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.

Vedanta Demerger: Key Highlights, Value Drivers, and Risks

Vedanta: The Aluminium Transformation — Zinc Cash + Silver Power + O&G Optionality

Vedanta’s Risky Diversification into JP Associates;Instead of Debt Reduction

The Beat Ideas: Amanta Healthcare IPO - Navigating Growth in the Sterile Pharma Space.

Equity Bottom-Up

<ul>
<li>NCLT approval removes the key overhang, enabling Vedanta’s break-up and forcing valuation discovery across aluminium, zinc/silver, power and O&amp;G.</li>
<li>Aluminium becomes the anchor, with falling costs and ~50% EBITDA share; zinc and silver provide resilient cash flows and downside protection.</li>
<li>Intrinsic SOTP ₹1,020–1,050/share implies ~78–83% upside from CMP ₹572; execution-weighted 12-month TP ₹770 offers ~35% upside with downside protected even under stressed aluminium prices.</li>
</ul>


NCLT approval removes the key overhang, enabling Vedanta’s break-up and forcing valuation discovery across aluminium, zinc/silver, power and O&amp;G.
Aluminium becomes the anchor, with falling costs and ~50% EBITDA share; zinc and silver provide resilient cash flows and downside protection.
Intrinsic SOTP ₹1,020–1,050/share implies ~78–83% upside from CMP ₹572; execution-weighted 12-month TP ₹770 offers ~35% upside with downside protected even under stressed aluminium prices.


Vedanta: NCLT Approval Unlocks Aluminium-Led Break-Up Value

Vedanta Ltd

Vedanta: NCLT Approval Unlocks Aluminium-Led Break-Up Value