Quick Facts
- Total Project Value: ₹469.52 Crore
- Project Capacity: 250 MW
- Location: Khavda, Kutch, Gujarat
- Execution Timeline: Eight months
Bondada Engineering Limited (BEL) has been awarded multiple Balance of System (BOS) contracts totaling ₹469.52 Crore for a 250 MW solar power project. The orders, issued by Adani Green Energy Ltd and Adani Green Energy Six Limited, are located in the Khavda region of Kutch, Gujarat. This project is situated within the 72,600-hectare Gujarat Hybrid Renewable Energy Park—currently the world’s largest hybrid renewable energy facility—and is scheduled for completion within eight months from receipt of the order.
Project Scope and Specifications
Bondada Engineering will serve as the provider for the complete BOS package, maintaining end-to-end responsibility from initial design and engineering through to final commissioning. The technical and operational requirements include:
- Engineering and Procurement: Detailed design, manufacturing, procurement, quality assurance, packaging, and delivery of all materials to the project site.
- Onsite Services: Comprehensive receipt, unloading, storage, and handling of equipment, followed by installation, testing, and commissioning.
- Technical Hardware:
- Inverters: Conversion systems to transition Direct Current (DC) from panels into grid-ready Alternating Current (AC).
- Mounting Systems: Racking structures composed of Galvanized Steel (GI) or Aluminum, designed to secure panels against environmental forces.
- Wiring and Connectivity: Installation of UV-resistant DC and AC cabling utilizing specialized MC4 connectors for weatherproof and secure electrical contact.
- Safety and Protection: Electrical enclosures including combiner boxes, circuit breakers, and surge protection devices (SPD) to manage voltage spikes and grounding requirements.
Expanded Adani Group Partnership
This contract win follows a series of successful engagements between Bondada Engineering and the Adani Group, including a previous ₹125.30 Crore BOS contract for a 75 MW project and a prior 650 MW supply and installation order. With the addition of the new 250 MW project, the company’s cumulative executed capacity for the Adani Group reaches approximately 975 MW.
To support the continuity of this relationship, Bondada has formally allocated 1 GW of its annual capacity specifically for Adani projects for the next four years. This commitment is a key component of the company’s “Vision 2030,” which targets a cumulative renewable energy capacity of 25 GW (comprised of 16 GW solar and 9 GW battery energy storage systems).
Corporate Context and Order Book Status
In the FY26 Post-Earnings Conference Call held on April 28, 2026, Bondada Engineering reported a confirmed total order book value of ₹7,147.5 Crore. This figure explicitly excludes a potential 2 GW Independent Power Producer (IPP) project in Andhra Pradesh valued at approximately ₹9,000 Crore, which is currently in the land pooling stage.
The company’s revenue mix has shifted significantly toward sustainable infrastructure, with renewable energy now contributing approximately 79% of total revenue. As of March 31, 2026, the company maintained a zero net debt position and reported a Return on Capital Employed (ROCE) of 42.6% alongside a Return on Equity (ROE) of 28.8%. These financial metrics align with the company’s stated objective to achieve USD 1 billion in revenue by 2030 through solar EPC, battery energy storage systems (BESS), and expansion into defense production.
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