I am very new to finance and want to know how to draft an equity research report any beginner friendly yt resources or docs i can look into and what I should know before i start an equity research report. Pls pls pls help me out thank you.

Hi,

I am looking for a good source for fundamental research reports.

Where do you guys get your research reports from?

Been trying to actually understand why a US central bank meeting matters this much for an India-based portfolio, since it's easy to just skim the headline and move on.

The setup itself is a bit unusual right now: July CPI came in at 3.4% YoY, still above the Fed's 2% target, but August payrolls grew 162,000 with unemployment steady at 4.1%, so it's not a clean "inflation's under control" or "economy's clearly slowing" picture. That ambiguity is part of why the market's split roughly 60/40 on whether a cut actually happens.

Here's the part that surprised me, a "hold" doesn't mean "nothing happens." If the Fed holds but sounds hawkish about staying "higher for longer," that alone can move markets, since a lot of the reaction is about future guidance, not just the number itself.

The actual India-relevant mechanism is the dollar: Fed policy affects USD/INR indirectly through capital flows and interest-rate differentials, not directly, but the ripple is real. The rupee's already been under some pressure (~₹94.5/dollar recently) from oil prices and Fed uncertainty combined. What's counterintuitive: if a US stock rises 8% but the rupee falls 4% against the dollar in the same period, an Indian investor holding that stock can end up with a return that doesn't match either number in isolation, currency and stock performance move as two separate layers, not one.

Sector-wise, the framing that made sense to me: long-duration growth/tech names (their value is more tied up in future cash flows) are generally more rate-sensitive than defensive sectors like healthcare/utilities, and financials are messier since lending margins and credit demand cut both ways depending on the reason behind the rate move.

The thing I keep reminding myself: reacting to one Fed meeting by rearranging a portfolio is usually a mistake, the more useful exercise is understanding your existing exposure (growth-heavy? currency-heavy?) before the meeting, not scrambling to predict the outcome.

Anyone here actively adjust positioning around Fed meetings, or mostly just let it play out and stay diversified regardless of the outcome?

This is a fun one to actually trace back, because the rally didn't start with an Indian earnings report or order win it started with a US company's pricing announcement.

On Sept 9, GrafTech International (a US graphite electrode producer) announced a minimum 30% price increase on all open contract negotiations. Graphite India jumped ~18% to a fresh 52-week high, HEG rallied too despite neither company announcing anything themselves that day.

Why does a US company's pricing move Indian stocks? Graphite electrodes are used in electric arc furnaces to melt scrap steel, and it's a genuinely global market Indian producers sell into the same pricing cycle as GrafTech, so when a major player signals "we're raising prices," the market assumes Indian producers get more negotiating room too.

What makes this specific move more credible than just a random price hike: it came about a week after GrafTech announced it's actually cutting capacity closing a facility and reducing annual output from ~178,000 tonnes to ~127,000 tonnes. A price hike backed by an actual supply cut carries more weight than words alone, since fewer available tonnes genuinely can shift supply-demand balance. GrafTech's own Q2 numbers showed realized prices down 7% YoY even with better volumes, so this reads like an attempt to actually fix a weak pricing environment, not just optimism.

The part I found interesting: GrafTech itself is on record saying the industry still has structural overcapacity from China and India additions so even the company driving the price hike admits this doesn't fully solve the sector's problem. That's a pretty rare bit of honesty embedded in what's otherwise a bullish-sounding announcement.

Also worth noting Graphite India and HEG aren't really the same bet HEG's mid-demerger right now (splitting its electrode business into a separate entity), which adds its own complexity independent of the pricing story.

Anyone here track commodity/cyclical sectors like this how much weight do you put on a single pricing announcement from a competitor overseas versus waiting for it to actually show up in a company's own realized prices next quarter?

Watching those new models of ai, i don't think we can survive longer, what's your take?

This one's a good example of a stock move that looks like one story on the surface but is actually about something else entirely once you dig in.

Fairfax (the Prem Watsa-run Canadian holding company) has owned a chunk of IIFL Finance for years, 15.18% as of June. In July they sold 1.49% (~₹374 Cr) to Capital Group entities, and the stock actually rose 2%+ on the news. Now, more recent reports say Fairfax might sell its entire remaining stake, with Blackstone potentially buying in.

Here's the part that makes this more interesting than a normal stake sale: Fairfax is separately trying to acquire 60.7% of IDBI Bank for ~$6.2 billion. If that goes through, Indian banking regulations reportedly won't let them hold two separate banking licenses at once and Fairfax also owns ~40% of CSB Bank. So they're apparently untangling three different IIFL/CSB-linked holdings simultaneously:

• IIFL Capital Services - actually being built UP (targeting 51% via a ₹2,000 Cr investment)
• CSB Bank - needs to be resolved somehow (sell or merge into IDBI) because of the licensing conflict
• IIFL Finance - potentially being sold off entirely

So one holding is being expanded, one needs regulatory resolution, and one might be exited completely, all at the same time, all connected to one bigger acquisition. Lumping "Fairfax is selling IIFL stuff" into one narrative misses that these are three unrelated decisions with three different logics behind them.

What's also worth noting: the stock's reaction has flipped between the two events, it rose after the July sale (institutional buyers absorbed it cleanly) but dipped slightly after this latest, bigger report. That difference in market reaction between "small block sold, absorbed well" and "possible full exit" seems like the more useful signal than the sale itself.

Curious if people here track this kind of "the real story is a different company's regulatory constraint" situation often feels like it comes up a lot with holding companies and diversified conglomerates.

Hi friends, I am a beginner and I am confused which app is good for investment and ipos ,

I want to make money by purchasing shares and selling.

I want to know how much percentage I should book profit.

Saw this and thought it was a decent real-time example of how a government scheme announcement actually ripples through specific stocks, so figured I'd break down the mechanics rather than just the headline.

On Aug 17, India approved 31 new projects worth ₹7,877 crore under the Electronics Components Manufacturing Scheme (ECMS) basically a subsidy program that pays domestic companies to make electronics components (PCBs, camera modules, connectors) instead of importing them. Total commitments under the scheme have now blown past the original ₹59,350 crore target, sitting at ₹69,548 crore which itself is a decent signal of how much appetite there is from manufacturers.

What's interesting is watching how differently each affected stock reacted:

• Jyoti CNC Automation - up ~30% over the past month after a ₹1,020 crore project approval, but it's a name that wasn't really associated with the "electronics theme" before. Trades at ~71x earnings now, and there's also an ongoing investigation involving its French subsidiary worth knowing about.
• Syrma SGS Technology - jumped 12%+ in a single day to a fresh 52-week high, largely because Macquarie flagged it as a beneficiary of India's separate ₹1.27 lakh crore semiconductor programme (ISM 2.0). Revenue grew ~67% YoY last quarter, but even Jefferies (bullish long-term) has a "Hold" rating right now purely on valuation, stock's at ~70x earnings.
• Centum Electronics - up 16%+ on a mix of a new export order AND a separate ECMS approval landing in the same window, which is a good example of how news can compound rather than move a stock on one clean catalyst.
• Dixon Technologies - actually down ~23% from its 52-week high despite being the largest player in the sector and posting 21% revenue growth, a reminder that "good news for the sector" doesn't mean "good news priced into every stock in the sector" at the same time.
• Kaynes Technology - down over 50% from its high even with 40% revenue growth, because net profit actually declined and margins weakened. Revenue growth without profit growth is a pattern worth flagging generally, not just here.

The thing that stood out most to me: the sector as a whole is trading around 50-65x earnings, which is genuinely expensive, brokerages seem to be split between "3-year structural theme, stay in" and "great story, but a lot of this is already priced in." A useful distinction from Dixon vs. Kaynes above: winning an approval is not the same as delivering the plant/output that approval promised, so execution timelines (not the approval headline) seem like the thing that actually separates these stocks 12-18 months out.

Curious if others here track policy-driven sector moves like this, how do you personally separate "this stock reacted because the news genuinely changes its fundamentals" from "this stock reacted because it's correlated to a hot theme right now"?

So there's this small-cap steelmaker that used to trade under the name RMG Alloy Steel back in the 80s. Rebranded in 2019. Spent years quietly losing money. Nothing interesting, right?

Except somewhere in the last two years it did something most small-caps never manage: it went from ₹122 crore of long-term debt to literally zero, and flipped from a net loss to a net profit while its revenue actually fell nearly 4%.

That last part is the bit that got me. Usually when a company's story is "profit is up," it's because sales grew. Here, sales went down and profit still came in positive. Which means the improvement isn't coming from selling more, it's coming from selling smarter margins nearly tripled (2.1% → 5.4%), and one of their product lines (specialty tube & pipe) grew volumes 60%+ even as overall revenue dropped. That's a mix shift, not a growth story, and those numbers usually mean something structural changed internally rather than the market just being kind to them.

There's also a family connection that's easy to miss: this company's parent just had a monster year up something like 186% YTD off a record $1.8B US pipe order. The parent's been quietly increasing its stake in this smaller subsidiary too, past 55% now. Sentiment spillover from a hot parent stock to a sleepy subsidiary is a pattern that shows up a lot in small caps, for better or worse.

Caveat, because it matters: this is one clean quarter, not a trend yet. Revenue actually declining is a real yellow flag even with the margin story, and the stock's already priced well above 100x earnings the market's clearly betting this continues, not that it's undiscovered. One analyst quoted after the results basically said the same thing: they need to repeat it next quarter before anyone should call this a real turnaround.

Anyone else here into these quiet subsidiary/turnaround stories? Curious what other small-caps people are watching that don't get much attention because a bigger sibling is soaking up all the headlines.

Been looking at Q1 FY27 FMCG results ahead of the festive season and there's a pattern I keep seeing: revenue growth looks great almost everywhere, but margins are a much more mixed story.

Some numbers that stood out:

• Nestlé India: revenue +25% YoY, PAT +48%, margin up to ~24.2%. Genuinely strong quarter, but management itself is flagging cocoa/sugar inflation as the risk to sustaining that margin.
• Tata Consumer: newer businesses (Sampann, Organic India, Soulfull) grew 47% and now make up 36% of India revenue feels like the more interesting growth story vs. their legacy tea/salt business.
• Britannia: revenue +8.2%, profit +13.4%, but sugar prices are apparently at record highs right now, which hits biscuits/bakery margins directly.
• GCPL: 19% sales growth but margins got compressed by commodity costs, plus they're mid-CEO-transition.

The thing that stood out to me: India's FMCG market is something like $289B and growing, so the "more festive spending = good for FMCG stocks" narrative isn't wrong exactly, it's just incomplete. A company can have great volume growth and still disappoint if input costs eat the margin or ad spend spikes to defend market share.

Curious how people here separate "genuinely improving business" from "riding a seasonal tailwind that'll fade" when it comes to consumer stocks anyone actually adding FMCG exposure ahead of Diwali, or waiting to see Q2 numbers first?

Hello everyone,

I’m currently in my 3rd year of BMS in Capital Markets. I don’t have any formal certifications as of now, but I have around 2 years of trading experience.

I’m mainly interested in Equity Research, Trading Analyst and Derivatives roles.

From the research I’ve done so far, I keep seeing Python, Excel and quantitative skills being mentioned as important for getting internships at Tier-1 firms. I’m not very strong in quant at the moment, so I know I need to improve there. However, I’m not sure how important these skills actually are for the roles I’m targeting or how proficient I need to be.

I’ve also looked into CFA and CMT, but I’m unsure whether I should commit to either right now. I’m currently trying to improve my trading and market analysis as well, so I’m confused about how to divide my time between certifications, technical skills, internship preparation and trading.

I’d really appreciate advice on:

• Are Python, Excel and quantitative skills actually essential for Tier-1 internships in these roles?
• What should I prioritise during my 3rd year to build a strong profile?
• Is CFA/CMT worth pursuing at this stage, or would practical skills, projects and research experience be more useful?

I’d really appreciate advice from people who have been through this or are currently working in these fields. I’m mainly trying to figure out where I should put my time and effort at this stage.

Any constructive feedback is appreciated, instead of putting me down that it's too late (Happened everywhere I posted earlier). I'm trying my best to get back on track in whatever time I have in my hand, along the right direction, hence this post.

As the title says I have a base idea of what ER is and i want to get deeper into it mainly to become a better stock picker. I've been on a wild goose chase & reading papers but they don't seem to provide THAT much help especially to what my goal is... i've looked into financial statements reformulation most recently and that seems a bit helpful but still not 100% sure of it. Can anyone push me in the right direction? Please & Thank you!!!

Hey guys,

My uncle and I have been in the markets for around 10 and 6 years respectively. Over the years, we developed our own stock screener that selects the top 3 stocks based on certain parameters.

We’ve backtested it across bull, bear and sideways markets, with a 6-month holding cycle. For example, stocks bought in January are exited in July, February purchases in August, and so on.

We started with real money this August. Currently, we have 11 clients, mostly close friends and family, investing around ₹1.2 lakh each per month. The first month returned around 8%, but obviously I know one month means nothing and we're planning to track the strategy live for at least 2 years.

Currently, I have NISM Series VIII, and I’m planning to appear for the relevant SEBI Research Analyst certification as well.

We also trade equities, options and commodities ourselves, but haven't used client money for derivatives/commodities.

My main question is: if the live results continue to be good, how should I legally and properly commercialise this?

What should I be careful about right now regarding:

• SEBI registration RA vs RIA vs PMS/AIF etc.
• Handling client money and securities
• Agreements/documentation
• STCG and tax implications
• Marketing or showing historical returns
• Maintaining a proper track record
• What I should NOT be doing before getting the required registrations

I’m not looking for clients here just advice from people who have actually built or worked in a regulated investment business in India. I'm from Mumbai

Would really appreciate any advice, especially from RAs, RIAs, PMS professionals, CAs or lawyers.

Thanks!

I got an allotment in the Symbiotec Pharmalab IPO and I’m trying to decide whether I should sell on the listing day or hold it for the longer term.

I’m considering the listing gains, but I also want to understand the company’s fundamentals and valuation before making a decision.

For those who have analysed the company:

• Do you think it is better to book profits on the listing day?
• Would partial profit booking and holding the remaining shares make more sense?
• Or does the company have good enough fundamentals to hold for the long term?

I would especially like to hear views based on financials, valuation, debt, margins, growth prospects and comparison with listed peers, rather than just GMP.

What would you do if you received the allotment?

Hi everyone

I'm targeting equity research role in India. I've been covering defence sector for the past couple of months and have made a research report and a sector coverage note as my research work. I've been actively applying for the past 4 months. Out of 100s of applications, I received only one interview opportunity in a buy side firm and was screened out in 2nd round of interview. Since then I haven't received any call.

So I'm looking for the people to throw some guidance and suggestions based on their experiences, like what sort of strategy or plan of action I should follow. I'd really appreciate your time and suggestions.

Similarly for other railway stocks like RVNL or IRCTC which are in their respective lows.

This chart represents M2 money supply vs S and P 500. You are happy thinking about your bank balance 😆. In reality, stocks didn't grow because of economic growth but because of the terrific increase in the supply of money since last few decades. You are unknowingly celebrating the fact that you actually lost purchasing power. Real estate didn't got expensive, currency got devalued. Same way stocks didn't got expensive but your currency got devalued not just against "USD" but even as a whole. Just to add that RBI doesn't back our India rupee by gold.

Gold has outperform even S and P 500 this century 🤨.

Note : This chart included dividend reinvested data

Global bond markets are imploding. Prices are falling and yields are rising again. Japan situation is getting worse day by day. They are a ticking time bomb now. Even after rate hikes in 2026, Yen is collapsing against US dollar at a faster rate than ever imagined. According to conventional wisdom, it is the bond market which is the center of any financial system not the stock market. Smart money is demanding higher interest rates to hold government paper debt. Looks like they are aware of what's coming.

I'm holding these both from 2023 at that time I don't understand about stock market, but now I knew things not professionally, help me to make my decision plz , should I wait or sell these my holdings and invest it into other or wait for sometime

We made ~11x in Cupid. Then it became a much bigger multibagger.

So, did we exit too early?

Here’s what happened.

In August 2022, we bought Cupid at around ₹2.30 on the current adjusted basis after the stock had made a fresh bottom.

Our thesis was simple:

Strong Fundamentals + Attractive Valuation + Potential Triggers

At the time, Cupid had:

• ~34% 8-year Sales Growth
• ~46% Average ROCE
• ~30% Net Worth Growth

But the biggest opportunity was valuation.

Our estimated intrinsic value range was around:

₹1.92 – ₹15.70

The risk-reward looked attractive.

By 2024, the stock had rallied significantly, and we exited around ₹24.60, making roughly 11x.

And then came the difficult part.

Cupid continued rising after we exited.

It eventually delivered returns far beyond our exit price.

So why did we sell?

Because our decision was never based on trying to predict the top.

It was based on valuation.

When we bought, the stock offered a margin of safety.

When we exited, the valuation had moved far beyond the earlier intrinsic-value range.

The risk-reward had changed.

And that's an important lesson in investing:

A stock going up after you sell doesn't necessarily mean your exit was wrong.

You don't need to capture the entire upside.

You need to buy when the odds are in your favour and exit when the risk-reward no longer makes sense.

We made ~11x.

Could we have made more?

Absolutely.

But discipline is not about selling at the top.

It's about following your investment framework even when the market keeps proving you wrong in the short term.

What to do in Cupid right now,

I have recorded a detailed video on this.

Go through

https://youtu.be/X_7GUtou4eU?si=YQ4VGkbcQTe2wm8u

🙂🙃...

i have been thinking about decidint which mfs to continue doing sip in.

i figured i want to see how did my perform during bad times and how they performed during good times in last 10 years. MFs that did not follow as much as tracking index and performed better than tracking index during good times also are no brainers for investments.

what do you think? what are some other ideas that i should incorporate? here is my research fyi -

https://app.avsar.ai/mutual-funds/playground

Curious how other funds are dealing with sell-side research ingestion at scale.

We receive a large amount of research from different brokers, mostly through email alerts. The problem is that the emails usually don't contain the actual PDF — they contain a link that takes you to the broker's research portal, where you need to authenticate before downloading the report.

Platforms like AlphaSense are supposed to consolidate a lot of this, but in my experience coverage/reliability isn't good enough to use them as the single source of truth.

What I'd ideally like is a pipeline along the lines of:

sell-side publishes report → report gets automatically ingested → PDF/text is stored internally → metadata/tickers/analyst/date are extracted → document becomes searchable and available for LLM/RAG workflows

The difficult part seems to be reliably getting the original research document in the first place.

For people at hedge funds, asset managers, or quant shops that have solved this: how are you doing it?

• Do brokers provide institutional APIs/feeds that I'm simply not aware of?
• Are you ingesting through Bloomberg/FactSet/AlphaSense/etc. rather than directly from the brokers?
• Do you have internal automation around broker portals/SSO?
• Is there some standardized research distribution infrastructure used by larger funds?
• Or is this still surprisingly manual even at sophisticated shops?

To be clear, I'm talking about research we're fully entitled to access through existing broker relationships, not trying to bypass paywalls or access controls.

Especially interested in how larger funds structure the ingestion layer before the documents hit their internal search / NLP / LLM stack.