In today’s briefing:
- Vedanta Demerger: Key Highlights, Value Drivers, and Risks
- IRCON International – Stable Franchise with Long-Term Tailwinds, Near-Term Execution Hurdles
- The Beat Ideas: Prince Pipes- Margin Recovery and Market Expansion in Full Flow
- Innovatiview India Ltd Pre-IPO – Growth Amid Cash Flow Pressures
- Central Mine Planning Design Institute Ltd Pre-IPO Tearsheet
Vedanta Demerger: Key Highlights, Value Drivers, and Risks
- Latest Update: NCLAT has stayed NCLT’s rejection, allowing Vedanta’s five-way demerger to proceed, with completion targeted by September 2025.
- Value Concentration: Over 85% of Vedanta’s SOTP value stems from Aluminium and Residual Vedanta, driven by strong EBITDA and asset base.
- Upside and Risks: SOTP suggests 20%+ upside, but risks include regulatory delays, execution slippage in aluminium/zinc projects, and commodity price volatility.
IRCON International – Stable Franchise with Long-Term Tailwinds, Near-Term Execution Hurdles
- 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.
The Beat Ideas: Prince Pipes- Margin Recovery and Market Expansion in Full Flow
- Prince Pipes entered the premium bathware segment with the Aquel acquisition, expanding into lifestyle plumbing beyond traditional piping systems.
- This move broadens its addressable market and margin profile, creating cross-selling opportunities across its large dealer network.
- With margin recovery likely and industry destocking easing, Prince Pipes appears well-positioned for rerating and multi-year profit growth.
Innovatiview India Ltd Pre-IPO – Growth Amid Cash Flow Pressures
- Innovatiview India Ltd (INNOVATIVIEWINDIA IN) (IIL) is planning to raise about US$230m in its upcoming India IPO.
- IIL is a technology-driven provider of automated ancillary security and surveillance solutions for examinations, elections, and large-scale events across India.
- As of Sep 24, IIL was the largest player in examination integrated security solutions in India, according to F&S Report.
Central Mine Planning Design Institute Ltd Pre-IPO Tearsheet
- Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are IDBI, SBI Caps.
- CMPDIL provides consultancy and support services across the full range of coal and mineral exploration, mine planning and design.
- As per the CRISIL Report, it is the largest coal and mineral consultancy in India by market share in FY25 and serves as the preferred consultant for Coal India Limited.
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