Institutional-grade analysis on Indian listed companies and sectors. Mid-Cap focus. Data-anchored. No fluff.
Focused on mid-cap Indian equities where institutional coverage is thin and information edge matters.
Avalon Investments is an independent equity research platform built on the thesis that institutional-grade analysis of Indian mid-cap companies should not be locked behind a sell-side paywall.
Prior experience includes equity research at a CAT-III Alternative Investment Fund. Coverage spans three core sectors with a consistent focus on data-anchored, primary-source research methodology.
Looking to discuss a coverage idea, commission research, or explore a collaboration? Reach out directly.
Sector deep-dives, initiating coverage notes, earnings reviews and investment theses on Indian listed equities.
Initiating coverage notes, sector deep-dives, and macro outlook reports. Primary source-verified, no unverified figures, analyst-grade methodology throughout.
Proprietary valuation models built from primary filings, concall transcripts, and peer benchmarking. Bear / Base / Bull scenarios with full WACC derivation and sensitivity tables.
Independent equity analyst. Mumbai-based. Four years in Indian capital markets with a focus on mid-small cap listed companies.
Avalon Investments is an independent equity research platform focused primarily on Indian listed equities, with an emphasis on mid-small cap companies where institutional sell-side coverage is thin and information edge remains meaningful.
This platform was built on a simple set of principles: rigorous, data-anchored research on Indian companies should not require access to a Bloomberg terminal or a sell-side subscription. Every report published under the Avalon banner follows a consistent methodology: primary source verification, no unverified figures, and analysis that reflects reality as the data shows it.
Prior to founding Avalon, I worked as an Equity research analyst at a CAT-III Alternative Investment Fund, contributing to live investment decisions including a notable position in Timex Group India. That experience forms the analytical foundation that underpins the research process that I have today.
My coverage spans five sectors: Power & T&D, Defence & Aerospace, Banks & NBFCs, Capital Goods & Engineering, and Renewables. Within each sector, the focus is on companies at an inflection point, covering order book ramps, margin recovery, and structural shifts in competitive positioning.
My research methodology combines bottom-up fundamental analysis with sector-level value chain mapping, DCF modeling, and peer comparison frameworks. Beyond fundamental research, I also traded actively across equity and commodity markets for about 4 years, bringing a practitioner's perspective to both positioning and risk.
Research inquiries, collaboration proposals, coverage requests, or just a conversation about markets.
I respond to all substantive inquiries related to research, markets, and collaborations. If you've read any of the coverage and want to push back on the thesis, I'm equally open to that.