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>Linde India plans to double gas capacity to 20,000 TPD by FY27 with ₹32 bn capex, including new ASUs for Tata Steel.</li>
<li> FY25 PAT rose 5% despite a 10% revenue dip, driven by margin gains and cost efficiency.</li>
<li>Trades at over 80× P/E FY27, appears justified by annuity-like cash flows from critical long-term contracts with top steelmakers.</li>
</ul>


Linde India plans to double gas capacity to 20,000 TPD by FY27 with ₹32 bn capex, including new ASUs for Tata Steel.
 FY25 PAT rose 5% despite a 10% revenue dip, driven by margin gains and cost efficiency.
Trades at over 80× P/E FY27, appears justified by annuity-like cash flows from critical long-term contracts with top steelmakers.


Linde India (LINDEINDIA IN): High-Quality Compounder Riding India’s Industrial and Steel Growth

Linde India Ltd

Linde India (LINDEINDIA IN): High-Quality Compounder Riding India’s Industrial and Steel Growth