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.

Equity Bottom-Up

<ul>
<li>Strong FY25 growth, but bulk cargo (~90%) dominates, keeping revenue per ton lower versus peers.</li>
<li>Targeting 10% volume and 50% logistics growth by FY27, with heavy CAPEX and Navkar integration focus.</li>
<li>Trades at ~28x EV/EBITDA, ~40x P/E — far higher than Adani Ports; promoter dilution likely to meet public float norms.</li>
</ul>


Strong FY25 growth, but bulk cargo (~90%) dominates, keeping revenue per ton lower versus peers.
Targeting 10% volume and 50% logistics growth by FY27, with heavy CAPEX and Navkar integration focus.
Trades at ~28x EV/EBITDA, ~40x P/E — far higher than Adani Ports; promoter dilution likely to meet public float norms.


Adani Ports & Special Economic Zone (ADSEZ IN)

JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated

JSW Infrastructure

JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated