💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 153.2% YoY to INR 1,216.67 Cr in H1FY26. Segmental breakdown: Renewable Energy (78% of revenue, INR 955 Cr), Telecom (14%, INR 170 Cr), and Products (8%, INR 91 Cr).

Geographic Revenue Split

The company maintains a PAN-India presence with operations across 7 states for telecom projects and major renewable projects in Andhra Pradesh and Maharashtra.

Profitability Margins

Gross margins are influenced by COGS at 84.4% of revenue. Net Profit Margin stood at 7.6% in H1FY26, a slight decrease of 7 bps from 7.7% in H1FY25.

EBITDA Margin

EBITDA margin improved to 11.8% in H1FY26, up 121 bps from 10.5% in H1FY25, driven by larger project scales and efficient execution.

Capital Expenditure

Not explicitly disclosed in absolute INR Cr for future periods, but the company is investing in permanent labor colonies and medical facilities to support project execution over the next 3-5 years.

Credit Rating & Borrowing

CRISIL 'A Stable' rating. The company has no long-term debt; the debt-equity ratio of 0.34 includes only working capital debt. Interest coverage ratio is healthy at 8.38x.

⚙️ Operational Drivers

Raw Materials

Key materials include Solar PV modules, steel for telecom towers, cement and fly ash for AAC blocks, aluminum, copper, and components for LED and BLDC motors. COGS represents 84.4% of total revenue.

Import Sources

Sourced primarily within India to support 'Digital Bharat' and infrastructure initiatives, though specific state-level sourcing is not detailed.

Capacity Expansion

Current focus on executing a 2 GW Solar IPP project for the Andhra Pradesh government and 400MWh of BESS orders. Vision 2030 targets 25 GW of renewable energy capacity.

Raw Material Costs

COGS was INR 1,027.09 Cr in H1FY26, representing 84.4% of revenue, up 153.3% YoY in line with revenue growth.

Manufacturing Efficiency

The company is transitioning from small projects to large-scale projects (INR 300 Cr to INR 2,000 Cr), improving operational leverage.

Logistics & Distribution

Not disclosed as a specific percentage of revenue.

📈 Strategic Growth

Expected Growth Rate

56%

Growth Strategy

Growth will be driven by 'Vision 2030' to become a USD 1 Bn revenue company. Strategies include expanding into BESS (400MWh orders in hand), Railway signaling (Kavach), Defence & Aerospace, and Data Centers, alongside a robust order book of INR 5,989 Cr.

Products & Services

Solar EPC and IPP services, Telecom Tower EPC and O&M, Railway Signaling (Kavach), AAC Blocks, Telecom Towers, MMS, LED lights, and BLDC Motors.

Brand Portfolio

Bondada, Atpole Technologies.

New Products/Services

BESS (Battery Energy Storage Systems) with 16-17% IRR, Kavach Railway Infra, and Defence engineering services.

Market Expansion

Targeting 25 GW renewable capacity and expansion into global OEM supply chains for defence by 2030.

Market Share & Ranking

Not disclosed.

Strategic Alliances

Partnership with the Andhra Pradesh government for a 2 GW IPP project and L1 status for orders worth INR 2,628 Cr.

🌍 External Factors

Industry Trends

The industry is shifting toward 5G expansion, 4G saturation in rural areas, and massive solar adoption. BESS is emerging as a critical annuity-style income stream with 12-15 month execution cycles.

Competitive Landscape

Operates in a tender-based environment against major players for NTPC, NHPC, and state-run utility contracts.

Competitive Moat

Moat is built on a 28-year leadership track record, a massive workforce of 3,500+ employees, and established O&M relationships across 11,600+ telecom sites.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and India's renewable energy capacity expansion goals.

Consumer Behavior

N/A as the business is primarily B2B and B2G.

Geopolitical Risks

Management reports minimal impact from geopolitical factors over the last 14 years, focusing instead on internal resource planning.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to telecom licensing, solar grid regulations, and railway safety standards (Kavach).

Environmental Compliance

Strong focus on ESG through renewable energy projects and 'Green Engineering' subsidiaries like Bondada Green Engineering.

Taxation Policy Impact

Effective tax rate of approximately 25.7% (INR 32.09 Cr tax on INR 124.65 Cr PBT in H1FY26).

Legal Contingencies

Not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Execution risk of large-scale orders and potential working capital stretches are the primary uncertainties, with a 20% revenue shortfall identified as a critical threshold.

Geographic Concentration Risk

Revenue is concentrated in India, specifically across 7 states for telecom and major solar hubs like Andhra Pradesh.

Third Party Dependencies

High dependency on government and quasi-government entities like BSNL and state power gencos for the order book.

Technology Obsolescence Risk

Risk of falling behind in BESS technology or 5G infrastructure standards, mitigated by the acquisition of Atpole Technologies.

Credit & Counterparty Risk

Trade receivables stood at INR 711.23 Cr in H1FY26, with debtor days at 107, indicating significant but improving credit exposure.