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.

Japan Defence Supercycle: Multi-Decade Tailwinds, Near-Term Catalysts

IHI Corp (7013 JP): Global Index Inclusion in May

IHI Corporation (TSE:7013) – Rebound in Aero Drives Multi-Year Upside

Sanrio (8136 JP): Global Index Inclusion in May

Equity Bottom-Up

<ul>
<li>Q1 FY2026 results showed weak earnings (net profit –38% YoY) but a strong +29% YoY orderbook driven by Aero &amp; Carbon Solutions.</li>
<li>Management retained FY2026 guidance, banking on aero aftermarket growth and disposal gains to drive a backloaded recovery.</li>
<li>Valuations (~14× EV/EBITDA, 24× P/E) look reasonable versus peers, but execution risks remain if disposals or aero demand underdeliver.</li>
</ul>


Q1 FY2026 results showed weak earnings (net profit –38% YoY) but a strong +29% YoY orderbook driven by Aero &amp; Carbon Solutions.
Management retained FY2026 guidance, banking on aero aftermarket growth and disposal gains to drive a backloaded recovery.
Valuations (~14× EV/EBITDA, 24× P/E) look reasonable versus peers, but execution risks remain if disposals or aero demand underdeliver.


IHI Corporation (7013 JP) – Strong Orders, Weak Profits; Guidance Backloaded on Aero & Disposals