35% below IPO price, 6x margin expansion: Is this Mukul Agarwal-owned stock overlooked?
- Posted on August 27, 2026
- By Financial Express
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- 1 min read
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35% below IPO price, 6x margin expansion: Is this Mukul Agarwal-owned stock overlooked?
A construction-materials company is quietly changing its business model, moving beyond low-margin supplies into contract manufacturing and high-margin developer services. The shift is already showing up in its numbers: contract manufacturing and DaaS now account for 63% of revenue, while operating margins have risen to 11%. With 35% to 40% revenue growth targeted for FY27, the bigger question is whether this margin expansion can last.
