₹5,989 Cr Order Book: Smallcap stock bags order from NTPC Green Energy

Synopsis: A small cap EPC company bagged a BOS work from NTPC Green Energy Limited. The order is valued at Rs 391.38 crore, and this adds to the company’s total orderbook of Rs 5989 Cr

An EPC company that also provides operations and maintenance services saw its stock surge by 3 percent soon after the company announced that they have bagged a Rs 391 Cr order from  NTPC Green Energy Limited. 

With a market cap of Rs 4,162 Cr, Bondada Engineering Ltd saw its stock hit an intraday high of Rs 378.00 which is 3.2 percent higher than the previous close of Rs 366.

What’s the News?

On Friday, Bondada Engineering Limited announced that the company has secured its first EPC order from NTPC Green Energy Limited for Balance of System (BOS) works on a 300 MW solar PV project at Lalitpur. The order will be executed under the EPC model, including operations and maintenance (O&M) services for three years, with a 15-month execution timeline from receipt of LOA. The order is valued at Rs 391.38 crore

Post this win, Bondada’s EPC order book stands at 3.3 GW, while its total order book stands at Rs 5989 Cr (as of October 2025). Out of this Rs 4573 Cr is from Renewable Energy, Rs  998 Cr is from Telecom, Rs 228 Cr is from Indian Railways and the rest Rs 190 Cr is from AAC Blocks, Towers, MMS, LED, BLDC Motor products.

Apart from this, the company was also the lowest bidder for orders worth Rs 2628 Cr, and even submitted tenders for orders worth Rs 7531 Cr. The company also had orders worth 9000Cr in 2 GW IPP Projects, which is not included in the calculation of the total order book.

Business & Financial Overview

Incorporated in 2012, Bondada Engineering Limited, headquartered in Hyderabad, is a engineering, procurement and construction (EPC) company providing end-to-end EPC and operations & maintenance (O&M) services to clients in the telecom infrastructure and solar energy sectors across India. The company’s list of clients includes NHPC, Gujarat FiberGrid, Adani group, BHEL, Microsoft and Reliance.

As of Q2FY26, Bondada Engineering Limited saw its Half yearly revenue grow by 153 percent YoY, going from Rs 481 Cr in H1FY25 to Rs 1,217 Cr in H1FY26. The Half yearly  Net Profits grew by 151 percent, going from Rs 37 Cr in H1FY25 to Rs 93 Cr in H1FY26.

Moreover, the company has its 3 year profit CAGR at 122 percent, while its sales CAGR for 3 years is 68 percent. Bondada Engineering also has a ROE of 36 percent and ROCE of 39 percent.

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