Why I’d watch these 3 ASX industrials after Monadelphous’ strong update

The following are the 3 ASX industrial stocks that I’d watch out. These companies have delivered impressive financial performance and have projects that will further accelerate growth trajectories.

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1. NRW Holdings Limited (ASX: NWH) is an Australian company that is involved in mining, construction, engineering and maintenance services. It has a market capitalization of $3.18B.

NWH reported a 31.4% increase in its revenue from $3267.7M in FY25 to $4293.3M in FY26 and its underlying EBITDA also increased by 24.3% to $486.2M in FY26 from $391M in FY25. The company’s statutory EBIT and statutory net profit after tax also surged by 320.6% and 454.3% to $245.1M and $153.4M respectively. At the end of June 2026, it had a cash balance of $319.7M and a strong order book of around $7.5B. Its underlying earnings per share stood at 39.8 cents per share and the company paid a fully franked final dividend of 14.5 cents per share.

During FY26, NRW Group acquired Fredon which extended the company’s capability into electrical, mechanical (HVAC), infrastructure, technology and maintenance services. The company also got a Mining Services Agreement contract for 5.5-year term at the Stanwell Meandu Mine with a value of around $750M.

The company continues to grow by making investments in resources, infrastructure, energy transition, defense, health and data centers.

2. SRG Global Limited (ASX: SRG) is an Australian company that is engaged in delivering engineering-led maintenance and industrial services and engineering and construction services across the entire asset lifecycle. It has a market capitalization of $2.24B.

The company reported a 27% increase in its revenue from $1323.3M in FY25 to $1675.5M in FY26 followed by a 34% rise in its EBITDA from $127.1M in FY25 to $170.1M in FY26. Its EBITDA margin for the year was 10.2%. SRG’s net profit after tax surged 40% from $61M in financial year 2025 to $85.3M in financial year 2026. During the year, its earnings per share stood at 13.8 cents per share and it paid a fully franked dividend of 7 cents per share. SRG also transitioned back to net cash of $6.2M.

During FY26, SRG successfully acquired TAMS which is a marine infrastructure services provider and it delivered circa 10% above its FY26 business case and is now fully integrated into the company. Approximately 80% of its earnings profile is related to annuity or recurring earnings.

SRG Global upgraded its guidance for FY27. It expects its EBITDA to be in a range of $195M-$205M followed by its EBIT to be in between $150M-$160M. It has also secured a number of long-term contracts with key blue-chip, repeat clients across Australia. The company expects to deliver consistent growth and high-quality returns.

3. Civmec Limited (ASX: CVL) is an Australian-based multidisciplinary construction and engineering services provider to the energy, resources, infrastructure, marine and defense sectors. It has a market capitalization of $860.09M.

In Q1FY27, the company reported revenue of $324M followed by its EBITDA of $35.1M. Its net profit after tax stood at $18.4M. Its Q1FY27 EBITDA margin and net profit margin was 10.8% and 5.7% respectively. It paid a fully franked final dividend of 3.5 cents per share on 23 October 2026. The company recorded an order book of around $1.4B.

During the quarter, Civmec got the construction contract for the gallium production plant at Alcoa’s Wagerup Alumina Refinery and the construction activities continued to progress on the Eneabba Rare Earths Refinery for Iluka Resources. The company also successfully loaded out and shipped two large and highly technical material handling machines for two of its key clients.

CVL continues to grow its presence in critical minerals processing and maintain long-standing client relationships. Its piling works for the PDP2 earthworks and concrete package at Nelson Point and site works continue to make progress. The work progressed at Blakemere Manifold for Woodside Energy’s Pyrenees facility with works extending into FY27.

(Source: Company Announcements)