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.

Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Vikram Solar IPO - RHP Updates, Peer Comp and Thoughts on Valuations

Vikram Solar IPO - Riding India’s Renewable Energy Wave

The Beat Ideas: Vishnu Chemicals - Expanding Beyond Chromium, Building Specialty Strength

Equity Bottom-Up

<ul>
<li>Funds Raised: The IPO aims to raise ~₹1,500 crore through a mix of fresh issue and OFS, strengthening balance sheet and funding expansion.</li>
<li>Future Plans &amp; Objects: Proceeds will be deployed toward cell/module capacity expansion under the PLI scheme, working capital, and debt reduction.</li>
<li>The IPO benefits from strong policy and industry tailwinds, but execution challenges, import dependence, and margin volatility remain key risks.</li>
</ul>


Funds Raised: The IPO aims to raise ~₹1,500 crore through a mix of fresh issue and OFS, strengthening balance sheet and funding expansion.
Future Plans &amp; Objects: Proceeds will be deployed toward cell/module capacity expansion under the PLI scheme, working capital, and debt reduction.
The IPO benefits from strong policy and industry tailwinds, but execution challenges, import dependence, and margin volatility remain key risks.


Vikram Solar IPO: Scaling Domestic Manufacturing Amid Policy Tailwinds and Execution Risks