I was able to generate the latex output from reST using make latex command of Sphinx/Python. It generated the required latex files under latex directory. I am not sure on what I need to do for creating the PDF from latex. Can someone help me on what should i do next.
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There’s an explanation of how to do it here.
Short story: use pdflatex. All your images must be in .eps format.
You can get pdflatex here. Edit: looks like it’s a site for only pdftex.
I seem to recall MiXTeX has the whole toolchain for windows users. And it comes with all the binaries, including pdflatex.