1. Order Book at ₹6,500 Crore - 5.5x Book-to-Bill - The outstanding order book stood at over ₹6,500 crore as of end-June 2025, yielding a book-to-bill ratio exceeding 5.5x on FY25 revenue, with Ind-Ra expecting revenue growth to pick up in 2HFY26 to about 25% on average over FY26-FY27. This backlog converts directly into revenue as projects execute, with the top three orders accounting for over 70% of the total.
2. Shift to 70% Annuity and O&M Revenue - Management aims to increase the contribution of O&M and technology business from \~50% of revenue in FY25 to 70% in the near-to-medium term, focusing on SLA-based managed services and FTE-based pricing. A higher annuity mix improves revenue predictability and cash-flow stability, which matters for a company with interest coverage of just 0.05x.
3. Promoter Warrant Infusion - ₹108 Crore - Twin Star Overseas Limited, the promoter, committed ₹108 crore via a preferential warrant issue at ₹24 per share, with ₹27 crore already received and 4.50 crore warrants allotted on 20 June 2026 after stock exchange approvals. The infusion strengthens the balance sheet and signals promoter confidence, with the remaining ₹81 crore payable on exercise within 18 months.
4. PowerGrid Data Center - Manesar Pilot Project - A ₹359 crore contract with PowerGrid Teleservices for a pilot data center in Manesar covers supply, installation, and maintenance, building on the company's experience from 45+ mission-critical data center deployments. Delivering this pilot opens a pathway into India's data centre market, which was USD 6.06 billion in 2023 and growing at 32% CAGR.
5. National Knowledge Network Equipment Order - ₹206 Crore - STL Networks received a purchase order worth ₹206.49 crore (inclusive of taxes) from NICSI for network equipment procurement under the NKN, with a 12-week implementation timeline and 5-year warranty and AMC. The short implementation period means revenue recognition begins within FY27, adding a near-term earnings contributor.
6. NCD Fundraising - ₹250 Crore Completed - The company raised ₹250 crore across two tranches of secured NCDs (₹150 crore in December 2025 at 10.25% and ₹100 crore in January 2026 at 10.35%), rated IND A-/Stable by Ind-Ra. This debt funds working capital for the growing order book while the company secures independent credit lines post-demerger.
7. Mukhyamantree Surakshit Sushaait Shahar - Bihar Safe City Project - A ₹205 crore system integration contract for a safe-city initiative across three Bihar cities, awarded by RailTel in consortium with Niveshan Technologies, leverages the company's surveillance and command-and-control capabilities. The project diversifies the order book into state-level smart-city spending beyond telecom infrastructure.