Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>NMIAL commissioning in Dec-25 shifts AEL from trading volatility to regulated airport earnings, supporting a structural rerating through FY27.</li>
<li>EBITDA mix moves toward airports and renewables (&gt;70%); IRM shrinks to a residual contributor.</li>
<li>Fair value ₹2,750–3,000 (execution ₹3,300+), driven by utilisation, non-aero monetisation, and capital-structure transparency.</li>
</ul>


NMIAL commissioning in Dec-25 shifts AEL from trading volatility to regulated airport earnings, supporting a structural rerating through FY27.
EBITDA mix moves toward airports and renewables (&gt;70%); IRM shrinks to a residual contributor.
Fair value ₹2,750–3,000 (execution ₹3,300+), driven by utilisation, non-aero monetisation, and capital-structure transparency.


Adani Enterprises: NMIAL Commissioning Triggers Structural Rerating; Airports Drive Duration

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>The latest results reveal strong double-digit growth in the newly separated Engineering business, confirming the strategic shift toward high-precision manufacturing in Aerospace &amp; Defence and Auto Components.</li>
<li>Successful completion and initial performance validation of the demerger process transforms Raymond into two pure-play, specialized manufacturing entities poised to capitalize on global "China + 1" and Indian aerospace tailwinds.</li>
<li>The structural re-rating thesis remains firmly intact, driven by accelerating margins in the Aerospace vertical and long-term contract visibility.</li>
</ul>


The latest results reveal strong double-digit growth in the newly separated Engineering business, confirming the strategic shift toward high-precision manufacturing in Aerospace &amp; Defence and Auto Components.
Successful completion and initial performance validation of the demerger process transforms Raymond into two pure-play, specialized manufacturing entities poised to capitalize on global "China + 1" and Indian aerospace tailwinds.
The structural re-rating thesis remains firmly intact, driven by accelerating margins in the Aerospace vertical and long-term contract visibility.


The Beat Ideas: Raymond’s Engineering Rebirth- The Aerospace & Defence Leap?

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

<ul>
<li>Here we introduce Modtris as a drastic approach to credit analysis.</li>
<li>Modrist uses historical financial data to compute simultation of multi-dimentional dynamics.</li>
<li>Fair value of H&amp;H, according to Modtris, is quite close to the current price. We see Modtrist as an alternative to arrive at bond fair value without human bias.</li>
</ul>


Here we introduce Modtris as a drastic approach to credit analysis.
Modrist uses historical financial data to compute simultation of multi-dimentional dynamics.
Fair value of H&amp;H, according to Modtris, is quite close to the current price. We see Modtrist as an alternative to arrive at bond fair value without human bias.


Independent Price Reporting Agency, QC Intel

Quantum Commodity Intelligence

Independent Price Reporting Agency

QC Intel

We are an independent price reporting agency (PRA) providing price assessments, original news and trade data for the global energy transition markets.

Our mission is to bring greater transparency to these rapidly developing markets, powering transactions and helping the world to decarbonize as efficiently as possible.

Commodities

<ul><li>Crude oil futures were edging higher Friday, but broader concerns over a looming surplus in the new year left prices softer on the week and languishing at just above post-pandemic lows.</li><li>Front-month Feb26 ICE Brent  futures were trading at  $60.47/b (2007 GMT) versus Thursday's settle of $59.82/b, while Feb26 NYMEX WTI  was at  $56.54/b against a previous close of $56/b.</li><li>Markets found only limited support over the week from geopolitical events, with the IEA's forecast of a near 4 million bpd glut in 2026 supressing prices.</li></ul>

Crude oil futures were edging higher Friday, but broader concerns over a looming surplus in the new year left prices softer on the week and languishing at just above post-pandemic lows.Front-month Feb26 ICE Brent  futures were trading at  $60.47/b (2007 GMT) versus Thursday's settle of $59.82/b, while Feb26 NYMEX WTI  was at  $56.54/b against a previous close of $56/b.Markets found only limited support over the week from geopolitical events, with the IEA's forecast of a near 4 million bpd glut in 2026 supressing prices.

Oil futures: Crude heads for weekly losses on oversupply concerns

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Shanghai Forest Cabin Biological-Tech / Equity Capital Markets

<ul>
<li>Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.</li>
<li>Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.</li>
<li>The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.</li>
</ul>


Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.
Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.
The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.


Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game