Research Analyst

Independent Research. Actionable Ideas.

Our research process combines rigorous financial analysis, sector expertise and professional skepticism to generate differentiated investment insights.

Our objective is to identify businesses capable of creating sustainable shareholder value through superior earnings growth, strong governance and robust cash flow generation.

Research Coverage

  • Large Cap Equities
  • Mid Cap Companies
  • Sector Research
  • Quarterly Result Reviews
  • Thematic Reports

Research Methodology

Every research report follows a structured investment framework comprising:

  • Business Quality Assessment
  • Industry Analysis
  • Financial Statement Analysis
  • Management Evaluation
  • Competitive Positioning
  • Valuation Analysis
  • Risk Assessment
  • Investment Recommendation

We employ multiple valuation techniques including Discounted Cash Flow (DCF), Price-to-Earnings (P/E), EV/EBITDA, Price-to-Book (P/BV), Sum-of-the-Parts (SOTP) and Relative Valuation methodologies, where appropriate.

Investment Ratings

  • BUY – Expected Absolute Returns of More than 10%
  • HOLD – Expected Absolute Returns Between 10% and -10%
  • SELL – Expected Absolute Returns of Less than -10%
  • NOT RATED – We have forward looking estimates for the stock, but we refrain from assigning valuation and recommendation.
  • UNDER REVIEW – We will revisit our recommendation, valuation and estimates on the stock following recent events.
  • NO STANCE – We do not have any forward-looking estimates, valuation or recommendation for the stock.

* Returns stated in the rating scale are our internal benchmark.

Research Disclaimer

Research reports are prepared solely for informational purposes and should not be construed as an offer or solicitation to buy or sell securities. Investors should independently evaluate investment decisions considering their financial objectives and risk profile.