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.

IEX: Transitioning with India’s Energy Landscape

Equity Bottom-Up

Indian Energy Exchange Ltd / Equity Bottom-Up

<ul>
<li>Volume Data: IEX volumes rose 15% YoY in Q1 FY26, led by strong RTM and Green Market growth.</li>
<li>Near-Term Outlook: Higher volumes should lift Q1 earnings, with EBITDA and PAT expected to rise ~22%.</li>
<li>Future Plans: IEX is launching new products like G-RTM and LDCs, and investing in P2P and smart grid tech.</li>
</ul>


Volume Data: IEX volumes rose 15% YoY in Q1 FY26, led by strong RTM and Green Market growth.
Near-Term Outlook: Higher volumes should lift Q1 earnings, with EBITDA and PAT expected to rise ~22%.
Future Plans: IEX is launching new products like G-RTM and LDCs, and investing in P2P and smart grid tech.


IEX Powers Ahead: Volume Growth Signals Strong Q1 and Strategic Evolution