1. BESS commissioning - The first two BESS projects (GUVNL/NVVN, 735 MW/1,470 MWh total) are targeted for commissioning in February and March 2027, with the Chorania plant in June 2027. Commissioning unlocks \~₹225 crore annual annuity-like revenue and \~₹600+ crore revenue at \~90% progress by year end.
2. HAM asset monetisation - \~₹660 crore received from NIIOF sales of five HAM assets, with ₹725 crore balance and \~₹850 crore expected collected by year end. This converts illiquid road equity into cash, funding the ₹1,689 crore BESS/transmission equity pipeline without new debt.
3. Solar commissioning - 137 solar plants are billing DISCOMs, with \~94% physical progress and an invoice of ₹175 crore raised. Commissioning all plants targets ₹250+ crore annual revenue and releases \~₹300+ crore of sanctioned debt in Q2-Q3 FY27.
4. Pune-Shirur highway EPC - The ₹3,931 crore Welspun order (LOA May 2026) is in mobilization, with execution momentum from Q3 FY27. Management expects \~₹750 crore revenue from this project this year, a major chunk of the ₹6,000-6,500 crore FY27 revenue guidance.
5. Transmission projects - Three projects (Orissa, Jharkhand, Uttar Pradesh) with combined EPC value of ₹1,460 crore are progressing; Orissa appointed date expected by October end. Commissioning generates \~₹215 crore annual revenue over 35 years at 13-15% EPC margins.
6. HAM road COD cycle - Karnal (99% complete), Raipur-Visakhapatnam OD5/OD6/AP1, and Khammam-Devarapalle KD1/KD2 have received provisional completion certificates, with COD expected Q3 FY27. COD triggers final monetisation tranches (\~₹250 crore in Q2, balance in Q3) and releases holdback payments.
7. Debt reduction - Gross debt target is to fall from ₹1,834 crore to ₹900 crore by year end. Lower interest costs and improved balance sheet capacity support the ₹6,000-6,500 crore FY27 revenue guidance at 13.5-14% EBITDA margins.