#BONDADA #SMEs #EPC #RenewableEnergy
The last one year has been a happening time for this solar epc company which has done fast and furious diversification.
Bondada is no longer just EPC, it is building a renewable energy platform with:
💹EPC + IPP + BESS + O&M + Products
That’s not all, Railways entry – Kavach orders received
Foraying into Data Centers & Defense
Vision 2030 ($1 Bn Revenue): 9000 cr from 1500 cr in FY '25...that is 6x in 5 years
➡️25 GW renewables (21 GW EPC, 2 GW solar IPP, 2 GW BESS)
➡️Telecom leadership (Digital Bharat/5G);
➡️railways safety and modernization;
➡️data centers scale-up;
➡️defense self-reliance.
H1 RESULTS: - superb growth
🔖YoY (H1 FY26 Vs. H1 FY25)
⬆ Revenue: ₹1216 Cr Vs. ₹480 Cr (153%)
⬆PBT: ₹124 Cr Vs. ₹49. Cr (153%)
⬆PAT: ₹92 Cr Vs. ₹36 Cr (150%)
EPS: ₹8.08 Vs. ₹3.36
➡️Receivable days: -
One key sore point that was picked up through most investor lens – receivable days which had shot up as on 31.3.25. We had analysed that most of it wasn’t overdue, and hence collection efforts in H1 mattered.
There is an improvement – from 125 days to 107 days which is good considering 153% growth revenue in H1 FY ‘26
➡️Concall Highlights: -
🔹 EBITDA margin of 11.8% H1 expected to improve by 100 bps in H2. 60% of revenue for Fy ’26 in H2.
🔹Already 220 cr orders from railways, pursuing more tenders
🔹Negative operating cashflow significantly improved from -130 cr in FY ’25 to -43 cr in H1 FY ‘26
🔹Data Centres – Starting with O&M
🔹BESS – Order book 850 cr, planning 2 GW in next 3 years
The trailing PE has reduced drastically from 80 one year back to 30 now. Big time sector diversification reduces the hangover of assessment only as EPC which attract low historical PEs.
🔹Seems reasonably valued at CMP 446 considering the growth plans and likely excellent execution
#Defence #Railway #bess #Telecom #DataCenters #investing #stocksinnews