Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Thematic (Sector/Industry)

<ul>
<li>IREL opened seven indigenous rare-earth technologies, including NdPr recovery from end-of-life magnets, to industry, attacking India's core separation and recycling technology gap rather than just adding mining capacity.</li>
<li>Prices consolidated with no clear direction. Pr-Nd firmed modestly on producer buying, dysprosium gave back August's gains, while lanthanum oxide jumped 4.7% on a low base.</li>
<li>Government's Special Campaign 6.0 (2–31 Oct) and an expanded GSI exploration pipeline (300 projects planned for FY27) reinforce India's push toward recycling feedstock and domestic supply.</li>
</ul>


IREL opened seven indigenous rare-earth technologies, including NdPr recovery from end-of-life magnets, to industry, attacking India's core separation and recycling technology gap rather than just adding mining capacity.
Prices consolidated with no clear direction. Pr-Nd firmed modestly on producer buying, dysprosium gave back August's gains, while lanthanum oxide jumped 4.7% on a low base.
Government's Special Campaign 6.0 (2–31 Oct) and an expanded GSI exploration pipeline (300 projects planned for FY27) reinforce India's push toward recycling feedstock and domestic supply.


India Rare Earths Monitor - September 2026

<ul>
<li>India's INR7,280 crore REPM magnet tender drew 20 bids in August, with L&amp;T stepping forward alongside a Proterial-led consortium, the downstream localization push moving from open tender to contested field.</li>
<li>Prices split by weight: light rare earths corrected (Pr-Nd oxide −2.5%) while dysprosium firmed in oxide (+3.7%) and metal (+2.5%), tracking exactly where China's export control bites hardest.</li>
<li>New private processing routes emerged, including Enervoxa's $250-350mn plan to recover rare earths from aluminium red mud, sidestepping the monazite mining and radioactivity bottleneck.</li>
</ul>


India's INR7,280 crore REPM magnet tender drew 20 bids in August, with L&amp;T stepping forward alongside a Proterial-led consortium, the downstream localization push moving from open tender to contested field.
Prices split by weight: light rare earths corrected (Pr-Nd oxide −2.5%) while dysprosium firmed in oxide (+3.7%) and metal (+2.5%), tracking exactly where China's export control bites hardest.
New private processing routes emerged, including Enervoxa's $250-350mn plan to recover rare earths from aluminium red mud, sidestepping the monazite mining and radioactivity bottleneck.


Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Record margins sustained: Q2 FY26 EBITDA ₹1,932 cr; full-year margins near 49% on captive coal and lower caustic costs.</li>
<li>Growth visibility: 1 Mtpa 5th-stream alumina refinery to commission by Jun 2026; Pottangi mine start by FY27.</li>
<li>Valuation gap: Trades at ~4× EV/EBITDA vs 6–7× peers, with ₹7,900 cr cash and 4.5% yield supporting 25–30% re-rating potential.</li>
</ul>


Record margins sustained: Q2 FY26 EBITDA ₹1,932 cr; full-year margins near 49% on captive coal and lower caustic costs.
Growth visibility: 1 Mtpa 5th-stream alumina refinery to commission by Jun 2026; Pottangi mine start by FY27.
Valuation gap: Trades at ~4× EV/EBITDA vs 6–7× peers, with ₹7,900 cr cash and 4.5% yield supporting 25–30% re-rating potential.


NALCO — Margin Peak Sustained, Volume Upside from FY27

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>LME aluminium hit 4-year high near $3,670/t in April 2026, driven by West Asia smelter damage and the Strait of Hormuz blockade. Indian Producers are direct beneficiaries of Supply Shock.</li>
<li>All three Indian Producers rallied near Lifetime High. Nalco, Hindalco, and Vedanta posted all-time high profits but valuations have run well above 5-year averages</li>
<li>More a stock-picker's market now than a rising-tide trade. Vedanta's demerger, Nalco's expansion and Hindalco's downstream mix are the real differentiators,</li>
</ul>


LME aluminium hit 4-year high near $3,670/t in April 2026, driven by West Asia smelter damage and the Strait of Hormuz blockade. Indian Producers are direct beneficiaries of Supply Shock.
All three Indian Producers rallied near Lifetime High. Nalco, Hindalco, and Vedanta posted all-time high profits but valuations have run well above 5-year averages
More a stock-picker's market now than a rising-tide trade. Vedanta's demerger, Nalco's expansion and Hindalco's downstream mix are the real differentiators,


3 Indian Aluminium Companies that Will Benefit from Supply Shock!

<ul>
<li>Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.</li>
<li>Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.</li>
<li>Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.</li>
</ul>


Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.
Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.
Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.


Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

India

National Aluminium Co. Ltd. is an integrated aluminum manufacturer. The Company mines for bauxite, refines bauxite into aluminum and manufactures and sells aluminum and aluminum products. National Aluminium Company's products include bauxite, aluminum hydrate, calcined aluminum, aluminum ingots and aluminum wire rods, as well as electricity which is generated for captive consumption.

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National Aluminium (NACL IN)

India Rare Earths Monitor - September 2026

IREL opened seven indigenous rare-earth technologies (incl. NdPr recovery) to industry, targeting India's core processing gap. Prices consolidated;...

GSBR Research

India Rare Earths Monitor - August 2026

India's ₹7,280cr magnet tender drew 20 bids (incl. L&T) in August; light rare earths corrected while dysprosium firmed. Import dependence on China...

GSBR Research

NALCO — Margin Peak Sustained, Volume Upside from FY27

Q2 FY26 EBITDA reaches ₹1,932 cr with record margins; growth plans include new refinery and mine, potential for 25-30% re-rating due to valuation...

Rahul Jain

3 Indian Aluminium Companies that Will Benefit from Supply Shock!

LME aluminium hits 4-year high due to supply shock in West Asia, benefiting Indian producers like Nalco, Hindalco, and Vedanta. Stock-pickers...

Sudarshan Bhandari

Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Rahul Jain

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52-week Range

Market Cap (USDm)

P/E

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India Rare Earths Monitor - September 2026

IREL opened seven indigenous rare-earth technologies (incl. NdPr recovery) to industry, targeting India's core processing gap. Prices consolidated;...

GSBR Research

India Rare Earths Monitor - August 2026

India's ₹7,280cr magnet tender drew 20 bids (incl. L&T) in August; light rare earths corrected while dysprosium firmed. Import dependence on China...

GSBR Research

NALCO — Margin Peak Sustained, Volume Upside from FY27

​Q2 FY26 EBITDA reaches ₹1,932 cr with record margins; growth plans include new refinery and mine, potential for 25-30% re-rating due to valuation...

Rahul Jain

3 Indian Aluminium Companies that Will Benefit from Supply Shock!

​LME aluminium hits 4-year high due to supply shock in West Asia, benefiting Indian producers like Nalco, Hindalco, and Vedanta. Stock-pickers...

Sudarshan Bhandari

Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

​Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Rahul Jain

Q2 FY26 EBITDA reaches ₹1,932 cr with record margins; growth plans include new refinery and mine, potential for 25-30% re-rating due to valuation...

LME aluminium hits 4-year high due to supply shock in West Asia, benefiting Indian producers like Nalco, Hindalco, and Vedanta. Stock-pickers...

Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...