1. T&D order book at record - T&D order book plus L1 stands over ₹25,000 cr, with a 3-month tender pipeline of \~₹70,000 cr split equally India/international. At FY26 T&D revenue of ₹15,883 cr, this book alone covers over 1.5 years of segment sales, with private/SEB share of TBCB awards rising to \~80% from \~45%.
2. HVDC build-out - Five HVDC projects are under execution, with \~7-8 expected and each typically \~₹25,000 cr; new orders worth Rs. 1,002 Crores were secured in May 2026. The first converter station (Maharashtra, for Adani/Hitachi) is commissioned, proving delivery capability for a pipeline that could multiply the current T&D book.
3. SAE Towers capacity and orders - SAE secured over ₹1,650 cr of new orders in Q1 FY27, nearly four times last year, including the largest-ever US tower supply order; order book plus L1 is a record ₹3,800 cr. With plants at \~100% utilization and Butibori expansion completed, global capacity rose to 483,800 metric tons, letting SAE convert this book into revenue.
4. Civil buildings & factories ramp - Civil order intake more than doubled to over ₹5,000 cr in FY26, with order book over ₹5,000 cr; management targets at least 30% FY27 revenue growth and \~₹8,000 cr intake. New verticals - semiconductors, hospitals, thermal, metals & mining - added five orders in FY26, diversifying beyond residential and commercial real estate.
5. Cables specialty products - Elastomeric cables start production in Q2 FY27, with the E-Beam plant commissioning the next quarter; specialty products are expected to add ₹300-400 cr of revenue. E-Beam also cuts raw-material consumption and improves margins on LT/HT and solar cables, on top of a business already growing 23% in FY26.
6. Renewables wind entry - Renewables secured ₹800 cr of new orders in Q1 FY27, including wind projects in Western and Southern India, after commissioning \~1,000 MW of solar in FY26. Management targets ₹3,000-4,000 cr revenue over 2-3 years, with a \~₹30,000 cr tender pipeline and a shift toward wind and BESS.
7. Oil & Gas GCC entry - The business entered the GCC with a composite station works project, secured direct ADNOC approval, and is advancing Saudi Aramco qualification; two international orders were won in FY26. Saudi Aramco is expected to release \~3,000 km of pipeline contracts over the next few years, opening a market far larger than FY26's ₹258 cr revenue base.
8. KAVACH signaling scale-up - KAVACH is implemented across 667 route km, with deployments underway on an additional 780 route km and over 3,000 locos; new orders of over ₹250 cr came in automatic block signaling in Q1 FY27. Railways' ₹2.77 lakh crore FY27 budget allocation (+10% YoY) funds this technology shift, with management bidding selectively at 7-8%+ margins.