Equity Research case studies, worked step by step

Cases
100
Traced to a firm
30
Topics
12
Hard
30
Topic
All topicsStock pitch15Earnings and results9Forecasting and modelling10DCF and intrinsic value9Relative valuation7Financials6Sector economics9Forensic accounting9Industry structure and moats7Macro and commodity sensitivity7Capital allocation and corporate actions7Buy-side portfolio judgement5
Level
AnyWarm upCoreHard
Source
AnyReported at a firmStandard
Showing 11–20 of 50 · filtered from 100Clear filters
  1. 020Crude-linked raw materials are 55% of Rangora Paints' cost of goods. Crude rises 20% and price hikes follow one quarter later. What happens to gross margin over the next three quarters?Macro and commodity sensitivityCoreSell-side equity researchIndian brokerage research
  2. 022Keep a long pitch ready: Ravestra Motors, a two-wheeler maker with revenue of Rs 9,000 crore, where electric models are 8% of volumes rising to 20% and carry a gross margin 10 points below petrol. Pitch it and show what the mix shift does to margins.Stock pitchCoreFranklin TempletonSan Mateo · 2024
  3. 029A junior's DCF of Pravolt Batteries puts over 90% of value in the terminal value, which implies an exit multiple of 28x EBITDA against peers at 14x. What is wrong, and how do you fix it?DCF and intrinsic valueCoreSell-side equity researchBuy-side equity research
  4. 031Build Nirvela Bank's return on equity from an ROA tree: margin, fees, cost to income, credit cost, tax and leverage. Where is the gap to a peer earning 17%?FinancialsCoreSell-side equity researchIndian brokerage research
  5. 034Case study on Kavelin Adhesives: 55% market share, ROCE above 35% for ten years, four price rises in three years with volumes still growing. What are its competitive advantages, are there barriers to entry, and can growth last?Industry structure and moatsCoreMorningstarAnonymous interview candidate in · 2023
  6. 036How would you IPO a school? Vidhyora Schools has EBITDA of Rs 150 crore and net debt of Rs 200 crore; at 20x EV/EBITDA it raises Rs 600 crore of new money and the promoter sells Rs 400 crore. Work out the post-money value, the dilution and the free float.Capital allocation and corporate actionsCoreWellington ManagementBoston · 2024
  7. 037Advise a long-only manager on building an ESG thesis on Hiravati Textiles: high water use, two effluent fines in three years, and export customers asking for audited data. What changes in the cash flows and the cost of capital?Buy-side portfolio judgementCoreNeuberger BermanNew York · 2025
  8. 038TMT stock pitch: Orvanta Cloud, an Indian software-as-a-service company with ARR of Rs 800 crore growing 30% and net revenue retention of 115%, trades at 9x EV/ARR against peers at 7x. Pitch it and name the two metrics that justify or break the premium.Stock pitchCoreMillennium ManagementNew York · 2023
  9. 040Use app and social media data to forecast Sanvora Beauty's quarterly sales. Downloads are up 25% and brand mentions up 40%; your estimate is Rs 410 crore against a street estimate of Rs 450 crore. How confident are you?Forecasting and modellingCoreTwo SigmaNew York · 2024
  10. 041Case presentation to a panel: Helvika Solar has a bear value of Rs 180 (30%), a base of Rs 300 (50%) and a bull of Rs 450 (20%), against a share price of Rs 320. State your view and the uncertainty around it.DCF and intrinsic valueCoreSell-side equity researchResearch KPO and GCC

Company names and figures are illustrative.