Materials| Industrials |Commodities

Rahul Jain

Over 20 years of sell-side research experience across Indian Metals & Mining, Cement, Industrials, and Commodities. 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

Sandur Manganese & Iron Ore / Equity Bottom-Up

<ul>
<li>Scale-Up in Mining: Iron ore capacity ramped up to 3.86 MTPA with visibility to reach 4.36 MTPA, positioning mining as a high-margin cash engine.</li>
<li>Forward Integration via Arjas Acquisition: Strategic acquisition of Arjas Steel marks a shift from merchant mining to integrated steel production, with embedded OEM relationships and SBQ focus.</li>
<li>Valuation Reset in Progress: Despite structural upgrades, the stock trades at ~8x EV/EBITDA, offering a rerating opportunity as steel margins expand and loss-making verticals normalise.</li>
</ul>


Scale-Up in Mining: Iron ore capacity ramped up to 3.86 MTPA with visibility to reach 4.36 MTPA, positioning mining as a high-margin cash engine.
Forward Integration via Arjas Acquisition: Strategic acquisition of Arjas Steel marks a shift from merchant mining to integrated steel production, with embedded OEM relationships and SBQ focus.
Valuation Reset in Progress: Despite structural upgrades, the stock trades at ~8x EV/EBITDA, offering a rerating opportunity as steel margins expand and loss-making verticals normalise.


SMIORE: Transitioning from Merchant Miner to Integrated Steel & Minerals Powerhouse