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.

Tata Steel: Strategic Pivot in Capital Allocation

Tata Steel – 1QFY26: Stable Output, Soft Deliveries Amid Planned Maintenance

Equity Bottom-Up

<ul>
<li>Tata Steel’s India business is poised for multi-year volume expansion, backed by ample land availability across three key locations. </li>
<li>Losses from UK and Netherland operations set to ease. UK operations are under transitioning phase from BF to EAF. Discussions are on with the Netherlands govt. </li>
<li>Valuations: Tata Steel trades at 6.5x EV/EBITDA based on estimated FY26 EBITDA. Stock has outperformed local indices and could likely continue. </li>
</ul>


Tata Steel’s India business is poised for multi-year volume expansion, backed by ample land availability across three key locations. 
Losses from UK and Netherland operations set to ease. UK operations are under transitioning phase from BF to EAF. Discussions are on with the Netherlands govt. 
Valuations: Tata Steel trades at 6.5x EV/EBITDA based on estimated FY26 EBITDA. Stock has outperformed local indices and could likely continue. 


タタ・スチール（TATA IN）：国内事業の拡大、EUの足かせを緩和

Tata Steel Ltd

タタ・スチール（TATA IN）：国内事業の拡大、EUの足かせを緩和