Equity Research Analyst

Equity Fundamental Research Analyst (BFSI & Auto Ancillary)

Position Title: Equity Fundamental Research Analyst BFSI & Auto Ancillary
Department: Institutional Equity Research (Sell Side)
Reporting to: Head of Research / Senior Research Analyst
Experience: 5-10 years in Equity Research, with coverage of BFSI and/or Auto Ancillary sectors
Location: Andheri (Chakala), Mumbai – Head Office

Company Profile

LKP Securities Ltd. is a leading financial services provider in India, established in 1948. The company offers equity and commodity broking, financial planning, investment advisory, wealth management, and research services.

With a strong presence across major Indian cities, LKP Securities is committed to providing quality research and market insights to individual and institutional investors. Its research division supports informed investment decisions through fundamental analysis and actionable investment recommendations.

Role Overview

The Equity Fundamental Research Analyst will be responsible for tracking, analyzing, and developing fundamental research coverage of companies in the Banking, Financial Services and Insurance (BFSI) and/or Auto Ancillary sectors as part of LKP Securities' Institutional Equity Research (Sell Side) desk.

The role involves financial modelling, company and sector analysis, earnings forecasting, valuation, and preparation of research reports. The analyst will monitor quarterly results, industry developments, regulatory changes, and company-specific developments to generate actionable investment ideas for institutional clients.

Candidates with demonstrated expertise in either BFSI or Auto Ancillary research will be considered, with the ability to independently analyze companies and deliver high-quality research output.

Key Responsibilities

• Develop and maintain fundamental research coverage of listed companies in the BFSI and/or Auto Ancillary sectors.
• For BFSI coverage, analyze banks, NBFCs, insurance companies, asset management companies (AMCs), and other financial services businesses.
• For Auto Ancillary coverage, analyze auto component manufacturers, tyre companies, battery manufacturers, automotive electronics companies, and other automotive suppliers.
• Build and maintain detailed financial models, including profit and loss statements, balance sheets, cash flows, financial ratios, and valuation models.
• Prepare initiating coverage reports, quarterly earnings updates, sector reports, thematic notes, and event-based research reports.
• Track quarterly financial results, management commentary, earnings calls, investor presentations, and corporate announcements.
• Develop earnings estimates, target prices, and investment recommendations (Buy/Hold/Sell) based on fundamental analysis.
• Apply appropriate valuation methodologies, including DCF, P/E, P/B, and EV/EBITDA, depending on the sector and company business model.
• Monitor relevant regulatory developments, including RBI, SEBI, and IRDAI updates for BFSI, and industry, commodity, OEM, export, and electric vehicle developments for Auto Ancillary.
• Conduct peer benchmarking, competitive analysis, and financial performance comparisons across covered companies.
• Evaluate business fundamentals, growth drivers, profitability, asset quality where relevant, margins, capital expenditure, and industry trends.
• Attend management meetings, industry conferences, and channel checks to develop differentiated investment views.
• Support Institutional Sales and Dealing teams with stock-specific research insights and investment ideas.
• Participate in institutional client calls, roadshows, and marketing of research recommendations to FIIs, DIIs, and domestic mutual funds.
• Coordinate with Compliance to ensure research reports comply with applicable SEBI Research Analyst regulations and internal policies.
• Maintain sector databases, financial models, earnings estimates, valuation sheets, and comparative company matrices.

Key Skills & Competencies

• Strong understanding of BFSI and/or Auto Ancillary sector dynamics and business models.
• Proficiency in financial modelling, earnings forecasting, financial statement analysis, and valuation techniques.
• Knowledge of relevant sector-specific valuation methods, including P/B for banks and EV/EBITDA or P/E for auto ancillary companies, as appropriate.
• Strong analytical, quantitative, and problem-solving skills.
• Excellent research report writing and presentation skills, with the ability to articulate a clear investment thesis.
• Proficiency in MS Excel, PowerPoint, and financial databases such as Bloomberg, Capital IQ, Ace Equity, or similar platforms.
• Understanding of sell-side equity research processes and applicable SEBI research compliance requirements.
• Strong communication skills for interactions with company management, institutional clients, and internal stakeholders.
• Ability to work under tight deadlines, particularly during quarterly earnings seasons.
• High attention to detail, commercial awareness, and the ability to work independently.

Qualifications & Experience

• Graduate or postgraduate degree in Finance, Economics, Commerce, or a related discipline.
• MBA Finance, CFA, or CA (completed or pursuing) preferred.
• 5-10 years of relevant experience in fundamental equity research.
• Prior sell-side institutional equity research experience preferred.
• Candidates with specific coverage experience in BFSI or Auto Ancillary will be considered.
• Buy-side research or relevant credit research experience may also be considered, subject to demonstrated fundamental analysis and financial modelling skills.
• NISM Research Analyst certification preferred, or willingness to acquire it.
• Proven ability to independently track companies, build financial models, prepare research reports, and generate actionable investment insights within tight timelines.