Research Analyst (India Equities) For a Category III AIF

Granity Capital Management Llp; Mumbai; On-site; INR 4,000,000 - 7,000,000; Full time

Job summary

Granity Capital Management LLP in Mumbai seeks an experienced Research Analyst (India Equities) to perform in-depth company and sector analysis and generate original investment ideas under close CIO guidance.

You will build complex financial models, analyse statements for quality of earnings, and contribute to portfolio construction with a long-term, bottom-up approach. This role requires 3+ years in equity research and a strong grasp of valuation and reporting.

Qualifications

• MBA (Finance) / CFA / CA or equivalent with strong finance, accounting or economics foundation.
• Minimum 3 years of equity research experience - sell-side or buy-side.
• Strong modelling, valuation, and report-writing skills; ability to communicate conclusions clearly.

Responsibilities

• Initiate and maintain coverage across companies and sectors with deep understanding of business models and industry dynamics.
• Conduct forensic accounting checks: promoters, related-party transactions, capital allocation, and balance sheet integrity.
• Perform primary research through management meetings, interviews, site visits, and earnings calls; prepare detailed notes.
• Build and maintain detailed financial models (P&L, balance sheet, cash flow, DCF, etc.) with scenario analysis.

Skills

Financial modelling

Valuation

Report writing

Communication

AI-assisted research tools

Education

MBA (Finance) / CFA / CA or equivalent

Tools

AI-assisted research tools

Financial databases (Bloomberg/FactSet)

Job description

Position Title: Research Analyst (India Equities) Firm: An India-focused Investment Manager Location: Mumbai, India (Work From Office) Job Function: Fundamental Equity Research, Investment Analysis & Portfolio Support

About the Firm

An India-focused investment manager running a long-term, bottom-up portfolio. SEBI-registered Category III AIF. The research process is rigorous and repeatable - it seeks to understand businesses deeply before committing capital. The research analyst is central to this process.

Role Summary

The Research Analyst will perform in-depth company and sector analysis and contribute original investment ideas as a core member of a small, cohesive team. The role demands intellectual and forensic-accounting rigour, independent thinking and a genuine passion for understanding business models. It provides significant responsibility and direct exposure to the CIO from day one. This role suits someone who has built a research foundation on the sell side or buy side and is ready for greater ownership and direct portfolio impact.

Qualifications & Experience

• MBA (Finance) / CFA / CA or equivalent; strong foundation in finance, accounting or economics.
• Minimum 3 years of equity research experience - sell-side (brokerage / IB) or buy-side (AIF, PMS, MF).
• Strong financial modelling, valuation and report-writing skills; ability to communicate research conclusions clearly.
• Multi-sector coverage - must be willing to cover sectors outside prior specialisation.
• Proficient in AI-assisted research tools - LLM-based analysis, automated data extraction and AI-powered screening.
• Note: Freshers or candidates without direct equity research experience will not be considered.

Key Responsibilities

1. Fundamental & Industry Research

• Initiate and maintain coverage across companies and sectors; develop deep understanding of business models, competitive and regulatory dynamics and industry structure.
• Conduct forensic accounting checks: promoter quality, related-party transactions, capital allocation track records and balance sheet integrity.
• Conduct primary research - management meetings, competitor interviews, site visits, channel checks and industry expert calls; prepare detailed notes after earnings calls, analyst days and conferences.
• Monitor corporate filings, annual reports, regulatory disclosures and sector databases to build differentiated views.

2. Financial Modelling, Valuation & Investment Process

• Build and maintain detailed financial models (P&L, balance sheet, cash flow, DCF, reverse DCF, SOTP) with scenario and sensitivity analysis.
• Analyse financial statements for accounting quality issues, off-balance-sheet risks and earnings sustainability; benchmark valuations across peers, historical ranges and global comparables.
• Generate actionable long-biased ideas and selective structural shorts with a clearly articulated thesis, valuation and risk factors; assist the CIO in portfolio construction, position sizing and investment presentations.
• Monitor portfolio holdings; trigger alerts on material developments - earnings, management changes, regulatory shifts, capital allocation decisions - and track relevant macro and sectoral trends.

3. AI-Enabled Research

• Leverage AI tools to accelerate research - automated transcript and filings analysis, earnings call summarisation and financial data extraction.
• Use LLMs and structured prompting to synthesise large volumes of industry and company data; build and maintain AI-assisted screening models to surface investment opportunities.
• Stay current with emerging AI tools applicable to investment research; proactively adopt and share new workflows with the team.

4. Reporting & Compliance

• Write well-structured investment reports for the CIO - thesis, variant view, financial analysis, valuation and clear recommendations; support quarterly investor letters and investor presentations.
• Ensure all activities comply with SEBI (AIF) Regulations and internal compliance policies, including personal trading and information-barrier requirements.
• Maintain organised archives of research, models and source materials for audit and institutional continuity.

Compensation

Competitive salary, discretionary bonus based on firm and individual performance, and long-term career growth within a founder-led platform.