Bondada Engineering Ltd Q1 FY27 Results

Bondada Engineering's consolidated Q1 FY27 (quarter ended 30 June 2026, unaudited, reviewed) revenue rose 24.0% YoY to ₹691.65 Cr from ₹557.83 Cr, while consolidated PAT for the period climbed 29.3% YoY to ₹53.94 Cr from ₹41.71 Cr (₹52.89 Cr of which is attributable to equity shareholders of the parent, with ₹1.04 Cr going to non-controlling interests). Basic EPS came in at ₹4.74 against ₹3.46 a year ago. Sequentially, both lines fell — revenue down 24.3% and PAT down 14.2% from Q4 FY26's ₹913.85 Cr revenue and ₹62.88 Cr PAT — a pattern typical of EPC-heavy businesses where Q4 billing/execution runs ahead of the new fiscal year's opening quarter, not a demand-side red flag. Standalone tracked a similar but slightly softer trajectory: revenue up 22.9% YoY to ₹626.77 Cr and PAT up 20.9% YoY to ₹47.70 Cr; the roughly 8-point gap between standalone and consolidated PAT growth stems from subsidiary revenue of ₹64.88 Cr (post-elimination, per Note 5) rolling into the Group numbers this quarter.

Margins expanded on both counts even as the topline slowed sequentially. Consolidated net profit margin rose to 7.72% of total income from 7.45% a year ago and 6.86% last quarter, while operating margin (PBT plus finance cost, over revenue) improved to roughly 11.96% from about 11.71% YoY. No exceptional items were booked in either the current or comparable periods, so the improvement is on ordinary operations — cost of materials consumed eased as a share of revenue and operating expenses were better contained, offsetting higher employee costs and finance costs (the latter up to ₹9.98 Cr from ₹8.01 Cr YoY, as segment capital employed roughly doubled YoY to ₹2,435 Cr from ₹1,297 Cr).

The stock went into the print at ₹300, down 4.6% over the past month of trading.

Against management's own guidance — 60-70% revenue and PAT growth for FY27, laid out on the Q4 FY26 concall (28 April 2026) and pegged to executing a ₹7,147 Cr order book over 18-20 months plus commissioning 1.5 GW of solar capacity and early contributions from data-center and defense ventures — Q1's 24% revenue and 29% PAT YoY growth runs well below pace, though it is only the first of four quarters and the order-book execution window extends through FY27. The one part of the guidance that did hold up is margins: management had flagged EBITDA margins staying stable to slightly improving, and the OPM/NPM expansion seen this quarter is consistent with that. No consensus or brokerage estimates for this specific quarter turned up in a web search — Bondada is mid-transition from the SME to the BSE main board with limited analyst coverage — so vsStreet is recorded as unknown rather than a miss or beat. No management press release or commentary accompanying the results was available in the extraction context.