Daily Brief Industrials: Ircon International, Prince Pipes and Fittings, Central Mine Planning Design Institute Ltd (CMPDIL) and more

In today’s briefing:

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
Central Mine Planning Design Institute Ltd Pre-IPO Tearsheet

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.

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.

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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