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.

India Insider Buying – June '25: Strong Activity in Small Caps, Limited Participation in Large Caps.

The Beat Ideas: Jindal Steel & Power, A 31000Cr Mega Capex Plan

Prices Drop, Eyes Pop: Insider Buying Update – May 2025 (Small Cap Companies)

Prices Drop, Eyes Pop: Insider Buying Update – May 2025 (Market Cap > USD 1 Billion)

Equity Bottom-Up

<ul>
<li>Q1 FY26 saw stable production but weaker volumes, with EBITDA/t surging 35% QoQ to ₹15,680 on coal savings and higher VAS mix.</li>
<li>Capacity ramp-up to 15.9 MT by FY27, coupled with &gt;70% VAS share, drives a strong ~40% PAT CAGR through FY29.</li>
<li>Trades at 16.2× P/E and 9.2× EV/EBITDA (FY26E), offering upside potential versus JSW’s premium multiples.</li>
</ul>


Q1 FY26 saw stable production but weaker volumes, with EBITDA/t surging 35% QoQ to ₹15,680 on coal savings and higher VAS mix.
Capacity ramp-up to 15.9 MT by FY27, coupled with &gt;70% VAS share, drives a strong ~40% PAT CAGR through FY29.
Trades at 16.2× P/E and 9.2× EV/EBITDA (FY26E), offering upside potential versus JSW’s premium multiples.


Jindal Steel Ltd (JINDALSTEL IN): Margin Resilience Amid Volume Softness; Capex-Fueled Growth Intact