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>Reliance plans to invest Rs40,000–45,000 crore (30% of total capex) into its New Energy business over FY25–FY28.</li>
<li>Solar PV manufacturing (10 GW), Green Hydrogen (electrolyzers + hydrogen production), Energy Storage (30 GWh batteries), Biogas (CBG plants), and Carbon Capture initiatives.</li>
<li>New Energy could contribute 8–10% of Reliance’s total EBITDA over the next 10 years as projects mature and commercial operations ramp up.</li>
</ul>


Reliance plans to invest Rs40,000–45,000 crore (30% of total capex) into its New Energy business over FY25–FY28.
Solar PV manufacturing (10 GW), Green Hydrogen (electrolyzers + hydrogen production), Energy Storage (30 GWh batteries), Biogas (CBG plants), and Carbon Capture initiatives.
New Energy could contribute 8–10% of Reliance’s total EBITDA over the next 10 years as projects mature and commercial operations ramp up.


Reliance Industries

Reliance: Betting Big on New Energy