edelweiss research experience

Edelweiss Research Experience

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Your Edelweiss Experience

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Money-making, incisive ideas

In-depth thematic research

India 2025 Conference Series

Dedicated corporate access

With differentiated offerings, Edelweiss is a preferred partner to over 1000 global and domestic institutional investors

Research – 45 analysts, 238 stocks under coverage, 350

years of cumulative experience

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Rich cumulative experience, bold stock calls and incisive thematic research make Edelweiss among the most sought-after on Street

45 members: One of the largest India-dedicated teams

350 years of cumulative research experience

1833 proactive research reports published over the past year

Differentiated team – ESG (4), Analysis Beyond Consensus (4), Alt Research (3), Eco. & Strat. (4), Midcap (4) & sector analysts (32)

238 stocks under in-depth coverage

Strong sector calls, bold stock recommendations

Pioneering Research: SEEKING GROWTH – THE WAY

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Population in urban Indiato touch 600 millionby 2030; 80 millionhomeless

‘Housing for All’ targets50 million homes

A large socioeconomicbusiness opportunity

AFFORDABLE HOUSING

Literacy rising, skill setslag—a mismatch andsocial risk

By 2023, 46% of jobs inIndia will need radically

Big government push forskill development

EMPLOYABILITY

income and wealthdivides

Financial inclusion agreattool to tackle social andgovernance issues

Laudable governmentinitiatives such asopening basic bankaccounts (300 million-plus) and accessto credit

FINANCIAL INCLUSION

Government spends merely1.2% of GDP; 62% out-of-pocket expenses

India ranks lowest amongBRICS on various healthcareindices

Government push improvesability to foot medical bills

HEALTHCARE

Atypical ESG play onsocial well-being andgovernance

Disrupting economies,raising expectations

Initiatives on education,social inclusion make amark

DIGITALISATIONA direct play on ESG withIndia committed to COP21…

…but the country currentlyranks 177 among 180 onEnvironmental PerformanceIndex

Environment focus may spurINR 7 trillion opportunities

ENVIRONMENT

Top-rated four-member team with 70 years of aggregate experience

Key Research Reports

• Customize you ESG India basket

• ESG CXO e-series: Sustainable tomorrow

• ESG CXO e-series: New era of disclosures

Forensic research by Analysis Beyond Consensus team

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Annual Report Analysis/in-depth forensic research

Within ABC, we analyse annual reports to provide a differentiated perspective to our

clients on various non-routine and intricate issues; this unit of research works

independent of sector/stock research teams

Dedicated four-member team with 25+ years of experience spanning accounting, tax, due diligence, regulatory and governance

Differentiated thematic researchExpertise in thought-provoking, relevant and out-of the-box themes/ ideas such as GST, IND-AS, THE SHIFT – Unorganised to Organised, and Capital Conundrums series – Incremental RoCE & Capex Outliers.

Bold macro calls by Economy & Strategy team

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Some of our master-pieces in the year gone by…

Inflation risks: Tenuous or tenacious?

A reconciliation year – at a time of reset

Strong four-member team with 50 years of cumulative experience

2021: Two-Track Recovery

Rural Economy: Is the farm fulcrum fading?

Prescient Alternative & Quantitative Research

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Some of our masterpieces in the year gone by…

Edelweiss Quant Screener

Edelweiss Style Analysis India IQ Barometer

Dedicated three-member team with 20+ years of experience spanningEquity, Derivatives, Statistical and Special Situation Strategy

Edelweiss Alternative Research has been a pioneer in Special SituationOpportunities and accurately predicting of Global & Domestic Index Re-bal. Witha strong holding on the Indian listed space, team has been generating AlphaReturns via Statistical Arbitrage and Delta One trading recommendations

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A reconciliation year – at a time of reset;

Aditya Narain

Strategy

Inflation risks: Tenuous or tenacious?Kapil Gupta

Eco

Staples fare 2021: TrendspottingAbneesh Roy

FMCG

Greater protection for CGD incumbents

Jal Irani

Oil & Gas

ESG CXO e- SeriesJal Irani

ESG

Metrolution: No signs of abating

Parvez Akhtar Qazi

Real Estate

India SMid Strategy: Category leadership–

Worth its weight in goldAlok Deshpande

Midcap

The squeeze-up cycle 2Sandip Agarwal

IT

Incisive thematic research

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Discount Season; A few bargains

Chirag Shah

Oil & Gas

RIL: Déjà vu; downgrade in orderJal Irani

Auto

Steeling March –Refractories

Shradha Sheth

Midcap

Decoding the platform economy

Pranav Kshatriya

Telecom

Industrial Automation ‘An efficient switch’Amit Mahawar

EC&G

Market musings: Global reflation = Earnings

elevationPrateek Parekh

Strategy

A dark horseNavin R. Sahadeo

Cement

Pharmaceuticals: Soft industry volumes

Kunal Randeria

Healthcare

Incisive thematic research (contd..)

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Unseasonal SpringAmit Dixit

Metals

Wave before the storm Sandip Agarwal

IT

Capturing chaosPranav Kshatriya

Telecom

Market Musings: Bond rout – Speed breaker or

wall?Prateek Parekh

Strategy

Inter-City Rail: Set for High-speed rush

Parvez Akhtar Qazi

Infra

A time to pipe upSneha Talreja

Midcap

US Treasuries glut: Potential air pocket?

Kapil Gupta

Eco

Power


Indian Utilities: High margin of safety amid

volatilitySwarnim Maheshwari

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Electric goes eclecticChirag Shah

Auto

Less cheer and more fear ahead

Amit Dixit

Metals

FMCG

Commodities: Will history repeat

Chirag Shah

Auto

CGD: Unabated growthJal Irani

Oil & Gas

Regulations: Nipping the butt in the budAbneesh Roy

FMCG

Bond rout: Speed breaker or wall?

Prateek Parekh

Strategy

Internet


Super apps or apps constellation

Pranav Kshatriya

Battle of biscuits: Parle steals a march Abneesh Roy

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Rural economy: Is the farm fulcrum fading?

Kapil Gupta

Oil & Gas

OMC: Poised for structural growth Jal Irani

Eco

Auto

Will new kid on block queer the pitch?

Abneesh Roy

FMCG Ports

Metals

Real Estate

Ports: Besieged, but not adrift

Swarnim Maheshwari

Auto

Time for a pit stopChirag Shah

M&HCVs: primed for super recovery

Chirag Shah

Dream RunAmit Dixit

Hot Property: Rising Like a Phoenix

Parvez Akhtar Qazi

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Consumer Durables

Pivot Shifts: from supply chain to demand

Amit Mahawar

Money making Bold Calls

Information Technology

Economy

Reliance Industries

TechWeiss Series

Money making Bold Calls (contd..)

Retail: QSR

Metals & Mining

Engineering & Capital Goods Real Estate

ESG Series

IEX–Electrifying Monopolistic growth

Our money-making BUY stock ideas over past year

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Our top money-making BUY ideas

Companyperformance %

for FY21Analyst Investment argument

Jindal Steel & Power

540 Amit Dixit Ferrous: The worst looks over

Tata Power 350 Swarnim Maheshwari Changing DNA- From an Utility to a Growth play

NCC 322 Parvez Akhtar Qazi Diversified segmental presence

IndiaMART 299 Pranav Kshatriya Shining amidst turmoil; continuing to dominate the B2B segment

Tata Motors 270 Chirag Shah Jumpstarting the journey

Prince pipes 243 Sneha Talreja Strong growth story

JK Cement 220 Navin R. Sahadeo The dream run has just begun

Quess Corp. 213 Alok DeshpandePreference for flexi-staffing increasing and Quess is well positioned to gain; Focus on cap. allocation to drive better return profile

Polyplex Corp 195 Shradha ShethFortified BOPET player

Emami 183 Abneesh Roy Promoter deleveraging and health & hygiene upsurge

Gujarat Gas 148 Jal Irani Unabated growth

Jubilant Foodworks 137 Nihal Mahesh Jham Industry leading SSSG, delivery plus digital leadership

Bajaj Electricals 130 Amit Mahawar Consumer business worth buying

Mindtree 127 Sandip Agarwal Growth led by Top Client

Cipla 82 Kunal RanderiaBranded generic resiliency in earnings; moving up the product complexity ladder particularly in respiratory.

Our money-making REDUCE stock ideas over past year

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Our top money-making NEGATIVE stock calls

CompanyStock Under performance

% for FY21Analyst Investment argument

Shoppers Stop (47) Nihal Mahesh Jham limited private label/online share impacts outlook

Reliance Industries (37) Jal Irani Dejà vu (vs Nifty since we downgraded in Jul’20)

Maruti Suzuki (13) Chirag Shah Unexciting product portfolio could weigh on market share/margins

Biocon (10) Kunal Randeria Limited prospects (since our note in Sept’20)

Razor-sharp company research

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Our very best company-specific products for the year…

Sector Company Theme Analyst

Energy Reliance Industries Déjà vu; downgrade in order Jal Irani

IT TCS The Colossal Shines Sandip Agarwal

Consumer Goods HUL Clearing the air: Decent recovery all over Abneesh Roy

Automobiles M&M About (mis)perceptions and misfires Chirag Shah

Metals Hindalco Industries Sustainability at Core Amit Dixit

Telecom Bharti Airtel Tariff no barrier Pranav Kshatriya

Power Tata Power From Utility to growth play Swarnim Maheshwari

Pharma Alkem A Dose of Steady Growth Kunal Randeria

Plastic films Polyplex Corp Fortified BOPET player Shradha Sheth

Capital goods Cummins India Extreme pessimism triggers value Amit Mahawar

Key monthly branded products across sectors

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Our very best monthly products for the year…

Sector Theme Analyst

Economy Blindspot Kapil Gupta

Economy What’s trending Kapil Gupta

ESG ESG CXO e- SeriesJal Irani/ Alok Deshpande/ Aditya Narain

Logistics Trains and Trucks Alok Deshpande

Property Hot Property Parvez Akhtar Qazi

Strategy Market Musings Prateek Parekh

Power Power Pulse Swarnim Maheshwari

Pharmaceuticals Prescription Check Kunal Randeria

Cons. Durables Durable Diaries Amit Mahawar

Construction Infra Scape Parvez Akhtar Qazi

Corporate Access

N. America & Canada

Hong Kong

Singapore

Europe

Australia

Taiwan

Marquee Annual India Conference that typically sees participation of 150+ corporates, ~200 global and Indian investors (~5,000 meetings)

14 member sales team covering some of the largest institutional clients across the globe including large Pension funds, Long only funds, ETFs, Hedge funds and AIFs

Four annual regional conferences held in US, UK, Hong Kong & Singapore with extensive participation from global investors

Extensive corporate access with focus on management access via road shows, investor trips, sectoral conferences, meetings with experts and Dealer & Distributor days

Customized client service for clients across the risk spectrum

Theme-based, focused corporate days

Auto & Consumables Day

Agri & Specialty Chemicals Day

Edel Pulse Dealer Day

Branded Apparel & Retail Day

ESG CXO e-Series

City Gas Distribution CEO e- Series

India 2025 Conference series

Marquee India Conference focusing on key themes that will shape the India of 2025

India Conference in its 16th year in 2021. India 2025 series started in 2018 with the objective of providing a view of India in the long term

Release of themed reports -The New Order (2021), The Renaissance of India’s Businesses (2020), Seeking Growth - The ESG Way (2019) and Another Tryst with Destiny (2018)

Mr. Sanjeev SanyalPrincipal Economic Advisor

Ministry of Finance

Mr. Pirojsha GodrejExecutive ChairmanGodrej Properties

Mr. Sanjiv MehtaChairman & MD

Hindustan Unilever

Mr. S. N. SubrahmanyanMD & CEO

Larsen & Toubro

Mr. A K Jana,MD OF Indraprastha Gas

Ltd.

Ms. Prachi WindlassDirector, India Programs

Michael & Susan Dell Foundation India

Mr. Bharat PuriManaging DirectorPidilite Industries

Mr. Soumitra BhattacharyaManaging Director

Bosch Limited

Mr. Ambareesh MurthyCo-founder & CEO

Pepperfry

Mr. Cuneyt KazokogluDirector, Long-Term Oil Service

& Head of Oil Demand Facts Global Energy London

Expert connect with eminent economists, industry and

subject matter experts

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Vote for our star analysts…

Experience: 17 years

across sectors

Sector: FMCG, Retail, Media

Stock calls: Emami up 183%, Asian Paints up 58%, Berger Paints up 58%.

Key products: FMCG:

Staples fare 2021:

Trendspotting, Battle of

biscuits: Parle steals a

march


across Asia & global at

JPMorgan, Macquarie, ICICI,

Societe Generale.

Sector: ESG, Oil & Gas, Aviation

Stock calls: Reliance Ind:

down 37% Gujarat Gas up

148%; IGL up 72%

Key products: RIL: Déjà vu;

IGL: poised for structural

volume acceleration; ESG

CXO e- Series

Abneesh RoyJal Irani

Experience: 20 years;

across Citigroup, UBS

Sector: Past

experience in Strategy,

Banking and Finance

Key products: A

reconciliation year – at a

time of reset;

Reforms done, reflation due

Aditya Narain

Core research team: 350+ years of rich experience

Kapil Gupta


: Economy

Key products: Economic

Outlook 2021: Two-Track

recovery, Inflation risks:

Tenuous or tenacious?,

Rural economy: Is the

farm fulcrum fading?

Santanu Chakrabarti


Sector: BFSI with focus on

Insurance &

Financial Services

Stock calls: ICICI Lombard

up 32%; AU SFB up 78%

Key products: Good

Life@Club Banca

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Amit Mahawar


Sector: Capital Goods &

Consumer Durables

Stock calls: Bajaj

electrical, Crompton

Consumer, L&T, Cummins

Key products: ‘Durable

Diaries’, Industrial

Automation: An Efficient

Switch


Sector: Automobiles

Stock calls: Tata Motors,

Ashok Leyland

(BUY),

Key products: Discount

Season, Business

resiliency test,

Electric goes

eclectic

Chirag Shah


Sandip Agarwal


Sector: IT &Telecom

Stock calls: Mindtree , up

127%; LTI, up 118%

Key products: Squeeze-up

cycle 2; Wave before the

storm

Alok Deshpande


across sectors

Sector: Logistics, Business

Services, Forensic

Research, ESG and SMid

-cap strategy

Stock calls: Blue Dart, TCI

Express, Quess Corp

Key products: India SMid-

cap strategy: Category

leadership – Worth its

weight in gold

Rohan Gupta


Across multiple sectors

Sector: MidCap

Stock calls: Aarti

Industries, up 45%

Key products: Specialty

Chemicals- The right

Chemistry; Home Décor –

Tough times: The bigger,

the better


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Across Religare Capital

and HDFC Securities

Sector: Cement

Stock calls: JK Cement,

Ambuja Cement

Key products: The dream

has just begun; A dark

horse

Navin Sahadeo


Sector: Infrastructure &

Real Estate

Stock calls: NCC

Key products:

Metrolution: No signs of

abating, Inter-city rail: Set

for hi-speed rush, Hot

Property: Rising like a

Phoenix

Parvez Akhtar Qazi


Sector: Metals

Stock calls: JSPL up 540%;

Hindalco up

327%; Tata Steel

up 315%; SAIL up

197%;

Key products: Dream run;

Unseasonal spring; Good

times extended

Amit Dixit Shradha Sheth


Sector: Bearings, Batteries,

Abrasives, Refractories,

Credit rating

Stock calls : Polyplex up

195%, Carborundum up

185%, Orient refractories

up 120%, Grindwell up

120%

Key products: Plastic Films:

The Growth Wrap; Steeling

march - Refractories

Kunal Randeria

Experience: 13 years,

Antique, JM Fin,

Nomura

Sector: Pharma &

Healthcare

Key products: Alkem – A dose of steady growth; Cipla – gRevlimid: going gets better; Rx check – Soft volumes


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Sector: Power & Ports

Stock calls: Tata Power

(up 350%) , Adani Ports

(up 105%), IEX (up 103%);

India Grid Trust (up 46%),

Key product: Indian

Utilities: High margin of

safety amid volatility

Swarnim Maheshwari

Pranav Kshatriya


Sector: Internet &

Telecom

Stock calls : IndiaMART

up 299% ; Indus Towers

up 60%

Key products: Decoding

the platform economy,

Capturing chaos;

structural uptick in

demand

Experience: 10 years; JP

Morgan

Sector: Economy & Strategy

Key products: Earnings review; Market musings

Prateek Parekh


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JP Morgan

Sector: Consumer

Discretionary &

Midcaps

Key products: QSR: The

Right Combo;

Branded Apparel: Wide

Collection; Limited

Choice

Nihal Mahesh Jham Sneha Talreja

Experience: 8 years, Emkay Global, CRISIL Ltd

Sector: Home Decor, Chemicals

Key products: : Home

Décor - A time to pipe up; Home Décor – Tough times: The bigger, the better; Home Décor – Trending tales

Prakhar Agarwal

Experience: 9 years

Sector: BFSI

Key products: Liquidity

scenario amid uncertainties

Awards and accolades

2016

Best Institutional Broker, FinanceAsiaBest Performing Institutional Member

from NSE for two consecutive years

2018

2018

201

6

Product/ Service Category 2020

Best Team For ESG (Environment, Social And Governance) 1

Best Quantitative Data Team Team 1

Best Team For Infrastructure 1

Best Team For Metals & Mining 1

Best Economist Team 1

Product/ Service Category 2020

Best Team For Energy/Oil 2

Best Overall Sales 2

Best Sales People Team 2

Best Team For Small Caps 2

Best Sales Trading Team 2

Top team ranking in Asia Money’20

Highest ranked Research Analysts in Asia Money’20

Jal Irani

Best ESG Analyst

(Rank 2)

Jal Irani

Best Energy Analyst

(Rank 2)

Sandip Agarwal

Best IT analyst

(Rank 2)

Amit Dixit

Best Metals Analyst

(Rank 2)

Kapil Gupta

Best Economist

(Rank 2)

Swarnim M

Best Utilities Analyst

(Rank 3)

HOPE YOU APPRECIATE YOUR

EDELWEISS EXPERIENCE

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This Document is distributed by Edelweiss on a strictly confidential basis. This Document and the information contained herein may not be disclosed reproduced orused in whole or in part for any purpose or furnished to any other persons without the express prior written, disclosed, permission of Edelweiss. This Document isdistributed by Edelweiss upon the express understanding that no information herein contained has been independently verified. Further, no representation orwarranty expressed or implied is made nor is any responsibility of any kind accepted with respect to the completeness or accuracy of any information. Also norepresentation or warranty expressed or implied is made that such information remains unchanged in any respect as of any date or dates after those stated hereinwith respect to any matter concerning any statement made in this Document. Edelweiss and its directors, employees agents and consultants shall have no liability(including liability to any person employees, by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express orimplied) arising out of, contained in or derived from, or for any omissions from the Document. All recipients of the Document should make their own independentevaluations and should conduct their own investigation and analysis and should check the accuracy, reliability and completeness of the Information and obtainindependent and specific advice from appropriate professional advisers, as they deem necessary. Where this Document summarizes the provisions of any otherdocument, that summary should not be relied upon and the relevant documentation must be referred to for its full effect.

Aditya Narain

Head – Research

+91 98202 99964

[email protected]

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