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.

Jindal Stainless: Near-Term Headwinds Appear to Be Well Factored

Equity Bottom-Up

<ul>
<li>Jindal Stainless delivered solid Q1 FY26 performance with margin recovery, healthy domestic demand, and subsidiaries turning incrementally accretive.</li>
<li>Management is guiding 9–10% volume CAGR with stable EBITDA/ton, supported by downstream capex, Chromeni ramp-up, and the Maharashtra greenfield project (Phase 1 by FY29–30).</li>
<li>The stock trades at a premium (~11–12× EV/EBITDA, ~18–22× P/E forward) versus peers, implying confidence in earnings compounding but limited scope for re-rating.</li>
</ul>


Jindal Stainless delivered solid Q1 FY26 performance with margin recovery, healthy domestic demand, and subsidiaries turning incrementally accretive.
Management is guiding 9–10% volume CAGR with stable EBITDA/ton, supported by downstream capex, Chromeni ramp-up, and the Maharashtra greenfield project (Phase 1 by FY29–30).
The stock trades at a premium (~11–12× EV/EBITDA, ~18–22× P/E forward) versus peers, implying confidence in earnings compounding but limited scope for re-rating.


Jindal Stainless (JSL): Monopoly Strength Supports Growth—Accumulate on Weakness