Que: The company has expanded rapidly from telecom infrastructure into solar EPC, battery energy storage, and now aerospace and defence. What is driving this diversification strategy?

Ans: Our journey from telecom infrastructure into renewable energy, solar EPC and battery energy storage is a natural extension of the engineering, project execution and infrastructure capabilities we have built over the years. We are seeing significant opportunities in the energy-transition space, particularly in solar and energy storage, supported by the strong growth in India’s renewable energy sector. At the same time, our digital infrastructure capabilities continue to position us well to participate in the growing demand for connectivity, data centres and other technology-led infrastructure. Our expansion into aerospace and defence is another step towards building capabilities in strategically important sectors where we see long-term growth potential. Importantly, we do not view these as isolated businesses.

Energy and digital infrastructure are increasingly interconnected data centres and AI infrastructure require reliable and clean power, while the energy transition itself increasingly depends on digital technologies, connectivity, automation and smart infrastructure. Therefore, our diversification is not simply about entering new sectors. It is about leveraging our existing capabilities, building complementary businesses and positioning Bondada to participate in India’s long-term infrastructure transformation.

Que: You have announced several utility-scale solar projects over the past year. What is your current executable order book, and how much of it is expected to be commissioned over the next 12 to 18 months?

Ans: Bondada Group has built strong order visibility across renewable energy and energy storage, with our recent wins reflecting the increasing scale of our execution capabilities. We have already achieved the earlier management target of a INR 10,000 crore order book and are now working towards an order book of approximately INR 15,000 crore by the end of the current financial year.

Renewable energy accounts for a significant part of this pipeline. Following our recent INR 1,338 crore NTPC Renewable Energy order for a 250 MW solar project integrated with 50 MW/200 MWh of BESS, our solar EPC order book has increased to approximately 5.5 GWp, while our BESS order book stands at around 1.1 GWh. The project is scheduled for completion within 18 months.

We also have projects already progressing through execution, including the 650 MW Khavda solar project, which is scheduled for completion by December 2026, along with multiple BESS projects that are being executed with central and state utilities. Over the next 12–18 months, our focus will be on timely execution and commissioning of these projects, while continuing to build a strong pipeline across solar EPC and energy storage.

Que: India is witnessing record renewable energy capacity additions. Do you see execution challenges, such as land acquisition, transmission connectivity, or module availability, becoming the biggest bottleneck rather than project awards?

Ans: As renewable capacity additions accelerate, the industry is gradually moving from an order-led phase to an execution-led phase. In our view, land readiness, transmission connectivity, equipment availability, permitting and supply-chain coordination are likely to be the key areas that require greater attention. For EPC companies, execution capability will therefore become an increasingly important differentiator. Strong project planning, procurement capabilities, technology partnerships and the ability to manage projects across multiple locations will be critical to maintaining timelines. At Bondada, we are focused on strengthening these capabilities so that we can manage projects efficiently from engineering and procurement through to commissioning.

Que: How significant do you expect the BESS business to become over the next three to five years, and which customer segments are driving demand?

Ans: We see BESS becoming a significant growth engine for Bondada over the next three to five years, as the rapid addition of renewable capacity creates a growing need for reliable, flexible and long-duration energy storage. We have already built a strong foundation in this segment. Our BESS portfolio has grown to nearly 1 GWh, including the 225 MW/450 MWh standalone BESS project for AP TRANSCO, which is being developed under the BOO model. More recently, we secured a 100 MWh Vanadium Redox Flow Battery (VRFB) BESS project from NTPC Renewable Energy at Khavda Solar Park in Gujarat, with Delectrik Systems as our technology partner. This is an important milestone for us as it marks our entry into large-scale long-duration energy storage using VRFB technology. The project is scheduled for completion within 10 months and also includes 10 years of O&M. We believe the BESS opportunity will extend beyond standalone storage. Demand is likely to come from central and state utilities, renewable energy developers, industrial and commercial consumers, and increasingly data centres and other energy-intensive infrastructure. BESS will play an important role in renewable integration, peak-load management, grid stability and delivering reliable power when renewable generation is intermittent.

For Bondada, our focus is therefore not just on deploying battery systems, but on building capabilities across different storage technologies and business models, including EPC and BOO, while developing solutions for both short-duration and long-duration applications. Our recent VRFB project is particularly significant in this context, as we believe long-duration storage will become increasingly important as India's renewable-energy penetration rises.

Over the next three to five years, we expect BESS to evolve from being a supporting component of renewable projects into a core piece of India's power infrastructure, and we intend to scale our presence accordingly.

Que: India's renewable sector continues to rely on imported components in several segments. How is Bondada strengthening its domestic supply chain to reduce costs and execution risks?

Ans: A resilient domestic supply chain is becoming increasingly important as India's renewable energy market scales. For us, localisation is not just about reducing imports; it is about building greater predictability across cost, quality and project timelines. At Bondada, our approach is to strengthen our domestic sourcing and supplier ecosystem alongside our engineering and project-execution capabilities. As our solar EPC and BESS portfolio grows, we are working closely with Indian suppliers and technology partners to ensure that critical equipment and components are available in line with project schedules. Our recent work in energy storage is a good example of this approach. We are building capabilities across multiple storage technologies and partnering with technology providers, including for our 100 MWh Vanadium Redox Flow Battery project for NTPC Renewable Energy. Such partnerships allow us to bring advanced technologies into the Indian market while developing local project execution, integration and O&M capabilities.

Que: The company signed an agreement to explore green-powered data centres. How do you see renewable energy developers participating in India's rapidly expanding AI and data centre ecosystem?

Ans: The growth of AI and data centres is creating a significant intersection between digital infrastructure and energy infrastructure. Data centres require large amounts of reliable power, and increasingly, customers are looking for power that is also cost-efficient and renewable. This creates an opportunity for renewable energy companies to move beyond simply supplying power and participate in integrated solutions combining renewable generation, energy storage and supporting power infrastructure. Our agreement to explore green-powered data centres is aligned with this opportunity. We believe renewable energy and BESS can play an important role in meeting the growing power requirements of India's digital economy while supporting its sustainability objectives.

Que: India's target of adding hundreds of gigawatts of renewable capacity will require major investment in grid infrastructure and storage. Where do you believe the biggest investment opportunities lie over the next five years?

Ans: Over the next five years, we see significant investment opportunities across renewable generation, energy storage, transmission and grid modernisation. While adding solar and wind capacity will remain important, the next phase of India's energy transition will increasingly be about making renewable power reliable, flexible and available when it is needed. This will drive significant demand for BESS, renewable-plus-storage projects, transmission infrastructure and advanced grid-management solutions. At Bondada, we see energy storage as a particularly important growth opportunity. Our recent 100 MWh Vanadium Redox Flow Battery (VRFB) project from NTPC Renewable Energy at Khavda Solar Park in Gujarat is an important milestone in this direction. The project, being executed with Delectrik Systems as our technology partner, is designed as a long-duration energy storage solution and includes 10 years of O&M.