Materials| Industrials |Commodities

Rahul Jain

Over 20 years of sell-side research experience across Indian Metals & Mining, Cement, Industrials, and Commodities. Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

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

Ircon International

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