Synopsis: Shares of this EPC company gained after securing an order for India’s largest grid-scale Vanadium Redox Flow Battery (VRFB) energy storage project from NTPC REL, marking its entry into the long-duration energy storage segment.
The shares of this company provide EPC services and operations and maintenance (O&M) services to companies operating in the telecom and solar energy industry are in the spotlight after it rose by 4 per cent in today’s market session following securing an order from NTPC Renewable Energy.
With a market capitalisation of Rs. 3,350 cr, the shares of Bondada Engineering Ltd were trading at Rs. 299.90 per share, jumping 4% in today’s market session, making a high of Rs. 303, up from its previous close of Rs. 290.40 per share. The stock has remained under pressure, delivering a negative return of 30% over the past year, while declining 18% year-to-date, 2% over the last six months, and 15% in the past month.
What’s the News
Bondada Engineering Ltd has received a Notification of Award (NOA) from NTPC Renewable Energy Limited (NTPC REL) for the Engineering, Procurement and Construction (EPC) of a 100 MWh Vanadium Redox Flow Battery Energy Storage System (VRFB BESS) at the Khavda Solar Park in Gujarat.
The project, to be executed in partnership with Delectrik Systems Pvt. Ltd. as the technology partner, also includes 10 years of operations and maintenance (O&M) and is scheduled for completion within 10 months from the receipt of the NOA.
The order marks a significant milestone for Bondada Engineering as it secures India’s first and largest grid-scale Vanadium Redox Flow Battery (VRFB) energy storage project. Unlike conventional Lithium Iron Phosphate (LFP) batteries, VRFB technology offers an operational life of over 25 years, minimal degradation under frequent cycling, enhanced safety, and lower operating costs. The technology also supports India’s energy security by leveraging domestic vanadium resources and reducing reliance on imported battery cells.
The project aligns with India’s growing focus on energy storage, as the government targets deploying around 236 GWh of Battery Energy Storage Systems (BESS) by 2030, compared with the current installed capacity of only about 3.3 GWh. By entering the long-duration energy storage (LDES) segment through this landmark project, Bondada Engineering aims to strengthen its renewable energy EPC portfolio and expand its presence in the rapidly growing clean energy infrastructure market.
Order Book
As of March 31, 2026, Bondada Engineering had a total order book of around Rs. 7,147.5 crore, equivalent to nearly 2.5 times its FY26 revenue, providing strong revenue visibility. The order book is led by the renewable energy (Solar EPC & IPP) segment at Rs. 4,536.7 crore, followed by Battery Energy Storage Systems (BESS) at Rs. 1,463 crore, telecom projects worth Rs. 785.4 crore, Indian Railways projects of Rs. 193 crore, and products worth Rs. 168.8 crore. The company has also made an initial entry into the defence sector through orders from Bharat Electronics Ltd.
Beyond its existing order book, Bondada has a Rs. 9,000 crore order pipeline for the Andhra Pradesh 2 GW Independent Power Producer (IPP) project, which is not included in the current order book. The company is currently executing Solar EPC projects worth around Rs. 6,870 crore with an estimated completion timeline of 18–24 months, while BESS projects worth Rs. 1,463 crore are expected to be completed over the next 18 months, supporting its long-term growth outlook.
Bondada Engineering Ltd is an integrated infrastructure engineering company engaged in the engineering, procurement and construction (EPC) of telecom, renewable energy and power infrastructure projects. The company provides end-to-end solutions across solar EPC, transmission and distribution (T&D), telecom towers, optical fibre networks and smart energy infrastructure.
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