Back in 2012, Bondada Engineering started out as a telecom infrastructure provider. Over time, it quietly built a reputation in solar EPC, civil infrastructure, and utility-scale installations. But 2025 changed the game. The company landed a ₹9,000 crore solar project in Andhra Pradesh, the largest in its history and for the first time, it signalled something bigger. Bondada doesn’t just want to build renewable projects. It wants to own them.
This is a company that’s now thinking in gigawatts, not just megawatts. The Andhra project spans 2,600 MWp of capacity and will be developed across seven locations over two years. It’s not just an EPC win. It’s a stepping stone into the independent power producer (IPP) space.
Starting FY29, Bondada expects ₹1,160 crore in annual revenue from energy sales alone. And this isn’t an isolated bet. In January, the company signed a ₹450 crore MoU to set up a 100 MW hybrid (solar + wind) plant in Assam under the UNNATI scheme. That’s two major clean energy projects in five months, both executed through its subsidiary, Bondada Renewable Energy.
By the numbers:
- Market capitalisation: ₹5,135 crore
- Total revenues (FY25): ₹1,571 crore
- Net profit (FY25): ₹115 crore
- Order book: ~₹14,000 crore
- Projected IPP revenue (from FY29): ₹1,160 crore annually
So what’s working?
First, the core EPC engine. Revenues nearly doubled in FY25 and profits rose 150% year-on-year. Margins improved to 11%, and operating profit reached ₹175 crore. Bondada’s execution strength comes from its diversified capabilities; telecom infra, solar power, civil construction all integrated under one roof. The company is also expanding its client base, with Airtel recently placing a new order for GI poles in Tamil Nadu.
But the real shift is strategic. By taking a longer view on project ownership, Bondada is trying to move up the value chain from an infra contractor to a clean energy platform. This change doesn’t just bring recurring revenue. It brings pricing power, better capital utilization, and investor re-rating. The company is already showing signs of maturity, with ROCE at 40.4% and ROE at 36.8% among the best in the infrastructure space.
Of course, it’s not all smooth. Operating cash flow for FY25 was negative ₹167 crore, reflecting high working capital requirements. Borrowings more than doubled to ₹182 crore. Debtor days rose to 125. As the company scales up execution, liquidity management will be critical. It’ll also need to be clear on how it funds future ownership plays through internal accruals, strategic partners, or equity dilution.
So what’s the takeaway? Bondada isn’t chasing flashy headlines. It’s stacking up strategic orders, building long-term assets, and preparing to generate clean energy at scale. It’s not betting on just EPC margins. It’s betting on renewable annuity. If it pulls this off—delivering large solar and hybrid projects on time, managing capital wisely, and holding a stake in the generation—it could go from a mid-cap infra name to a serious renewable powerhouse.
The bottom line: Bondada doesn’t just build infrastructure. It’s now building recurring cash flow, segment leadership, and a renewable roadmap. This isn’t a short-term rally story. It’s a five-year bet on India’s energy transformation—and one quiet player stepping up to help power it.
