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.

Jindal Steel & Power (JSP IN) - Cyclical Downturn Provides Attractive Entry Point

Equity Bottom-Up

<ul>
<li>FY25 steel production grew 2% YoY to 8.12 MT; adjusted EBITDA stood at Rs9,570 crore with EBITDA/t of Rs12,008; net debt/EBITDA improved to 1.26x.</li>
<li>Major projects including BF2, BOS2, CRM complex, slurry pipeline, and SBPP are targeted for commissioning by FY26-end, expanding steel capacity to 14.45 MTPA.</li>
<li>Near-Term priorities are volume ramp-up, improving cost efficiency through captive resources and logistics, and maintaining strict capital discipline with net debt/EBITDA below 1.5x.</li>
</ul>


FY25 steel production grew 2% YoY to 8.12 MT; adjusted EBITDA stood at Rs9,570 crore with EBITDA/t of Rs12,008; net debt/EBITDA improved to 1.26x.
Major projects including BF2, BOS2, CRM complex, slurry pipeline, and SBPP are targeted for commissioning by FY26-end, expanding steel capacity to 14.45 MTPA.
Near-Term priorities are volume ramp-up, improving cost efficiency through captive resources and logistics, and maintaining strict capital discipline with net debt/EBITDA below 1.5x.


Commissioning Milestones Critical as JSPL Enters Peak Expansion Phase