1. Suyog Urja acquisition - Acquired 51% of wind EPC player Suyog Urja for ₹311 crore (₹111 crore paid; balance tied to FY27-28 KPIs), which brings a present order pipeline of \~₹800 crore and FY27 revenue expectation of ₹400-450 crore at 12%+ PAT margins. This nearly doubles the renewable segment overnight - SUL's Q1 revenue of ₹80 crore alone is close to the entire FY26 renewable revenue of ₹129 crore.
2. NTPC BESS EPC projects - Four NTPC BESS orders worth ₹1,070 crore (930 MWh) are underway, with material procurement starting in Q3 and 11-year O&M after commissioning. At a guided \~10% PAT margin, these projects alone can add roughly ₹100 crore of profit over execution, while the 11-year maintenance contracts extend the earnings runway well beyond construction.
3. FY27 revenue guidance - Management guides consolidated FY27 revenue of ₹2,000 crore and PAT of ₹260-270 crore, up from FY26 revenue of ₹1,264 crore and PAT of ₹191 crore. The step-up is anchored by a ₹6,721 crore order book - 3.4x FY26 revenue - with 90-95% of the starting book expected to execute within the year.
4. Renewable segment scale-up - Renewable revenue hit ₹104 crore in Q1 FY27 (29% of total), against ₹129 crore for all of FY26, with a ₹3,027 crore renewable order book spanning solar, wind, and BESS. Management targets ₹650 crore of renewable revenue in FY27 at 15-18% EBITDA margins, which would lift the blended margin profile as renewables grow from 11% to roughly a third of revenue.
5. Wind EPC order pipeline - Suyog has a \~₹800 crore wind EPC pipeline and expects another ₹500-600 crore of wind EPC orders this year, on top of the ₹700 crore wind order book already secured. These are asset-light, near-zero-debt contracts with AAA/A-rated counterparties like ReNew, JSW, and Tata Power, reducing working capital intensity versus water EPC.
6. Varanasi HAM projects - Two Namami Gange HAM projects worth ₹257 crore (60 MLD Lohta, 45 MLD DDU Nagar) were awarded in July 2026, with construction starting October-November and 15-year O&M following. HAM projects convert into annuity-style cash flows post-construction - the three existing HAM SPVs are already expected to generate \~₹150 crore of term loans in FY27.
7. Swachh Maharashtra Mission projects - Two Maharashtra sanitation projects worth ₹824 crore (306 ULBs, 241 MLD combined STP capacity) were empanelled in April 2026, with 24-month execution timelines. This is the single largest water order win in company history and expands the addressable market beyond single-city STPs into multi-ULB sewerage networks.
8. BESS IPP at Bihar - Acquired PRA Bihar Bess (37.5 MW/150 MWh) with a 12-year BESPA at ₹4.44 lakh/MW/month and VGF support, for ₹15.5 crore with \~₹150 crore capex funded via internal accruals and debt. The contracted tariff provides a predictable 12-year revenue stream, and the BOOT structure means the asset transfers to the state after the concession - a capital-efficient IPP model.
9. ZLD and desalination entry - The ₹395.5 crore MIDC CETP ZLD project at Ichalkaranji, one of India's largest, is under execution and provides pre-qualification for desalination projects, with overseas and desalination bids expected to close by FY27 end. ZLD compliance guidelines are creating a large new segment for industrial water reuse, and desalination opens a market where the company currently has zero presence.
10. Order inflow guidance - Management guides \~₹2,500 crore of fresh orders in FY27, with ₹256 crore already secured and a bid pipeline of \~₹7,000 crore where the company is actively bidding. At a historical 20% win rate, the pipeline alone supports the guidance, which would take the order book past ₹9,000 crore and sustain the 25-30% long-term growth target.