NRW Holdings (ASX:NWH) has strengthened its fiscal 2027 growth outlook with around AU$313 million in new contract awards, adding to its substantial order book and enhancing earnings visibility, Euroz Hartleys said in a Monday note.

The contracts include an engineering, procurement and construction award to Primero for Ramelius Resources' (ASX:RMS) Mt Magnet expansion project, along with optional works awarded by Main Roads Western Australia for the Tonkin Highway project.

Euroz Hartleys said the Mt Magnet award is significant for Primero and the company's minerals, energy and technology division, which posted AU$1.26 billion in fiscal 2026 revenue, an AU$800 million order book and AU$2.2 billion in active tenders.

The investment firm added that the Mt Magnet contract will ensure continuity of major minerals-processing work following the completion and ramp-down of Kalgoorlie Consolidated Gold Mines-related activity.

It expects further upside, driven by stronger activity in electrical, heating, ventilation and air conditioning services, resources and civil works, mining ramp-ups, and potential margin expansion.

Euroz Hartleys maintains its buy recommendation and AU$9.06 per share price target on NRW Holdings.