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Role: Equity Research Analyst Sector: Mid Cap & Small Cap / IPO & Newly Listed Coverage Markets: India Location: Mumbai

About the Firm Our client is a premier Indian institutional equities platform renowned for its high-quality, research-driven broking model. Serving a diverse and sophisticated institutional client base of over 150 organizations across India, Singapore, and the US, they are widely recognized for delivering deep, differentiated insights rather than commoditized sell-side research. Their robust research franchise covers over 200 stocks across multiple sectors, focusing heavily on identifying businesses with high growth potential and clean governance. They prioritize idea generation over volume and empower their analysts to build independent, intellectually rigorous franchises that drive meaningful commercial impact.

Role Purpose The Mid‑Cap / Small‑Cap Research Analyst will: Identify, analyze, and track companies in the mid‑cap and small‑cap universe that possess high growth potential, under-appreciated fundamentals, and clean governance. Build insights and recommendations for internal fund/portfolio teams and external institutional clients. Support investment decisions through deep financial modeling, industry & sector research, management interaction, channel checks, and forensic accounting. Be a core part of a team that contributes to the firm's thought leadership and differentiated proprietary research frameworks (e.g., long-term wealth creation models, forensic accounting screens, and emerging growth themes).

Role Overview Our client is seeking a highly experienced, mid-level Research Analyst to join their Institutional Equities team. This is not a standard maintenance coverage role. You will operate independently from Day 1 to construct high-conviction investment narratives in the mid-cap space. Moving beyond templated initiation reports, you will own the coverage lifecycle of businesses—from their pre-IPO discovery phase through their critical early stages as publicly traded entities.

Coverage Scope Pre-IPO Discovery:





Identify and analyze emerging companies preparing to enter the market. Conduct rigorous due diligence and valuation where public data is limited. Newly Listed Companies:

Track recent listings to evaluate earnings delivery against their initial IPO narratives. Identify market mispricing, analyze institutional participation shifts, and build early conviction narratives as the market forms its views. Cross-Sectoral “White Space” Coverage:

Initiate and own coverage on companies across various sectors that fall below the market-cap threshold of dedicated sectoral teams. You will bridge the gap by bringing high-value, under-the-radar ideas to clients who actively seek and value insights on these mid/small-cap opportunities.

Key Responsibilities Coverage and Idea Generation: Track mid‑cap / small‑cap companies; systematically screen for opportunities using a combination of quantitative filters and qualitative checks. Keep abreast of sector and industry trends to identify emerging themes or under‑followed businesses early in their lifecycle. Fundamental Analysis & Financial Modelling: Build, maintain, and update deep financial models (P&L;, balance sheet, cash flows, projections). Rigorously analyze margins, ROE, growth trajectories, debt/equity ratios, and capital allocation efficiency. Conduct precise valuations utilizing DCF, relative valuation, multiples, and other relevant methodologies. Due Diligence / Field & Channel Checks:

Interact directly with company management, suppliers, distributors, and customers to triangulate information. Validate assumptions via primary research, including site visits and attending investor calls. Corporate Governance & Accounting Scrutiny:





Critically assess the quality of financial statements, accounting policies, and related-party transactions to ensure clean governance. Reports, Recommendations & Presentations: Prepare comprehensive research reports, including company initiations, updates, earnings releases, and thematic notes. Present investment theses internally and to external clients (Institutional, PMS, or AMC) with absolute clarity and conviction. Monitoring & Risk Management: Continuously monitor existing portfolio companies for fundamental performance, emerging risks, competitive threats, and macro/regulatory changes. Proactively issue warnings or revise views if material events (positive or negative) warrant a shift in conviction.

Why This Role is Unique Lifecycle Ownership:

A rare opportunity to cover companies before they go public and immediately after listing, bridging private and public market insights. First-Mover Advantage:

The ability to build early, authoritative institutional narratives in under-researched and under-owned segments. Direct Impact:

A highly visible, front-office role with a strong, direct linkage between your original insights, client engagement, and revenue generation.

Candidate Profile Experience: Minimum of 5+ years of core equity research experience, with a robust, demonstrable focus on the Midcap sector. Ideal candidates will come from institutional brokerages, boutique research houses, or buy-side roles seeking higher ownership and earlier access to ideas. Education: CA or MBA in Finance from a top-tier college. Additional qualifications such as CFA or FRM are highly preferred. Skill Sets: Deep proficiency in financial modeling, valuation techniques, and forensic accounting. Proven ability to think critically, conduct in-depth analysis, and provide differentiated perspectives. Excellent presentation and communication skills, capable of articulating complex ideas to institutional clients. Ability to work independently, manage multiple priorities, and execute deep analytical work without the need for a templated approach.

Apply on Kit Job: kitjob.in/job/46zorj

📌 Equity Research Analyst (New Delhi)
🏢 HAACHI Business Solutions Private
📍 New Delhi