Equity Research Analyst

Old Rice Assets Management And Advisors Private Li Mited; Mumbai; On-site; INR 1,200,000 - 2,500,000; Full time

Benefits offered by this job

As per Company Policy

Job summary

Old Rice Assets Management And Advisors Private Li Mited is seeking an Equity Research Analyst in Mumbai to identify mispriced opportunities through rigorous research and modelling. The role requires developing independent investment views, articulating upside and downside, and tracking investment theses against outcomes.

The candidate will conduct deep company/sector research, build financial models, perform valuation analyses, and generate investment ideas for the Fund Manager and Investment

Qualifications

• MBA (Finance) with minimum 5 years equity research experience at SEBI registered institutions.
• Strong fundamentals, financial modelling and valuation skills required.
• Familiarity with SEBI regulations and investment processes.

Responsibilities

• Conduct deep fundamental research on assigned companies/sectors.
• Build and maintain detailed P&L, balance sheet and cash flow models.
• Forecast revenue, margins, working capital, capex and cash flows.
• Apply valuation methodologies (P/E, EV/EBITDA, DCF etc.).
• Prepare concise investment notes and present recommendations to Fund Manager/Investment Committee.
• Monitor portfolio companies and track stock-specific catalysts.

Skills

Fundamental research

Financial modelling

Financial statement analysis

Valuation

Education

MBA (Finance)

Tools

Excel

Job description

Equity Research Analyst Job Description

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 benefits

As per Company Policy