Equity Research Analyst

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 advantages As per Company Policy

📌 Equity Research Analyst (Mumbai)
🏢 Old Rice Assets Management And Advisors Private Li Mited
📍 Mumbai