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Services Offered


  • Analytical research reports recommending stocks and sectors for investment with financial projections, time horizon and price target for institutional (domestic and foreign portfolio investors) and retail investors.
  • Preparing reports for investment across Indian asset (equity, debt, real estate, commodities) classes and preparing model portfolios.
  • Strategic advice to companies and banks on financial management, restructuring, strategy and how to improve investor perception.
  • Undertaking critical, differentiated, non-consensus research on companies, sectors and the economy.
  • Analysing companies’ debt raising ability and determining limits for their short and long term debt.
  • In an increasingly globalised environment, providing advice on the impact of global geo-political events on markets, Indian economy and individual companies.

Contrarian Commentator:

Hemindra Hazari, is a Securities & Exchange Board of India (SEBI) registered research analyst with over 23 years’ experience in the Indian capital markets. He has specialized in research on banking and the macro-economy. He has managerial experience of establishing profitable equities business, leading and mentoring analysts. He has worked with prominent foreign and domestic capital market firms such as UBS, Societe Generale, HSBC, ASK Raymond James and Karvy Stock Broking. In the course of his career he has interacted with prominent Indian companies, foreign and domestic institutional investors and high net worth individuals. His research focuses on wealth creation by identifying under- and overvalued stocks using multiple valuation methodologies, adopting top- and bottom-up approaches.

A regular guest on business media channels, he is respected for being unafraid to go against the consensus view on stocks and the market. In June 2011, when many analysts were positive on the Indian economy and on corporate earnings, he (as the head of institutional equity research at a brokerage house) was one of the first analysts to caution investors regarding a demand slowdown in the Indian economy and to warn of the danger of “an extended period of lower inflation accompanied by subdued growth and investment.”

R K Hazari

R. K. Hazari

(1932-1986)
Economist and former deputy governor, Reserve Bank of India

N L Hingorani

N.L. Hingorani

(1932-1995)
former director, National Institute of Bank Management

Early in his career, he was fortunate to have been mentored by N L Hingorani, a close friend of his father, R K Hazari, in corporate financial analysis and business strategy.

In the 1990s, he publicly debated with India’s leading credit rating agencies on their debt rating of individual companies and highlighted deficiencies in their methodologies.

With a Masters Degree in International Studies from the University of South Carolina, USA and a Bachelors in Economics from St. Xavier’s College, Mumbai, he has been interested in the role played by the political economy in economic policy and the impact of global political and financial developments on the capital markets. He has also published articles on India’s defence and naval strategy.

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