1. EMC acquisition and amalgamation - NCLT Kolkata sanctioned the amalgamation of EMC Limited on 22 May 2026, dissolving the subsidiary and consolidating its assets free of encumbrances. The deal adds high-voltage 765 kV turnkey EPC capability and a solar plant with an NTPC PPA, while the removal of EMC's standalone losses (₹32.4 crore in FY25) lifts consolidated earnings from the first merged quarter.
2. TANGEDCO distribution orders - Orders worth ₹1,286 crore from TANGEDCO for feeder segregation and 33 kV line augmentation are under execution over 36 months. At roughly 1.2x the company's FY25 consolidated revenue, this single set of contracts provides multi-year revenue visibility in a state where the counterparty is a government utility.
3. RVNL HPSEBL contracts under RDSS - Two contracts aggregating ₹695 crore were awarded by RVNL on 26 November 2025 for Himachal Pradesh distribution infrastructure, with a 20-month execution window. The short timeline pulls revenue into FY26-FY27, and the RDSS scheme is centrally funded, reducing payment risk.
4. PVVNL distribution orders - Two orders from PVVNL for loss-reduction distribution infrastructure total approximately ₹750 crore. Together with the TANGEDCO and RVNL awards, these Uttar Pradesh contracts deepen the order book in a segment where the company already has execution history.
5. Warrant conversions and promoter equity infusion - Promoters converted 2.12 crore warrants into equity in October 2025, bringing in ₹22.9 crore of the remaining 75% call, with 3.25 crore warrants still outstanding for conversion by April 2026. Each conversion reduces the cash call on the company and signals promoter commitment, while the ₹290 crore preferential issue has already funded the EMC acquisition and working capital.
6. 96,000 MTPA galvanization plant - Asia's largest galvanizing plant, commissioned in FY24, lifted total installed capacity to 211,000 MTPA. With utilisation at only 55% as of Q3 FY25, the plant can absorb substantial new orders without further capex, turning incremental revenue directly into operating profit.
7. 5G telecom tower demand - India deployed over 492,000 5G base stations by March 2025, a 55% year-on-year increase, and the company reports regular monthly tower orders of ₹30-35 crore above the existing order book. Salasar's installed base of 50,000 towers supplied and its Ramboll design partnership position it to capture repeat orders as tower companies invest a projected ₹21,000 crore over FY25-FY26.
8. Africa transmission line EPC - A ₹75 crore 110 kV order from Energy Development Corporation in Africa was secured in 2025, alongside a ₹60 crore Rwanda project with RVNL and an ongoing Tanzania job. These projects establish an international EPC track record in a region where the company is pursuing an additional ₹235 crore pipeline.