Rail Vikas Nigam Ltd.

“RVNL is a thin-margin government pass-through contractor with no moat, no pricing power, no reinvestment runway, and no management alignment with minority shareholders. At 50x declining earnings and 6x book value, the stock prices in a growth trajectory that the business fundamentals cannot deliver. Intrinsic value of 47-59 per share implies 78-83% downside. India's railway capex boom is real, but the economic value accrues to the government customer, not to this nominated contractor's minority shareholders. This is a clear avoid.”