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 21–30 of 100
  1. 021Hemvara Utilities pays out 90% of its profit as dividends while free cash flow is only 70% of profit. How is the gap funded, and is the dividend safe?Capital allocation and corporate actionsWarm upLong-only asset managementIndian 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. 023Veltrona Textiles grows revenue from Rs 2,000 crore to Rs 2,400 crore with debtor days of 70, inventory days of 90 and payable days of 60. How much extra working capital does the growth need?Forecasting and modellingWarm upSell-side equity researchResearch KPO and GCC
  4. 024Sudhira Home Care raises prices 6%, volumes fall 2%, and gross margin moves from 45% to about 48%. What are revenue growth and gross profit growth?Sector economicsWarm upSell-side equity researchIndian brokerage research
  5. 025Pitch Mirelia Foods, a packaged snacks maker with revenue of Rs 1,500 crore growing 11%, a 16% EBITDA margin and a P/E of 38x. Then answer the three follow-ups: why now, what is priced in, and what would make you wrong.Stock pitchWarm upPoint72central · 2025
  6. 026One-week take-home: pitch Ashvik Logistics, an asset-light contract logistics company. Give three thesis pillars and cross-check value with a DCF and a peer multiple.Stock pitchHardWellington ManagementBoston · 2024
  7. 027Zentara Chemicals' EBITDA fell from Rs 400 crore to Rs 310 crore. Build the bridge from price, volume, raw material, currency and other items, and judge which parts are temporary.Earnings and resultsHardSell-side equity researchBuy-side equity research
  8. 028Case study, then a debrief with the portfolio manager: Telvarra Telecom raises tariffs 15% and expects to lose 3% of subscribers. Model the effect on revenue and EBITDA, and defend it.Forecasting and modellingHardHedge fund long/shortMulti-manager pod
  9. 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
  10. 030Ferrano Retail reports under Ind AS 116 with Rs 300 crore of lease liabilities; its peer expenses most store rent. Adjust EV and EBITDA so the two can be compared fairly. Which is cheaper?Relative valuationHardSell-side equity researchBuy-side equity research

Company names and figures are illustrative.