1. Eastern Railway contract loss - Eastern Railway terminated the flagship 5-year contract (17 Jul 2023-16 Jul 2028) on 29 Oct 2025 after payment defaults, forfeited the security deposit, and awarded the work to a third party. This removes the revenue base that drove the FY24 peak of ₹205 cr, leaving the company to rebuild from a TTM revenue of ₹2.15 cr.
2. BECIL consortium pipeline - The BECIL consortium (with the Government of India enterprise under the Ministry of I&B) that won the Eastern Railway tender remains the company's vehicle for future Ministry of Railways tenders. The same consortium structure can bid for new railway auxiliary contracts, though no new tender wins have been announced.
3. Preferential warrant conversion - 9.49 crore warrants issued at ₹7 (₹66.44 crore total) are convertible within 18 months of the March 2022 allotment, with ₹49.83 crore due on conversion. Conversion would fund working capital and new projects, but the 18-month window has lapsed without disclosed conversion status.
4. Kolkata Metro screens and Wi-Fi - LED screens and Wi-Fi services at Kolkata Metro stations are live under the partnership. This provides recurring advertising and connectivity revenue independent of the terminated Eastern Railway contract.
5. Airport trolley advertising - Over 5,000 trolleys at Kolkata airport reach 15 crore annual commuters. This diversifies advertising revenue beyond railways into the airport segment.
6. Jal Jeevan Mission project - The 51% SYN Developers acquisition brings a 68-km water supply project under the government's Jal Jeevan Mission. This adds an infrastructure revenue stream outside the railway business.
7. FIRNG OTT platform - The 51% Mastermind Advertising acquisition adds the FIRNG OTT platform. This creates a digital media revenue stream that can cross-sell with the advertising business.