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

JSW: Backlog 2× Sales, Nuclear Edge Drives Upside

Equity Bottom-Up

<ul>
<li>Strong earnings momentum with revenue, margins, and EPS consistently improving over FY21–FY25, driven by a shift toward high-margin industrial machinery.</li>
<li>Strategic monopoly in ultra-large nuclear forgings, supported by global SMR tailwinds, capacity expansion plans, and a record order backlog across nuclear and defense.</li>
<li>Valuations remain elevated, but are backed by strong visibility, margin expansion, and structurally advantaged positioning in a tightening global supply chain.</li>
</ul>


Strong earnings momentum with revenue, margins, and EPS consistently improving over FY21–FY25, driven by a shift toward high-margin industrial machinery.
Strategic monopoly in ultra-large nuclear forgings, supported by global SMR tailwinds, capacity expansion plans, and a record order backlog across nuclear and defense.
Valuations remain elevated, but are backed by strong visibility, margin expansion, and structurally advantaged positioning in a tightening global supply chain.


Japan Steel Works (5631 JP) – Steady Profit Growth, Nuclear Edge, and Premium Justified