Monadelphous Group Ltd (ASX: MND) shares are climbing on Wednesday after the engineering services company announced another round of contract wins.
At the time of writing, the Monadelphous share price is up 3.32% to $32.02.
That continues a strong run for the ASX 200 industrial stock. Monadelphous shares are now up almost 20% in 2026 and more than 80% over the past year.
Here's what was announced.
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Monadelphous lands $200 million in new work
According to the release, Monadelphous has been awarded new construction and maintenance contracts worth more than $200 million.
The company said the new work includes two contracts with iron ore giant Fortescue Ltd (ASX: FMG).
The first is for the installation of wind turbine generators at the Nullagine Wind Project in Western Australia.
This comes as Fortescue looks to use more renewable power across its mining operations to bring emissions down.
The second is a 3-year contract to continue providing maintenance services across Fortescue's Pilbara operations in Western Australia.
More contracts across gas and power
There was more good news beyond Fortescue, too.
In Queensland, Monadelphous has secured a 3-year contract with Santos, with two 1-year extension options. Under the agreement, it will provide multidisciplinary services at Santos' upstream field development and production operations.
The company has also been awarded a contract with Santos for the construction of temporary camp facilities tied to the APF Tie-In Project in the Southern Highlands region of Papua New Guinea.
The work is expected to be completed by the end of 2026.
Finally, Monadelphous has secured a 3-year contract to continue providing operation and maintenance services at Synergy's Muja Power Station in Collie, Western Australia.
Why investors are buying
The latest batch of contract wins also comes after a strong first-half result earlier this year.
Monadelphous reported record half-year revenue of $1.53 billion, up 45.6% on the prior corresponding period.
Net profit after tax (NPAT) also rose 52.6% to $64.9 million, while shareholders received a fully-franked interim dividend of 49 cents per share.
The balance sheet was in good shape too, with Monadelphous ending the half with $322 million in cash.
Management has already guided to full-year revenue being around 30% higher than the prior period.
But that depends on first-half operating margins carrying through into the second-half.
Can the rally continue?
Today's update gives Monadelphous more work to chase through the rest of FY26.
August's full-year result should show whether margins, cash flow, and execution can keep pace with Monadelphous' larger workload in FY26.
If those numbers stack up, the recent rally may have more to run.
