Daily Brief Industrials: Full Truck Alliance , Central Mine Planning & Design Institute, A-One Steels India, Es Ceramics Technology, Hai Robotics, Meiho Holdings and more

• Full Truck Alliance showed strong improvement in core margin in Q226 due to mix change
• We believe the company’s rate of top-line growth could begin to accelerate by end of H226
• At ~12x FY26 EPS and featuring a 4% dividend yield, shares appear attractive below US$9

• Central Mine Planning & Design Institute (CMPDI IN) raised about US$200m in its India IPO in Mar 2026. The lockup on its promoter, Coal India, is set to expire soon.
• CMPDI is a subsidiary of Coal India, providing consultancy and support services across the full range of coal-mineral exploration, mine planning and design, covering the entire lifecycle of mining operations.
• In this note, we will talk about the lockup dynamics and possible placement.

• A-One Steels India operates across the entire steel value chain across 6 manufacturing facilities in Karnataka and Andhra Pradesh. This vertical integration provides better cost control, product flexibility, and margin-protection. 
• In FY26, total revenue reached ~INR4,202 crore with an EBITDA margin of 7.29% (INR303.64 crore EBITDA) and PAT rising to INR127.41 crore, significantly boosting ROCE (12.86%) and ROE (14.76%).
• Operating with an 83.20% green energy mix and 38 MW of captive-power-assets (saving ~INR2/unit) and backward-integration projects including a 6,00,000 MTPA iron ore beneficiation plant and a manganese mining lease.

• Operational & Earnings Inflection: ES Ceramics Technology Bhd (ESC MK) achieved a strong operational rebound in FY2026, with annual revenue expanding to RM487.26m (+3.0% YoY) and net income surging 139.6% YoY to RM15.43m, driven by stabilizing glove manufacturing capacity utilization and enhanced manufacturing efficiencies.
• Balanced Dual-Core Portfolio: The group successfully pairs its high-margin, technically demanding ceramic glove former business (plants in Perak, Malaysia and Sadao, Thailand) with high-volume ready-mix concrete and construction materials distribution, providing stable cash flows and scale across cyclical economic phases.
• Compelling Deep-Value Valuation: At RM0.17, ESC trades at an undemanding normalized P/E of ~8.3x, a Price-to-Book of 0.62x, and an EV/EBITDA of ~2.1x, backed by a robust balance sheet (Debt/Equity of 0.17x) and FY2026 Free Cash Flow generation of RM20.89m, offering institutional investors an attractive margin of safety.

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• Geographic margin divergence is the core driver of Hai Robotics’ path to profitability. Brutal domestic price wars with rivals like Hikrobot and Quicktron have suppressed domestic gross margins to 20.8% in FY2025, forcing the company to pivot rapidly toward international markets. In contrast, non-domestic gross margins reached 46.9% in FY2025, which represents the real economic engine for the firm.
• Hardware commoditization has shifted the competitive battleground entirely to software, fleet optimization, and specialized structural innovations. Standard box-handling (HPS1) has been commoditized, forcing a pivot to the hook-based HaiPick System 3 (HPS3) and the 15-meter single-sided climbing “Climb” series to unlock higher density, while multi-agent scheduling software acts as the primary barrier against domestic fast-followers.
• Operating cash burn and working capital cycles represent the most acute threats to the company’s pre-IPO runway. Despite scaling revenue to RMB 2,016.94 million in FY2025, Hai Robotics is highly capital-constrained, burdened by a cumulative loss of RMB 3.523 billion from 2023 to 1H2026 and severe working capital strains due to extended payment milestones and inventory accumulation.

Key points (machine generated)

• Meiho Holdings achieved record highs in sales, operating profit, ordinary profit, and EBITDA as of June 2026.
• The company operates a corporate support platform to enhance growth for small and medium-sized enterprises through mergers and acquisitions.
• Meiho Holdings provides support in management efficiency, human resources, and business collaboration across 25 companies, offering services in construction consulting, public works, and care services.

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