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 (VEDL IN) Set for Major Margin Expansion

Equity Bottom-Up

<ul>
<li>Vedanta reported 10% revenue growth and 37% EBITDA growth in FY25, supported by volume expansion across aluminium and zinc businesses.</li>
<li>Major capex projects, including Gamsberg Phase 2 and captive bauxite and coal mines, are expected to drive volume growth through FY27, with steady operational guidance.</li>
<li>Vedanta Resources standalone net debt reduced from $8.9 billion to $4.9 billion over three years, easing refinancing risks and improving financial flexibility.</li>
</ul>


Vedanta reported 10% revenue growth and 37% EBITDA growth in FY25, supported by volume expansion across aluminium and zinc businesses.
Major capex projects, including Gamsberg Phase 2 and captive bauxite and coal mines, are expected to drive volume growth through FY27, with steady operational guidance.
Vedanta Resources standalone net debt reduced from $8.9 billion to $4.9 billion over three years, easing refinancing risks and improving financial flexibility.


Vedanta’s Volume-Led Growth and Deleveraging Journey

Vedanta Ltd

Vedanta’s Volume-Led Growth and Deleveraging Journey