GR Engineering Services (ASX:GNG) has organic growth opportunities across GR Production Services, Mipac, and Paradigm, along with a strong pipeline of major project prospects for GR Engineering Services, said Euroz Hartleys in a Friday note.

The company on Friday said it expects fiscal year 2026 revenue in the range of AU$500 million to AU$520 million, up from the actual result of AU$479 million last year.

Euroz Hartleys said its overall view remains unchanged as it believes GR Engineering is a "mature" and "capital-light" company with deep technical capability, long-standing client relationships, and extensive contracting experience.

The company has a "healthy" pipeline of study work, which supports underlying demand and reinforces the view that major project work is likely in the short to medium term, leading to a period of elevated earnings, the note added.

Euroz Hartleys upgraded GR Engineering to buy from hold but kept its AU$4.20 price target.

The company's shares rose 2% in recent Monday trade.