1. Balance-sheet reset via NARCL - A Master Restructuring Agreement with NARCL (85.44% of secured lenders) caps sustainable debt at ₹1,250 crore payable over seven years and converts the unsustainable portion into a 15% equity stake for NARCL. The restructuring removes the overhang that drove the debt-to-equity ratio to 1.68x and shifts the capital structure from survival mode to a base from which new orders can be funded.
2. ₹4,237 crore equity infusion - The company raised ₹4,236.85 crore through a private placement of equity shares and convertible warrants, with the warrant portion carrying an 18-month exercise window ending November 2026. The inflow provides working capital to bid for and execute larger EPC contracts after years of a shrinking balance sheet.
3. Power-sector order momentum - Two EPC contracts totalling approximately ₹246 crore were awarded in January-February 2026, adding to a power-transmission book that already accounts for 20% of the ₹1,700 crore-plus order book. The quick succession of wins in a single quarter signals that the post-restructuring bidding engine is active in a segment where the company has existing pre-qualifications.
4. Simplex 2.0 shift to shorter-duration projects - Management is deliberately targeting projects with higher ROCE, lower working-capital intensity, and faster capital turnover under the Simplex 2.0 framework. A portfolio tilted toward quicker-turnaround work can lift the 5.4% OPM and 2.5% ROCE reported in the latest annual period by reducing the interest and overhead drag of long-gestation contracts.
5. Debt-to-equity conversions with ICICI Bank and NARCL - ICICI Bank converted ₹29.4 crore of debt into equity shares in July 2025 as part of a one-time settlement, and NARCL received additional shares to maintain its 15% fully diluted holding. Each conversion shrinks the residual ₹1,642 crore debt pile and the associated interest cost, directly aiding the swing from a ₹72 crore loss two years ago to a ₹40 crore profit in the latest year.
6. Middle East piling contracts - The company secured piling work for a transmission line and a pumping station in Saudi Arabia during FY2024, and foreign-exchange earnings rose to ₹85.3 crore in FY25 from ₹63.2 crore in FY24. The Gulf piling niche offers hard-currency receipts and a foothold in a region spending heavily on infrastructure, with existing subsidiaries and joint ventures already in place.