457 crores (March 2026)
p. 26
“And in the month of March alone we have collected almost a kind of INR457 crores.”
Satyanarayana Baratam, page 26 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 60% to 70% · FY27
stated firmly by Dr. Raghavendra Rao Bondada
p. 10
“maybe anything around 60% to 70% of revenue growth will be there even coming financial year.”
Dr. Raghavendra Rao Bondada, page 10 of the filed PDF · View the filing
Net profit growth — 60% to 70% · FY27
stated firmly by Dr. Raghavendra Rao Bondada
p. 10
“That's what I'm telling, actually this year, you have seen that our net profit is around INR211 crores so. On that around 60% to 70% growth will be there as an absolute amount.”
Dr. Raghavendra Rao Bondada, page 10 of the filed PDF · View the filing
Solar EPC commissioning — 1.5 gigawatt · FY27
stated firmly by Dr. Raghavendra Rao Bondada
p. 6
“targeting 1.5 gigawatt of EPC commissioning to scale the execution capabilities”
Dr. Raghavendra Rao Bondada, page 6 of the filed PDF · View the filing
Renewable energy capacity target — 25 gigawatt · by 2030
stated as an aspiration by Dr. Raghavendra Rao Bondada
p. 6
“So we have the target of 25-gigawatt renewable energy capacity to be achieved by 2030.”
Dr. Raghavendra Rao Bondada, page 6 of the filed PDF · View the filing
New manufacturing facility capex — INR120 crores to INR130 crores
stated firmly by Dr. Raghavendra Rao Bondada
p. 11
“So the Capex would be around INR120 crores to INR130 crores.”
Dr. Raghavendra Rao Bondada, page 11 of the filed PDF · View the filing
New manufacturing facility construction start — second quarter of this financial year
stated firmly by Dr. Raghavendra Rao Bondada
p. 11
“this plant construction will start anytime in the second quarter of this financial year.”
Dr. Raghavendra Rao Bondada, page 11 of the filed PDF · View the filing
Revenue potential from new integrated plant — INR1,500 to INR1,800 crores of revenue per annum
stated as an aspiration by Satyanarayana Baratam
p. 18
“it can generate up to INR1,500 to INR1,800 crores of revenue per annum.”
Satyanarayana Baratam, page 18 of the filed PDF · View the filing
Data centre revenue share — 7% to 8% of total revenue · this financial year
stated firmly by Dr. Raghavendra Rao Bondada
p. 15
“this revenues from this data centres around 7% to 8% of our total revenue will be constituting this financial year around 7% to 8% of revenue from data centre will constitute in this financial year.”
Dr. Raghavendra Rao Bondada, page 15 of the filed PDF · View the filing
Data centre EBITDA margin — 14% to 15%
stated as an aspiration by Dr. Raghavendra Rao Bondada
p. 15
“coming back to the EBITDAs as of now anything that takes EBITDA of around 14% to 15% we are looking forward for this data centres.”
Dr. Raghavendra Rao Bondada, page 15 of the filed PDF · View the filing
EPC to products revenue mix — 70% to 30%
stated as an aspiration by Rear Admiral R Sreenivas
p. 15
“We right now are like ratio between the EPC contracts and the products is about 90% to 10%, which we would like to upgrade towards products with the ratio of 70% to 30%.”
Rear Admiral R Sreenivas, page 15 of the filed PDF · View the filing
BESS project completion — 400 megawatt-hour Tamil Nadu project this year; 450 megawatt-hour AP project next year first half · FY27 / H1 FY28
stated firmly by Satyanarayana Baratam
p. 21
“this Tamil Nadu we will be completing in this year hopefully. And AP might I think it will take next half year.”
Satyanarayana Baratam, page 21 of the filed PDF · View the filing
EBITDA margin guidance — improved by 20-30 basis points · FY27
stated conditionally by Satyanarayana Baratam
p. 20
“EBITDA margins for this year will remain same or maybe we will have a little improved margins of by about 20, 30 basis points yes.”
Satyanarayana Baratam, page 20 of the filed PDF · View the filing
EBITDA and PAT margin — 11% to 12% EBITDA and 7% PAT
stated firmly by Dr. Raghavendra Rao Bondada
p. 26
“Yes, very comfortably.”
Dr. Raghavendra Rao Bondada, page 26 of the filed PDF · View the filing
EPC/IPP/products revenue mix by FY29 — EPC 50-60%, IPP 20-25%, products 15-20% · FY28 or FY29
stated as an aspiration by Dr. Raghavendra Rao Bondada
p. 22
“If I can say that by '28 financial year or '29 financial year EPC is still 50%, 60% is there. Even IPP contribution will come around 20% to 25%. Rest products will occupy another 15% to 20%.”
Dr. Raghavendra Rao Bondada, page 22 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management guided to 60-70% revenue and net profit growth for FY27 based on the existing order book.
Answered by Dr. Raghavendra Rao Bondada
Asked by Randhir Singh: What is the revenue guidance for FY27 and can net profit margin increase?
p. 10
“maybe anything around 60% to 70% of revenue growth will be there even coming financial year.”
Dr. Raghavendra Rao Bondada, page 10 of the filed PDF · View the filing
Management said tender participation runs INR25,000-30,000 crore with a 20-25% win rate, and INR2,850 crore is currently L1.
Answered by Dr. Raghavendra Rao Bondada
Asked by Nishita Shanklesha: What is the current order book pipeline beyond the existing order book?
p. 11
“currently we are almost sitting on around INR2,850 crores orders L1 which we are going to get in the first quarter.”
Dr. Raghavendra Rao Bondada, page 11 of the filed PDF · View the filing
Management said the project is under execution, roughly 20% complete with about INR70-80 crore billed, and slightly ahead of schedule.
Answered by Dr. Raghavendra Rao Bondada
Asked by Prem Kumar: What is the status of the Adani order worth around INR1,050 crores?
p. 13
“we have executed around 20% even few crores, I think almost around INR70 crores, INR80 crores even billing is also billing is also done with Adani.”
Dr. Raghavendra Rao Bondada, page 13 of the filed PDF · View the filing
Management denied giving that specific figure and said growth guidance was always around 80-90%.
Answered by Dr. Raghavendra Rao Bondada
Asked by Moiz Khan: Why did FY26 revenue fall short of the earlier suggested INR3,100-3,200 crore range?
p. 14
“We are always giving around 80% to 90% growth but almost all the segments have actually performed well this financial year.”
Dr. Raghavendra Rao Bondada, page 14 of the filed PDF · View the filing
Management cited low-margin project billing in Q4 and higher steel and cable costs.
Answered by Satyanarayana Baratam
Asked by Urmish Shah: What caused the margin dip this quarter?
p. 16
“there are two major reasons, Urmishji. One is in the last quarter actually we have booked some low margin projects billing in this fourth quarter.”
Satyanarayana Baratam, page 16 of the filed PDF · View the filing
Management attributed the rise to customer advances of INR150 crore and use of a TReDS facility for MSME vendor payments.
Answered by Satyanarayana Baratam
Asked by Ayush Sharaf: What is driving the jump in current liabilities and how is working capital being managed?
p. 19
“we have advances from customers to the tune of INR 150 crores which is a component of this INR 500 crore.”
Satyanarayana Baratam, page 19 of the filed PDF · View the filing
Management confirmed the order and said equity infusion will be phased, starting with about INR250 crore for the first 250 MW.
Answered by Satyanarayana Baratam
Asked by Ayush Sharaf: Is the AP 2 gigawatt IPP order confirmed and what equity is required?
p. 20
“So for INR250 crores of equity infusion we have a lot of avenues.”
Satyanarayana Baratam, page 20 of the filed PDF · View the filing
Management said O&M revenue actually increased from INR90 crore to INR140 crore and attributed apparent decline to a segmental reporting issue to be rechecked.
Answered by Dr. Raghavendra Rao Bondada
Asked by Karthik Jain: Did O&M/services revenue decline in FY26?
p. 24
“O&M is increased from INR90 crores to almost INR140 crores. O&M has not declined.”
Dr. Raghavendra Rao Bondada, page 24 of the filed PDF · View the filing
Management said Q4 collections exceeded INR1,000 crore, including INR457 crore in March, plus use of the TReDS facility.
Answered by Satyanarayana Baratam
Asked by Sunil: How did the company achieve positive operating cash flow?
p. 26
“during the fourth quarter itself if you see we have almost collected more than INR1,000 crores of total receivables.”
Satyanarayana Baratam, page 26 of the filed PDF · View the filing
Management said they deliberately stayed away from unviable pricing and reverse auctions below their return thresholds.
Answered by Rear Admiral R Sreenivas
Asked by Pranav Goyal: Why were BESS tenders from NTPC/Coal India not won by Bondada?
p. 28
“Most of the BESS contracts awarded in the recent past to various players in the BESS, are actually like mostly like unviable.”
Rear Admiral R Sreenivas, page 28 of the filed PDF · View the filing
Management said the oversupply perception is incorrect and that capacity build-out is still required, with grid stability and storage being the real constraints.
Answered by Dr. Raghavendra Rao Bondada
Asked by Venkatraman Sethuraman: Is there market oversupply concern in solar capacity given the 2030 vision?
p. 30
“it’s first of all that perception is wrong actually. It’s not so over capacity is built actually. Capacities are even required.”
Dr. Raghavendra Rao Bondada, page 30 of the filed PDF · View the filing
Risks flagged
Increase in material costs, particularly steel and cable prices, impacting margins
p. 16
“there is a little increase in the material cost particularly in terms of renewable energy. Steel and cable prices gone up little higher.”
Satyanarayana Baratam, page 16 of the filed PDF · View the filing
Geopolitical situations causing cost increases and staggered deliveries
p. 29
“when this those coming out of geopolitical scenario, we’ve actually slightly staggered our deliveries, wherever the costs are very abnormally high.”
Rear Admiral R Sreenivas, page 29 of the filed PDF · View the filing
Unviable BESS tender pricing leading to deliberate non-participation
p. 28
“Most of the BESS contracts awarded in the recent past to various players in the BESS, are actually like mostly like unviable.”
Rear Admiral R Sreenivas, page 28 of the filed PDF · View the filing
Grid stability and connectivity constraints affecting renewable energy rollout
p. 30
“we don’t have that grid stability and grid connectivity availability.”
Dr. Raghavendra Rao Bondada, page 30 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.