As investors search for high-growth opportunities in the small-cap space, a key indicator of future performance is a company’s order book strength. In this article, we highlight 5 small-cap stocks with order books that exceed their projected FY25 revenue, a strong signal of demand visibility and potential business momentum. These companies may be under the radar now, but their robust pipelines suggest a promising outlook ahead.
Here are a few small-cap stocks whose order books exceed their projected FY25 revenue
Bondada Engineering Limited
With a market capitalization of Rs. 4,799.40 crore, the shares of Bondada Engineering Limited were currently trading at Rs. 436.20 per equity share, down nearly 0.24 percent from its previous day’s close price of Rs. 437.25.
Bondada Engineering Limited’s revenue has increased from Rs. 801 crore in FY24 to Rs. 1,571 crore in FY25, which has grown by 96.13 percent. The company’s order book is 3.21 times larger than its revenue for the financial year 2025.
As of March 31, 2025, the company’s total order book stands at Rs. 5,044 crore, which includes Rs. 3,589 crore from renewable energy, Rs. 1,091 crore from telecom, Rs. 135 crore from products, and Rs. 228 crore from Indian Railways.
Bondada Engineering Limited was established in 2012 and is based in Hyderabad. The company is engaged in engineering, procurement, construction, operations, and maintenance services for telecom and solar energy sectors, plus manufacturing towers and building materials.
Concord Control Systems Limited
With a market capitalization of Rs. 1,042.73 crore, the shares of Concord Control Systems Limited were currently trading at Rs. 1,675 per equity share, down nearly 3.74 percent from its previous day’s close price of Rs. 1,740.
Concord Control Systems Limited’s revenue has increased from Rs. 66 crore in FY24 to Rs. 124 crore in FY25, which has grown by 87.88 percent. The company’s order book is 1.71 times larger than its revenue for the financial year 2025. As of March 31, 2025, the company’s total order book stands at Rs. 212.54 crore.
Concord Control Systems Limited was founded in 2011 and is based in Lucknow. The company manufactures and supplies electrical and electronic products for Indian Railways. It offers coach components, electrification products, battery chargers, fans, couplers, and testing machines meeting railway standards.
Cosmic CRF Limited
With a market capitalization of Rs. 1,316.50 crore, the shares of Cosmic CRF Limited were currently trading at Rs. 1,432.90 per equity share. Cosmic CRF Limited reported a revenue of Rs. 402 crore and a net profit of Rs. 31 crore in FY25. The company’s order book is 1.37 times larger than its revenue for the financial year 2025. As of March 31, 2025, the company’s total order book stands at more than Rs. 550 crore.
Cosmic CRF Limited was incorporated in 2021 and is based in Kolkata. The company manufactures cold-rolled stainless sections for railways, coaches, wagons, and infrastructure projects. It supplies prominent wagon manufacturers and Indian Railways, offering customized engineering solutions with a strong R&D focus.
H.G. Infra Engineering Limited
With a market capitalization of Rs. 6,723.70 crore, the shares of H.G. Infra Engineering Limited were currently trading at Rs. 1,031.70 per equity share, rising nearly 0.42 percent from its previous day’s close price of Rs. 1,027.35.
H.G. Infra Engineering Limited’s revenue has decreased from Rs. 5,378 crore in FY24 to Rs. 5,056 crore in FY25, which is a drop of 5.99 percent. The company’s order book is 3.02 times larger than its revenue for the financial year 2025.
As of March 31, 2025, the company’s total order book stands at Rs. 15,281.2 crore, which includes Rs. 10,392 crore from highway projects, Rs. 3,097.5 crore from railway projects, Rs. 818.7 crore from solar projects, and Rs. 973 crore from BESS projects.
H.G. Infra Engineering Limited was established in 2003 and is engaged in engineering, procurement, and construction of roads, highways, bridges, railways, metros, and related infrastructure projects across India, serving government and private sector clients in multiple states.
Jupiter Wagons Limited
With a market capitalization of Rs. 14,420.20 crore, the shares of Jupiter Wagons Limited were currently trading at Rs. 339.70 per equity share, rising nearly 1 percent from its previous day’s close price of Rs. 336.35.
Jupiter Wagons Limited’s revenue has increased from Rs. 3,644 crore in FY24 to Rs. 3,963 crore in FY25, which has grown by 8.75 percent. The company’s order book is 1.59 times larger than its revenue for the financial year 2025. As of March 31, 2025, the company’s total order book stands at Rs. 6,303.6 crore.
Jupiter Wagons Limited was established in 1979 and is based in Kolkata. The company manufactures railway freight wagons, passenger coaches, wagon components, alloy steel castings, and containers for Indian Railways, defence, logistics, and exports, serving clients in India and internationally.
Written By – Nikhil Naik
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