Independent Equity Research Analyst at Independent (2025-01 – Present)
- Anant Raj Limited (NSE: ANANTRAJ) - Forensic SELL Report: Revised from bull to forensic SELL following primary source diligence across seven HRERA statutory filings, identifying a systemic execution-governance mismatch obscured by management narrative.
- Uncovered escrow burn patterns (1.94x collections), active RERA revocation proceeding, SA 560 auditor violation, QIP fund commingling, and negative Q4 FY26 OCF of ₹434.77 Cr against record PBT of ₹661.94 Cr - supporting a risk-adjusted SOTP fair value ceiling of ₹618/share.
- FSN E-Commerce Ventures (Nykaa) - Financial Model: Built a nine-sheet financial model with bottom-up revenue build, three-statement integration, WACC, DCF (mid-year convention), trading comps, scenario analysis, and sensitivity tables.
- Arrived at a Sell recommendation based on base-case downside and valuation implying simultaneous margin expansion across four sub-businesses at different maturity stages.
- The Analyst's Eye - Substack: Publish deep dives on equity markets, corporate governance, and business analysis.
Client Associate at Kavi Research Ventures (2024-05 – 2025-01)
- Screened and evaluated 100+ senior industry professionals (C-suite, VPs) for investor-led consultations across tech, healthcare, and consumer sectors.
- Assisted in investor-driven expert interviews for due diligence, analysing how institutional investors evaluate business quality, competitive moats, and management credibility.
Legal Research Intern at Trilegal (2023-04 – 2023-05)
- Researched M&A structuring (earnout mechanisms, liquidation preferences under IBC, ESOP issuance) to develop analytical frameworks for corporate transactions.
Legal Research Intern at Aarna Law (2023-10 – 2023-11)
- Analysed corporate spin-offs, ROFO/ROFR clauses, and supply contract remedies for corporate restructuring contexts.
