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 Power (ADANIPOWER IN): Bangladesh Clears Dues, Strengthens Balance Sheet

Adani Power Adds 600 MW—One Step Closer to 30 GW

Equity Bottom-Up

<ul>
<li>Adani Power delivered strong FY25 earnings and plans to expand capacity to 30.7 GW by FY30 through brownfield, greenfield, and acquisition-driven growth.</li>
<li>Godda, Jharkhand (110km from Bangladesh) project supports high realisations, but <strong>Bangladesh receivable buildup (~USD 900 million) r</strong>emains a working capital risk, with gradual collections ongoing.</li>
<li>Adani Power offers strong margins, improving ROCE, and trades at ~16.6× FY25 P/E.</li>
</ul>


Adani Power delivered strong FY25 earnings and plans to expand capacity to 30.7 GW by FY30 through brownfield, greenfield, and acquisition-driven growth.
Godda, Jharkhand (110km from Bangladesh) project supports high realisations, but Bangladesh receivable buildup (~USD 900 million) remains a working capital risk, with gradual collections ongoing.
Adani Power offers strong margins, improving ROCE, and trades at ~16.6× FY25 P/E.


Adani Power

Adani Power: Navigating Challenges