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Dushyant Ajit Ailani

Research Analyst at Jefferies LLC

Dushyant Ajit Ailani is an Equity Analyst at Jefferies LLC, specializing in coverage of renewable energy, clean technology, and industrial companies, with particular focus on firms like First Solar and Darling Ingredients. He has covered approximately 16 stocks, including Plug Power, delivering a success rate of 37% and an average transaction return near -0.10%, with some standout individual calls achieving returns over 450%. Ailani began his analyst career at UBS Securities as an Associate Analyst before joining Jefferies in 2022, and has since contributed incisive market commentary on biofuels and renewable energy margins. Professionally, he holds FINRA registration and relevant securities licenses required for research analysts.

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

Dushyant Ajit Ailani's questions to DARLING INGREDIENTS (DAR) leadership • Q3 2025

Question

Dushyant Ajit Ailani inquired about the drivers behind the better-than-expected 3Q Diamond Green Diesel (DGD) margins capture, such as SAF production or export arbitrage. He also asked for insights into 4Q DGD margins, given improving fundamentals and Valero's indicator margins.

Answer

Randall Stuewe (CEO) clarified that Valero's reported capture rate appeared better because they net their Lower of Cost or Market (LCM) expense against other segments, unlike Darling. Robert Day (CFO) and Randall Stuewe (CEO) noted that while 4Q margins have improved, uncertainty around the final RVO ruling for 2026 and 2027 makes it difficult to predict sustained improvement, despite DGD's low-cost operator status and strong SAF margins.

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Dushyant Ajit Ailani's questions to DARLING INGREDIENTS (DAR) leadership • Q3 2025

Question

Dushyant Ajit Ailani inquired about the drivers behind the significantly better-than-expected 3Q DGD margins capture. He also asked for insights into the 4Q DGD margins, considering improving fundamentals and Valero's indicator margins.

Answer

CEO Randall Stuewe clarified that Valero's reported capture rate appeared better because they net their LCM against other segments, unlike Darling. Regarding 4Q, Stuewe and CFO Bob Day noted that DGD's Port Arthur and Norco units would operate at capacity with better SAF margins, but RINs values had not yet reflected the industry restart due to policy uncertainty.

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