Sample Research Report

Comprehensive Multi-Stock Research Report Template

CONFIDENTIAL - FOR INTERNAL USE ONLY

REPORT METADATA

Title: [Sector/Theme] — [Key Investment Narrative] Sub-heading: [One-line thesis statement] Analyst: [Full Name] Date: [Publication Date in DD MMM YYYY format] Report Type: [equity/sector/thematic/economy_situation/scenario_based] Coverage Tickers: [TICKER1.NS], [TICKER2.NS], [TICKER3.NS] Time Horizon: [Specific number] months

EXECUTIVE SUMMARY (3-5 bullet points)

  • Key point 1 with specific metrics/targets

  • Key point 2 highlighting differentiated view

  • Key point 3 with risk-reward balance

  • Key point 4 with timeframe and catalysts

INVESTMENT THESIS (200-300 words)

[Present main investment case with BOTH positive factors AND challenges] [Include sector-specific context] [Reference key competitive advantages and weaknesses]

Company/Stock 1: [TICKER1.NS]

  • Specific thesis points

  • Key differentiators

  • Main challenges

Company/Stock 2: [TICKER2.NS]

  • Specific thesis points

  • Key differentiators

  • Main challenges

Company/Stock 3: [TICKER3.NS]

  • Specific thesis points

  • Key differentiators

  • Main challenges

KEY FINANCIAL PROJECTIONS

[Present multi-year projections with specific metrics]

[TICKER1.NS]

  • Revenue CAGR: X-Y% (FY24E-FY27E)

  • EBITDA Margin: X-Y% range

  • [Additional key metrics]

  • [Cash flow/leverage metrics]

[TICKER2.NS]

  • Revenue CAGR: X-Y% (FY24E-FY27E)

  • EBITDA Margin: X-Y% range

  • [Additional key metrics]

  • [Cash flow/leverage metrics]

[TICKER3.NS]

  • Revenue CAGR: X-Y% (FY24E-FY27E)

  • EBITDA Margin: X-Y% range

  • [Additional key metrics]

  • [Cash flow/leverage metrics]

VALUATION METHODOLOGY & PRICE TARGETS

[Explicitly state valuation methods with ALL key inputs]

[TICKER1.NS]

  • Primary method: [DCF/PE/EV-EBITDA/SoTP/etc.]

    • Key inputs: [WACC, terminal growth, peer sets, target multiples]

  • Cross-check method: [Alternative valuation approach]

    • Supporting inputs: [Relevant metrics]

  • Fair value: ₹XXX

  • Target price (12M): ₹XXX

  • Upside/downside: XX%

  • Sensitivity: [Key factor] ± [amount] changes valuation by ±X%

[TICKER2.NS]

[Same format as above]

[TICKER3.NS]

[Same format as above]

SCENARIO ANALYSIS

[Include base, bull, and bear cases with probabilities and specific drivers]

[TICKER1.NS]

  • Base Case: ₹XXX (Probability: XX%)

    • Assumption 1: [Specific metric/outcome]

    • Assumption 2: [Specific metric/outcome]

    • Assumption 3: [Specific metric/outcome]

  • Bull Case: ₹XXX (Probability: XX%)

    • Upside driver 1: [Specific metric/outcome]

    • Upside driver 2: [Specific metric/outcome]

    • Upside driver 3: [Specific metric/outcome]

  • Bear Case: ₹XXX (Probability: XX%)

    • Downside driver 1: [Specific metric/outcome]

    • Downside driver 2: [Specific metric/outcome]

    • Downside driver 3: [Specific metric/outcome]

[TICKER2.NS]

[Same format as above]

[TICKER3.NS]

[Same format as above]

COMPREHENSIVE RISK ASSESSMENT

Market Risks

  • [Specific market risk 1] - Impact: [High/Medium/Low], Likelihood: [High/Medium/Low]

  • [Specific market risk 2] - Impact: [High/Medium/Low], Likelihood: [High/Medium/Low]

Execution Risks

  • [Specific execution risk 1] - Impact: [High/Medium/Low], Likelihood: [High/Medium/Low]

  • [Specific execution risk 2] - Impact: [High/Medium/Low], Likelihood: [High/Medium/Low]

Regulatory Risks

  • [Specific regulatory risk 1] - Impact: [High/Medium/Low], Likelihood: [High/Medium/Low]

  • [Specific regulatory risk 2] - Impact: [High/Medium/Low], Likelihood: [High/Medium/Low]

Company-Specific Risks

  • [TICKER1.NS]: [Specific risk factors]

  • [TICKER2.NS]: [Specific risk factors]

  • [TICKER3.NS]: [Specific risk factors]

Macro/FX Risks

  • [Specific macro/FX risk 1] - Impact: [High/Medium/Low], Likelihood: [High/Medium/Low]

  • [Specific macro/FX risk 2] - Impact: [High/Medium/Low], Likelihood: [High/Medium/Low]

GEOPOLITICAL & POLICY ASSESSMENT

  • [Relevant policy/regulation 1]: [Specific impact on covered stocks]

  • [Relevant policy/regulation 2]: [Specific impact on covered stocks]

  • [Geopolitical factor 1]: [Specific impact on covered stocks]

  • [Geopolitical factor 2]: [Specific impact on covered stocks]

ESG CONSIDERATIONS

Environmental Factors

  • [TICKER1.NS]: [Specific environmental metrics/initiatives/risks]

  • [TICKER2.NS]: [Specific environmental metrics/initiatives/risks]

  • [TICKER3.NS]: [Specific environmental metrics/initiatives/risks]

Social Factors

  • [TICKER1.NS]: [Specific social metrics/initiatives/risks]

  • [TICKER2.NS]: [Specific social metrics/initiatives/risks]

  • [TICKER3.NS]: [Specific social metrics/initiatives/risks]

Governance Factors

  • [TICKER1.NS]: [Specific governance metrics/practices/risks]

  • [TICKER2.NS]: [Specific governance metrics/practices/risks]

  • [TICKER3.NS]: [Specific governance metrics/practices/risks]

TIMELINE & MONITORING FRAMEWORK

  • Review cadence: [Quarterly/Semi-annual/Annual]

  • Key event calendar:

    • [Date/Period]: [Specific event/catalyst]

    • [Date/Period]: [Specific event/catalyst]

  • Monitoring triggers:

    • Trigger 1: [Specific metric/threshold for thesis revision]

    • Trigger 2: [Specific metric/threshold for thesis revision]

    • Trigger 3: [Specific metric/threshold for thesis revision]

DATA SOURCES & METHODOLOGY

  • Primary data sources: [List specific sources]

  • Financial models: [Brief description of modeling approach]

  • Verification methods: [How key data points were verified]

  • Limitations: [Known data limitations or assumptions]

SEBI-COMPLIANT DISCLOSURES

Analyst Registration

SEBI Registration (Research Analyst): [Registration number]

Analyst Certification

The analyst(s) certify that all views expressed in this report accurately reflect their personal views about the subject securities and companies. The analyst(s) also certify that no part of their compensation was, is, or will be, directly or indirectly related to specific recommendations or views expressed in this report.

Conflict of Interest Disclosure

The analyst(s) and their immediate relatives do not have any financial interest or beneficial ownership (>1%) in the subject companies as of the report date. [OR disclose specific interests if applicable]

Company Disclaimers

This report is for informational purposes only and is not a solicitation to buy or sell any securities. Investment decisions should be made based on the investor's own objectives and risk tolerance. Past performance is not indicative of future results.

Forward-looking Statements

This report contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those projected due to factors including, but not limited to, changes in economic conditions, market dynamics, regulatory developments, and company-specific events.

APPENDIX: KEY METRICS SUMMARY

[TICKER1.NS]

  • PE: XXx FYxxE

  • EV/EBITDA: XXx FYxxE

  • ROE: XX% FYxxE

  • [Additional relevant metrics]

[TICKER2.NS]

[Same format as above]

[TICKER3.NS]

[Same format as above]

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