17/11/2025
Cordel Group has announced a new contract with V/Line, in Victoria, Australia, for an undisclosed amount. The initial contract covers an eight-week data capture programme across 820km of V/Line’s Northern and Western corridors, and likely provides a foundation for recurring, high-margin data-as-a-service (DaaS) revenues once complete.
17/11/2025
Cordel Group is an international technology company, listed on London’s AIM market, which is transforming rail infrastructure monitoring. Its end-to-end data platform captures, stores and intelligently analyses inspection data, streamlining the management of complex rail networks. Using proprietary lidar and machine vision hardware, Cordel collects vast datasets of point clouds and imagery. These are processed using advanced AI and big data tools to create a highly accurate ‘single source of truth’ for tracks, assets and surrounding environments. The platform does not just visualise, it identifies emerging issues, such as vegetation encroachment ballast movement and clearance risks. This enables safer, more efficient and more sustainable rail asset management. There are five key reasons why Cordel represents a compelling investment case: With a clear ambition to scale profitably across global networks, Cordel is rapidly expanding its presence across the global rail industry. Cordel is successfully executing a ‘land and expand’ strategy, starting with limited track segments and single use cases, then growing over time. The company is emerging as a key player in PTC, a federally mandated safety system designed to prevent train collisions, derailments and accidents caused by human error. Cordel’s business model is built for scalable growth. The company’s competitive edge lies in its integrated capabilities. Cordel is not just monitoring railways; it is redefining how they are managed. With cutting-edge technology, a scalable business model and growing global traction, Cordel is an emerging leader in intelligent rail infrastructure. For more information on Cordel Group, please see our website.
04/11/2025
Cordel’s full year results were in line with broker consensus, with 8% revenue growth and a substantial narrowing of the EBITDA loss, despite sluggish decision cycles. More significantly, Cordel’s five significant new customer contracts and progress in positive train control (PTC) systems and multi-modal AI establish a platform for an acceleration in FY26 and beyond. We continue to believe Cordel’s FY26 EV/sales multiple of 2.0x does not adequately reflect its strategic positioning or its growth prospects.