Equity Research Analyst

Company: Choice Asset Management Company (Choice AMC)

Department: Investment / Equity Research

Designation: Equity Research Analyst

Location: Mumbai

Experience: 7+ Years

Employment Type: Full-Time

About Choice AMC

Choice AMC is focused on delivering investment solutions through disciplined research, robust investment processes, and a fundamental understanding of businesses and financial markets. We are looking for an experienced, research-oriented Equity Research Analyst with strong sectoral expertise to identify high-conviction investment opportunities, conduct in-depth financial analysis, and support portfolio construction and investment decisions.

Experience Requirements

- Minimum 7+ years of experience as a Buy-Side or Sell-Side Equity Research Analyst.
- Strong sectoral knowledge and demonstrated expertise in analysing companies, industries, and business models.
- Proven experience in fundamental equity research, financial modelling, valuation, and investment thesis development.
- Candidates from the BFSI industry with robust sector coverage and relevant equity research experience will be preferred.
- Candidates must have hands-on experience in generating investment ideas and developing actionable investment recommendations.

Key Responsibilities 1. Fundamental Research & Stock Selection

- Identify high-conviction investment opportunities through bottom-up stock picking and independent idea generation.
- Develop detailed investment theses, initiate stock coverage, maintain a coverage universe, and monitor company and sector developments.

2. Primary Research & Industry Analysis

- Conduct channel checks, expert calls, management meetings, site visits, and plant visits to validate business assumptions.
- Analyse industry trends, competitive positioning,



business models, and growth drivers.

3. Financial Modelling & Valuation

- Build and maintain earnings models and three-statement financial models.
- Perform DCF, SOTP, and relative valuation analyses using EV/EBITDA, P/E, P/B, and Reverse DCF methodologies.
- Conduct sensitivity and scenario analyses to assess valuation outcomes and investment risks.

4. Forensic Accounting & Corporate Governance

- Evaluate earnings quality, working capital, cash flows, and financial reporting practices.
- Assess corporate governance, capital allocation, unit economics, ROCE/ROIC, and free cash flow generation.

5. Investment Recommendations & Portfolio Support

- Formulate Buy/Sell/Hold recommendations and establish target prices.
- Maintain conviction lists, contribute to model portfolios, and support portfolio construction decisions.
- Monitor quarterly results, business developments, valuation changes, and investment risks.

6. Research Reports & Investment Committee

- Prepare detailed research reports, investment presentations, and stock pitches for internal stakeholders.
- Present investment ideas, justify valuation assumptions, evaluate risks, and contribute to Investment Committee discussions.

Technical Skills Required
- Fundamental equity research and financial statement analysis.
- Financial modelling, including three-statement models, earnings forecasts, sensitivity analysis, and scenario analysis.




- Valuation methodologies: DCF, SOTP, EV/EBITDA, P/E, P/B, and Reverse DCF.
- Forensic accounting, quality of earnings, working capital analysis, ROCE/ROIC, and free cash flow analysis.
- Strong understanding of business models, industry dynamics, competitive positioning, and capital allocation.
- Excellent analytical, quantitative, research, and presentation skills.

Tools & Platforms
- Bloomberg
- Ace Equity
- Advanced MS Excel and financial modelling tools

Educational Qualifications & Preferred Credentials Candidates with any of the following qualifications will be preferred:
- CFA Charterholder, CFA Level III candidate, or candidates who have cleared all CFA levels.
- Chartered Accountant (CA).
- MBA in Finance from premier institutes such as IIM, ISB, FMS, JBIMS, SP Jain, or XLRI.
- NISM Series XV – Research Analyst certification.

Ideal Candidate Profile
- Minimum 7+ years of relevant experience in Buy-Side or Sell-Side Equity Research.
- Strong sectoral expertise and a proven track record of fundamental research.
- Ability to generate independent investment ideas and develop high-conviction investment theses.
- Strong financial modelling, valuation, and company analysis capabilities.
- Excellent communication skills with the ability to present actionable investment insights.
- A disciplined, analytical approach to investment research and risk assessment.

Important Screening Criteria: Candidates must have relevant equity research experience with strong sectoral expertise. Profiles primarily focused on fixed income, investment banking, DCM, ECM, M&A;, transaction advisory, or wealth management without direct equity research experience will not be considered suitable.

📌 Equity Research Analyst (Indian Equities, Sectoral Experience ) (Mumbai)
🏢 Choice International
📍 Mumbai