Equity Research Analyst

Equity Research Analyst Job Description

Location: Mumbai
Department: Investments / Equity Research
Reporting to: Fund Manager / CIO / Head of Research

Role Objective

Identify high-quality, mispriced investment opportunities in Indian equities through rigorous fundamental research, financial modelling, primary research and continuous monitoring. The analyst is expected to develop an independent investment view, clearly articulate upside/downside and actively track whether the original investment thesis is playing out.

Key Responsibilities

Company & Sector Research

• Conduct deep fundamental research on assigned companies/sectors.
• Understand business model, industry structure, competitive advantages, market size, growth drivers and key risks.
• Analyse annual reports, financial statements, investor presentations, exchange filings, credit-rating reports and other relevant information.
• Study competitors, customers, suppliers and the broader value chain.
• Conduct channel checks and primary research wherever useful.
• Financial Analysis & Modelling
• Build and maintain detailed P&L, Balance Sheet and Cash Flow models.
• Forecast revenue, margins, working capital, capex, cash flows, ROCE/ROE and earnings.
• Identify the 35 operating KPIs that actually drive each company's earnings.
• Perform scenario and sensitivity analysis Bull / Base / Bear.
• Reconcile reported profits with cash generation and balance-sheet movement.
• Valuation
• Apply appropriate valuation methodologies including P/E, EV/EBITDA, DCF, SOTP, P/B, FCF yield, EV/Sales, etc.
• Compare valuations against history, peers and underlying business quality.
• Establish fair value, expected return and downside risk rather than merely assigning a target price.
• Investment Idea Generation
• Continuously screen the listed universe for new opportunities.
• Generate differentiated investment ideas rather than depending only on broker recommendations.
• Prepare concise investment notes covering:
  Thesis Why Now Earnings Drivers Valuation Catalysts Risks What Can Go Wrong.
• Present recommendations to the Fund Manager / Investment Committee.
• Management & Industry Interaction
• Attend management meetings, earnings calls, analyst meets, AGMs and industry conferences.
• Interact with suppliers, distributors, customers, competitors and industry experts where appropriate.
• Assess management quality, integrity, capital allocation and corporate governance.
• Maintain a structured question bank before management interactions.
• Portfolio Monitoring
• Continuously track portfolio companies and watchlist names.
• Review quarterly results against our estimates rather than consensus alone.
• Immediately identify material changes in earnings, industry structure, regulation, management commentary or competitive intensity.
• Maintain a clear thesis tracker: what has changed, what has not, and what would invalidate the investment case.
• Research Documentation & Discipline
• Maintain updated financial models, valuation sheets, investment notes and research databases.
• Document investment assumptions and subsequent changes.
• Maintain historical management guidance versus actual delivery.
• Follow applicable compliance, confidentiality and research standards. Where the role falls within SEBI's Research Analyst regulatory framework, applicable qualification/certification and conduct requirements must also be followed.

Preferred candidate profile

MBA (Finance) with minimum 5 years of equity research experience at SEBI registered institutions.

Perks and benefits As per Company Policy