1. Quippo Oil & Gas acquisition - HMPL acquired Quippo Oil & Gas Infrastructure Ltd, which owns 14 drilling rigs (650-3,000 HP) and a 400-person team, and has already secured a ₹280 crore contract from Oil India for one rig over four years. This adds a revenue stream with multi-year contract visibility in a sector where entry barriers are high and rig availability is tight.
2. 200 MW solar EPC contract - A ₹913 crore EPC contract with Apollo Green Energy for a 200 MW grid-connected solar project at Khavda, Gujarat, was executed on 3 July 2025, with HMPL arranging financing and receiving 5% of the contract value in return. The contract is nearly 1.6x the company’s most recent annual revenue, providing a step-change in topline scale once execution ramps.
3. NH-66 HAM annuity stream - The 39.2 km NH-66 highway project achieved provisional commercial operation on 30 March 2025 with 80% of the length certified, triggering annuity payments from MoRTH within six months. A ₹476 crore rated bank facility backs the concession, converting a completed construction asset into a visible, long-dated cash flow stream.
4. Tata Steel township order - A ₹183 crore work order from Tata Steel for G+9 apartment blocks at Joda, Odisha, was awarded on 20 February 2026 with a 24-month execution window. The order diversifies the real estate segment toward credible industrial clients and adds roughly one-third of annual revenue to the backlog.
5. NHAI toll collection portfolio - Five NHAI user-fee contracts won between November 2025 and March 2026 - at Krishnagiri (₹235 crore), Ankadhal (₹42 crore), Balenahalli (₹44 crore), Chowlagere (₹27 crore), and Rampura (₹14 crore) - together total over ₹360 crore for one-year terms. These short-cycle contracts convert quickly into operating cash flow with minimal capex.
6. Warrant conversions strengthening the balance sheet - Out of 22,28,912 warrants issued at ₹300 each, 18,91,132 had been converted by December 2025, bringing in the balance ₹225 per warrant and expanding net worth. A stronger equity base directly supports the debt-funded growth across shipbuilding, oil and gas, and the solar EPC contract.
7. Shipyard subsidiary funding and security - Square Port Shipyard secured a ₹50 crore credit package from Bank of Baroda (₹45 crore term loan, ₹5 crore cash credit) backed by a corporate guarantee and a property at Navase, Ratnagiri. The funding unlocks the shipbuilding vertical, which had been held back pending capital.