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

Lloyds Metals & Energy / Equity Bottom-Up

<ul>
<li>Resource-Backed Growth Story: Lloyds Metals &amp; Energy Ltd. owns 857 MT of iron ore reserves (including 700 MT BHQ) with a 50-year lease, providing unmatched raw material security.</li>
<li>Transformational Expansion + MDO Play: Ongoing capex will ramp mining to 25+ MTPA and add 4.2 MTPA of steel capacity. Acquisition of Thriveni’s MDO business adds high-margin, annuity-style revenue stream.</li>
<li>Tax-Efficient, Debt-Light Strategy: Supported by Maharashtra’s IPS benefits, Lloyds is executing a capital-intensive buildout while aiming to remain net-debt free and structurally cost-advantaged.</li>
</ul>


Resource-Backed Growth Story: Lloyds Metals &amp; Energy Ltd. owns 857 MT of iron ore reserves (including 700 MT BHQ) with a 50-year lease, providing unmatched raw material security.
Transformational Expansion + MDO Play: Ongoing capex will ramp mining to 25+ MTPA and add 4.2 MTPA of steel capacity. Acquisition of Thriveni’s MDO business adds high-margin, annuity-style revenue stream.
Tax-Efficient, Debt-Light Strategy: Supported by Maharashtra’s IPS benefits, Lloyds is executing a capital-intensive buildout while aiming to remain net-debt free and structurally cost-advantaged.


Lloyds Metals: On the Verge of a Massive Ramp-Up