Bondada Engineering Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Bondada Engineering Ltd trades at ₹290, in a downtrend and 77 weeks into that stage. That is −14.0% against its own 200-day average. It sits at 5% of a 52-week range of ₹279 to ₹498. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (27 weeks and counting).

Today the stock is in a downtrend — week 77 of stage 4, confirmed. At ₹290 it trades −14.0% versus its 200-day average and sits at 5% of its 52-week range (₹279–₹498).

Against the market, two honest reads. Cumulative: over the last 3.0 years the stock moved +783% while the NIFTY 500 moved +36% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (27 weeks and counting; last ahead the week of 2025-10-24) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Bondada Engineering Ltd trades at 14.8× P/E, about the cheapest it has ever traded. Its long-run median P/E is 43.0×, measured across 3.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 14.8× is about the cheapest it has ever traded, against a long-run median of 43.0× measured over 3.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +82.8% against a −30.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the +106.7%/yr price move, ~+105.6%/yr came from earnings growth and ~+1.1 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Bondada Engineering Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

No sector-relative score — Bondada Engineering Ltd is not present in the sector comparison for Infra - Engineering - General.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Bondada Engineering Ltd reported ₹692 Cr of revenue in the Jun 26 quarter, +24.0% year on year. That is the 3rd straight quarter of year-on-year growth. Over 7 years it has compounded at 43.8% a year. The last full year, FY26, came in at ₹2,843 Cr. The last four reported quarters add to ₹2,977 Cr.

FY26 revenue came in at ₹2,843 Cr (+81.0% on the year), capping 7 years at 43.8% compound. The latest quarter (Jun 26) printed ₹692 Cr, +24.0% year on year — the 3rd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +47.1% growth against the decade's 43.8% — the current year is running faster than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Bondada Engineering Ltd's operating margin is 11.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 8 fiscal years the operating margin has ranged 6.0% to 12.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 11.0%, −1.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 6.0%–12.0%, and FY26's 12.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −0.4 pp year on year while gross margin went +8.1 pp — the loss came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Bondada Engineering Ltd earned ₹54.0 Cr of net profit in the Jun 26 quarter, +28.6% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹211 Cr. The 7-year compound rate is 52.5%. That is 7.8% of the quarter's revenue. The same quarter a year earlier earned ₹42.0 Cr.

Jun 26 profit was ₹54.0 Cr, +28.6% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹211 Cr (+86.7%), and the 7-year compound rate is 52.5%.

Why profit moved: revenue contributed +24.0% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +52.4% vs revenue +47.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 8% of Bondada Engineering Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹125 Cr of operating cash against ₹211 Cr of profit. After ₹52.0 Cr of capital spending, ₹73.0 Cr was left as free cash.

FY26: operating cash of ₹125 Cr against reported profit of ₹211 Cr, leaving free cash of ₹73.0 Cr after ₹52.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 8% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 8%: the cash cycle tightened 69 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 9.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Bondada Engineering Ltd's cash conversion cycle runs 138 days in FY26, down from 207 days in FY21. Capital spending ran ₹173 Cr over the last 3 years. At FY26 sales of ₹2,843 Cr each day of that cycle holds about ₹7.8 Cr, so roughly ₹1,075 Cr sits inside the business at any moment.

FY26: debtors at 102 days, inventory at 134 days — roughly 4.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 138 days, tighter than FY21's 207.

The full loop: cash goes out to suppliers and production on day 0; stock waits 134 days to sell; customers pay about 102 days after that; and suppliers themselves are paid at 97 days — netting out to the 138-day cycle.

In money terms: at FY26 sales of ₹2,843 Cr, each day of the cycle holds about ₹7.8 Cr — so the 138-day loop keeps roughly ₹1,075 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹173 Cr over the last 3 fiscal years against ₹18.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹16.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Bondada Engineering Ltd earns a ROCE of 39% in FY26. That is up from a trough of 16% in FY21. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 7.4% net margin on 1.39× asset turns.

FY26 ROCE is 39%, recovered from a FY21 trough of 16% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 7.4% net margin × 1.39× asset turns × 2.94× balance-sheet leverage ≈ 30.2% on equity. Margin does its share; leverage is a meaningful part of the equation.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Bondada Engineering Ltd carries ₹292 Cr of borrowings against ₹694 Cr of equity in FY26, a debt-to-equity of 0.42. Operating profit covers the interest bill 7×. Over 5 years borrowings went from ₹47.0 Cr to ₹292 Cr. Capital spending ran ₹173 Cr across the last 3 of those years.

FY26: borrowings of ₹292 Cr against equity of ₹694 Cr — a debt-to-equity of 0.42. Operating profit covers the interest bill 7×. Over 5 years borrowings went from ₹47.0 Cr to ₹292 Cr while capital spending ran ₹173 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 1.8 points of Bondada Engineering Ltd over 8 quarters, the biggest move on the register. That takes promoters to 61.5% of the company. Foreign institutions moved −0.1 points over the same window, to 0.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −1.8 points over 8 quarters to 61.5%; Foreign institutions: −0.1 points over 8 quarters to 0.5%; Domestic institutions: +0.1 points over 8 quarters to 0.1%.

🚨 Why the register moved: promoters drove it (−1.8 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Bondada Engineering Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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