Institutional Equities | Equity Research Associate
Location: BKC, Mumbai
Experience: Minimum 2 years of relevant Equity Research experience
Qualification: MBA (Finance) / CA
Function: Institutional Equities – Research
Employment Type: Full-time
About the Role
We are looking for a Research Associate to join our Institutional Equities Research team. The candidate will be responsible for conducting detailed fundamental research across sectors such as Chemicals, IT, Internet, Defence, Capital Goods, and Real Estate.
The role requires strong financial analysis, industry understanding, modelling capabilities, and the ability to translate research into actionable investment insights for institutional clients.
Key Responsibilities
1. Sector & Company Research
Conduct detailed fundamental research on companies across assigned sectors.
Track industry trends, regulatory developments, competitive dynamics, and key growth drivers.
Develop a robust understanding of sector-specific business models and operating metrics.
Monitor company announcements, earnings updates, management commentary,



industry developments, and macroeconomic factors.
Identify key risks, opportunities, catalysts, and potential investment themes.
2. Financial Analysis & Modelling
Build and maintain detailed financial models covering P&L;, Balance Sheet and Cash Flow.
Perform historical financial analysis and develop forward-looking estimates.
Conduct valuation analysis using methodologies such as DCF, P/E, EV/EBITDA, P/B and SOTP, as relevant.
Analyse earnings quality, margins, working capital, cash flows, capital allocation and return ratios.
Track quarterly performance against estimates and revise forecasts where required.
Conduct sensitivity and scenario analysis to assess key business drivers.
3. Equity Research Reports
Assist in preparing initiation reports, result updates, sector reports, thematic reports and company notes.
Develop investment theses supported by detailed financial and industry analysis.
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📌 Equity Research Associate (Mumbai)
🏢 Systematix Group
📍 Mumbai