Bondada Engineering Ltd (543971) — concall transcript | 31 March 2026

Bondada Engineering reported FY26 revenue of INR 2,843 crores, up from INR 1,571 crores, with a strong order book of INR 7,325 million and plans to commission 1.5 GW of solar capacity in FY27 toward a 25 GW Vision 2030 target. Management highlighted margin pressure from low-margin project billing and rising material costs, while targeting 10.5-11.5% EBITDA margins and 60-70% revenue growth next year. Strategic shifts include defence manufacturing expansion, BESS project execution with 13-14% IRRs, and data centre development without capex. Receivables remain elevated at 27-28% of revenue, and cash flow is healthy with INR 100 crores net cash.