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

Steel Authority of India / Equity Bottom-Up

<ul>
<li>Steady operations despite price softness; volumes up 8% YoY, debt down ₹3,400 Cr, margins stable around 10%.</li>
<li>Capex on track; IISCO ₹33,000 Cr expansion progressing, funded via internal accruals and moderate leverage.</li>
<li>Valuation reasonable; trades at ~7× EV/EBITDA and ~US$560/t EV/Ton with Positive Bias on margin recovery and balance-sheet strength.</li>
</ul>


Steady operations despite price softness; volumes up 8% YoY, debt down ₹3,400 Cr, margins stable around 10%.
Capex on track; IISCO ₹33,000 Cr expansion progressing, funded via internal accruals and moderate leverage.
Valuation reasonable; trades at ~7× EV/EBITDA and ~US$560/t EV/Ton with Positive Bias on margin recovery and balance-sheet strength.


SAIL: Leaner, Stronger, Poised for Recovery — Margins to Rebound in H2