Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Thematic (Sector/Industry)

<ul>
<li>
Record Rs47.8B investments in 2025-26, marking the highest project completions in a decade, driven by surging demand for aluminium products.</li>
<li>
<a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a>  dominates with Rs37.6B Hirakud project, accounting for 79% of 2025-26 investments, boosting flat-rolled product capacity by 170k tonnes/year.</li>
<li>
25 new projects announced in 2024-25, including <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> ’s Rs409.9B smelter, signalling robust growth in downstream and recycled aluminium sectors.</li>
</ul>



Record Rs47.8B investments in 2025-26, marking the highest project completions in a decade, driven by surging demand for aluminium products.

Hindalco Industries (HNDL IN)  dominates with Rs37.6B Hirakud project, accounting for 79% of 2025-26 investments, boosting flat-rolled product capacity by 170k tonnes/year.

25 new projects announced in 2024-25, including Vedanta Ltd (VEDL IN) ’s Rs409.9B smelter, signalling robust growth in downstream and recycled aluminium sectors.


The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Rio’s Entry: Rio Tinto plans a $5–7B green aluminium project in India with AMG M&amp;M, targeting 1 Mtpa smelting and 2 Mtpa refining powered by renewables.</li>
<li>Why India: Aluminium demand is rising; India offers bauxite, coal, caustic, and strong domestic growth—ideal for scaling low-carbon aluminium production.</li>
<li>Risks &amp; Signals: Land issues remain a risk, but ArcelorMittal’s success shows improved project viability; Rio bets on aluminium’s green future and circular economy edge.</li>
</ul>


Rio’s Entry: Rio Tinto plans a $5–7B green aluminium project in India with AMG M&amp;M, targeting 1 Mtpa smelting and 2 Mtpa refining powered by renewables.
Why India: Aluminium demand is rising; India offers bauxite, coal, caustic, and strong domestic growth—ideal for scaling low-carbon aluminium production.
Risks &amp; Signals: Land issues remain a risk, but ArcelorMittal’s success shows improved project viability; Rio bets on aluminium’s green future and circular economy edge.


Rio Tinto’s Green Aluminium Bet on India: A Strategic Pivot Amid Global Decarbonization

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The semiannual index rebal events of the NIFTY 50 index and NIFTY 100 index will take place near the end of September 2026.</li>
<li>There will be one change for NIFTY 50 index and five changes for NIFTY 100.</li>
<li>In this insight, we take a look at our latest flow expectations for the confirmed index changes.</li>
</ul>


The semiannual index rebal events of the NIFTY 50 index and NIFTY 100 index will take place near the end of September 2026.
There will be one change for NIFTY 50 index and five changes for NIFTY 100.
In this insight, we take a look at our latest flow expectations for the confirmed index changes.


Quiddity NIFTY Sep26 Results and Flow Update: 11/12 Correct; ~US$940mn Combined One-Way Flow

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>Two senior executives at <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> , Reema Jain and Sameer Pande, resigned amid market challenges and leadership changes</li>
<li>
<a href="https://www.smartkarma.com/entities/allianz-se-0516b9dc-34b1-4a5b-adff-c1c95188b4ff" target="_blank" data-smartkarma-citation="entities:28601:1" rel="noopener">Allianz (AZSEY US)</a> plans a new insurance partnership with Jio Financial, following the end of its 24-year tie-up with Bajaj Group.</li>
<li>
<a href="https://www.smartkarma.com/entities/bain-capital-specialty-finan" target="_blank" data-smartkarma-citation="entities:28761:1" rel="noopener">Bain Capital Specialty Finan (BCSF US)</a> set to acquire 22% stake in <a href="https://www.smartkarma.com/entities/manappuram-finance-ltd" target="_blank" data-smartkarma-citation="entities:12559:1" rel="noopener">Manappuram Finance (MGFL IN)</a> , with plans to increase stake to 42%.</li>
</ul>


Two senior executives at Hero Motocorp (HMCL IN) , Reema Jain and Sameer Pande, resigned amid market challenges and leadership changes

Allianz (AZSEY US) plans a new insurance partnership with Jio Financial, following the end of its 24-year tie-up with Bajaj Group.

Bain Capital Specialty Finan (BCSF US) set to acquire 22% stake in Manappuram Finance (MGFL IN) , with plans to increase stake to 42%.


#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

<ul>
<li>Haldiram sells 10% to Temasek at $10B valuation, plans additional 5% pre-IPO stake sale amid mixed investor interest.</li>
<li>SBI will launch a dedicated project finance unit to back AI, fintech, and renewable energy, targeting India’s fast-evolving industries.</li>
<li>India must install 600 GW of non-fossil capacity by 2030 to manage rising power demand and reduce dependence on coal.</li>
</ul>


Haldiram sells 10% to Temasek at $10B valuation, plans additional 5% pre-IPO stake sale amid mixed investor interest.
SBI will launch a dedicated project finance unit to back AI, fintech, and renewable energy, targeting India’s fast-evolving industries.
India must install 600 GW of non-fossil capacity by 2030 to manage rising power demand and reduce dependence on coal.


#120 India Insight:Haldiram Stake Sale, SBI's New Unit, and India's 600 GW Green Energy Goal

India

Vedanta Limited mines, produces, and exports base metals. The Company mines and distributes metals such as zinc, iron ore, copper, silver, and aluminium, as well as operates power plants. Vedanta markets its products worldwide.

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Vedanta Ltd (VEDL IN)

The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...

Viral Kishorchandra Shah

Rio Tinto’s Green Aluminium Bet on India: A Strategic Pivot Amid Global Decarbonization

Rio Tinto plans $5-7B green aluminium project in India with AMG M&M, leveraging local resources and renewables for low-carbon production.

Rahul Jain

Quiddity NIFTY Sep26 Results and Flow Update: 11/12 Correct; ~US$940mn Combined One-Way Flow

From 21st August 2026 close to 15th September 2026 close, the ideas suggested in this insight generated an average return of approximately +6%. The...

Janaghan Jeyakumar, CFA

#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

Executives resign at Hero Motocorp, Allianz forms new partnership with Jio Financial, Bain Capital to acquire stake in Manappuram Finance.

Sudarshan Bhandari

#120 India Insight:Haldiram Stake Sale, SBI's New Unit, and India's 600 GW Green Energy Goal

Haldiram sells stake to Temasek, SBI to launch project finance unit for AI, fintech, renewable energy, India needs 600 GW non-fossil capacity by...

Sudarshan Bhandari

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The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

​Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...

Viral Kishorchandra Shah

Rio Tinto’s Green Aluminium Bet on India: A Strategic Pivot Amid Global Decarbonization

​Rio Tinto plans $5-7B green aluminium project in India with AMG M&M, leveraging local resources and renewables for low-carbon production.

Rahul Jain

Quiddity NIFTY Sep26 Results and Flow Update: 11/12 Correct; ~US$940mn Combined One-Way Flow

From 21st August 2026 close to 15th September 2026 close, the ideas suggested in this insight generated an average return of approximately +6%. The...

Janaghan Jeyakumar, CFA

#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

​Executives resign at Hero Motocorp, Allianz forms new partnership with Jio Financial, Bain Capital to acquire stake in Manappuram Finance.

Sudarshan Bhandari

#120 India Insight:Haldiram Stake Sale, SBI's New Unit, and India's 600 GW Green Energy Goal

​Haldiram sells stake to Temasek, SBI to launch project finance unit for AI, fintech, renewable energy, India needs 600 GW non-fossil capacity by...

Sudarshan Bhandari

Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...

Rio Tinto plans $5-7B green aluminium project in India with AMG M&M, leveraging local resources and renewables for low-carbon production.

Executives resign at Hero Motocorp, Allianz forms new partnership with Jio Financial, Bain Capital to acquire stake in Manappuram Finance.

Haldiram sells stake to Temasek, SBI to launch project finance unit for AI, fintech, renewable energy, India needs 600 GW non-fossil capacity by...