Full equity research
business, financials, valuation.
Our core equity research service delivers complete fundamental analysis on listed Indian companies. Each stock gets a full report — business deep-dive, financial model, DCF and relative valuation, competitive positioning, and a clear Buy / Hold / Sell rating with target price. Published and updated every quarter.
What our equity research covers
We publish full-length equity research reports on listed Indian companies across sectors. Every report starts with the business — understanding what the company does, how it makes money, and what competitive advantages it has. From there we build a financial model, run DCF and relative valuation, assess management quality, and publish a clear rating with a target price.
Reports are updated every quarter with the latest earnings, revised estimates, and rating changes. Our research is designed for long-term investors who want depth, not noise.
Sectors and stocks we track
Our coverage spans 12 sectors with 50+ actively monitored stocks. Here are the key sectors and representative names.
Industrials & Manufacturing
Capital goods, defence, engineering, precision manufacturing
IT & Technology
Large-cap IT services, mid-cap SaaS, consulting firms
BFSI
Banks, NBFCs, insurance, asset management
Automotive
OEMs, auto ancillaries, EV components
Pharma & Healthcare
Pharmaceuticals, hospitals, diagnostics
Energy & Renewables
Oil & gas, power generation, renewable energy
What goes inside every research report
A typical report runs 15-25 pages across five chapters. Every report follows the same structure so you know exactly where to find what.
Business Overview
Company history, revenue model, product mix, customer segments, market share, competitive moat. The foundation of every investment thesis.
Industry Analysis
Sector dynamics, regulatory landscape, demand drivers, Porter's five forces, peer benchmarking. Context matters as much as the company.
Financial Analysis
5-year historical analysis, quarterly trends, ratio analysis (ROE, ROCE, margins, leverage), cash flow quality. The numbers tell the story.
Valuation
DCF model with full assumptions and sensitivity table. Relative valuation (P/E, EV/EBITDA, P/B). Fair value range and target price derivation.
Rating & Risks
Buy / Hold / Sell rating, 12-month target price, risk factors, key monitorables, scenario analysis. What could change the thesis.
See what a published report looks like
Below is an excerpt from one of our research reports. All figures are illustrative but representative of our published analysis.
ABC Ltd. is a market leader in Indian manufacturing with 22% market share. Revenue has grown at 14% CAGR over 5 years, margins expanded from 12.8% to 17.2%, and ROE averages 18.4%.
Our rating accuracy at a glance
We track every rating we publish and measure accuracy against actual price movement. Transparency is built into our process.
| Stock | Rating | Target | CMP at issue | Current price | Return | Status |
|---|---|---|---|---|---|---|
| Reliance Industries | ₹3,450 | ₹2,980 | ₹3,285 | +10.2% | Target Open | |
| Larsen & Toubro | ₹4,150 | ₹3,640 | ₹3,980 | +9.3% | Active | |
| ICICI Bank | ₹1,480 | ₹1,365 | ₹1,392 | +2.0% | Under Review | |
| Asian Paints | ₹2,450 | ₹2,780 | ₹2,560 | -7.9% | Closed |
Returns calculated from issue date to latest close. Past performance is not indicative of future returns.
How we build every report
From company selection to published report — every piece of research follows the same rigorous, documented process.
Company Selection
Stocks are selected based on market cap, liquidity, business quality, and investor interest. Sector allocation is actively managed to ensure broad coverage representation.
Deep Dive Research
Business analysis, industry study, management assessment, financial statement analysis covering 5+ years. No modelling begins until the business is understood.
Valuation & Rating
DCF model with sensitivity analysis. Relative valuation against a defined peer set. Rating and target price are the output of the framework, not an opinion.
Peer Review & Publish
Every report is reviewed internally before publication. Data and assumptions are cross-checked. Reports are published with all analysis visible and attributable.
Equity research — what to expect
What does a full equity research report include?+
Every report includes a business overview, industry context, detailed financial analysis with projections for three years, DCF and relative valuation, a clear Buy / Hold / Sell rating with a 12-month target price, risk factors, and key monitorables. Reports typically run 15-25 pages and are updated every quarter.
How is the rating decided?+
Our rating is the output of the valuation model combined with our assessment of business quality and risk. A Buy rating means the stock is trading at a meaningful discount to our fair value estimate with favourable risk-reward. Hold means the stock is fairly valued. Sell means it is trading above our fair value range or faces fundamental headwinds not priced in.
How often are reports updated?+
Reports are updated every quarter following the company's earnings announcement. We revise our financial projections, update the valuation model, and adjust the rating and target price as needed. Interim updates are published when there are material events — M&A, regulatory changes, or significant price moves.
Do you cover all stocks on the exchange?+
No. We actively cover approximately 50 stocks across 12 sectors. Our coverage universe is selected based on market capitalisation, liquidity, business quality, and investor interest. We prioritise companies where we believe our research can add the most value.
What is the difference between research and advice?+
Finomint is a SEBI registered Research Analyst firm (INH000024648), not a portfolio manager or investment adviser. We publish research reports with ratings and target prices, but the decision to invest — including the selection, timing and size of any investment — is entirely yours. Our research informs your decision, it does not make it for you.
Can I access historical reports and track record?+
Yes. Subscribers can access our full archive of published reports, including historical ratings, target price revisions, and our track record of rating accuracy across all covered stocks.
Read your first equity research report — free.
No payment. No account creation required. Just the full analysis — business overview, financial model, DCF valuation, and rating.