Civmec's (ASX:CVL) recent contract awards increased the company's order book to a record AU$1.5 billion, representing a "solid work in hand position" and potentially setting the company up for more than AU$1 billion of revenue in fiscal 2027, Euroz Hartleys said in a Friday note.

The awards include a number of panel agreement extensions, new orders across maintenance, a major construction contract for the Perth Park, as well as work at Iluka Resources' (ASX:ILU) Eneabba rare earths refinery in Western Australia.

Euroz Hartleys increased its fiscal 2026 revenue forecast for the company to AU$880 million, and earnings before interest, taxes, depreciation, and amortization (EBITDA) estimate to AU$101 million. For fiscal 2027, it raised the revenue forecast to about AU$1.02 billion and EBITDA outlook to AU$111 million.

"In our view the combination of this increased operating cadence and enhanced revenue visibility provides greater confidence in the earnings trajectory into [fiscal 2027] and underpins our upgraded forecasts," the equity research firm said.

Euroz Hartleys maintained a buy recommendation on Civmec while upgrading the price target to AU$2.37 from AU$1.67.