1. Hindustan Zinc core drilling order - The ₹307 crore order from Hind Metal Exploration Services (Hindustan Zinc's subsidiary) for Rajasthan core drilling was expected to start execution within two weeks of the Q4 FY26 earnings call, with revenue expected after rig mobilisation within 45 days of the 28 Feb 2026 signing. At roughly ₹75 crore a year against FY26 revenue of ₹264 crore, and with the company's record of finishing ahead of the four-year timeline, this single order adds over 25% to annual revenue.
2. Rig fleet expansion - Four rigs are on order for delivery in the next three to six months, adding to the 43-rig fleet that already runs at over 100% utilisation, with ₹40-50 crore capex planned for FY27. Since rigs are a one-time cost and the Hindustan Zinc and Reliance contracts need more capacity, each new rig directly converts order-book visibility into revenue.
3. Oman JV 1 - Alara copper mining - The 11-year, USD 125 million copper mining contract with Alara Resources continues with four rigs booked for the next 2-3 years, and Q1 FY27 JV profit share jumped to ₹1.3 crore from ₹0.3 crore a year earlier. At 35% JV ownership and 5-6% net margins, this is a steady, asset-light earnings stream that is already compounding.
4. Aquifer mapping completion and re-bidding - The ₹100 crore Central Ground Water Board aquifer mapping contracts are \~65% complete, with the balance due after the monsoon, and fresh tenders expected in this no-capex segment. At 25% of FY26 revenue, completing the current work while bidding new states keeps this profitable government segment contributing without tying up capital.
5. Oil India seismic empanelment - Three-year empanelment with Oil India for 2D/3D seismic services, plus \~₹23.8 crore of execution left on the existing PST contract with extension talks underway, opens a new revenue stream in oil and gas exploration. This diversifies beyond coal and CBM into a segment where the company has already completed two large projects successfully.