Investor Pulse Growth and Income: Bisalloy (BIS), EZZ (EZZ), Dexus (DXI) & More

As we look ahead to FY26, several Australian-listed companies have caught our attention as compelling buy candidates, each combining robust financials, strategic growth initiatives, and strong market positions. From industrial and mining services to consumer health and property, these stocks represent a blend of resilience, scalability, and long-term potential. Source: Google Finance (2025) [1] Macmahon Holdings (ASX: MAH) continues to leverage its six-decade track record in mining services, expanding into infrastructure and renewables while maintaining a robust order book. Perseus Mining (ASX: PRU) combines operational excellence with a fortress balance sheet, funding growth projects internally while delivering sustainable production and shareholder returns. Industrial stalwarts Capral (ASX: CAA) and Bisalloy Steel (ASX: BIS) offer strong domestic footprints, resilient cash flows, and niche market advantages that underpin long-term growth. Meanwhile, EZZ Life Science (ASX: EZZ) pairs high-margin proprietary products with a scalable distribution model, driving rapid expansion in consumer health markets. Finally, Dexus Industria REIT (ASX: DXI) provides industrial property exposure backed by a disciplined balance sheet and self-funded development pipeline, delivering both income stability and growth potential. With these names on our radar, let’s dive into why we consider them top buys potential for FY26. Macmahon Holdings Limited (ASX: MAH) Source: MAH, weekly chart (2025) Macmahon Holdings (ASX: MAH) has long been a familiar name in mining services, with more than six decades of experience across Australia and Southeast Asia. It has built its reputation as a dependable partner for some of the industry’s biggest players, including AngloGold Ashanti, Newmont and Regis Resources. The company covers the full mining lifecycle—everything from planning and drill-and-blast to underground operations—while also maintaining a foothold in civil infrastructure. With marquee projects such as Tropicana and Byerwen under its belt, Macmahon has positioned itself as a contractor of choice in an increasingly competitive market. Financially, the company has been on an impressive run. In the 2025 financial year, Macmahon delivered record revenue of $2.4 billion and underlying EBITDA of $387.4 million, extending a steady growth trajectory from $1.7 billion in FY22 to $2.03 billion in FY24. Balance sheet discipline has been equally noteworthy, with net gearing held at 23.1% in FY24. Investors have not been overlooked: the group recently lifted its dividend payout ratio policy to 20–35% of earnings per share from FY25, reinforcing a track record of returning capital to shareholders while maintaining financial resilience. The most striking shift, however, has been strategic. Macmahon is consciously reducing its dependence on the capital-hungry surface mining business by diversifying into infrastructure and renewables. The 2024 acquisition of Decmil Group is central to this pivot. Far from a minor bolt-on, it immediately broadened the company’s exposure to government projects while also strengthening its underground and civil operations. Decmil has wasted no time, already winning $144 million in contracts from Rio Tinto and Glencore. Combined with Macmahon’s $5.4 billion order book, of which $2.1 billion is already locked in for FY26, the acquisition provides both visibility and momentum for the next phase of growth. Contracting is a business where client relationships are everything, and the loss of a major agreement could dent earnings quickly. Commodity prices still cast a long shadow—any sharp downturn in gold or coal would inevitably flow through to project pipelines. On top of that, the Decmil integration must deliver its promised $3–5 million in annual synergies, or questions about execution could resurface. Even so, the valuation case looks attractive: the stock trades on a forward P/E of just 7.5, with a 2.7% yield adding income support. With strong results, a robust order book and a more balanced business model, Macmahon stands out as a well-managed company making a smart strategic pivot—and, in our view, a buy. Perseus Mining Limited (ASX: PRU) Source: PRU, weekly chart (2025) Perseus Mining Limited (ASX: PRU) has firmly positioned itself as a leading multi-mine, multi-jurisdictional gold producer, with high-quality assets across West and East Africa. The company has built a strong reputation for operational excellence, having successfully commissioned three mines, including the Edikan operation in Ghana and the Sissingué and Yaouré mines in Côte d'Ivoire. Perseus is now turning to its next growth chapter with the Nyanzaga Gold Project in Tanzania, a move that will broaden its geographic footprint and reinforce its status as a senior mid-tier producer. Financially, Perseus is exceptionally robust. At the end of the June 2025 quarter, the company held US$827 million in cash and bullion, had zero debt, and maintained US$300 million of undrawn debt capacity. Its three mines generated operating cash flow of US$189 million in the quarter, supported by a strong average cash margin of US$1,560 per ounce. Full-year production reached 496,551 ounces, supporting a sustainable dividend policy alongside an active A$100 million share buy-back program. This “fortress balance sheet” gives Perseus both flexibility and confidence to fund growth while rewarding shareholders. Growth plans are ambitious yet carefully funded. The Nyanzaga Gold Project, with a total capital investment of US$524 million, is expected to deliver over 200,000 ounces of gold per year at a projected AISC of US$1,211 per ounce. Crucially, Perseus can finance this internally, avoiding dilution and external financing risks. At the same time, the company is extending the life of its existing mines—Yaouré now has a mine life through at least 2035, while Sissingué will benefit from nearby satellite deposits. This dual approach of optimizing current assets while developing a cornerstone project supports a steady production profile of 515,000 to 535,000 ounces annually over the next five years. Geopolitical exposure in Africa is the primary headwind, highlighted by the suspension of the Meyas Sand project in Sudan due to conflict. Rising costs across labour, energy, and consumables also push forward AISC guidance to US$1,400–US$1,500 per ounce, above FY25 levels of US$1,235. And while Perseus has a proven delivery record, Nyanzaga’s scale introduces potential construction and commissioning challenges. Still, the company’s strong balance sheet, diversified operations, and fully funded growth pipeline position it well. Trading at a P/E of around 8.8 and a price-to-book ratio near 1.8, Perseus stands out as a best-in-class gold producer and a long-term buy. Capral Limited (ASX: CAA) Source: CAA, weekly chart (2025) Capral Limited (ASX: CAA) is Australia’s largest manufacturer and distributor of aluminium profiles, firmly anchoring its role in the nation’s industrial supply chain. Its extensive network of world-class extrusion plants and distribution channels serves Residential, Commercial, and Industrial markets, giving the company both scale and a deep understanding of customer needs. This dominant domestic footprint positions Capral as a trusted supplier across a wide range of applications, from windows and doors to transport and marine components. The company has shown notable resilience in its financial performance. In the first half of 2025, Capral delivered a net profit after tax of A$15.3 million on sales of 31,100 tonnes. While volumes were down 7% year-on-year amid softer housing and industrial markets, profitability remained strong thanks to effective cost control and operational efficiency. Capral’s balance sheet is exceptionally healthy, with net cash of $53.0 million and zero debt, providing both financial flexibility and confidence in its ability to pursue shareholder-friendly policies, including a steady dividend yield of around 3.66% and an on-market share buy-back of up to 10% of issued shares. Looking forward, Capral is well positioned to benefit from both structural and cyclical tailwinds. The ongoing anti-dumping inquiry into Chinese aluminium extrusions could significantly strengthen its competitive position if duties are imposed, with a final ruling expected by mid-September 2025. The acquisition of Comsupply will expand its distribution network and market reach, while a potential rebound in the residential housing market could boost volumes further in the second half of the year. These initiatives highlight Capral’s proactive approach to growth and market leadership. Despite some cyclical headwinds, Capral’s valuation remains attractive, with a trailing P/E of 6.3 and a price-to-book ratio of 0.87, suggesting the market may be undervaluing its quality and resilience. Coupled with its solid balance sheet, consistent dividends, and accretive buybacks, Capral offers a strong margin of safety and a compelling long-term growth story. With regulatory, strategic, and cyclical catalysts aligning, the company stands out as a high-quality industrial leader and a clear long-term buy. EZZ Life Science Holdings Limited (ASX: EZZ) Source: EZZ, weekly chart (2025) EZZ Life Science Holdings Limited (ASX: EZZ) is making a strong mark in the consumer health and wellness sector, combining its proprietary EZZ brand with the exclusive distribution of the popular EAORON skincare line in Australia and New Zealand. The company targets high-demand areas such as genetic longevity, weight management, and overall wellbeing, using a market-driven R&D approach. This dual business model allows EZZ to pair high-margin innovation with steady cash flow from distribution, creating a balanced and scalable platform for growth. The company’s financial performance has been impressive. In FY24, revenue rose 78.9% to $66.44 million, with earnings up 91.9% to $6.96 million. Profitability is strong, with a trailing twelve-month gross margin of 78.6% and a return on equity of 45.9%. EZZ’s balance sheet is equally solid, featuring a net cash position of A$19.41 million and minimal debt, alongside an Altman Z-Score of 14.32, highlighting the company’s financial stability. These metrics underscore the efficiency and strength of its capital-light business model. Looking forward, EZZ is accelerating its international growth. After establishing itself in Australia, New Zealand, and China, the company is now entering the US market with FDA registrations secured and expanding into Southeast Asia through a multi-year distribution agreement. Its product pipeline is robust, with 27 new products in development and recent launches such as Bone Growth Chews already contributing meaningfully to revenue. Growth is supported by a sophisticated omni-channel strategy that combines digital and social selling with a strong retail presence, enabling the company to reach consumers wherever they shop. EZZ trades on a trailing P/E of 11.8 and forward P/E of 13.5, reflecting an attractive valuation for a company achieving rapid growth and high profitability. Its combination of stable distribution revenue and high-margin proprietary products creates a self-funding growth engine, providing flexibility and momentum for future expansion. With its proven business model, strong financials, and clear international growth trajectory, EZZ presents a compelling buy for investors seeking exposure to the dynamic consumer health sector. Bisalloy Steel Group Limited (ASX: BIS) Source: BIS, weekly chart (2025) Bisalloy Steel Group Limited (ASX: BIS) occupies a distinctive position in Australia’s industrial landscape as the country’s only manufacturer of high-tensile, abrasion-resistant quenched and tempered steel plates. This unique status gives it a clear competitive edge. Its steel is critical across mining, construction, general fabrication, and defence, supplying wear-grade plates for earthmoving equipment and armour-grade steels for defence applications. The company is also expanding its footprint internationally, with operations in Indonesia and Thailand. Financially, Bisalloy has demonstrated steady revenue growth and strong profitability. In fiscal 2024, it recorded revenue of A$152.9 million and net profit of A$15.7 million, representing a 23% increase in earnings from the previous year. The company’s net cash position, with net gearing of -6.8% and an interest coverage ratio of 32.9x, underscores its financial strength. This robust balance sheet supports a 7.56% dividend yield with a 100% payout ratio in FY24, alongside a return on equity of 21.6%, reflecting both profitability and a strong commitment to shareholder returns. Bisalloy’s growth is anchored by its entrenched role in Australia’s defence industry. Long-term contracts, including the SEA 1000 Future Submarine Project and the LAND 400 armoured vehicle program, provide a stable base of high-margin revenue. Its position as the nation’s sole supplier of these critical steels also allows it to benefit from domestic infrastructure and mining capital expenditure, while international joint ventures create further opportunities for growth. The company enjoys a resilient earnings stream, with its niche industrial and defence role complementing its broader activities. Trading at a P/E of 13.5 and offering a TTM dividend yield of around 7.5%, Bisalloy combines stable income with growth potential. For investors seeking a high-quality industrial business with strong financials and a unique market position, Bisalloy presents an attractive long-term buy. Dexus Industria REIT (ASX: DXI) Source: DXI, weekly chart (2025) Dexus Industria REIT (ASX: DXI) is a standout specialist in Australia's industrial and logistics property sector. Its portfolio, valued around $1.5 billion, includes high-quality warehouses and business parks in major Australian cities. Managed by Dexus (ASX: DXS), one of Australasia's leading integrated real asset groups, DXI benefits from a sophisticated platform for acquisitions, development, and asset management—a strong advantage that sets it apart from smaller, independent REITs. Financially, DXI has shown consistent and resilient growth. For the half-year ending 31 December 2024, Funds From Operations increased 5.7% to $28.8 million, or 9.1 cents per security. The trust maintains a conservative capital structure, with a look-through gearing ratio of 27.7%, providing ample capacity to support future growth initiatives. With an NTA of $3.32 per security and a trailing distribution yield of 5.77%, DXI offers both stability and attractive income for investors. DXI’s growth is supported by strong, long-term trends in the industrial sector, including e-commerce expansion and supply chain modernization. The REIT actively pursues organic growth through its 306,900 square meter development pipeline, creating modern industrial assets that enhance returns. Strong leasing outcomes, such as positive re-leasing spreads of +12.1% in H1 FY25 and a portfolio occupancy of 99.5%, demonstrate the success of its proactive asset management approach. Trading at a discount to its underlying asset value, DXI presents a compelling investment opportunity. With a price-to-book ratio of 0.84, the market is pricing the REIT around 16% below book value. Backed by a top-tier management platform, a self-funded development pipeline, and a conservative balance sheet, DXI offers investors high-quality industrial exposure with clear pathways for growth in earnings and distributions—a well-positioned buy in the industrial property sector.