Growth: FY26 revenue ₹264 Cr and PAT ₹24.4 Cr, with a ₹738 Cr order book.
Promoters: High promoter holding and industry experience; post-IPO holding remains substantial.
IPO funds: Mainly for working capital, debt repayment and capex — rather than just a vague expansion story.
Valuation: At ₹196, roughly 14x FY26 EPS; looks reasonable, but not extremely cheap.
Future: Railway modernisation and refurbishment offer growth opportunities.
Key risks: High dependence on Indian Railways, tender-based business and working-capital requirements and supplier concentration.
Bottom line: A niche railway business with strong order visibility and decent financials, but cash flow and railway dependence are the key things I would watch.
Based on the DRHP; not an investment recommendation.
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