1. Aunta-Simaria divestment - WEL signed an SSPA on July 29, 2026 to sell its entire stake in the Aunta-Simaria HAM project at \~₹1,000 crore EV, with completion expected by September 30, 2026. The sale reduces \~₹800 crore of debt and frees equity for the Pune-Shirur and water order book - the same capital-recycling play that funded the pivot after the 2022 Actis sale.
2. Pune-Shirur toll road - Sub-concession agreement signed July 13, 2026 for the 53.4 km DBFOT project (₹7,300 crore total cost, \~₹5,400 crore EPC), with financial closure planned around October-November and \~₹500-600 crore revenue expected in FY27. This single order doubles the average order value and targets an equity IRR upwards of 18%.
3. Dharavi 418 MLD wastewater plant - Physical completion \~70%, commissioning on track for July 2027, followed by a 15-year O&M phase. The O&M contract (\~₹2,300 crore of the ₹5,400 crore O&M book) should contribute \~₹200 crore a year at EBITDA margins similar to the main business.
4. Bhandup 2,000 MLD water plant - Construction progressing with civil contractor fully mobilized; completion expected by April 2029. Once Bhandup and Panjrapur are complete, WEL will manage \~70% of Mumbai's freshwater supply - a recurring revenue base that transforms the business from build to operate.
5. UP Jal Jeevan Mission completion - Over 80% physical progress; balance execution to complete during FY27, with O&M commenced on several schemes. Revenues have accrued up to 70% of contracted value, and the shift from construction to O&M income should improve cash flow visibility.
6. WMEL tunnelling growth - Order book ₹2,135 crore as of June 30, 2026, diversified across tunnels (61%), pumping stations (23%) and rehabilitation (7%); management targets over 25% CAGR over the next 3 years. Three segmental TBM projects in Mumbai are on track for FY27 completion, with TBM utilization close to 100%.
7. Oil and gas monetization - Revised Field Development Plan for MB-OSN-2005/2 submitted; approval expected in 4-6 weeks, with production \~2 years after approval. The three blocks hold combined Gas Initially in Place of \~1.1 TCF, and management sees high likelihood of developing rather than exiting - a potential FY29 earnings kicker from a \~₹500 crore investment.
8. Preferential warrant conversion - ₹1,000 crore raised via warrants at ₹525 per share; ₹250 crore received upfront, balance callable over 18 months from December 2025. The equity strengthens the balance sheet for new PPP bidding criteria based on adjusted net worth - funding the next round of order wins.