BONDADABondada Engineering Ltd.

Bondada Engineering gets GIPCL letter of intent for 20 MW battery storage

Order win
EPC, renewable energy infrastructure

Blacklitt Research22 October 20262 min read

Bondada Engineering (NSE: BONDADA) has received a letter of intent (LOI) from Gujarat Industries Power Company Limited (GIPCL) for an EPC package to build a 20 MW / 120 MWh vanadium redox flow battery energy storage system at GIPCL's Vadodara plant, it said in a filing on 22 Oct 2026.

Key highlights

Storage size: 20 MW / 120 MWh vanadium redox flow battery
Completion: 18 months from receipt of the NOA
O&M period: 10 years
GIPCL plant complex: 165 MW natural gas, Vadodara, Gujarat

The contract in numbers

Item	Detail
Awarded by	Gujarat Industries Power Company Limited (GIPCL)
Status	Letter of intent (LOI) received
Scope	EPC package for a 20 MW / 120 MWh VRFB BESS, including 10 years of O&M
Location	GIPCL's 165 MW natural gas power plant complex, Vadodara, Gujarat
Completion period	18 months from receipt of the NOA
Domestic or international	Domestic

A 20 MW flow battery with 120 MWh of storage

The order covers a vanadium redox flow battery (VRFB) energy storage system rated at 20 MW and 120 MWh. A VRFB stores energy in liquid electrolytes rather than in solid cells.

The filing places the system at GIPCL's 165 MW natural gas power plant complex in Vadodara, Gujarat. The company calls it India's largest grid scale VRFB BESS project and says the award shows its ability to execute long duration energy storage (LDES) projects.

How the company places the order in its business

The company says the order complements its existing renewable energy EPC portfolio and marks its move into advanced energy storage. The Government of India target, as the filing gives it, is about 236 GWh of battery energy storage by 2030, against around 9.3 GWh installed now.

At the 22 Oct 2026 close of ₹274.55 a share, the company's market value was ₹3,066 crore. In Q1 FY27, on a consolidated basis, its total income was ₹698.90 crore and net profit was ₹53.94 crore.

What the order means for Bondada Engineering's shareholders

For shareholders, the filing sets out a 20 MW / 120 MWh project with 10 years of O&M, due for completion within 18 months of receipt of the NOA.

The filing does not state the contract value, the margin or the effect on revenue and profit, so the order's size against the company's ₹698.90 crore of quarterly total income cannot be measured from it. It also gives no start date and no completion date beyond the 18 months from receipt of the NOA.

Reference: Original filing (PDF)

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