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.

Equity Bottom-Up

<ul>
<li>Strong recovery: Q2 FY26 volumes up 23% YoY; margins steady at 38%, confirming operational strength.</li>
<li>Growth visibility: Expansion, slurry pipeline, and pellet plants drive FY26–27 capacity growth.</li>
<li>Deep-Value play: Trades at 10× P/E, 5× EV/EBITDA—half peer valuations, 5% dividend yield.</li>
</ul>


Strong recovery: Q2 FY26 volumes up 23% YoY; margins steady at 38%, confirming operational strength.
Growth visibility: Expansion, slurry pipeline, and pellet plants drive FY26–27 capacity growth.
Deep-Value play: Trades at 10× P/E, 5× EV/EBITDA—half peer valuations, 5% dividend yield.


NMDC Limited — Deep-Value Core of India’s Iron Ore Chain

Nmdc Ltd

NMDC Limited — Deep-Value Core of India’s Iron Ore Chain