Gamuda Bhd stock (MYL5398OO002): Hits RM51.6bil order book milestone

Gamuda Bhd secured a RM600 million solar farm contract in Australia and a RM3.3bil rail project in Taiwan, pushing its order book past RM50 billion for the first time.

Gamuda Bhd recently expanded its order book to a record RM51.6 billion after winning key infrastructure contracts, including the 75MW Jinbi Solar Farm in Western Australia valued at RM600 million (AUD200 million) and the RM3.3 billion Kaohsiung MRT Xiaogang-Linyuan Line in Taiwan, The Star as of 05/12/2026. These wins position the company on track for its FY26 order book target.

As of: 12.05.2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: Gamuda Bhd
• Sector/industry: Infrastructure and construction
• Headquarters/country: Malaysia
• Core markets: Malaysia, Australia, Taiwan, Vietnam
• Key revenue drivers: Rail, roads, renewables, water infrastructure
• Home exchange/listing venue: Bursa Malaysia (5398)
• Trading currency: MYR

Gamuda Bhd: core business model

Gamuda Bhd operates as a leading infrastructure and engineering contractor primarily in Asia Pacific markets. The group delivers complex projects in transportation, water, renewable energy, and underground works through subsidiaries like DT Infrastructure in Australia. Its model emphasizes engineering, procurement, and construction (EPC) contracts alongside public-private partnerships (PPP), The Bull overview.

The company maintains a robust pipeline by bidding on government-backed mega-projects, diversifying across rail, highways, and now renewables. This approach supports long-term revenue visibility via multi-year order books.

Main revenue and product drivers for Gamuda Bhd

Gamuda Bhd's revenue stems from engineering and construction (80%+), with growing contributions from concessions and operations & maintenance. Key drivers include rail systems like MRT lines in Malaysia and Taiwan, tunneling projects, and renewable energy developments such as solar farms. The recent Jinbi Solar Farm contract, awarded to DT Infrastructure for Yindjibarndi Energy Corp, underscores expansion into clean energy, Gamuda as of 05/2026.

International wins, including the Kaohsiung MRT project, boost the order book to RM51.6 billion as reported on May 12, 2026, by RHB Research via The Star as of 05/12/2026. This milestone reflects diversified infrastructure exposure.

Industry trends and competitive position

The global infrastructure sector benefits from rising investments in renewables and transport amid energy transitions and urbanization. Gamuda Bhd competes strongly in Asia Pacific with peers like China Communications Construction, leveraging local expertise and Australian presence for high-margin RE projects.

Its order book growth aligns with regional trends, such as Australia's renewable push and Taiwan's rail expansions, positioning Gamuda for sustained workloads.

Why Gamuda Bhd matters for US investors

Gamuda Bhd offers US investors exposure to Asia Pacific infrastructure growth, particularly Australia's resource-linked renewables and Malaysia's urban development. Listed on Bursa Malaysia, it provides diversification into emerging market capex cycles with relevance to US-listed REITs and infrastructure ETFs tracking similar themes.

Gamuda Bhd on track for FY26 targets

Executives stated the company is on pace for its end-2026 order book goal following rail and renewable wins, as per NST as of 05/2026. RHB Research raised its valuation by 38% post the RM600 million solar award, maintaining a buy rating with RM6.19 target.

Conclusion

Gamuda Bhd's recent contract wins have elevated its order book to a historic RM51.6 billion, signaling strong momentum in renewables and rail infrastructure. With diversification across key Asia Pacific markets, the company demonstrates resilience amid sector tailwinds. US investors may note its role in global infrastructure plays, though exposure comes via Bursa Malaysia listing.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.