Stock Broking Research

Institutional Research

Our research division is engaged in industry and company-specific equity research, with a focus on the midcap segment, even though our broad spectrum of research covers mainstream companies as well. The research division is led by a 15-member core team comprising of experienced analysts who create sustainable, selective and scalable reports for our institutional clients.

Various fund managers have accorded a high ranking to our in-depth research insights which have limited coverage in the otherwise conventional market. As of today, we cover 117 stocks in 12 sectors.

Our Research Philosophy

We have always laid thrust on identifying niche businesses through differentiated and value added research. We have proven capabilities in identifying successful midcap stories left in obscurity and companies which are difficult to cover. Quality and scalability of the business of our clients remain our prime concern followed by liquidity. Over the past few years, we have created immense value for our stakeholders by identifying undervalued companies, owing to our fundamental research proficiency. We invest considerable time in carrying out ground-level research and conducting lateral checks apart from understanding the finer nuances of company businesses.

What makes our research methodology and stock selection stand out?

Our stock identification strategy is based on a stringent evaluation process. This includes:

  • Niche undiscovered ideas– relatively obscure stocks or those not being covered regularly on the street.
  • Businesses generating real earnings- operating sustained cash-flows without any compromise
  • Businesses that can bounce back positive free cash-flow from a present crisis. Those with strong possibilities of cash-flow turnaround. Key economic parameters like efficiency of capital, ROE/ROCE assume critical importance in the selection of businesses for our coverage.
  • Businesses with sustainable competitive advantages and leadership positions
  • Growth is not the sole factor for us to own equity in a business. We do not aim to cover astounding stories trading at high multiples.
  • Valuation is the key enabler in deciding our coverage. Several valuation methodologies are evaluated by us, though we may eventually choose only one.
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High-conviction Ideas (March 2016)

CARE Rating, Lakshmi Vilas Bank, Orient Refractories, SJVN, Swaraj Engines.

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Financials – Sector Update (March 2016)

MCLR: Boon or a bane – While asset quality remains at the centre stage, also following central bank’s asset quality review (AQR) in Q3’16 and with an equal quantum of spillover likely in Q4’16, we revisit our earlier thesis on margins, one of the core earnings driver for banks.

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FY17 Indian Budget Review (February 2016)

Fiscal prudence to pay off in long term: Union Budget 2016-17, unusual to market expectations, seemed far more prudent and credible given the achievement on the fiscal front and the arithmetic on revenue assumptions, which appear far more realistic.

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IT Services – Sector Update (February 2016)

Fiscal prudence to pay off in long term Union Budget 2016-17, unusual to market expectations, seemed far more prudent and credible given the achievement on the fiscal front and the arithmetic on revenue assumptions, which appear far more realistic.

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