Research
Coverage & Reports.
Sector deep-dives, initiating coverage notes, earnings reviews and investment theses on Indian listed equities.
Research Reports
Coverage Notes & Sector Reports.
Initiating coverage notes, sector deep-dives, and macro outlook reports. Primary source-verified, no unverified figures, analyst-grade methodology throughout.
Power & T&D · EPC · Initiating Coverage
Transrail Lighting Ltd.
NSE: TRANSRAIL · T&D EPC + Tower Manufacturing · 9th March 2026
Rating
BUY
Target Price
₹818
+64% upside
Order Book
₹18,216 Cr
2.8x revenue
3Y Rev CAGR
32%
Methodology
Blended EV/EBITDA (60%) + P/E (40%)
International Revenue
41% of FY26 revenue
FY26 Order Inflows
₹9,680 Cr (+121% YoY)
Key Moat
Integrated tower + conductor manufacturing
Risk
PGCIL award cycle, working capital stretch
Coverage Date
9th March 2026
Full initiating coverage note covering order book quality, EPC working capital dynamics, integrated manufacturing margin advantage, international business mix, PGCIL and TBCB pipeline exposure, and Bear/Base/Bull price target derivation.
Defence & Aerospace · Sector Initiation
India Precision Engineering
Sector Deep-Dive · Value Chain Mapping · March 2026
Global TAM
$165Bn
India CAGR
9.5%
Structural Moats
6 identified
Portfolio Buckets
3 constructed
Coverage Format
Slide deck + written report
Value Chain
Layer-by-layer mapping
Key Drivers
Indigenisation, export push, DRDO supply chain
Sub-sectors
Aerospace components, CNC machining, defence electronics
Demand Catalyst
25% defence indigenisation target by 2025
Coverage Date
March 2026
Sector initiation covering the full Indian precision engineering value chain. Identifies six structural moats, three investable portfolio buckets, and maps demand drivers from defence indigenisation, aerospace component exports, and capital goods import substitution.
Macro · Market Outlook
The Indian Outlook
India's Markets During Geopolitical Disruption · March 2026
Nifty P/E
19.56x
Normalised
Sector Calls
5
Valuation View
Reset
Not a crash
Morgan Stanley Case
Rebuttal
Core Argument
Valuation reset, not structural breakdown
Geopolitical Frame
India-Pakistan tensions, global tariff risk
Preferred Sectors
Power T&D, Defence, Domestic consumption
Avoid
Export-heavy IT, vulnerable mid-cap discretionary
Key Risk
FII outflows, INR depreciation pressure
Coverage Date
March 2026
Macro outlook note analysing Indian equity markets in the context of elevated geopolitical risk. Argues against the Morgan Stanley bear case, identifies a valuation reset not a structural breakdown, and provides five actionable sector calls with rationale.
Valuation Models
DCF & Financial Models.
Proprietary valuation models built from primary filings, concall transcripts, and peer benchmarking. Bear / Base / Bull scenarios with full WACC derivation and sensitivity tables.
Power & T&D · EPC
Rajesh Power Services Ltd.
NSE: RPSL · T&D EPC + BESS · FY27E–FY29E Forecast Horizon
CMP
₹868
Bear TP
₹1,108
+28%
Base TP
₹1,668
+92%
Bull TP
₹2,315
+167%
WACC
14.86%
TGR
4.5%
Exit Multiple
7× EV/EBITDA
Rev CAGR (Base)
40% FY26–29E
FY29E EBITDA
₹536 Cr
BESS Project
65MW · GUVNL Phase VII
Full DCF model with FCFF waterfall, WACC derivation (Damodaran ERP), Bear/Base/Bull revenue scenarios, BESS equity capex modeling (₹121.55 Cr net of VGF), peer working capital benchmarking vs KEC / Skipper / Techno Electric, and WACC × TGR sensitivity table (6×6 grid, WACC 12–17%, TGR 2–6%).
Power & T&D · EPC · DCF Model
Transrail Lighting Ltd.
NSE: TRANSRAIL · T&D EPC + Tower Manufacturing · FY27E–FY29E Forecast Horizon
CMP
₹513
Bear TP
₹670
+31%
Base TP
₹901
+76%
Bull TP
₹1,123
+119%
WACC
15.57%
TGR
4.0%
Exit Multiple
10x EV/EBITDA
Rev CAGR (Base)
27/25/24% FY27–29E
Base EBITDA Margin
12.0%
Forecast Horizon
FY27E–FY29E
Three-scenario DCF with MENA-weighted ERP, Hamada re-levered beta, and EV/EBITDA exit. Bear/Base/Bull revenue growth of 24/27/30% and EBITDA margins of 10/12/14.5%. Sensitivity table: WACC 12–17% x TGR 2–6%.