Synopsis:
Bondada Engineering Ltd has partnered with Adani Group as the Strategic Design and Construction Partner for renewable energy, starting with a 650 MW solar project, supporting Adani’s 30 GW Khavda RE park and strengthening Bondada’s clean energy presence.
This company provides engineering, procurement, and construction (EPC) services and operations and maintenance (O&M) services to companies operating in the telecom and solar energy industry is now in the focus after signing a Framework Agreement with Adani Group.
With market capitalization of Rs. 4,657 cr, the shares of Bondada Engineering Limited are currently trading at Rs. 416 per share, increasing more than 2% in today’s market session making a high of Rs. 423, from its previous close of Rs. 413 per share.
News
Bondada Engineering Limited has formally teamed up with the Adani Group forming a long-term strategic partnership, which is a big step in its clean energy journey. The company has disclosed that it has entered into a Framework Agreement with the Adani Group to be the Strategic Design and Construction Partner of renewable energy projects to be developed in the future.
The deal was signed on the 18th of November 2025 at a ceremony held in the Adani Corporate Office, Shantigram, Ahmedabad. The signing was facilitated by Shri Vineet Jain, Managing Director & CEO of Adani Green Energy Limited (AGEL), and Dr. Bondada Raghavendra Rao, Chairman & Managing Director of Bondada Engineering Limited.
In the first phase of this five-year cooperation, Bondada Engineering has been awarded a 650 MW solar project by AGEL. This significant allocation bears witness to the confidence that Adani has in Bondada’s technical and implementation capabilities.
With this project, the Adani Group aims to set a new standard for renewable energy. Their plan is to establish a colossal 30 GW renewable energy plant at Khavda, Kutch district, Gujarat, which will make it the largest renewable energy park in the world. Bondada Group being chosen as their design and construction partner is a witness to their increasing importance in India’s clean energy infrastructure.
The framework agreement can be interpreted as a step in the door of the renewable energy sector for Bondada Engineering, whose growth has been very rapid. These companies have so far installed 1 GW of solar capacity, are in the process of executing another 1.8 GW, and already have orders to the tune of 2.5 GW. In addition, the company is undertaking 2.0 GW of independent power producer (IPP) solar projects in the state of Andhra Pradesh.
About the company
Bondada Engineering Ltd is an infrastructure solutions provider specializing in engineering, procurement, and construction (EPC) services, primarily for the telecom and renewable energy sectors. The company is involved in tower construction, operation and maintenance services, and solar power EPC projects. Order book stands at Rs. 5989 crore as of Oct 28th.
The company delivered a very strong YoY performance in Q2 FY26. Revenue surged about 153% to Rs. 1,217 crore, while EBITDA jumped around 182% to Rs. 143 crore. Net profit increased 151% to Rs. 92.6 crore from Rs. 36.9 crore , reflecting robust operational momentum. EPS also rose sharply by about 139%, reaching Rs. 8.04 compared to Rs. 3.36 last year.
The company boasts strong financial performance, with a ROCE of 39.5% and ROE of 36.2%, supported by a comfortable debt-to-equity ratio of 0.41. It has delivered impressive 5-year profit growth at a 61.2% CAGR, and maintains a solid track record with a 3-year average ROE of 35.1%.
Written by Manideep Appana
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