Macmahon Holdings' (ASX:MAH) recent award wins demonstrate client retention and its relationship with QCoal and its joint venture partners, where its services have become "sticky," according to a Wednesday Euroz Hartleys note.

The company, in a Wednesday filing, said its unit Decmil received a AU$51 million contract from Tilt Renewables for works at the Waddi Windfarm in Western Australia.

In another Wednesday filing, Macmahon Holdings said it secured a three-year contract worth AU$792 million to continue to provide open-cut mining services at the Byerwen coking coal mine in Queensland.

The research firm said continued works in the Bowen Basin secures a large, long-dated revenue stream, improving earnings visibility and backlog certainty over fiscal 2026 to fiscal 2028, with potential extension through fiscal 2030.

Euroz Hartleys added that the company's joint venture award with Tilt Renewables demonstrates its ability to secure meaningful balance-of-plant civil works in the renewable energy sector, diversifying earnings beyond core mining services.

Euroz Hartleys maintained a buy rating on Macmahon Holdings with its price target of AU$0.54 under review.