Equity Research Analyst - Sell Side

Position Title: Equity Fundamental Research Analyst BFSI

Department: Institutional Equity Research (Sell Side)

Reporting to: Head of Research / Senior Analyst – BFSI

Experience: 4-9 years in Equity Research, covering the BFSI sector, preferably in a Sell-Side setup

Location: Andheri (Chakala), Mumbai – Head Office

Company Profile: LKP Securities Ltd. is a leading financial services provider in India. Established in 1948, the company has a rich history of offering a wide range of services including equity and commodity broking, financial planning, investment advisory, wealth management, and research.

LKP Securities has a strong presence in major Indian cities like Mumbai, Delhi, Chennai, Hyderabad, Kolkata, Ahmedabad, Surat, Pune, Nashik. The company is known for its robust risk management practices and cutting-edge technology platforms that enable seamless trading and investment processes for its clients.

With a team of experienced professionals, LKP Securities is committed to delivering quality services to individual and institutional investors. The company's research division provides in-depth analysis and market insights, allowing clients to make informed investment decisions.

Role Overview: The Equity Fundamental Research Analyst – BFSI will be responsible for tracking, analyzing, and building fundamental research coverage on companies within the Banking, Financial Services, and Insurance (BFSI) sector, as part of LKP's sell-side institutional research desk.

The role involves building and maintaining detailed financial models, preparing sector and company-specific research reports, tracking quarterly results and regulatory developments, and supporting institutional sales and clients with actionable investment insights on BFSI stocks.

The incumbent will work closely with the Head of Research, Institutional Sales, Dealing, and Compliance teams to ensure timely, accurate, and compliant research output on the BFSI universe.

Key Responsibilities:

• Track and build fundamental research coverage on BFSI sector companies (banks, NBFCs, insurance, AMCs, and other financial services companies).
• Build and maintain detailed financial models (P&L, balance sheet, ratio analysis, valuation) for companies under coverage.
• Prepare initiating coverage reports, quarterly result updates, sector thematic notes, and event-based notes on BFSI stocks.
• Track quarterly results, management commentary, concalls, and investor presentations of companies under coverage and translate them into actionable research notes.
• Monitor RBI, IRDAI, SEBI, and other regulatory developments impacting the BFSI sector, and assess their impact on covered companies.
• Build and update earnings estimates, target prices, and investment ratings (Buy/Hold/Sell) based on fundamental analysis.
• Attend management meetings, industry conferences, and channel checks to build a differentiated view on BFSI companies.
• Support the institutional sales team and dealers with stock-specific and sector-specific inputs for client interactions.
• Participate in client calls, roadshows, and marketing of research ideas to institutional investors (FIIs/DIIs/domestic funds).
• Coordinate with Compliance to ensure all research reports adhere to SEBI Research Analyst regulations and internal review processes.
• Track peer companies, competitive positioning, and cross-sector read-throughs within BFSI to strengthen research quality.
• Maintain and update sector databases, valuation summary sheets, and comparative company matrices on a regular basis.
• Stay updated on macro-economic indicators (interest rates, credit growth, asset quality trends) relevant to the BFSI sector.
  

Key Skills & Competencies:

• Strong understanding of BFSI sector dynamics – banking, NBFC, insurance, and asset management business models.
• Proficiency in financial modeling and valuation techniques (DCF, P/E, P/B, P/BV, embedded value for insurance, etc.).
• Strong analytical and quantitative skills with high attention to detail.
• Excellent report writing and presentation skills, with the ability to articulate a clear investment thesis.
• Proficiency in MS Excel, PowerPoint, and financial databases (Bloomberg, Capital IQ, Ace Equity, or similar).
• Good understanding of SEBI Research Analyst regulations and sell-side research compliance requirements.
• Strong communication skills to interact with company managements, institutional clients, and internal sales teams.
• Ability to work under tight timelines, particularly during quarterly result seasons.
• Strong analytical and commercial acumen.

Qualifications & Experience:

• Graduate / Postgraduate in Finance, Economics, Commerce, or related discipline.
• MBA Finance, CFA, or CA (completed or pursuing) will be preferred.
• 4-9 years of relevant experience in equity research, with specific coverage of the BFSI sector.
• Prior sell-side research experience preferred; buy-side or credit research experience with BFSI exposure will also be considered.
• NISM Research Analyst certification preferred (or willingness to acquire).
• Proven ability to independently track a sector, build financial models, and deliver research output within tight timelines.