Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>SHANTI eliminates the liability and monopoly barriers—SDR-indexed operator caps, a sovereign-backed compensation waterfall, AERB independence, and APTEL appellate review convert nuclear into a bankable asset class.</li>
<li>India shifts from ~8 GW to a 100-GW build mandate, implying ~90 GW of new capacity and ~$550–750 billion of capex, with SMRs and brownfield coal conversions driving first-wave execution.</li>
<li>Ancing viability hinges on non-recourse leverage (70:30/80:20), long-tenor PPAs/CfDs, ECA underwriting, and fuel security—especially uranium diversification and HALEU access for SMRs</li>
</ul>


SHANTI eliminates the liability and monopoly barriers—SDR-indexed operator caps, a sovereign-backed compensation waterfall, AERB independence, and APTEL appellate review convert nuclear into a bankable asset class.
India shifts from ~8 GW to a 100-GW build mandate, implying ~90 GW of new capacity and ~$550–750 billion of capex, with SMRs and brownfield coal conversions driving first-wave execution.
Ancing viability hinges on non-recourse leverage (70:30/80:20), long-tenor PPAs/CfDs, ECA underwriting, and fuel security—especially uranium diversification and HALEU access for SMRs


INDIA NUCLEAR — SHANTI BILL 2025: From Liability Paralysis to a $550–750bn Private-Build Pipeline

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

JSW Energy Limited generates power by using Corex gas and coal. The Company, through its subsidiary, also operates lignite thermal power plant in Rajasthan and has a capacity to produce 3,140 megawatts of electricity. JSW is also present in the power trading and transmission businesses.

<ul>
 <li>JSW Energy is aggressively expanding its power generation capacity with a target of 30 GW by 2030, focusing heavily on renewable energy sources, which positions it well to capitalize on India's energy transition.</li>
 <li>The company's financials are stretched due to significant capital expenditures for growth projects, with a high Net Debt to EBITDA ratio, posing a considerable financial risk.</li>
 <li>While the company's strategic pivot to renewables and ventures into energy storage and green hydrogen are forward-looking, successful and timely execution of its massive project pipeline remains a critical uncertainty.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  JSW Energy is aggressively expanding its power generation capacity with a target of 30 GW by 2030, focusing heavily on renewable energy sources, which positions it well to capitalize on India's energy transition.
  The company's financials are stretched due to significant capital expenditures for growth projects, with a high Net Debt to EBITDA ratio, posing a considerable financial risk.
  While the company's strategic pivot to renewables and ventures into energy storage and green hydrogen are forward-looking, successful and timely execution of its massive project pipeline remains a critical uncertainty.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: JSW Energy Ltd (JSW IN) - Dec 2025

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

ReNew Energy Global PLC operates as a renewable energy company. The Company focuses on developing wind, solar, and hydro energy projects. ReNew Energy Global serves clients in India.

<ul>
<li>Front-end UST yields declined yesterday, with the UST curve steepening in continuation of last week's trend. The yield on the 2Y UST fell 2 bps to 3.50%, while that of the 10Y declined 1 bp to 4.17%.</li>
<li>Equities retreated for a second day, with the S&amp;P 500 and Nasdaq down 0.2% and 0.6%, respectively.</li>
<li>New York Fed President John Williams said monetary policy is well-positioned heading into 2026, as the FOMC has "adjusted interest rates down in a way that we think positions us really well to have these two competing kinds of risks be roughly in balance". </li>
</ul>


Front-end UST yields declined yesterday, with the UST curve steepening in continuation of last week's trend. The yield on the 2Y UST fell 2 bps to 3.50%, while that of the 10Y declined 1 bp to 4.17%.
Equities retreated for a second day, with the S&amp;P 500 and Nasdaq down 0.2% and 0.6%, respectively.
New York Fed President John Williams said monetary policy is well-positioned heading into 2026, as the FOMC has "adjusted interest rates down in a way that we think positions us really well to have these two competing kinds of risks be roughly in balance". 


External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Fine Organic Industries Ltd / Equity Bottom-Up

Fine Organic Industries Limited manufactures specialty chemicals. The Company offers additives for foods, plastics, rubbers, paints, inks, cosmetics, coatings, textile auxiliaries, and other applications. Fine Organic Industries serves customers worldwide.

<ul><li>We maintain SELL recommendation on Fine Organics with a TP of INR 3,600</li><li>The company is likely to incur a capex of INR 7.5bn for SEZ expansion, which would be spread over FY25-28</li><li>It will shift the export operations to the SEZ plant once it becomes operational</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain SELL recommendation on Fine Organics with a TP of INR 3,600The company is likely to incur a capex of INR 7.5bn for SEZ expansion, which would be spread over FY25-28It will shift the export operations to the SEZ plant once it becomes operationalContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fine Organic Industries: Muted Volume Growth. Maintain SELL

Vivant Corp/Philippines / Equity Bottom-Up

Vivant Corporation, through its subsidiaries, generates, distributes, and retails electric power in the Philippines. The company owns and operates diesel-fired, coal-fired, and hydroelectric power plants. It has a total attributable capacity of 252 megawatts. The company provides its services through bilateral contracts with power distribution utilities and electric cooperatives. Vivant Corporation was founded in 2002 and is based in Cebu City, the Philippines.

<ul>
 <li>Vivant Corp. is capitalizing on the Philippines' growing energy demand, demonstrating robust revenue and profit growth driven by its power generation segment, particularly through strategic gains in the wholesale electricity spot market.</li>
 <li>The company is pursuing a balanced strategy of maintaining its conventional energy assets for grid stability while aggressively expanding its renewable energy portfolio, targeting a 30% renewable share by 2030 with a projected investment of approximately PHP 46 billion.</li>
 <li>While exhibiting strong top-line growth and a healthy balance sheet with a low debt-to-equity ratio, the company faces challenges with volatile free cash flow due to significant capital expenditures for expansion, alongside risks inherent in the regulated and capital-intensive Philippine power industry.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Vivant Corp. is capitalizing on the Philippines' growing energy demand, demonstrating robust revenue and profit growth driven by its power generation segment, particularly through strategic gains in the wholesale electricity spot market.
  The company is pursuing a balanced strategy of maintaining its conventional energy assets for grid stability while aggressively expanding its renewable energy portfolio, targeting a 30% renewable share by 2030 with a projected investment of approximately PHP 46 billion.
  While exhibiting strong top-line growth and a healthy balance sheet with a low debt-to-equity ratio, the company faces challenges with volatile free cash flow due to significant capital expenditures for expansion, alongside risks inherent in the regulated and capital-intensive Philippine power industry.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Vivant Corp/Philippines (VVT PM) - Dec 2025

Utilities
Insights in the Utilities Space

INDIA NUCLEAR — SHANTI BILL 2025: From Liability Paralysis to a $550–750bn Private-Build Pipeline

SHANTI transforms nuclear energy into a bankable asset class in India, with a shift towards a 100-GW build mandate and focus on SMRs and...

Rahul Jain

Primer: JSW Energy Ltd (JSW IN) - Dec 2025

JSW Energy is aggressively expanding its power generation capacity with a target of 30 GW by 2030, focusing heavily on renewable energy sources,...

αSK

Lucror Analytics - Morning Views Asia

Front-end UST yields declined yesterday, with the UST curve steepening in continuation of last week's trend. The yield on the 2Y UST fell 2 bps to...

Lucror Analytics

Fine Organic Industries: Muted Volume Growth. Maintain SELL

We maintain SELL recommendation on Fine Organics with a TP of INR 3,600. The company is likely to incur a capex of INR 7.5bn for SEZ expansion...

HDFC Securities

Primer: Vivant Corp/Philippines (VVT PM) - Dec 2025

Vivant Corp. is capitalizing on the Philippines' growing energy demand, demonstrating robust revenue and profit growth driven by its power...

αSK

INDIA NUCLEAR — SHANTI BILL 2025: From Liability Paralysis to a $550–750bn Private-Build Pipeline

​SHANTI transforms nuclear energy into a bankable asset class in India, with a shift towards a 100-GW build mandate and focus on SMRs and...

Rahul Jain

Primer: JSW Energy Ltd (JSW IN) - Dec 2025

JSW Energy is aggressively expanding its power generation capacity with a target of 30 GW by 2030, focusing heavily on renewable energy sources,...

αSK

Lucror Analytics - Morning Views Asia

Front-end UST yields declined yesterday, with the UST curve steepening in continuation of last week's trend. The yield on the 2Y UST fell 2 bps to...

Lucror Analytics

Fine Organic Industries: Muted Volume Growth. Maintain SELL

We maintain SELL recommendation on Fine Organics with a TP of INR 3,600. The company is likely to incur a capex of INR 7.5bn for SEZ expansion...

HDFC Securities

Primer: Vivant Corp/Philippines (VVT PM) - Dec 2025

Vivant Corp. is capitalizing on the Philippines' growing energy demand, demonstrating robust revenue and profit growth driven by its power...

αSK

SHANTI transforms nuclear energy into a bankable asset class in India, with a shift towards a 100-GW build mandate and focus on SMRs and...