NRW Holdings Shares Jump 6.5% as Mining Services Rally Rolls On for Second Day After Monadelphous Upgrade

SYDNEY — Shares of NRW Holdings Ltd. rose more than 6% on Wednesday as a rally in Australian mining services stocks continued for a second day, after sector peer Monadelphous Group gave strong first-half guidance.

NRW shares gained 42 Australian cents, or 6.47%, to A$6.91 after trading between A$6.48 and A$6.92. About 2 million shares changed hands, and the company was valued at about A$3.2 billion. The stock is up about 36% over the past year.

The gain followed a rise of more than 5% on Tuesday, when contractors rallied across the market after Monadelphous forecast first-half revenue of about A$1.7 billion and net profit of A$80 million to A$85 million. Monadelphous also said it had won about A$830 million in new contracts since July 1.

Monadelphous shares rose another 7% to a record high on Wednesday, and investors also bought other contractors exposed to mining and energy spending.

Strong fiscal 2026

NRW, based in Perth, provides civil construction, contract mining, drill-and-blast and engineering and maintenance services to the resources and infrastructure sectors. It operates in every Australian state except Tasmania.

The company reported fiscal 2026 revenue of about A$4.29 billion, up 31.4%. Underlying net profit after tax rose to A$182.7 million from A$127.2 million a year earlier, and statutory profit was A$153.4 million.

NRW is also branching out beyond mining. Its Fredon business won a contract to fabricate mechanical systems for a 432-megawatt portion of Stack Data Centres' 864-megawatt Melbourne campus, with work running from September 2026 to March 2028. The contract adds exposure to data centre construction in Australia, which is growing fast.

Recovery from a pullback

NRW was one of the market's strongest performers earlier this year. A string of contract wins pushed the shares up about 164% over the 12 months to late May. The stock then fell with other contractors as investors worried about cost inflation, labor shortages and higher interest rates.

The shares have recovered in recent weeks, and the Monadelphous update gave the whole sector a boost this week.

Risks remain

Like other contractors, NRW faces risks from rising costs, labor availability and project execution. Its exposure to mining activity also makes it sensitive to commodity prices and to customers' spending plans.

NRW has had problems with clients before. In early 2025, it flagged money owed by SIMEC Mining at Whyalla in South Australia after its client ran into financial trouble.

NRW holds its annual general meeting on Nov. 26, when investors will look for an update on trading and the outlook for fiscal 2027.