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.

Vedanta’s Volume-Led Growth and Deleveraging Journey

Vedanta Demerger: Key Highlights, Value Drivers, and Risks

Thematic (Sector/Industry)

United states Metals and mining / Thematic (Sector/Industry)

<ul>
<li>Alumina's wild swings have turned favourably for <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> . Aluminium constituted about 40% 9MFY25 EBITDA and could see significant near-term margin expansion.</li>
<li>
<a href="https://www.smartkarma.com/entities/alcoa-corp" target="_blank" data-smartkarma-citation="entities:6510:1" rel="noopener">Alcoa (AA US)</a>'s over-reliance on external alumina sales implies it could face significant margin contraction in the near-term.</li>
<li>Valuation: Both VEDL and AA trade at about 10x fwd consensus earnings. VEDL also has &gt;10% dividend yield in recent years making it a far attractive bet. </li>
</ul>


Alumina's wild swings have turned favourably for Vedanta Ltd (VEDL IN) . Aluminium constituted about 40% 9MFY25 EBITDA and could see significant near-term margin expansion.

Alcoa (AA US)'s over-reliance on external alumina sales implies it could face significant margin contraction in the near-term.
Valuation: Both VEDL and AA trade at about 10x fwd consensus earnings. VEDL also has &gt;10% dividend yield in recent years making it a far attractive bet. 


Vedanta (VEDL IN) Set for Major Margin Expansion

Metals and Mining

Vedanta (VEDL IN) Set for Major Margin Expansion