NRW Holdings' (ASX:NWH) unit contract awards further strengthen its work-in-hand heading into fiscal year 2027, highlighting its ability to convert opportunities across both its mining and civil infrastructure businesses, according to a Tuesday note by Euroz Hartleys.

NRW disclosed two contract awards through its wholly-owned unit Golding, with a combined value of around AU$191 million to AU$195 million.

The three-year equipment hire and services agreement with OneSteel Manufacturing at the South Middleback Ranges mine in South Australia utilizes Golding's existing operating presence and fleet, with no material capital investment required, supporting returns while maintaining its long-standing position in the region.

Euroz Hartelys continues to expect further contract conversion across NRW's civil tender pipeline, particularly within Western Australia infrastructure, defense, and urban projects.

The investment firm maintained its buy recommendation and raised its price target on NRW to AU$8.50 per share from AU$7.20 per share.