Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>FY25 results reflected margin pressure and a 14% revenue decline due to project completions, with FY26 guidance indicating flat revenue and lower core EBITDA margins (5–5.25%).</li>
<li>Indian Railways’ capex is expected to grow at a 6–10% CAGR over the next decade, offering sustained demand across new lines, electrification, and safety systems.</li>
<li>While valuations appear reasonable, near-term growth visibility remains limited due to a muted order book and transition away from cost-plus contracts.</li>
</ul>


FY25 results reflected margin pressure and a 14% revenue decline due to project completions, with FY26 guidance indicating flat revenue and lower core EBITDA margins (5–5.25%).
Indian Railways’ capex is expected to grow at a 6–10% CAGR over the next decade, offering sustained demand across new lines, electrification, and safety systems.
While valuations appear reasonable, near-term growth visibility remains limited due to a muted order book and transition away from cost-plus contracts.


IRCON International – Stable Franchise with Long-Term Tailwinds, Near-Term Execution Hurdles

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$155m in its India IPO.</li>
<li>RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$155m in its India IPO.
RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

<ul>
<li>RITES reported a ~10% YoY decline in revenue, from Rs2,453 Cr in FY24 to Rs2,218 Cr in FY25, with PAT falling ~16% to Rs424 Cr due to reduced turnkey execution.</li>
<li>The company is ramping up selective metros, export projects, and EPC work, while maintaining its strong core consultancy business, which makes up roughly 50% of revenue.</li>
<li>Trading at around 34× P/E, with a ROCE of ~21% and a dividend yield of ~3.8%, RITES remains well-positioned to benefit from India’s sustained rail sector investments.</li>
</ul>


RITES reported a ~10% YoY decline in revenue, from Rs2,453 Cr in FY24 to Rs2,218 Cr in FY25, with PAT falling ~16% to Rs424 Cr due to reduced turnkey execution.
The company is ramping up selective metros, export projects, and EPC work, while maintaining its strong core consultancy business, which makes up roughly 50% of revenue.
Trading at around 34× P/E, with a ROCE of ~21% and a dividend yield of ~3.8%, RITES remains well-positioned to benefit from India’s sustained rail sector investments.


RITES Ltd (NSE: RITES) – Stable Core, Turnkey Drag, Strong Rail Capex Tailwinds

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise up to US$400m in its upcoming India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise up to US$400m in its upcoming India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
In this note, we talk about the not-so-positive aspects of the deal.


Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

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Ircon International (IRCON IN)

IRCON International – Stable Franchise with Long-Term Tailwinds, Near-Term Execution Hurdles

FY25 results show margin pressure and revenue decline, FY26 guidance predicts flat revenue and lower EBITDA margins. Indian Railways capex to...

Rahul Jain

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

RITES Ltd (NSE: RITES) – Stable Core, Turnkey Drag, Strong Rail Capex Tailwinds

RITES sees revenue decline in FY25 but remains well-positioned for growth with strong consultancy business and focus on rail sector investments.

Rahul Jain

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IRCON International – Stable Franchise with Long-Term Tailwinds, Near-Term Execution Hurdles

​FY25 results show margin pressure and revenue decline, FY26 guidance predicts flat revenue and lower EBITDA margins. Indian Railways capex to...

Rahul Jain

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

RITES Ltd (NSE: RITES) – Stable Core, Turnkey Drag, Strong Rail Capex Tailwinds

​RITES sees revenue decline in FY25 but remains well-positioned for growth with strong consultancy business and focus on rail sector investments.

Rahul Jain

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

FY25 results show margin pressure and revenue decline, FY26 guidance predicts flat revenue and lower EBITDA margins. Indian Railways capex to...

RITES sees revenue decline in FY25 but remains well-positioned for growth with strong consultancy business and focus on rail sector investments.