Last updated on July 15th, 2026 at 06:46 pm
Choosing the right equity research firm can shape your learning curve, career growth, and long-term earnings. A firm qualifies as a top equity research firm when it delivers high-quality research, follows strong governance and ethics, offers exposure to real investment decisions, and provides structured learning for analysts. Other key factors include the depth of sector coverage, credibility with investors, use of advanced research tools, and career progression opportunities.
Equity research firms in India broadly fall into three categories. Buy-side firms (mutual funds, PMS, hedge funds) focus on research for internal investment decisions and reward performance. Sell-side firms (brokerages and investment banks) publish research for clients and generate revenue through trading and advisory services. KPO research firms support global banks and asset managers with financial modeling, data analysis, and reporting, making them a popular entry point for freshers.
This list is designed for students, fresh graduates, and early-career professionals who want clarity on where to start, how firms differ, and which type of equity research role best fits their goals—whether it’s learning fundamentals, gaining global exposure, or building a long-term buy-side career.
So, in this article I will show enumerate the complete list of equity research companies in India. Also will cover not just the Top equity research firms in India from the broking side but also Kpo’s. So let’s get started.
What is Equity Research?
Equity research is basically a function, where the analyst performs fundamental analysis of public or private listed companies. There are two categories of research, firstly buy side equity research and second is sell side equity research. Sell side equity research is basically all the research done by a stock broking firm, whereas buy side equity research is realted to research done by asset management company itself. I have listed down the difference between the two below.
Buy Side vs Sell Side Equity Research
| Criteria | Buy Side Equity Research | Sell Side Equity Research |
|---|---|---|
| Objective | Make investment decisions for institutional investors, hedge funds, and asset managers. | Provide research and recommendations to clients, typically investment banks and brokerage firms. |
| Focus | Generating alpha and maximizing returns on investments. | Providing reports and stock recommendations for clients. |
| Revenue Model | Earns from portfolio performance and asset management fees. | Earns from commissions, advisory fees, and trading revenue. |
| Clientele | Institutional investors, hedge funds, mutual funds, and private equity firms. | Investment banks, brokerage firms, retail investors. |
| Research Approach | Confidential, proprietary, and used internally. | Publicly available or distributed to clients. |
| Work Nature | Long-term investment perspective, detailed financial modeling. | Short-term market analysis, earnings forecasts, and reports. |
| Compensation | Higher salaries and performance-based bonuses. | Base salary plus bonuses linked to research accuracy and client relationships. |
| Career Progression | Investment Analyst → Portfolio Manager → Chief Investment Officer. | Equity Research Associate → Senior Analyst → Head of Research. |
Category of Equity Research Firms in India
So there are multiple ways to look at these companies however, let me categorise it on the basis of;
- Tier 1 – Equity Research firms in India
- Tier 2- KPO based
- Tier 3- Boutique equity research companies
Tier 1 Equity Research Companies in India
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So let me first start with the most premium and sought after companies to work with in this field. And first in my list is
Crisil Global Equity Research
Now, Crisil is a one of those companies in this business for decades. In fact it still is one of the top employers from Ivy League b schools in India.
Now generally speaking in case of Crisil, you should either be from
- Ivy League top 10 b -schools
- CFA level 2 & above
- Or A chartered accountantand this criteria is very stringent only for global equity research, not other business’s of Crisil.
Transparent Value
Based out of Mumbai, transparent value is another premium name in this business. However, in terms of the scale of hiring, this might not be that common. However the research experience you can get working with them is just awesome.
Generally category of people they hire:
- CFA’s,CA, MBA’S
- Graduates
Now the interesting thing about transparent value is that they are not very stringent on qualifications alone.
Evalue serve
Another crown in India which specialises in research is EVS, as it is popularly known. EVS can be a difficult gate to open, when you apply. Majorly because of their entry level requirements.
Generally speaking the following background is acceptable at EVS;
- CFA,CA’S, MBA’s(Top 10)
Rarely have I seen graduates being entertained here for interviews. Which I think is not because of their policy but because of their client requirements.
Also check out our equity research interview question blog
Nomura
NOMURA is a global financial services company which is origanally from Japan. It is japans largest investment bank.
Equity Research Analyst Job at Nomura
– Join as an integral part of India Equity research team.
– The role will involve supporting senior analysts based in India.
– The successful candidates will be part of a highly-regarded team with a mandate for research on stocks listed in India.
– Work on financial statements of companies, build and maintain earnings and valuation models.
– Track & report news/events on coverage names, maintaining industry/ company databases.
Key Skills:
– Strong knowledge of accounting, financial statement analysis and security valuation
– Distinctive academic record: consistently highly graded within their peer group
– Excellent communication skills (written and oral) with attention to detail
– Solid analytical skills, including ability to perform data analysis
– Ability to work under pressure, multitasking and meet deadlines
– Advanced knowledge of MS Excel & MS PPT; Bloomberg exposure will be added advantage
The 15 buy-side firms (AMCs) hiring equity research talent in 2026
These are India’s largest asset managers by AUM — the firms where research directly feeds into fund manager decisions, and where a strong track record can eventually lead to a portfolio management seat.
| # | Firm | AUM / Market Position | What Their Research Desk Looks For |
|---|---|---|---|
| 1 | SBI Mutual Fund (SBI Funds Management) | India’s largest AMC by AUM (~₹12.8 lakh crore); JV between SBI and Amundi | Broad sector coverage teams, strong preference for CFA/CA + modeling depth |
| 2 | HDFC Asset Management Company | Top-3 AMC; equity-heavy fund suite | Structured graduate hiring plus lateral hires from sell-side with 2-4 yrs experience |
| 3 | ICICI Prudential AMC | India’s second-largest AMC by AUM | Large, sector-specialist research bench; CFA strongly preferred at senior analyst level |
| 4 | Nippon India Mutual Fund | Nippon Life-backed; strength in large-cap and passive funds | Mix of fresh CFA candidates and experienced sell-side lateral hires |
| 5 | Kotak Mahindra AMC | Full-spectrum research coverage across cap segments | Prefers candidates who’ve already cut their teeth on the sell-side |
| 6 | Aditya Birla Sun Life AMC | Large legacy fund house, broad category presence | CFA/MBA finance, structured associate-to-analyst ladder |
| 7 | Mirae Asset Investment Managers (India) | Korean-parented; known for concentrated, high-conviction portfolios | Small, tight research team — very selective, high analytical bar |
| 8 | UTI AMC | India’s oldest AMC, listed entity | Traditional hiring via campus + experienced lateral mix |
| 9 | Axis AMC | Fast-growing, active-equity focused | Younger research team, open to strong CFA Level II+ candidates |
| 10 | DSP Mutual Fund | Boutique research culture despite institutional scale | Small analyst pods, deep sector ownership from early on |
| 11 | Tata Asset Management | Growing AUM base under Tata Group | Standard AMC hiring pattern — CA/CFA/MBA finance |
| 12 | Franklin Templeton AMC India | Global research process integration | Prefers candidates comfortable with standardized global research templates |
| 13 | Quant Mutual Fund | India’s fastest-growing AMC in recent years; quant + fundamental blend (VLRT framework) | Hires for both quantitative and fundamental research skill sets |
| 14 | PPFAS Mutual Fund (Parag Parikh) | Value-investing focus; small, tightly-knit research team | Extremely selective — long-term thinking valued over credentials alone |
| 15 | Motilal Oswal AMC | Buy-side arm, distinct from Motilal Oswal’s broking business; QGLP investment philosophy | Internal pipeline often draws from the group’s own sell-side/PMS teams |
A note most lists skip: several of these AMCs also run PMS (portfolio management services) desks with separate, smaller research teams — Motilal Oswal PMS and ASK Investment Managers are two well-known examples outside the mutual fund structure, and they’re worth tracking if you want buy-side exposure without needing to break into a mega-AMC first.
The 15 sell-side firms hiring equity research talent
Sell-side is where most freshers actually enter the field — it’s the primary pipeline that later feeds the buy-side. This list covers India’s largest domestic institutional broking houses and the global bank research desks operating out of Mumbai.
| # | Firm | Type | What Their Research Desk Looks For |
|---|---|---|---|
| 1 | Kotak Securities (Kotak Institutional Equities) | Domestic bulge-bracket broking | Strong campus + lateral pipeline; CFA candidates well regarded |
| 2 | Motilal Oswal Financial Services | Domestic broking + IB | One of the largest fresher-hiring sell-side desks in India |
| 3 | Nuvama Institutional Equities (formerly Edelweiss Securities) | Domestic institutional broking | Rebranded in 2023 after the Edelweiss demerger; covers 265+ stocks, 80%+ of market cap |
| 4 | ICICI Securities (I-Sec) | India’s largest listed retail + institutional brokerage | High-volume fresher and lateral hiring |
| 5 | HDFC Securities | Domestic broking | Standard analyst-to-associate ladder |
| 6 | Axis Capital | Institutional equities + investment banking | Prefers candidates with modeling and pitch experience |
| 7 | JM Financial Institutional Securities | Domestic institutional broking | Smaller, more selective research teams |
| 8 | IIFL Securities / IIFL Capital Services | Domestic broking | Broad sector coverage, active fresher hiring |
| 9 | Prabhudas Lilladher | One of India’s oldest broking houses | Traditional research house, values sector depth over pedigree |
| 10 | Antique Stock Broking | Boutique institutional research | Small team, punches above its size on research quality |
| 11 | Elara Capital | Domestic-international hybrid broking | Cross-border client base, values English report-writing skill |
| 12 | Goldman Sachs (India research desk) | Global bank | Highly selective; CFA/top B-school strongly preferred |
| 13 | J.P. Morgan (India research desk) | Global bank | Structured campus pipeline from top engineering/commerce colleges plus lateral CFA hires |
| 14 | Morgan Stanley (India research desk) | Global bank | Competitive entry; strong quant + modeling bar |
| 15 | Nomura (India research desk) | Global bank (Japan-headquartered) | Runs a dedicated India equity research team supporting global coverage |
Firms like CLSA, Citi, Jefferies, and UBS also maintain India equity research desks and are worth tracking, but the 15 above account for the bulk of sell-side fresher and lateral hiring volume in Mumbai.
Salary by firm (2026 indicative ranges)
These figures are compiled from AmbitionBox, Glassdoor, and Indeed salary submissions, cross-checked against recruiter inputs. Treat them as directional ranges, not guarantees — actual offers vary by city, team, and how well you negotiate. For the full experience-level and city-wise breakdown, see the complete equity research salary guide.
| Firm | Entry-Level (0-2 yrs) | Mid-Level (3-5 yrs) | Notes |
|---|---|---|---|
| SBI Mutual Fund | ₹6L – ₹9L | ₹12L – ₹18L | AMC-wide averages; PM-track analysts trend higher |
| HDFC AMC | ₹6L – ₹10L | ₹10L – ₹16L | Senior analyst/associate fund manager track: ₹16L – ₹28L |
| ICICI Prudential AMC | ₹6L – ₹10L | ₹12L – ₹18L | Large sector-specialist teams pay a premium for deep coverage |
| Mirae Asset (India) | ₹7L – ₹11L | ₹14L – ₹20L | Small team, high per-analyst research ownership |
| Kotak Securities | ₹5L – ₹8L | ₹9L – ₹16L | Institutional equities desk pays above the retail-research average |
| Motilal Oswal (broking) | ₹4L – ₹7L | ₹8L – ₹18L | Wide spread by seniority; senior analysts see steep jumps |
| Nuvama (Edelweiss) | ₹4L – ₹7L | ₹9L – ₹16L | Institutional research desk, 265+ stock coverage |
| ICICI Securities | ₹4L – ₹8L | ₹9L – ₹16L | Median total comp around ₹7.4L at entry |
| Nomura (India) | ₹4L – ₹9L | ₹10L – ₹18L | Global bank premium over domestic brokerages |
| Goldman Sachs (India) | ₹4L – ₹9L | ₹10L – ₹18L | Median entry ≈ ₹7L; bonus upside significant for strong performers |
| J.P. Morgan (India) | ₹5L – ₹10L | ₹12L – ₹20L | Reported average ≈ ₹15.9L; 90th percentile ≈ ₹26.8L |
| Morgan Stanley (India) | ₹4L – ₹8L | ₹10L – ₹20L | Compensation rises steeply at VP-equivalent levels |
| Axis Capital / Axis Bank research | ₹4L – ₹10L | ₹10L – ₹20L | Role-dependent; bonus band up to 80% |
The clearest pattern across this table: sell-side entry pay and buy-side entry pay start in similar bands, but the buy-side ceiling opens up faster from year four or five onward — because a buy-side analyst’s calls directly drive fund performance and fee income, not just client relationships.
Entry requirements by firm type
This is where the real differences show up. Buy-side AMCs, domestic sell-side houses, and global bank research desks each screen for something different, and knowing which lever to pull matters more than applying everywhere at once.
| Firm Type | Typical Academic Background | Certification Expectation | Hiring Route | Realistic First Role |
|---|---|---|---|---|
| Buy-side AMCs (mutual funds, PMS) | Finance/commerce/engineering + CFA or MBA (finance) | CFA charter strongly preferred at senior analyst/PM level; CFA Level I/II acceptable at junior level | Mostly lateral hires from sell-side (2-4 yrs experience); very limited direct-fresher intake | Junior research analyst under a sector-specialist senior analyst |
| Domestic sell-side (Kotak, Motilal Oswal, ICICI Sec, HDFC Sec, Nuvama, etc.) | B.Com/BBA/engineering/MBA — degree pedigree matters less than modeling ability | NISM-Series-XV Research Analyst certification is mandatory to be registered as a research analyst under SEBI regulations (revised exam effective January 2026) | Campus hiring at larger houses + significant off-campus/lateral hiring | Research associate supporting a sector analyst; direct sector coverage within 12-24 months |
| Global bank India research desks (Goldman Sachs, J.P. Morgan, Morgan Stanley, Nomura, Citi, CLSA) | Top-tier engineering/commerce colleges or MBA from a top B-school; CFA is a common screening signal, especially for candidates from non-finance backgrounds | CFA Level I/II frequently listed as preferred; distinctive academic record required | Structured campus placement pipeline + selective lateral hiring from domestic sell-side | Research associate on a global coverage team, reporting to a senior analyst based in India or overseas |
| Boutique/KPO research shops (Crisil GR&RS, Transparent Value, Evalueserve, and similar — see our full firm-tier breakdown) | Graduates accepted more readily; CFA/CA/MBA raises the ceiling but isn’t always mandatory | NISM-Series-XV still applies if the role involves publishing research | Off-campus applications, referrals, entry-level test batteries (some run 100+ question screening tests) |
A few things worth calling out explicitly, because they trip up almost every candidate I talk to:
The NISM-Series-XV certification isn’t optional. SEBI’s Research Analyst Regulations require anyone who prepares or publishes research reports to hold this certification, and the exam was revised with effect from January 20, 2026 — the certificate is valid for three years and must be renewed. This applies whether you’re at a bulge-bracket sell-side desk or a boutique KPO. If a firm skips mentioning this in the job description, ask about it directly in the interview — it signals you’ve done your homework.
Buy-side rarely hires freshers directly. Almost every AMC on the list above builds its research team by pulling in analysts with 2-4 years of sell-side experience, not by running large fresher intake programs. If your target is a buy-side seat at SBI Mutual Fund, HDFC AMC, or Mirae Asset, the realistic path is: sell-side or KPO first, buy-side lateral move second — not straight in.
CFA matters more on the buy-side than the sell-side, and more at global banks than at domestic brokerages. This isn’t a hard rule, but it holds up across enough job descriptions to be a genuine signal. If you’re coming from a non-finance background, treat the CFA charter as your primary credibility signal — see our full comparison of CFA vs MBA salary outcomes in India if you’re weighing the two paths.
Off-campus doesn’t mean lower quality. Several of the highest-regarded research desks on this list (Antique Stock Broking, PPFAS, Prabhudas Lilladher) hire almost entirely off-campus and through referrals rather than structured placement drives. Don’t assume a firm isn’t worth targeting just because it doesn’t show up on your campus placement list.
Where to go next
If you’re mapping out your entry point, read these alongside this list: our guide to equity research analyst jobs in Mumbai, our breakdown of equity research internships in India, and our SEBI Research Analyst exam guide if you need to get NISM-certified before you can start applying.
If you’re still building the technical foundation — financial modeling, valuation, sector-specific pitch-building — that’s exactly what our Equity Research Analyst Course is built around, with placement support across many of the firms named in this list.
Tier 2 KPO Based Top Equity Research Firms in India
Now, in this category I will discuss the companies that hire all kinds of people. Moreover, you also need to remember that these firms might not be directly in research. However, it would still be relevant and value to freshers to start their journey with these firms.
Visible Alpha
Based out Mumbai and NCR region, visible alpha hires wide variety of candidates. However, their work is not directly related to equity research but related to a platform. The platform is a research application, which uses existing research models to update the information to the user.
Daloopa
Daloopa is also based out NCR region and their research primarily covers the real estate asset. Another place where you can kick start your career with normal and average qualification. However, do note that the entry level test is 120 questions related to financial statement analysis. Which is not a cake walk at any cost.
Tier 3- Boutique equity research companies
Finally moving into the final category of top equity research firms in India, with minimal requirements. Note that I call these as tier 3 not because the work is tier 3 but because of the compensation.
Generally speaking Tier 3 boutique research firms tend to pay 3.5 to 4 LPA for a fresher. However, the benefit is that, the experience is priceless. In fact, with these firms you learn much faster than the more established companies. Let me list down some very well known names;
- Avendus Capital
- Puranrtha Investment Advisors
- Gallaghar and Mohan
- Equities capital advisors
- Moxie capital
Expanding Opportunities with Investment Management and Alternative Data
In recent years, the field of investment research has evolved significantly with the integration of alternative data sources. These data sets provide unique insights that traditional methods might overlook. Firms specializing in investment management are increasingly leveraging alternative data to enhance their research capabilities and make more informed investment decisions.
Fundamental Research with a Modern Twist
Traditional fundamental research remains at the core of equity analysis. However, combining it with alternative data sources, such as social media sentiment, satellite imagery, and transaction data, offers a comprehensive view of the market. This modern approach not only improves accuracy but also provides a competitive edge in the fast-paced world of investment management.
Conclusion
Equity research is an exciting career for those who are intellectually inclined towards business. Also if you wish to learn the requisite skills for this industry, then you can pursue the Equity research course by Mentor me careers, which guarantees interviews. Also is one of the most highest reviewed live courses in research.
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A CFA charterholder with hands-on experience across investment analysis and finance education. At MentorMeCareers, he writes and reviews content on CFA, financial modeling, and investment banking careers — grounded in real market data rather than generic advice, and shaped by what actually helps candidates and professionals succeed.
