Research & Analytics

Investment Research

Analyst-grade models, notes and coverage produced to your house format and standards.

An offshore research desk that carries the model building, earnings updates, comparable analysis and note drafting your investment team does not have the hours for. Output is produced in your template, under your review, and published in your name.

Typical turnaround
An initiation note with a full three-statement model typically takes two to four weeks per name depending on disclosure quality, segment complexity and whether primary channel work is required. Earnings updates on an already-maintained model are usually delivered within one to three working days of a results release, with the exact window agreed in advance per name. Sector primers run three to five weeks. Retained desks agree a monthly output plan so peak reporting season load is sequenced rather than negotiated on the day.
Service code
ART-IVR-010
Engagement models
Monthly retainer for dedicated analyst capacity · Fixed fee per note or model · Project-based sector and thematic mandates
Delivery
Virtual, secure document exchange

Indicative fee from

₹1,50,000

Indicative monthly retainer for a dedicated part-time analyst maintaining a small coverage universe. Final fee is confirmed after scoping and depends on the number of names under coverage, model complexity, reporting frequency and turnaround commitments. Standalone notes and primers are quoted as fixed fee.

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  • Engagement letter issued before work begins
  • Named engagement lead and defined reporting cadence
  • Confidentiality and access controls on all workpapers
  • Fee adjusted if the confirmed scope is smaller

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Description

Most investment teams are not short of ideas. They are short of analyst hours. A senior analyst who should be forming a view spends the first half of a coverage cycle downloading filings, rekeying segment data, rebuilding a comparable set that has drifted since last quarter, and updating a model that broke when the company changed its disclosure format. During results season the arithmetic gets worse: eight or twelve companies report inside three weeks, each requiring a model update and a note within a day of the release, and the quality of the last three inevitably differs from the quality of the first three.

The consequence is not merely inefficiency. Coverage narrows to what the desk can physically sustain, so opportunities outside that universe are simply not examined. Notes get published late enough that the market has already absorbed the information. Models diverge in methodology between analysts, which makes cross-company comparison unreliable at exactly the moment a portfolio decision depends on it. And when a senior person leaves, the reasoning behind their assumptions leaves with them, because it lived in their head rather than in a documented model.

What the desk covers

Equity work spans initiation notes with the full structure a serious reader expects, being investment thesis, business and revenue model description, industry structure and competitive position, financial analysis, forecast, valuation, risks and disclosures. Underneath sits a three-statement model driven by operating assumptions rather than growth rates typed into a revenue line, with segment build-ups, working capital and capex schedules, and a returns bridge that decomposes ROCE or ROE into its drivers. Valuation is triangulated: a DCF with an explicit WACC build and a defensible terminal assumption, relative multiples against a comparable set selected on business rather than sector-label similarity, and precedent transactions where the situation warrants. Credit work follows a different spine, centred on leverage and coverage ratios, debt maturity profile, covenant headroom, liquidity runway and the recovery position under stress.

How the virtual delivery model works here

The desk operates as an extension of your team rather than as a vendor delivering reports over a wall. Work runs in your templates and your house methodology, so output arrives looking like your output rather than requiring reformatting. Model conventions, colour coding for inputs against formulas, source referencing on every externally sourced figure, and version control are agreed at the outset and applied consistently. During results season, a defined turnaround is agreed per name and the queue is sequenced in advance rather than negotiated on the day. Every figure in a note is traceable to a filing, a transcript, or a stated estimate, and estimates are labelled as such.

Where the boundary sits

This is research support, and the distinction matters. Where you are a SEBI-registered Research Analyst, an Investment Adviser, or the equivalent under FCA, SEC or MAS regimes, the published view, the recommendation and the compliance responsibility remain yours. We work inside your framework, under your supervision and review, and we do not issue recommendations to the public in our own name. Information barriers, restricted lists and material non-public information protocols are respected as you define them, and we work only from public sources unless you have specifically cleared otherwise.

Who this is built for

Boutique asset managers and PMS providers whose coverage ambition exceeds their headcount. Family offices without an internal research function. Mid-market investment banks needing model and pitch support through live processes. Corporate strategy and treasury teams evaluating targets, partners or counterparties. Credit funds and NBFCs requiring standardised borrower assessment at scale.

Engagement models

Monthly retainer for dedicated analyst capacity · Fixed fee per note or model · Project-based sector and thematic mandates

Expected turnaround

An initiation note with a full three-statement model typically takes two to four weeks per name depending on disclosure quality, segment complexity and whether primary channel work is required. Earnings updates on an already-maintained model are usually delivered within one to three working days of a results release, with the exact window agreed in advance per name. Sector primers run three to five weeks. Retained desks agree a monthly output plan so peak reporting season load is sequenced rather than negotiated on the day.

Scope of Work

  • Initiation coverage notes structured as thesis, business model, industry and competitive position, financial analysis, forecast, valuation, risks and disclosures
  • Three-statement financial models with segment-level revenue build-ups, margin bridges, working capital, capex and debt schedules driven by operating assumptions
  • Quarterly and annual earnings updates with actual-versus-estimate variance analysis and forecast revisions delivered inside your agreed reporting-season window
  • Discounted cash flow valuation with explicit WACC build, capital structure assumptions, terminal value sensitivity and a bridge from enterprise to equity value
  • Relative valuation with comparable sets selected on business model and margin structure rather than sector label, and multiples adjusted for accounting differences
  • Precedent transaction analysis with deal screening, control premium observations and adjustments for consideration structure and disclosed synergies
  • Credit assessment covering leverage and coverage ratios, DSCR, debt maturity profile, covenant headroom, liquidity runway and stressed recovery estimates
  • Sector primers and thematic notes covering value chain economics, regulatory drivers, capacity and pricing dynamics, and the listed and unlisted participant set
  • Screening and idea generation against quantitative and qualitative filters defined by you, with a documented shortlist rationale for each name that passes
  • Management commentary and earnings call transcript analysis tracking guidance changes, disclosure shifts and language changes across consecutive quarters
  • Data pack and database maintenance covering historical financials, shareholding, estimates and multiples, kept current so nothing is rebuilt from scratch each cycle
  • Investment committee memoranda and pitch materials assembled in your house template with supporting exhibits, appendices and full source referencing

Key Deliverables

Initiation Coverage Note

A full-length note in your house format carrying the thesis, business and industry analysis, forecast, valuation and risks, with every external figure referenced to a public source.

Maintained Financial Model

An unlocked three-statement model with separated inputs, documented assumptions and audit checks, updated each reporting period rather than rebuilt, so history and methodology stay intact.

Earnings Update Notes

Short-form updates issued within the agreed window after a results release, covering variance against estimates, guidance changes, forecast revisions and the resulting valuation impact.

Valuation Pack

DCF workings with WACC build and sensitivity grid, the relative valuation comparable set with adjustment notes, and precedent transactions where applicable, presented as reviewable exhibits.

Sector Primer or Thematic Note

A structured briefing on an industry or theme covering value chain economics, regulation, capacity and pricing dynamics, and the participant landscape including unlisted players.

Screening Output and Shortlist

The full screened universe with filters applied and a documented rationale for each name reaching the shortlist, so the selection logic is auditable rather than assertive.

Investment Committee Memorandum

A decision-grade memorandum in your template, structured around the thesis, the numbers it depends on, the bear case and the specific evidence that would falsify the view.

How the Engagement Runs

House standards and template calibration

We take your existing notes and models as the specification, extract the conventions in use, and agree model architecture, colour coding, referencing style and note structure. Where you have no fixed house style we propose one. This closes on a written standards document and a template pack both sides work from.

Coverage definition and compliance framework

The universe, priority order, output types and turnaround expectations are agreed, alongside your restricted list, information barrier and MNPI protocols. Reporting lines, review responsibility and who signs off published output are documented before any research work begins.

Base build and historical data capture

For each name, historical financials are captured from filings, restated where disclosure has changed, and the model is built with the agreed architecture. Segment data, shareholding, debt schedules and estimate history are populated. The phase closes with a model walkthrough against your analyst.

Analysis, valuation and drafting

Forecasts are built from operating drivers, valuation is triangulated across methods, and the note is drafted in your template. Where our reading of the evidence differs from the desk view, we surface it rather than write around it, and the final view remains yours.

Review and revision cycle

Draft output goes to your reviewing analyst with the model and source register attached. Comments are worked through in a tracked cycle, and recurring review points are fed back into the standards document so the same corrections are not repeated next quarter.

Ongoing maintenance cadence

Models are updated each reporting period against a pre-agreed calendar, news and guidance changes are tracked between results, and data packs are refreshed. A periodic service review examines turnaround, revision volume and coverage priorities for the next cycle.

What You Gain

Coverage beyond headcount

The universe you can maintain is no longer capped by internal analyst hours, so names outside the current coverage list can be examined rather than assumed away.

Senior time returned to judgement

Data collection, model maintenance and formatting shift to the desk, leaving your analysts to do the thinking that clients and investment committees are actually paying for.

Consistent methodology across names

Shared model conventions and valuation approach make cross-company comparison reliable, which matters most at the point a portfolio decision rests on relative merit.

Results season absorbed

Peak load is handled by scaling the desk rather than by compressing quality, so the eleventh update in a reporting cycle matches the standard of the first.

Institutional memory in the model

Assumptions and their rationale are documented in the model rather than held informally, so coverage survives analyst turnover without a reconstruction exercise.

Audit-ready sourcing discipline

Every figure traces to a filing, transcript or labelled estimate, which shortens compliance review and makes a published note defensible if it is challenged.

Industries We Serve With This Engagement

Asset Management and PMSFamily OfficesPrivate Equity and Venture CapitalInvestment Banking and AdvisoryCredit Funds and NBFCsInsurance and Pension FundsCorporate Strategy and TreasuryWealth Management

Frequently Asked Questions

No. We provide research support to regulated and professional investors, and the published view, the recommendation and the compliance responsibility remain with you. Where you are a SEBI-registered Research Analyst or Investment Adviser, or regulated by the FCA, SEC or MAS, we work inside your framework and under your review, and output is published in your name after your sign-off. We do not distribute research to the public in our own name and do not advise retail investors. If a proposed arrangement would blur that boundary, we will say so at scoping rather than after engagement.

Yes, and this is the first thing we work on. Before any research begins we take your existing notes and models as the specification, extract the conventions in use, and document them: model architecture, sheet order, colour coding for inputs against calculations, referencing style, exhibit conventions and note structure. Output is then produced inside that standard so it arrives ready for review rather than requiring reformatting. Where a house style does not yet exist, we propose one and document it, which usually improves consistency across your internal analysts as well.

We work only from public sources unless you have explicitly cleared otherwise in writing. Your restricted list, information barriers, personal account dealing rules and MNPI escalation protocol are adopted as ours for the duration of the engagement, and named team members are assigned per client with no crossover on names where a conflict could arise. Working papers are held in access-controlled environments with logging. Where a client wishes to share confidential deal information for private-side work, that is arranged under separate terms and a wall-crossing procedure that you control.

Not necessarily, but it changes what is possible and how long it takes. Regulatory filings, exchange disclosures, annual reports, transcripts, credit rating rationales and regulator and industry association publications are public and sufficient for most fundamental work. Consensus estimates, historical multiples series and structured screening data generally require a licensed terminal. Where you hold licences and your agreement permits contractor access, we work within your entitlements. Where it does not, we say plainly which analyses will rest on manually constructed data and what the accuracy implications are.

Yes. Credit work follows a different structure: leverage and coverage ratios, DSCR, debt maturity and refinancing profile, covenant definitions and headroom, liquidity runway, security and collateral position, and estimated recovery under stress scenarios. The output is generally a credit note with an internal grade proposal or a borrower assessment memorandum against your own scoring framework. NBFC and credit fund clients often want this in a standardised template applied consistently across a portfolio, which allows relative deterioration to be spotted across borrowers rather than one at a time.

Indian listed equities are the deepest area, with regular work on the GCC, UK, US and Singapore markets. Sector capability is broadest in financials, industrials, consumer, healthcare, technology and infrastructure. Where a mandate requires genuinely specialist domain knowledge, for example clinical-stage biotechnology or upstream energy reserve assessment, we will say so at scoping rather than accept the work and learn on your time. Cross-border coverage adds a reconciliation step for accounting differences between Ind AS, IFRS and US GAAP, which is handled explicitly in the model rather than glossed over.

Most clients retain a defined analyst capacity monthly, expressed as an output plan rather than as hours: a stated number of maintained names, an agreed count of earnings updates per cycle, and an allowance for ad hoc requests. This is more predictable than per-note pricing and avoids arguments about effort. Capacity can be stepped up ahead of reporting season and back afterwards with notice. Standalone assignments, such as a single sector primer or a one-off valuation pack, are quoted as fixed fee. Final pricing follows a scoping discussion on universe and depth.

You hear about it. A support desk that quietly reverse-engineers its numbers to match a predetermined conclusion is worse than no desk, because it manufactures false corroboration. Where the model or the evidence points somewhere other than the desk view, we raise it with the reviewing analyst, set out what drives the difference, and document it. The published view remains yours to determine. What we will not do is produce workings we cannot support or apply assumptions we consider indefensible without noting the reservation on record.

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