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 Powers Ahead: Volume Growth Signals Strong Q1 and Strategic Evolution

Equity Bottom-Up

Indian Energy Exchange Ltd / Equity Bottom-Up

<ul>
<li>IEX reported 18.7% volume growth to 121 BU in FY25, with revenue up 19.3% and PAT up 22.3%, driven by higher RTM and Green Market volumes.</li>
<li>Strong growth in Green Market and REC trading; new initiatives like Green RTM, Carbon Credit Trading, and Coal Exchange are progressing toward regulatory approvals.</li>
<li>Management expects volume growth from rising demand and policy support, but regulatory changes and market coupling remain key execution and competitive risks.</li>
</ul>


IEX reported 18.7% volume growth to 121 BU in FY25, with revenue up 19.3% and PAT up 22.3%, driven by higher RTM and Green Market volumes.
Strong growth in Green Market and REC trading; new initiatives like Green RTM, Carbon Credit Trading, and Coal Exchange are progressing toward regulatory approvals.
Management expects volume growth from rising demand and policy support, but regulatory changes and market coupling remain key execution and competitive risks.


IEX: Transitioning with India’s Energy Landscape