Global Materials | Industrials | Commodities

Rahul Jain

Over 20 years of sell-side research experience across Global Metals & Mining, Cement, Industrials, and Commodities. Extensive first-hand mine and plant visits spanning India, Australia, China, the US, and the UK.
Hundreds of buy-side engagements across major global financial hubs in Asia, North America, and Europe. Also led a comprehensive client tour of China to deepen industry understanding.

Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Equity Bottom-Up

<ul>
<li>Adani Enterprises’ consolidated EBITDA rose by 26% to Rs16,722 crore in FY25, supported by expansion across key infrastructure and energy businesses.</li>
<li>Focus areas include scaling airports, green hydrogen production, solar manufacturing, data centers, and stabilized annuity cash flows from roads.</li>
<li>Key risks are project execution delays, regulatory oversight, high leverage, ESG scrutiny etc.</li>
</ul>


Adani Enterprises’ consolidated EBITDA rose by 26% to Rs16,722 crore in FY25, supported by expansion across key infrastructure and energy businesses.
Focus areas include scaling airports, green hydrogen production, solar manufacturing, data centers, and stabilized annuity cash flows from roads.
Key risks are project execution delays, regulatory oversight, high leverage, ESG scrutiny etc.


Adani Enterprises: Airports, Green Energy, and Industrial Projects Are the Key Growth Drivers