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.

HZ IN: Operational Targets and Valuation Framework

Hindustan Zinc (HZ IN) Silver Rally Is a Sweetener

Equity Bottom-Up

<ul>
<li>HZL has approved a ₹12,000 crore investment to set up a 250 KTPA integrated zinc smelter at Debari as part of its 2x capacity expansion plan.</li>
<li>While smelting investments are not inherently value-accretive due to low TCs, they are necessary to process captive ore and minimize logistics costs.</li>
<li>The overall growth outlook remains strong, but the pending mine lease expiries by 2030 pose a material long-term risk.</li>
</ul>


HZL has approved a ₹12,000 crore investment to set up a 250 KTPA integrated zinc smelter at Debari as part of its 2x capacity expansion plan.
While smelting investments are not inherently value-accretive due to low TCs, they are necessary to process captive ore and minimize logistics costs.
The overall growth outlook remains strong, but the pending mine lease expiries by 2030 pose a material long-term risk.


HINDZINC – ₹12,000 Cr Smelter Expansion Approved Amid Long-Term Growth Push