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.

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

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