Equity Research Associate

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 strong 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 al location 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. Prepare earnings previews and post-result analysis. Generate concise and insightful research outputs for institutional investors. Ensure research reports are accurate, data-driven and supported by appropriate analysis. 4. Industry & Competitive Analysis Conduct peer benchmarking and comparative analysis. Track market share, pricing trends, capacity additions, order books, utilisation levels and other relevant sector-specific KPIs. Identify emerging industry trends and assess their impact on covered companies. Track competitor performance and strategic developments. 5. Management & Industry Interaction Participate in management interactions, earnings calls, analyst meets and investor conferences. Prepare relevant questions and discussion points for management interactions. Capture key takeaways and assess their impact on investment assumptions. Interact with industry experts and other relevant stakeholders to strengthen sector understanding. 6. Data & Research Support Gather, validate and analyse financial and industry data from credible sources. Maintain databases for companies, sectors, peers and key operating metrics. Track company disclosures, regulatory filings, investor presentations, conference calls and annual reports. Ensure timely availability of research inputs for senior analysts. 7. Collaboration with Senior Analysts Work closely with the Senior Analyst / Research Head on sector coverage and investment ideas. Support the development of investment recommendations and sector views. Take ownership of assigned companies and gradually develop independent research capabilities. Present key findings and investment insights to the research team. Sector Coverage The candidate may be aligned to one or more of the following sectors: ChemicalsInformation Technology (IT)Internet / New EconomyDefenceCapital GoodsReal EstateRequired Skills & Competencies Strong understanding of Fundamental Equity Research. Good knowledge of financial statements and accounting principles. Strong financial modelling and valuation skills. Ability to analyse businesses and develop an independent investment view. Strong Excel and financial analysis skills. Good understanding of equity markets and capital markets. Excellent research and analytical capabilities. Strong written and verbal communication skills. Ability to interpret large amounts of information and identify key investment drivers. Strong attention to detail and accuracy. Ability to work in a fast-paced, deadline-driven environment. Eligibility Criteria Minimum Experience: 2+ years of relevant experience in Equity Research / Institutional Equity Research. Educational Qualification: MBA / PGDM – Finance from a reputed institute, ORChartered Accountant (CA). Preferred Background: Candidates currently working in Institutional Equity Research, Brokerage Research, Investment Banks, Asset Management Companies, PMS/AIFs or other buy-side/sell-side research platforms. Candidates with direct sector coverage experience in Chemicals, IT, Internet, Defence, Capital Goods or Real Estate will be preferred. Key Performance Indicators Success in the role will be evaluated based on: Quality and accuracy of research output. Timeliness of research reports and earnings updates. Quality of financial models and forecasts. Depth of sector and company understanding. Ability to identify investment opportunities and risks. Contribution to investment ideas and research themes. Quality of management/industry insights. Responsiveness to internal and institutional client requirements. Location BKC, Mumbai Experience: Minimum 2 years relevant experience Qualification: MBA / CA Function: Institutional Equities • Equity Research