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.

IEX Ltd: Over-Reaction on Market Coupling?

Equity Bottom-Up

Indian Energy Exchange Ltd / Equity Bottom-Up

<ul>
<li>CERC has mandated market coupling for the Day-Ahead Market starting Jan 2026, shifting price discovery to a central engine.</li>
<li>This dilutes IEX’s pricing power but core execution role, user trust, and market share offer downside protection.</li>
<li>Valuations at 38–40× FY25 EPS imply a fair value range of Rs175–195, with upside if growth in green and RTM segments accelerates.</li>
</ul>


CERC has mandated market coupling for the Day-Ahead Market starting Jan 2026, shifting price discovery to a central engine.
This dilutes IEX’s pricing power but core execution role, user trust, and market share offer downside protection.
Valuations at 38–40× FY25 EPS imply a fair value range of Rs175–195, with upside if growth in green and RTM segments accelerates.


Market Coupling Mandate: Structural Risk or Opportunity Reset for IEX (NSE: IEX, BSE: 540750)?