Bondada Engineering (543971) Q2 25/26 earnings summary

Executive summary

• H1FY26 consolidated revenue rose 153.2% YoY to ₹1,21,667.22 lakh; EBITDA increased 182.1% to INR 1,430.3 Mn and PAT rose 150.9% to ₹9,256.02 lakh.

• Integrated EPC, O&M, manufacturing and IPP activities span renewable energy, telecom, railways, data centers, and emerging defence and aerospace markets.

• Profit attributable to equity shareholders was ₹8,974.95 lakh; total assets reached ₹1,48,932.30 lakh at 30 Sep 2025.

Financial highlights

• H1FY26 consolidated PBT was ₹12,465.38 lakh versus ₹4,912.97 lakh in H1FY25; no exceptional items were recorded in either period.

• H1FY26 EBITDA margin was 11.8%, up 121 bps YoY; net profit margin was 7.6%, down 7 bps YoY.

• Consolidated basic/diluted EPS was ₹8.08/₹8.07 for H1FY26 versus ₹3.36/₹3.34 in H1FY25; H1 EPS is not annualised.

• Standalone H1FY26 revenue was ₹1,11,680.74 lakh, PBT ₹11,039.94 lakh and PAT ₹8,256.70 lakh, versus H1FY25 PAT of ₹3,406.59 lakh.

• FY25 revenue was INR 15,709.6 Mn, EBITDA INR 1,707.4 Mn and net profit INR 1,132.7 Mn; FY21–FY25 revenue CAGR was 41%.

Outlook and guidance

• Vision 2030 targets USD 1 Bn revenue and 25 GW renewable energy capacity, with expansion in telecom, railway modernization, data centers and defence.

• Total order book was ~INR 59,890 Mn as of 28 Oct 2025, or 3.8x FY25 revenue; AP 2 GW IPP project orders of INR 90,000 Mn were excluded.

• Renewable-energy tenders submitted totaled INR 75,310 Mn; INR 26,280 Mn of L1 orders awaited LOA.

• BESS pipeline includes a 400 MWh TNGECL order, comprising 200 MW/400 MWh, with additional tenders under evaluation for bidding; offerings include EPC, O&M and BOO models.