Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>India led volume stability, improving deliveries, and captive raw materials position Tata Steel to convert the 2026 steel upcycle into earnings leverage.</li>
<li>EU policy tightening and CBAM-linked barriers improve Netherlands pricing power, supporting a European turnaround despite continued structural drag from the UK.</li>
<li>Attractive valuation metrics, low PEG, manageable leverage, and sector outperformance make Tata Steel a high-conviction risk-adjusted play for 2026.</li>
</ul>


India led volume stability, improving deliveries, and captive raw materials position Tata Steel to convert the 2026 steel upcycle into earnings leverage.
EU policy tightening and CBAM-linked barriers improve Netherlands pricing power, supporting a European turnaround despite continued structural drag from the UK.
Attractive valuation metrics, low PEG, manageable leverage, and sector outperformance make Tata Steel a high-conviction risk-adjusted play for 2026.


2026 High Conviction Idea: Tata Steel’s Raw‑Material Moat and Long‑Product Expansion

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Jain Resource Recycling / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a> is looking to raise about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</li>
<li>In this note, we take a quick look at the company’s past performance</li>
</ul>



Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
In this note, we take a quick look at the company’s past performance


Jain Resource Recycling Pre-IPO - Robust Growth but Inorganic Moves Lack Full Value

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Forensic Accounting

<ul>
<li>A foreign short seller has released its short thesis note on Vedanta Group, labelling the group as a Ponzi scheme. </li>
<li>The report’s central assertion is ‘to repay the debt of holding company Vedanta Resources, Vedanta Limited paid aggressive dividends leading to depletion of financial &amp; operational strength of Vedanta</li>
<li>Dividend &amp; delisting along with share purchases funded through debt, unreconciled interest, and depleting asset base, stagnancy in expansion plans.</li>
</ul>


A foreign short seller has released its short thesis note on Vedanta Group, labelling the group as a Ponzi scheme. 
The report’s central assertion is ‘to repay the debt of holding company Vedanta Resources, Vedanta Limited paid aggressive dividends leading to depletion of financial &amp; operational strength of Vedanta
Dividend &amp; delisting along with share purchases funded through debt, unreconciled interest, and depleting asset base, stagnancy in expansion plans.


Is Vedanta Running a Ponzi Scheme? Deep Dive into Findings of Shortseller Report

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Last 3 Years: NMDC’s PAT grew steadily from Rs3,774 Cr in FY23 to Rs6,693 Cr in FY25 (CAGR ~33%), driven by volume growth and margin expansion.</li>
<li>Guidance &amp; Plans: Targets 55.4 MT (24% growth) in FY26 and 100 MT by 2030, backed by infra, EC capacity, and pellet expansion.</li>
<li>Re-Rating Potential: Meeting volume, margin, and execution targets could trigger valuation re-rating from current below-peer multiples.</li>
</ul>


Last 3 Years: NMDC’s PAT grew steadily from Rs3,774 Cr in FY23 to Rs6,693 Cr in FY25 (CAGR ~33%), driven by volume growth and margin expansion.
Guidance &amp; Plans: Targets 55.4 MT (24% growth) in FY26 and 100 MT by 2030, backed by infra, EC capacity, and pellet expansion.
Re-Rating Potential: Meeting volume, margin, and execution targets could trigger valuation re-rating from current below-peer multiples.


NMDC Ltd (NSE: NMDC) – Volume-Led Growth Story with Re-Rating Potential

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> raised about US$252m in its India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Belrise Industries (9156339Z IN) raised about US$252m in its India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

India

NMDC Limited is India's largest iron ore producer and exporter, engaged in the exploration and production of various minerals including iron ore, copper, rock phosphate, limestone, magnesite, and diamonds. The company operates highly mechanized mines primarily in Chhattisgarh and Karnataka, and also runs India's only mechanized diamond mine in Panna, Madhya Pradesh. Headquartered in Hyderabad, Telangana, NMDC was founded in 1958.

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NMDC (NMDC IN)

2026 High Conviction Idea: Tata Steel’s Raw‑Material Moat and Long‑Product Expansion

India strength, EU policy tailwinds, and valuation support converge, making Tata Steel a high-conviction bet as the steel cycle turns in 2026.

Mint Finance

Jain Resource Recycling Pre-IPO - Robust Growth but Inorganic Moves Lack Full Value

Jain Resource Recycling is looking to raise about US$142m in its India IPO. In this note, we take a quick look at the past performance.

Akshat Shah

Is Vedanta Running a Ponzi Scheme? Deep Dive into Findings of Shortseller Report

Foreign short seller accuses Vedanta Group of being a Ponzi scheme, citing aggressive dividends, debt-funded activities, and stagnancy in...

Nimish Maheshwari

NMDC Ltd (NSE: NMDC) – Volume-Led Growth Story with Re-Rating Potential

NMDC's profit after tax has grown steadily over the last 3 years, with plans to increase production and expand capacity leading to potential re...

Rahul Jain

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2026 High Conviction Idea: Tata Steel’s Raw‑Material Moat and Long‑Product Expansion

India strength, EU policy tailwinds, and valuation support converge, making Tata Steel a high-conviction bet as the steel cycle turns in 2026.

Mint Finance

Jain Resource Recycling Pre-IPO - Robust Growth but Inorganic Moves Lack Full Value

Jain Resource Recycling is looking to raise about US$142m in its India IPO. In this note, we take a quick look at the past performance.

Akshat Shah

Is Vedanta Running a Ponzi Scheme? Deep Dive into Findings of Shortseller Report

​Foreign short seller accuses Vedanta Group of being a Ponzi scheme, citing aggressive dividends, debt-funded activities, and stagnancy in...

Nimish Maheshwari

NMDC Ltd (NSE: NMDC) – Volume-Led Growth Story with Re-Rating Potential

​NMDC's profit after tax has grown steadily over the last 3 years, with plans to increase production and expand capacity leading to potential re...

Rahul Jain

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Foreign short seller accuses Vedanta Group of being a Ponzi scheme, citing aggressive dividends, debt-funded activities, and stagnancy in...

NMDC's profit after tax has grown steadily over the last 3 years, with plans to increase production and expand capacity leading to potential re...