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    Dushyant Ailani

    Senior Equity Research Analyst at Jefferies

    Dushyant Ailani is a Senior Equity Research Analyst at Jefferies, specializing in the coverage of clean energy, alternative fuels, and renewable technologies. He covers a range of companies including First Solar, Plug Power, Enphase Energy, Ballard Power Systems, Darling Ingredients, Sunrun, Archer-Daniels-Midland, Array Technologies, Marathon Petroleum, and Clean Energy Fuels. Ailani has issued numerous investment calls with a recent average success rate of approximately 26–33% and an average return near -10%, though he has delivered standout calls with returns up to +452% on select stocks. He began his equity research career before joining Jefferies and is likely to hold relevant industry credentials such as FINRA registration and securities licenses, pursuant to regulatory requirements for his role.

    Dushyant Ailani's questions to Bloom Energy (BE) leadership

    Dushyant Ailani's questions to Bloom Energy (BE) leadership • Q2 2025

    Question

    Dushyant Ailani of Jefferies Financial Group Inc. requested an update on the progress of international business development, particularly in markets like Taiwan.

    Answer

    KR Sridhar, Founder, Chairman & CEO, reported that international business constitutes about 30% of revenue, a ratio expected to hold given strong US demand. He confirmed continued strength in Korea and active market development in Taiwan, Germany, Italy, and the UK, where the company is making progress with policymakers and regulators.

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    Dushyant Ailani's questions to Bloom Energy (BE) leadership • Q1 2025

    Question

    Dushyant Ailani asked about the strong margins from repowering activities in Q1 and the future outlook for that business. He also questioned the sensitivity of the 100 basis point tariff impact if tariffs were to increase.

    Answer

    K.R. Sridhar (Founder, Chairman, and CEO) expressed strong conviction in the company's guidance, stating it was based on a detailed analysis of their diversified, non-China-dependent supply chain. Daniel Berenbaum (CFO) added that a favorable product mix, including repowerings, contributed to Q1's strong gross margin and that repowering is an ongoing, albeit variable, part of the business.

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    Dushyant Ailani's questions to Bloom Energy (BE) leadership • Q4 2024

    Question

    Dushyant Ailani asked what percentage of the 2025 guidance is expected to come from 'book and ship' business. He also inquired about which U.S. regions offer the quickest turnaround opportunities based on natural gas availability.

    Answer

    CFO Dan Berenbaum declined to provide a specific percentage for 'book and ship' but noted it was the majority of 2024 revenue and is factored into their rigorous forecasting. CEO KR Sridhar identified the Great Lakes and Midwest as a 'sleeping giant' for growth due to industrial reshoring and available gas, while noting the Northeast is more challenging due to pipeline constraints.

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    Dushyant Ailani's questions to Bloom Energy (BE) leadership • Q4 2024

    Question

    Dushyant Ailani asked for the percentage of 2025 guidance expected from "book-and-ship" business and inquired about which U.S. regions offer the quickest deployment opportunities.

    Answer

    CFO Dan Berenbaum declined to provide a specific percentage for book-and-ship in the 2025 guidance but noted its increasing importance. CEO KR Sridhar identified the Great Lakes and Midwest as a "sleeping giant" for growth due to industrial reshoring and available gas infrastructure, contrasting it with the pipeline-constrained Northeast.

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    Dushyant Ailani's questions to Bloom Energy (BE) leadership • Q3 2024

    Question

    Dushyant Ailani from Jefferies asked about customer conversations and concerns regarding the upcoming expiration of the Investment Tax Credit (ITC).

    Answer

    CEO K.R. Sridhar stated that Bloom has a long history of navigating policy changes. He emphasized that a significant portion of the business already operates without ITC dependence, and that falling costs and rising electricity prices mitigate the impact. He described the ITC as a "nitro boost" for growth, not a critical dependency, calling its absence a "speed bump."

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    Dushyant Ailani's questions to DARLING INGREDIENTS (DAR) leadership

    Dushyant Ailani's questions to DARLING INGREDIENTS (DAR) leadership • Q2 2025

    Question

    Dushyant Ailani from Jefferies Financial Group inquired about DGD's sales opportunities outside of California, particularly in Canada and the EU, and asked for management's expectations regarding the EPA's pending decision on Small Refinery Exemptions (SREs).

    Answer

    COO Matt Jansen confirmed that DGD has a significant and diverse market beyond California, with substantial exports to the EU and UK. Regarding SREs, Jansen described it as the 'million-dollar question,' with an announcement expected within weeks but no clear insight into the outcome. CEO Randall Stuewe added that the uncertainty around the timing of the market's reaction to the SRE decision was a key reason for the updated guidance.

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    Dushyant Ailani's questions to DARLING INGREDIENTS (DAR) leadership • Q1 2025

    Question

    Dushyant Ailani of Jefferies asked for quantification of the Feed segment's improvement in March versus the first two months and the impact of a onetime inventory adjustment on margins.

    Answer

    CEO Randall Stuewe declined to provide a monthly breakdown but suggested backing into the March performance using the full-year core ingredients EBITDA guidance of $950 million to $1 billion. An executive noted the onetime inventory items were not material. Stuewe emphasized focusing on the full-year run-rate, as rising prices create a positive trend that isn't spread ratably across quarters.

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    Dushyant Ailani's questions to DARLING INGREDIENTS (DAR) leadership • Q4 2024

    Question

    Dushyant Ailani inquired about the Q4 Lower of Cost or Market (LCM) adjustment, asking if it was noncash and if the 2025 EBITDA guidance excludes potential LCM impacts. He also asked about the 2025 sales ramp for the Nextida product.

    Answer

    CEO Randall Stuewe confirmed the 2025 guidance is conservative and excludes any LCM pickup. CFO Bob Day and retiring CFO Brad Phillips clarified the LCM is a noncash accounting expense recorded per audited DGD financials. An executive noted that while specific Nextida sales figures are not disclosed, the product is gaining traction with CPG companies and they are confident in its growth.

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    Dushyant Ailani's questions to DARLING INGREDIENTS (DAR) leadership • Q3 2024

    Question

    Dushyant Ailani requested color on the Sustainable Aviation Fuel (SAF) sales book, including the split between contracted and spot sales, and inquired about the company's debt reduction targets for 2025.

    Answer

    COO Matt Jansen confirmed the SAF unit is mechanically complete and commissioning, with several multi-year contracts secured, though not all are publicly announced. CFO Brad Phillips projected the leverage ratio to be below 3x by the second half of 2025. CEO Randall C. Stuewe added that the 45Z tax credit should accelerate deleveraging towards the 2.5x target.

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    Dushyant Ailani's questions to Enphase Energy (ENPH) leadership

    Dushyant Ailani's questions to Enphase Energy (ENPH) leadership • Q2 2025

    Question

    Representing Julien Dumoulin Smith, Dushyant Ailani asked about the practical dynamics of the 25D tax credit pull-forward, questioning if loan originations would proceed in Q4 given the requirement for systems to be fully installed by year-end.

    Answer

    President & CEO Badri Kothandaraman affirmed his belief that the demand rush will occur as expected. He expressed confidence in the expertise of installers, stating they have extensive experience and can quickly complete installations once they expand their crews to meet the anticipated surge in demand.

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    Dushyant Ailani's questions to PLUG POWER (PLUG) leadership

    Dushyant Ailani's questions to PLUG POWER (PLUG) leadership • Q1 2025

    Question

    Dushyant Ailani followed up on the 45V tax credit, asking if the Texas project would qualify for safe harbor based on capital already spent. He also asked about the status of customer conversations regarding potential tariff-related surcharges.

    Answer

    CEO Andy Marsh confirmed that approximately $250 million of the $800 million total CapEx for the Texas project has been spent, which is about 37%, suggesting this is a positive factor for the safe harbor provision. Regarding tariffs, Marsh explained that current inventory levels protect the company from immediate cost increases and that the new tariffs do not significantly impact them. He added that the electrolyzer business was designed with non-Chinese content, making surcharges potentially unnecessary.

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    Dushyant Ailani's questions to PLUG POWER (PLUG) leadership • Q3 2024

    Question

    Dushyant Ailani of Jefferies asked for details on the planned maintenance schedule for the Georgia and Tennessee hydrogen plants and inquired about the timing for monetizing ITC benefits.

    Answer

    CFO Paul Middleton explained that plant maintenance is routine, involving shutdowns of 7-10 days about twice a year, with on-site storage providing backup. Regarding the ITC monetization, Middleton stated that while it has taken longer than hoped, they are working with multiple interested parties and a top-tier broker, and remain optimistic about closing a deal potentially before year-end.

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    Dushyant Ailani's questions to PLUG POWER (PLUG) leadership • Q3 2024

    Question

    Dushyant Ailani inquired about the maintenance schedule for the Georgia and Tennessee hydrogen plants and the timing for monetizing Investment Tax Credits (ITCs).

    Answer

    CFO Paul Middleton described plant maintenance as routine, involving planned shutdowns twice a year for 7-10 days, with supply managed through onsite storage. Regarding ITCs, he stated that Plug is working with a top-tier broker and multiple interested parties, and he is optimistic a deal could be finalized before the end of the year.

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    Dushyant Ailani's questions to Clean Energy Fuels (CLNE) leadership

    Dushyant Ailani's questions to Clean Energy Fuels (CLNE) leadership • Q1 2025

    Question

    Dushyant Ailani inquired about the key factors that would drive Clean Energy's performance to the high or low end of its 2025 guidance and asked for clarity on the pricing dynamics expected for the remainder of the year.

    Answer

    President and CEO Andrew Littlefair explained that upside to guidance could come from tariff clarity, the finalization of the 45Z tax credit, and the RNG Incentive Act. He noted the underlying oil-to-gas spread remains constructive. Executive Robert Vreeland added that pricing should remain steady, supported by the commodity spread and strong fleet and maintenance volumes, even without the Alternative Fuel Tax Credit (AFTC).

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    Dushyant Ailani's questions to Clean Energy Fuels (CLNE) leadership • Q4 2024

    Question

    Dushyant Ailani sought clarity on the timeline for resolving the CARB OAL issue and implementing new LCFS amendments. He also asked about the expected incremental demand from the 15-liter engine, considering any offset from legacy engines.

    Answer

    President and CEO Andrew Littlefair expressed his belief that the CARB OAL issue is technical and should be resolved shortly, possibly by April, allowing the new rules to get back on track. Regarding the X15N, he reiterated the potential for 8-10% market penetration over time, which could translate to 300 million gallons of new demand. He emphasized that 2025 is about building a base with broad fleet adoption before seeing significant volume in 2026 and 2027.

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    Dushyant Ailani's questions to Clean Energy Fuels (CLNE) leadership • Q3 2024

    Question

    Dushyant Ailani noted that Q4 is often a high watermark and asked if this implies a potential beat to the full-year guidance. He also inquired about the outlook for RVO obligations under the new administration.

    Answer

    Executive Robert Vreeland responded that while Q4 can be strong, Q3 is sometimes the peak, so the company is maintaining its full-year adjusted EBITDA guidance range of $62 million to $72 million. Regarding future RVOs, he described the situation as a 'crystal ball' exercise and stated it was difficult to form a definitive view on the new administration's approach at this time.

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    Dushyant Ailani's questions to Archer-Daniels-Midland (ADM) leadership

    Dushyant Ailani's questions to Archer-Daniels-Midland (ADM) leadership • Q1 2025

    Question

    Dushyant Ailani inquired about the Refined Products and Other (RPO) subsegment, asking what drove its relative strength despite a challenging environment in the U.S. and lower EMEA export volumes.

    Answer

    CEO Juan Luciano clarified that while Q1 was slightly better, the full-year outlook for RPO remains softer. He pointed to significantly lower biodiesel margins, reduced benefits from U.S. SME market flows in EMEA compared to the prior year, and continued pressure from new refining capacity as reasons for the overall weaker outlook.

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    Dushyant Ailani's questions to Ballard Power Systems (BLDP) leadership

    Dushyant Ailani's questions to Ballard Power Systems (BLDP) leadership • Q4 2024

    Question

    Dushyant Ailani asked for the percentage of the order book from long-term platform customers and inquired about potential levers to reduce operating expenses below the guided range.

    Answer

    CEO Randall MacEwen explained that approximately eight key repeat customers account for 70% to 80% of the business, highlighting a strong base of platform customers. CFO Kate Igbalode added that levers for further OpEx reduction include program prioritization and rationalizing the product portfolio as the company transitions from legacy to next-generation products.

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    Dushyant Ailani's questions to FUELCELL ENERGY (FCEL) leadership

    Dushyant Ailani's questions to FUELCELL ENERGY (FCEL) leadership • Q1 2025

    Question

    Dushyant Ailani inquired about the specifics of the new partnership with Diversified Energy, asking about the nature of the data centers (greenfield vs. brownfield), the financing structure, and any permitting requirements. He also asked about the deal's timeline and the potential for similar future agreements.

    Answer

    President and CEO Jason Few explained that the partnership focuses on leveraging Diversified's existing gas assets for both new and existing data centers, with a streamlined permitting advantage due to the fuel cell's non-combustion technology. EVP, CFO, and Treasurer Mike Bishop added that the company has been developing this data center strategy for the past year and has the manufacturing capacity to meet demand from new orders.

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    Dushyant Ailani's questions to FUELCELL ENERGY (FCEL) leadership • Q4 2024

    Question

    Asked about the gross margin outlook for 2025 across different segments and the rationale for the recent $21 million capital raise and future capital needs.

    Answer

    Product margins are expected to improve in 2025 as production volumes increase and restructuring benefits are realized. Generation margins are around 22% on an EBITDA basis and are targeted for improvement. The recent capital raise was part of a multi-faceted strategy to maintain a strong liquidity position, which the company feels is comfortable, and they will continue to use various financing tools prudently.

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    Dushyant Ailani's questions to FUELCELL ENERGY (FCEL) leadership • Q4 2024

    Question

    Dushyant Ailani of Jefferies asked for clarity on the gross margin profile for 2025 across different segments and questioned the rationale for the recent $20 million capital raise and future liquidity plans.

    Answer

    EVP, CFO, and Treasurer Mike Bishop clarified that while GGE module deliveries are profitable, the overall product margin is currently negative due to factory underutilization, which is expected to improve with higher volumes. He noted the generation segment's EBITDA margin was around 22% this quarter, excluding derivative impacts. Regarding capital, Bishop stated the company is comfortable with its liquidity, employing a multi-pronged strategy that includes project financing like the EXIM Bank loan and its at-the-market (ATM) program to maintain a strong balance sheet.

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