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.

Coal India: Volume Strength Intact, Profitability Headwinds Emerging

Equity Bottom-Up

<ul>
<li>CIL reports 8.5% drop in June output, while private and captive mines post double-digit growth</li>
<li>Unusual monsoon, logistics bottlenecks, and subsidiary underperformance drag PSU volumes</li>
<li>Unless execution improves in Q2 and beyond, outlook on CIL remains cautious amid structural market shifts.</li>
</ul>


CIL reports 8.5% drop in June output, while private and captive mines post double-digit growth
Unusual monsoon, logistics bottlenecks, and subsidiary underperformance drag PSU volumes
Unless execution improves in Q2 and beyond, outlook on CIL remains cautious amid structural market shifts.


India Coal Sector Q1 FY26: Private Miners Surge, CIL Stumbles

Coal India Ltd

India Coal Sector Q1 FY26: Private Miners Surge, CIL Stumbles