1. West Bengal Adi Ganga project - The ₹781.98 crore Kolkata sewerage project (74% EMS share) resumes billing in Q1 FY27 after election stoppages, with the ₹70-80 crore quarterly run-rate expected from Q3 FY27. This is the company's largest order and alone can restore revenue to pre-decline levels.
2. Varanasi ward orders - EMS has won five Varanasi sewerage orders totalling \~₹417 crore since April 2026, including a ₹105.82 crore Ramnagar order with a 10 MLD STP. These turnkey contracts add \~25% to the current order book and begin execution within 18-24 months.
3. Rajasthan WTPs - L-1 for two Rajasthan water treatment plants - ₹222.46 crore Udaipur (76.5 MLD) and ₹190.86 crore Kota (100 MLD) - both with 5-year O&M. These diversify the mix beyond sewerage into water supply, a new state, and add recurring O&M income.
4. Delhi Jal Board entry - L-1 on 7 Jul 2026 and LOI on 31 Jul 2026 for the ₹158.29 crore Tikri Kalan sewerage project, with a ₹2,500-3,000 crore DJB tender pipeline. This opens Delhi as a new geography with a large, repeatable order flow.
5. Order book rebuild - The unexecuted order book has recovered from ₹1,837 crore (March 2026) to ₹2,329 crore (July 2026), with a ₹6,400 crore bidding pipeline and a 15-18% win rate. At the historical win rate, the pipeline alone can sustain the current order book level for another year.
6. QIP fundraise - Board approved a ₹300 crore QIP on 27 Feb 2026, with shareholder approval sought for up to ₹400 crore. The raise funds organic/inorganic growth and high-value orders, removing equity constraints on taking larger projects.
7. HAM annuity income - The Mirzapur-Ghazipur HAM project began annuity and O&M income in August 2024, and EMS is consolidating its stake to 74% via a ₹26.08 lakh share purchase. Annuity income is recurring and margin-accretive, and the subsidiary's FY26 PAT jumped to ₹109.80 lakh from ₹1.75 lakh.
8. Uttarakhand billing catch-up - \~₹50 crore of finished Dehradun work was pending billing in Q4 FY26, expected in Q1 FY27, plus ₹30-40 crore of road restoration work. This is near-term cash flow with no new capex required.