| Erection, Testing and Commissioning (ETC) | Mechanical and electrical erection, testing, commissioning of boilers, turbines, generators and auxiliaries | Strong track record, technical expertise, trusted by large power developers | B2B: power utilities, EPC contractors, government agencies | Supercritical plant BTG packages, advanced technology integrations | 2100 | 40 | Project-based contracting revenue with milestone payments | Fixed-price EPC contracts with performance milestones | Government capacity addition, move to supercritical plants, outsourcing trends | Supercritical power plant BTG packages, ultra mega power projects |
| Operation and Maintenance (O&M) Services | Long-term plant maintenance, control room operations, overhauls, troubleshooting | Scale leadership in O&M, proprietary digital tools, skilled manpower pool | B2B: government and private power generators | Comprehensive O&M including control room and predictive maintenance | 2000 | 38 | Recurring annuity contracts based on service agreements | Annual maintenance contracts with fixed fees plus performance incentives | Increased outsourcing of power plant O&M, capacity expansions, regulatory shifts | Comprehensive O&M contracts covering 40+ GW capacity |
| Civil Infrastructure | Civil and structural works for power generation and industrial infrastructure | Experienced workforce, large-scale project execution capability | B2B: power plants, industrial clients, infrastructure projects | Civil works for large thermal plants and metro depots | 750 | 15 | Project-based civil contract payments | Fixed price civil construction contracts | Infrastructure development, power sector civil expansion, metro & rail projects | Construction of foundations, decks, cooling towers, roads for power plants |
| Mining Development and Operations (MDO) | Mine infrastructure development, coal extraction, handling and delivery | Few competitors with multi-decade mining contracts, combined infra and mining expertise | B2B: government coal companies and industrial clients | Integrated mining and infrastructure management | 380 | 7 | Long-term annuity contracts with operational efficiency incentives | Multi-decade contracts with fixed annual payments linked to production | Coal production increase, government auction reforms, mineral demand growth | Long-term coal mine operation contracts for CIL and SAIL |
