Sattanathapuram-Nagapattinam Project: 90% completion, progressing towards provisional completion
Pune-Shirur Road Project: Preconstruction activities progressing, topographical surveys and geotechnical investigations completed, casting yards being established at 2 locations, design activities progressing, test piling commenced
Debt sanction secured from Union Bank of India and Punjab National Bank: INR6,334 crores
Financial closure and appointed date expected by Q4 FY27
Expected revenue from Pune-Shirur: INR300-400 crores in FY27, INR1,000-1,200 crores in FY28
Water Business:
Dharavi Wastewater Treatment facility (418 MLD multilevel treatment plant): On track for commissioning by July 2027 with 15-year O&M contract
Bhandup 2,000 MLD Water Treatment Plant: Excavation and civil works progressing, temporary disruptions due to disposal restrictions and BMC suspension for air quality
Panjarpur 910 MLD water treatment plant: Initial mobilization completed, excavation activities commenced, targeted completion April 2030
Dharavi-Ghatkopar Tunnel: Court clearance received in June, Ghatkopar shaft excavation reached 26 meters, on track for completion by FY33
UP Jal Jeevan Mission: Over 80% physical completion across projects, over 450 schemes out of 1,068 completed and in trial/O&M phase, substantial completion expected by FY27
Oil & Gas Business (AWEL - Adani Welspun Exploration Limited):
Directorate General of Hydrocarbons (DGH) approved utilization of ONGC's existing facilities to evacuate and process gas from Mumbai block on toll basis
Revised early development plan submitted to DGH, approval expected soon
Expected to reduce capital investment by $300-400 million, accelerate milestones towards first gas production targeted in FY29
Facilities approved for use: Unmined platform at B-12-11P, ONGC's TCPP platform, SBHT pipeline to Hazira processing plant
Estimated producible: 0.6 Tcf gas and 2 million barrels of condensate
Order book as of September 30, 2026: INR2,279 crores (including INR995 crores from DGT project)
Order book diversification: Tunneling 53%, Pumping 21%, Rehabilitation 19%
Order inflow to date: Approximately INR450 crores from 3 rehabilitation projects and 1 micro tunneling project
Bidding pipeline: INR1,500-1,800 crores
Project Execution Milestones
Priority Sewer Tunnel Phase-I (5.84km) completed with breakthrough on October 9, 2026
PST-1 on track for completion by September 2027, PST-2 (4.6km) progressing towards January 2028 completion
Mithi tunnel project (INR400 crores) progressing towards completion by January 2028
Vadodara mega drain project nearing completion almost a year ahead of schedule
Mumbai Storm Water Drain Rehabilitation project (15.5km) progressing towards completion in FY27
Chandrabhaga River cleaning project (INR24 crores) complete and operational with O&M contract through June 2027
Awards & Recognition
Aunta-Simaria Road Project: Best Bridge Execution Award and ICI Awards 2026 for outstanding concrete structure
HSE excellence awards at IINA 2026: Platinum Award for Dharavi Wastewater Treatment Plant, Gold awards for Varanasi-Aurangabad Road Project and Mithi Dharavi Tunnel Project IV
CRISIL ESG score improved from 55 to 60 in 2026
Circular Economy Leadership Award from Centre of Inclusive Social Development and Haridaya Charitable Trust
Guidance & Outlook
FY27 revenue growth guidance: 10-20%
FY27 EBITDA margin guidance: 18%+
H2 FY27 expected to be stronger than H1 FY27
Order book addition target: INR8,000-10,000 crores in FY27
