Rail Vikas Limited (RVNL) has come up with an IPO at price band of Rs. 17- Rs. 19. RVNL is a wholly owned government entity under the Ministry of Railway.

Issue Highlights:

• Rail Vikas Nigam Ltd. (RVNL) was incorporated in the year 2003 as a wholly owned Public Sector Undertaking (PSU). It assists the Indian Railways by helping them build the required engineering works. It is also Miniratna I, Schedule’ A’ company.

 

• RVNL is engaged in the business of executing all types of railway project which includes new lines, gauge conversion, doubling, railway electrification, metro projects, workshops, institution buildings, etc.

 

• The Ministry of Railways has assigned RVNL 172 projects out of which 166 projects are already sanctioned for execution. 60 of the sanctioned projects have already been completed amounting to Rs 167, 77.700 crores

 

• RVNL have recently been assigned the hill projects in the difficult terrains of the Himalayas for the construction of new lines between Rishikesh-Karnprayag in Uttrakhand and Bhanupalli.

 

• The company has seven production units to manufacture locomotives, coaches and wheels and about 50 workshops to undertake periodic overhaul or midlife rehabilitation of rolling stock.

 

• The company has also been contributing to one-third of the total doubling completed by Indian Railways for the last 3 fiscals. Where the order book value for doubling of RVNL was Rs 27,721 crore.

 

• The company’s major objective is to provide services at a more economical rate as compared to their competitors IRCON International Limited, RITES Limited and Konkan Railway Corporation Limited.

 

Highlights of the issue

Issue opens	March 29, 2019
Issue closes	April 3, 2019
Commencement of trading on Stock Exchange	April 11, 2019
Issue price Band	Rs. 17-Rs. 19
Issue size	Rs.  477.11 Cr.
Face value	Rs. 10
Retail Discount	Rs. 0.50
Employee Discount	Rs. 0.50
Minimum lot	780 shares
Total shares	253,457,280 shares
Listing	BSE NSE

 

Issue Allocation:

Particulars	% of allocation
QIB	50%
NIB	15%
Retail	35%

 

Book Running Lead Managers

·         Yes Securities (India) Ltd.

·         Elara Capital (India) Private Ltd

·         IDBI Capital Markets & Securities Ltd.

 

Registrar to the Issue

·         Alankit Assignment Ltd.

Financial Highlights: (RS. in crores)

Particulars	FY15	FY16	FY17	FY18	H1FY19
Revenue	3146.53	4539.85	5915.106	7556.55	3622.88
EBITDA	145.6	217.4	281.8	388.8	319.2
EBITDA Margin (%)	4.6%	4.8%	4.8%	5.1%	5.6%
Profit Before Tax	248.33	3,69.85	488.91	564.14	285.72
Net Profit	208.62	300.32	389.10	470.05	229.24
Net Profit Margin	6.4%	6.4%	6.3%	6%	6.1%
NAV	19.48	18.83	17.06	16.41	14.68
RONW(%)	11.01%	12.55%	12.47%	14.52%	6.24%
EPS	1.62	2.06	2.13	2.73	1.22
Net Worth	3060.51	3422.42	3556.88	3925.24	4062.12

 

Revenue from Business verticals:

                                                                                                                              (Rs. in crores)

Segments	FY16	FY17	FY18	H1FY19
New Line	648.949	1038.992	1038.992	926.074
Doubling	2742.163	2751.738	3391.919	1799.037
Gauge Conversion	212.411	584.712	488.336	230.168
Railway Electrification	178.715	384.597	747.548	352.276
Metropolitan Transport Projects (including metros)	543.310	705.546	638.666	178.954
Workshops	162.465	341.118	172.005	103.541
Others (bridge construction etc.) (in numbers)	32.832	133.637	108.403	51.841
TOTAL	4539.854	5915.106	7556.559	3622.882

 

Revenue from Business Vertical:  (Rs. in crores)

Net Profit Margin (%)

Business of the company:

RVNL is a Miniratna (Category- I) wholly owned government entity engaged in all stages of project execution agency on behalf of Ministry of Railway (MOR). The company executes various Metropolitan Transport Projects, Gauge Conversion, Railway Electrification, Doubling, metro projects, workshops, etc.

The projects undertaken by the company are spread across the country and for effective implementation of projects,  43 project implementation units (PIUs) as on December 31, 2018, have been authorized at different locations to execute projects in their geographical hinterland.

 

Order book and execution of projects:

Since inception, the company was awarded 179 projects by MOR. Out of these, 174 have been sanctioned for execution. From these 72 projects have been fully completed aggregating to Rs. 205,672.50 million and 102 ongoing projects.

 

Management Fees charged by RVNL:

RVNL receives consolidated management fees including the supervision and management charges for execution of projects. For the metro project, the management fee charged by RVNL is 9.25%. Whereas, for conventional projects (other plan heads) they charge 8.50% from MOR and 10% for national projects.

 

Project locations:

The projects are located at Delhi, Mumbai, Kolkata – 3 units, Chennai -2 units, Secunderabad – 2 units, Vijayawada, Bhubaneshwar – 3 units, Bhopal – 2 units, Jhansi, Kota, Jodhpur, Waltair (Vishakhapatnam) – 2 units, Bengaluru, Pune – 2 units, Raipur – 3 units, Lucknow – 3 units, Ranchi, Rishikesh, Ahmedabad – 2 units, Kanpur, Varanasi- 4 units, Chandigarh, Kharagpur, Agra, Ambala and Guwahati.

 

RVNL Customer base:

The major client of RVNL is the Indian Railways. Furthermore, other clients include various central and state government ministries, departments, and public sector undertakings.

 

Project sanctions by MOR to RVNL:

The Railways in India are divided into 72 zones. Further, each of these zones has its assigned regional departments that conduct projects and assignments on behalf of MOR. But, complex and higher CapEx projects are authorized to companies like RVNL, RITES, IRCON, Konkan Railways, etc. Unlike RVNL’s other CPSE peers (IRCON, RITES) they do not bid for projects under the Ministry of Shipping. MOR, Ministry of Shipping and road assigns RVNL the projects and assignments. RVNL attracts 8.5% as management fees for conventional projects and9.5% for metro projects.

 

SPV Pipeline of RVNL:

At present, the company has 6 Special Vehicle (SPV) in its pipeline. Out of the 6 SPV’s, three SPV’s are at different stages of operations that are expected to complete by the end of FY21. The Kutch Railway Company and Bharuch Dahej Railway Company are adequately operational. Dighi Roha Rail Company is the only SPV that has failed to steer off.

 

Services provided by the company

• Project execution and development of work related to the creation of Rail infrastructure.
• Creating Projects: specific SPVs for boosting private assistance in the funding of railway infrastructure projects
• Undertaking execution of railway projects under a specific financial settlement for the MoR and other Government departments
• Other Ancillary services.

 

Object of the Issue:

 The Net Proceeds of the Issue after deducting the issue expenses shall be utilized for the following agenda.

• To carry out the disinvestment of 252,800,000 Equity Shares held by the Promoter of the Company i.e. President of India.
• To achieve the benefits of listing the Equity Shares of the company on the Stock Exchanges.

RNVL will not receive any proceeds from the Offer and all such proceeds will go to the Promoter i.e. President of India.

 

Pre-Issue Shareholding pattern of Rail Vikas Nigam Limited

Particulars	Number of Shares	% of holding
Promoter and Promoter Group	2,08,50,20,100	100%

 

Post-Issue Shareholding Pattern

Particulars	Number of Shares	% of holding
Promoter and Promoter Group	1,83,22,20,100	87.84%
Public	25,28,00,000	12.16%

 

Promoter of the Company:

The president of India is the sole promoter of the company, acting through the Ministry of Railways, Government of India holds 99.9% stake in the company which will drop to 87.84% post issue.

 

Capital Structure (Rs. In crores)

Authorized Capital	3000 crores
Issued Subscribed and Paid-up share-capital	2085 crores
Paid up capital (Post-Issue)	2085  Crores

 

Overview of the Sector:

India has the fourth largest railway network in the world with a total network of 67,368 route kilometer (rkm). Railways in India runs nearly 21,000 trains daily; i.e. approximately 13,313 passenger trains that carry more than 2.3 crore passengers and approximately 8,000 freight trains that carry around 3 million tonnes of freight per day.

In 2016, Indian Railways has announced an Rs 856,020 crore CapEx plan for 2016-20 (five years), 90% more than the combined capital outlay in the previous 15 years. The railway transport infrastructure services industry is expected to witness project commissioning worth Rs 87,590 crore during 2017-19. Out of this, projects entailing an investment of ₹44,100 crore are expected to come on-stream in 2017-18. The remaining projects worth ₹43,490 crore are likely to be commissioned in 2018-19.

 

National Rail Plan 2030:

 The Ministry of Railways (MoR) aims to develop National Rail Plan, 2030 to provide a long term outlook to plan for augmenting the railway network, in deliberation with several state governments, public representatives and other important Central Ministries. NRP-2030 will strive to adapt and integrate the rail network with other modes of transport and create synergy for achieving a seamless multimodal transportation network across India.

 

Major Segments:

• Construction of new lines:

Construction of new lines is authorized for providing connectivity to the regions not adequately connected with the Railway network. To bring those regions under the National main-stream of development new sanctions are awarded to companies like Rail Vikas Nigam for execution. Indian Railways envisages constructing an average of 2,500 Kms. of New lines every year according to the Railway vision 2020.

 

• Gauge Construction:

Indian Railways employ three types of gauges:

• Broad Gauge: 1,676mm (5 feet 6 inches)
• Meter Gauge 1,000 mm ( 3feet 3/8 inches)
• Narrow Gauge: 762 mm (2 feet, 6 inches) and 610 mm (2 feet)

To enhance passengers’ accommodation and commercial viability of Indian Railways, the government has taken a decision to convert the existing Meter Gauge and Narrow Gauge into Broad Gauge phase-wise.

In consonance with the uni-gauge policy of 1991, the conversion of the remaining portion of the MG section will provide a stout investment opportunity in this segment.

 

• Doubling

The operation of doubling involves the provision of additional lines by way of doubling the existing routes to permit the Railways to expedite traffic constraints of a single line or construction and raise the chartered capacity. In some sections, 3rd and 4th lines are also being laid by MOR. According to  Vision Document 2020, there is an increased focus on achieving at least 1,200 km of doubling.

In addition to the doubling works being executed by Zonal Railways, RVNL is a significant contributor to the doubling projects and has been contributing to approximately one-third of the total doubling being commissioned on Indian Railways in last 3 fiscals. The other companies assigned with doubling projects by Indian Railways constitute IRCON Ltd and RITES Ltd.

 

• Electrification

Indian Railways has taken measures in order to control the spiraling fuel bill, reduce dependence on imported fossil oil, increase the energy security of the nation, reduce pollution, improve operational efficiency and operating ratio, it is crucial that electrification is conceded priority on Railways.

 

• Safety

The Safety segment is extremely sensitive in terms of both social as well as economic perspectives. It needs paramount attention as it involves the lives of the travelling public. Considering the magnitude of the safety measures, the Government has invested Rs.127, 000 in the 5 years i.e. from 2015 and aims to invest further in 2019-20 to track renewal, bridge works, the road over bridge (ROB), the road under the bridge (RUB) and Signalling & Telecommunication (S&T).

 

RVNL has contributed more than 33% of the doubling projects and more than 22% of electrification projects in last 5 fiscals for Indian Railways.

 

RVNL’s contribution on the execution of Doubling projects undertaken on behalf of Indian Railway

Year	Total for Indian Railways (km)	Contribution by RVNL (km)	% contribution by RVNL
2012-13	705	273	38.72%
2013-14	708	241	34.04%
2014-15	705	260	36.88%
2015-16	972	242	24.90%
2016-17	881	310	35.19%
TOTAL	3,971	1326	33.39%

Railway Electrification contribution of RVNL for Indian Railway:

Year	Total for Indian Railways (km)	Contribution by RVNL (km)	% contribution by RVNL
2012-13	1317	301	22.85%
2013-14	1350	240	17.78%
2014-15	1375	264	19.20%
2015-16	1502	335	22.30%
2016-17	1646	380	23.09%
TOTAL	7190	1520	21.14%

Key Strengths:

• The company has established expertise in undertaking all kind of projects and executes them from conceptualizing to commissioning them in this sector.

 

• The company has leveraged its expertise in diversified segments of railway infrastructure like Doubling, gauge conversion, new line, metro projects railway electrification, etc.

 

• The company has been authorized by Ministry of Railway (MOR) to sanction detailed and in the prescribed time limit.

 

• The company has shown a consistent track record of financial performance. The revenue has increased in the last 4 fiscals at a CAGR of 29.36%. And the Net profit increased at a CAGR of 15.20% in last 4 fiscals.

 

• The company has successfully completed 7 projects awarded by MOR in relation to the construction of workshops which includes augmentation of locomotive works in Varanasi.

 

• RVNL has a robust balance sheet and also maintained a healthy dividend payout in the last 4 fiscals.

 

• RVNL has robust order-book pipeline, at present company has accumulated orders of Rs 77,500 crores. According to the management out of these, 77,500 crores, Rs. 30,000 crores orders will be executed within 5 to 7 years. Whereas, the remaining Rs. 44,500 crores are expected to be completed within 3 to 4 years.

 

• Ministry of Railway and Government of India have shown consistent efforts to upgrade and improve the railways connect and services. This, in turn, will lead to various execution opportunities for RVNL from the MoR.

 

Order Book of RVNL:

Key segments	Length in route kilometer	Order Book Value as of December 31, 2018 (₹ in crores)
New Line (includes port connectivity)	976.76	30763.52
Doubling	3,652.93	27,721.04
Gauge Conversion	344.46	1189.35
Railway Electrification	3,813.27	3991.89
Metropolitan Transport Projects	156.82	9593.55
Workshops (in numbers)	16	2618.30
Others (bridge construction etc.) (in numbers)	15	1626.63
TOTAL	8,944.24	77,504.280

 

Key Risks:

• Highly reliable on the Ministry of Railways (MOR)

The company is highly reliable on the Ministry of Railways (MOR) for funds and manpower supply which in turn might lead to delay in execution of projects. RVNL largely depends on the MoR for funds since they assign a fixed budget for the company each year for undertaking the projects. In FY18, the total capital and development expenditure of railways has been pegged at Rs 148,528 crore

 

• Third-party dependency:

RVNL highly depends on the contractors, sub-contractors, and consultants that are engaged in adhering to the quality and conditions. Any casualties from the contractors, sub-contractors, and consultants will lead to an increase in the cost of projects, delay in the projects and can hamper the quality.

 

• Delay in Project Execution:

The total order book value of the company as on December 31, 2018, is Rs. 775,042.80 million. Out of the 77,500 crores, two projects i.e. Rishikesh Karnprayag new line project and Bhanupalli- Bilaspur Beri new line project constitute Rs. 15,001.770 crores and Rs. 6,413.510 crores, respectively. That aggregates to 27.63% of the company’s overall order book. Any delay on account of land acquisitions, forest, and environmental clearance issues, etc. or delay in timely and adequate financing of these projects by MoR, could adversely affect the company’s order book position, business, financial condition and results of operation.

 

• Long contract gestation period:

As on December 31, 2018, order book of the company stood at Rs. 77,504.280 crores of which 96.11%, was from MoR. Further, the order book may be affected due to the delays in performance of the contracts by the contractors assigned by RVNL as well as the long gestation period in the completion of projects. Therefore, this might hinder the revenue and the performance of the company.

 

• The company had negative cash flow from operating and financial activities in last 4 fiscals.
• As on December 2018, the company has an outstanding unsecured loan of Rs. 2,842.630 crores from IRFC. failing to pay can affect the profitability

 

• There has been negative cash flow from one of the SPV Dighi Roha Rail Company FY16: -0.773 crores, FY17 – 0.073 crores, FY18: – 0.042 crores, H1FY19: 0.015 crores

 

• The company’s cash flows can be affected as the business is seasonal in nature i.e. Monsoon affects their cash flow.

 

 Peer comparison:

PEER Comparison	EPS (₹ per share)	NAV (₹ per share)	RoNW (%)	P/E Ratio
Rail Vikas Nigam Limited	2.73	18.83	14.52	6.95x
IRCON International Limited	42.13	383.64	10.98	9.49x

 

Financial Summary:

• During the year FY15 RVNL posted a net turnover of Rs. 3,269.649 crores/ Net profit of Rs. 208.626 crores. In FY16. The turnover posted by the company stood at Rs. 4,720.085 crores/ Net profit stood at Rs. 300.320 crores. In FY17 the turnover accounted for Rs. 6,162.663 crores/ Net profit was Rs. 389.104 crores. FY18 turnover stood at Rs.7, 781.362 crores/ Net Profit accounted to Rs. 470.055 crores. During H1FY19 the turnover of the company was Rs. 3, 77.034 crores/ Net Profit stood at Rs. 229.244 crores.

 

• RVNL’s EBITDA for FY15, FY16, FY17, and FY18 stood at Rs. 6 crores, 217.4 crores, 281.8 crores, 388.8 crores respectively.

 

• The average diluted EPS of the last 3 years accounts to Rs. 2.42 per share.

 

• The dividend yield of RVNL is 4%.

 

• The Dividend Payout Ratio was 36%.

 

• The Return on Assets in FY18 is 5% whereas, in H1FY19 was 3%.

 

• The Returns on Equity (ROE) in FY18 is 23% and in H1FY19 is 19%

 

• Consolidate NAV for FY18 stood at Rs. 18.83 and in H1FY19 it was Rs. 19.48

 

• EBITDA Margins grew on a sequential basis in FY15 EBITDA Margin was 4.6%, FY16: 4.8, FY17: 4.8%, FY18 it was 5.1%

 

 

Restated Summary of Cash Flow Statement (Rs. In crores)

Particulars	FY15	FY16	FY17	FY18	H1FY19
Cash Flow from Operating Activities	2,12.004	(312.152)	5,70.754	652.092	113.446
Cash Flow Investing Activities	81.917	(18.393)	(25.369)	99.709	(29.173)
Cash Flow from Financing Activities	(586.001)	(581.199)	(668.407)	(182.251)	(1,52.291)
Cash & Cash Equivalent at the end of the year	50.772	342.852	1254.596	1,377.618	808.069

 

Restated Summary Statement of Profit and Loss

                                                                                                                                (In crores)

Consolidated Profit and loss Statement	FY15	FY16	FY17	FY18	H1FY19
Revenue :
Revenue from operations	3146.535	4539.854	5915.106	7556.559	3622.882
Other income	123.114	180.231	247.557	224.803	147.465
Total Income	3269.649	4720.085	6162.663	7781.362	3770.347
Expenses:
Expenses on Operations	2895.733	4188.936	5467.848	6983.167	3351.106
Employee benefits expenses	77.116	96.71	117.018	133.988	77.599
Finance Costs	15.279	23.084	35.454	44.658	20.555
Depreciation, amortization, and impairment	5.121	4.669	5.012	4.835	2.706
Other Expenses	23.396	30.858	42.296	42.891	22.485
CSR and R&D Expenses	4.669	5.975	6.123	7.674	10.174
Total Expenses	3021.314	4350.232	5673.751	7217.213	3484.625
Profit/(loss) before exceptional items and tax	248.335	369.853	488.912	5,64.149	285.722
Exceptional items	0.00	0	0	0.00	0.00
Profit/(Loss) before tax	248.335	369.853	488.912	564.149	285.722
Tax Expense:
(1) Current tax	48.985	77.774	103.225	118.639	58.537
(2) Deferred tax (net)	-9.276	-8.241	-3.417	-24.545	-2.059
Total Tax Expense	39.709	69.533	99.808	94.094	56.478
Profit/(loss) for the period	208.626	300.320	389.104	470.055	229.244

 

Restated Summary Statement of Assets and Liabilities

                                                                                                                                 (In crores)

Consolidated Balance Sheet	FY15	FY16	FY17	FY18	H1FY19
I. ASSETS
1 Non-current asset
Property, Plant, and equipment	5.762	5.955	7.571	248.761	248.861
Capital work-in-progress	0	0	0	0	0
Other Intangible assets	0.026	0.013	0.006	0.111	0.054
Intangible assets under development	1.658	5.582	12.729	21.137	27.316
Investments in Joint venture	895.726	1013.853	1078.549	1222.182	1246.553
Financial Assets
Investments	0	10	10	10	9.970
Lease Receivables	4,98.464	6,36.768	1146.758	1719.528	1479.865
Loans	3.441	4.892	6.562	6.476	6.868
Others	461.062	497.183	491.425	462.632	389.485
Deferred tax assets (Net)	29.219	37.497	40.961	65.563	67.622
Other non-current assets	0.848	0.898	164.056	0.27	0.205
TOTAL	1896.206	2212.641	2958.617	3756.660	3476.80
Current assets
Project-Work-in-Progress	11564.685	14824.053	766.261	1.924	6.178
Financial Assets
Trade Receivables	186.946	480.757	278.951	935.288	1176.7
Lease Receivables	75.217	108.983	200.432	241.325	262.650
Cash and cash equivalents	808.069	1377.618	1254.596	342.852	50.772
Bank Balances other than (iii) above	485	16,55.	14,50	1060	1221.255
Loans	1.388	1.054	1.061	7.417	7.617
Others	219.037	2,212.20	441.219	452.104	325.122
Other current assets	882.164	1326.878	1497.928	9.888	4.625
Current Tax Asset (Net)	16.66	7.472	10.532	1761.088	2200.692
TOTAL	14239.166	20003.035	5900.980	4811.886	5255.611
Total Assets	16135.372	22215.676	8859.597	8568.546	8732.410
II. EQUITY AND LIABILITIES
Equity
Equity Share Capital	2085.020	2085.020	2085.020	2085.020	2085.020
Other Equity	975.491	1337.408	1471.885	1840.228	1977.099
TOTAL	3060.511	3422.428	3556.905	3.925.248	4062.119
Liabilities
Non-current liabilities
(a) Financial Liabilities
(i) Borrowing	2513.970	2624.083	2436.880	2259.149	1963.346
(ii) Other financial liabilities	0	0	0	374.828	322.544
(b) Other Non- current liabilities	0	0	0	9.161	8.167
(c) Provisions	5.081	7.505	8.887	40.084	28.469
TOTAL	2519.051	2631.588	2445.767	2683.222	2322.526
Current liabilities
(a) Financial Liabilities
(i) Trade payables	44.996	90.495	109.892	68.448	148.939
(ii) Other financial liabilities	665.741	766.170	912.194	891.275	961.560
(b) Other current liabilities	9822.674	1,5280.367	1793.948	942.351	1172.486
(c) Provisions	14.723	22.982	40.89	45.114	61.267
(d) Current Tax liability (Net)	7.675	1.645	0	12.888	3.513
TOTAL	10555.809	16161.659	2856.924	1960.076	2347.765
Total Equity and Liabilities	16135.371	22215.675	8859.596	8568.546	8732.410

 

Investment Rationale:

At an upper price band of the issue

• Rail Vikas Nigam Ltd will be trading at 6.95x earnings. 
• The Company will trade at Price to Book of 0.091x.
• The issue is priced at PEG ratio of 14.97x.

 

Conclusion:

The company has a proven track record in undertaking all kinds of projects and executing them. The Railways sector has become dynamic which is providing various investment opportunities. Government spending on infrastructure and development has increased tremendously. Government’s focus on railways has increased. RVNL has a strong order book of Rs.77,500 crores out of which Rs. 44,500 crores is expected to be completed within 3 to 4 years and the remaining Rs. 30,000 crores orders will be executed within 5 to 7 years. The stock is attractively priced at a P/E of 6.95x and P/B of 0.09x.

RVNL is highly dependent on the contracts received by MoR. Any change in the Government policy and uncertainty regarding changes in Government policy can affect the margins. Furthermore, Long gestation in projects night hurt the profitability and growth margins.

However, overall growth factor and overall positive sentiments in the sector, makes this IPO a compelling Buy

 

 

 

 

Equity Right View-

 

 

Rail Vikas Nigam Limited analysis is provided by Equity Right and Equity Right Research Team.

For more details about RVNL, offer details, financial performance and valuations feel free to contact our research team at contact@equityright.com.

Equity Right Research provides IPO recommendations in 3 tiers i.e. subscribe, avoid or neutral.

 

 

 

Research Team –

Sr. Research Analyst – Mr Parag Shah. parags@equityright.com

Research Associate- Ms Varsha K

varshak@equityright.com

Editor: Faiz Zapdekar. faiz@equityright.com

 

Visit us at www.equityright.com Equityright Registered Office: Equity right- 20 Laxmi Narayan , M G Road , Ghatkopar East , Mumbai – 40077. India.Corporate Office:, UGB 26,Ground Floor, Phoenix Paragon Plaza, Phoenix Market City, Kurla(W)-400070.Mumbai 400070 MH India

Telephone: 91 98210 99990. Fax: 91 22 62432190.

Email: contact@equityright.com. Website: www.equityright.com.

SEBI Regulations (Research Advisory), Registration No. – INH000004802

 

 

General Disclaimer: This report is for studying purposes only.

 

Investment / Trading in Financial Markets have its own risks. Sincere efforts have been made to present the right investment / trading perspective. The information contained herein is based on analysis and up on sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any profit / loss incurred based upon it & take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations above.

 

 

 

Terms and Conditions:

For more details about Rail Vikas Nigam Limited, offer details, financial performance and valuations feel free to contact our research team at contact@equityright.com.

visit us at www.equityright.com

 Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. EQUITY RIGHT will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances.

 

The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient.

 This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks.

 The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason.

 

EQUITY RIGHT accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see the Risk Disclosure Document to understand the risks associated before investing in the securities markets.

 Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. Our employees in sales and marketing team, dealers and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest.

EQUITY RIGHT or its associates might have not received any commission/compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect unless specifically mentioned in the disclosure.

 EQUITY RIGHT encourages the practice of giving an independent opinion in research report preparation by the analyst and thus strives to minimize the conflict in preparation of the research report. EQUITY RIGHT or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with the preparation of the research report. Accordingly, neither EQUITY RIGHT nor Research Analysts have any material conflict of interest at the time of publication of this report.

 EQUITY RIGHT or its associates collectively or its research analyst do not hold any financial interest/beneficial ownership of more than 1% (at the end of the month immediately preceding the date of publication of the research report) in the company covered by Analyst, and has not been engaged in market making activity of the company covered by research analyst.

 Since associates of EQUITY RIGHT are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report.

It is confirmed that equity Right research analysts do not serve as an officer, director or employee of the companies mentioned in the report. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject EQUITY RIGHT and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdiction s or to a certain category of investors. Persons in whose possession this document may come are required to inform them of and to observe such restriction.

Have a look at our other IPO note:

METAL SCRAP TRADE CORPORATION LIMITED (MSTC) -IPO NOTE: AVOID