Narnolia Financial Advisors Ltd.


Narnolia Research

Narnolia follows the ‘Growth-in-Value' investment philosophy and has demonstrated a successful track record measured in terms of superior risk-adjusted returns on an absolute, relative, and consistent basis - Not by Chance, but by Design. Quality always prevails. Along with quality, in a growing economy like India where every production or consumption parameter's upside potential is still humongous, the majority of existing market leaders remain minuscule in the global context. Indian markets over the last thirty years since the great economic reform have oscillated between phases of out-performance by quality companies and phases of out-performance by growing businesses. ‘Growth-in-Value' combines the advantages of these two fundamental parameters and helps create superior performance. This philosophy is further supported by the 'Principle of Linearity', '360 degree 5-M Research Framework', and our Risk Management framework, one of the most comprehensive techniques.

Research Connect

Market Perspective

Market perspective is a Detailed Analysis of the Indian Stock Markets considering Domestic & Global Macros. It also discusses the Investment argument for various Themes in the Market.

Topic Month Year Action
Viksit Bharat- Mega Themes for InvestmentMay2024
Investment Opportunity@22000February2024
India Equity OutlookSeptember2023
Growth Magnets for the New Bull MarketMay2023
India Equity OutlookApril2023
India Equity OutlookMarch2023
India Equity OutlookFebruary2023
India Equity OutlookJanuary2023
India EquityDecember2022
Impact of Rising Interest RatesNovember2022
Market Outlook & Investment Opportunity Amid Recent VolatilityOctober2022
India OpportunitiesSeptember2022
This Decade Belongs to Emerging Markets-India to ShineAugust2022
Markets Settling to a New NormalJuly2022
Investment Perspective

Fund Manager’s Perspective and Outlook about Markets and Investment Strategy.

Topic Month Year Action
Impact of Global Re-Set in Interest RatesNovember2022
India : Outperforming Nation for the DecadeSeptember2022
Swings and Surge are more important source of investment return in the short term while underlying Trend determines return for the long term investor.July2022
Research Blog

Analyst’s Perspective on a particular Macro-Economic or Market Related Topics and Themes.

Topic Month Year Action
Growth Magnets of India Series - $1 trillion of Merchandise Exports by 2030September2023
High Growth alongwith Margin revival witnessed in Portfolio companies for Q4FY23 Quarterly ResultsJune2023
Indian Banks stress test amidst Global Banks failure environmentMarch2023
UNION BUDGET 2023 - Another Right step in Right directionFebruary2023
Macro Vs Micro - Unknowable Vs KnowableJanuary2023
Strong Q2FY23 Results for Portfolio Companies Amidst Global VolatilityNovember2022
Sideways Market keeping Sectoral / Style Out-Performance IllusiveOctober2022
Market Short term movement anchored on Bond YieldSeptember2022
NS Portfolio Companies Shines Amid Gloomy Q1FY23 ResultsAugust2022
Indian Banking Opportunity - Higher Credit Growth Alongwith Lower NPAs and Higher Recoveries Promises Higher Profitability for BanksAugust2022
Investigating Recent Under-Performance of Quality Companies with NarnoliaJuly2022

Managing Funds with the Research Edge

At Narnolia, our funds management is predicated on a very strong and unbiased research capacity. The research base not only spans a variety of asset classes but also bringsa degreee of bottom-up depth to the table with deep industry insights market intelligence. The research edge is based on 4 key parameters

Narnolia is an 8 letter wordSo is Research, So is Advisory

The history of the company dates back to 1993. The brilliant academic track record and a deep understanding of capital market of its founder CMD Mr. Krishna Narnolia helped him to lay the solid foundation of Narnolia with well defined philosophies and core values.

Trusted Fund Management Firm since 1997.

Serving over 50 Broker Partners, Fund Houses & Institutional Investors

Strong team of 40 analysts

Performance by Design, not by Chance. Research Team, Truly Process-driven (112 Sub processes), Promoter led, Growth-in-value Philosophy, 360 x 5M Research Parameters (Risk Management)

Partner With Us

Partnership is in our DNA. 25 years of lovely & meaningful partnership between the promoters and over two decades of association with hundreds of distribution partners is proof in itself that we know with whom to enter into and how to keep adding value to these partnerships. Collaboration with healthy Competition, Coopetition, for the benefit of our customers is the new mantra for today & tomorrow. So, let's use each other's strengths to create the right environment for all our stakeholders & grow together.

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About Narnolia

Narnolia, an investment management and advisory firm, was founded in 1997 by Krishna Narnolia & Shailendra Kumar. At Narnolia, we focus on improving the health of your wealth. We have created one of the best data-driven buy-side research teams in the country, with capabilities spread across asset classes and investment strategies. Not only do we focus on returns, we also focus on the quality of returns with the objective to maximize returns per unit of risk for the investor.

Investment Solutions

Portfolio Management Services (PMS) Narnolia PMS is meant to be a part of an investor's core buy-and-hold portfolio. It aims to capitalize on the wealth-creation opportunity in the indian economy by providing our investors an unique opportunity to diversify their investments by participating in 4 different equity strategies all through a single account based on their needs & risk-profile.

Investment Advisory Portfolios (IAP - Equity & Mutual Funds) Research-backed thematic baskets of stocks or mutual funds grouped together to achieve long-term growth with an expected return & a corresponding degree of risk.

Mutual Funds Research & AdvisoryInvestment Advisory Portfolios are thematic baskets grouped together to provide an expected return with a corresponding degree of risk. It provides discipline, professional competency, & a long- term approach

Index ManagementNarnolia Research has developed 69 objective indices including the world- famous and widely tracked 'All shares index (ASI)

Partner Solutions

We believe in collaboration with healthy competition, co- opetition, for the benefit of our customers. Let's use each other's strengths, create the right environment for our investors and grow together

B2B Investment Platform: Alphanest

Alphanest is a 'Customer Centric Multi- Asset, Multi- Strategy and Multi Broker' B2B Wealth Management Ecosystem.

Narnolia Research Directory
KYC is a one-time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary. | Investors don’t need to issue cheques while subscribing to IPOs. Just write your bank account number and sign the application form to authorise your bank to make a payment on your behalf in case of allotment. You don’t have to worry about refunds as the money remains in the investor's account. | It has been brought to the notice of SEBI by Central Economic Intelligence Bureau, Department of Revenue, GOI, that certain fraudsters are collecting data of customers who are already into trading either in NSE / BSE and send them bulk messages on the pretext of providing investment tips and luring them to invest with them in their bogus firms by promising huge profits. Hence, the investors are requested to take note of the above and exercise caution and due care. | Process for filing complaints on the SEBI SCORES website: a. Register on SEBI SCORES | b. Mandatory details for filing complaints on SCORES | Name, PAN, Address, Mobile Number, Email ID | c. Benefits: i. Effective Communication ii. Speedy redressal of the grievances

Narnolia Financial Services Ltd (Formerly Narnolia Financial Advisors Ltd); Registered Office Address: Marble Arch, 2nd Floor, Office 201, 236B, A J C Bose Road, Kolkata- 700020; Phone No.-033-40501500; Corporate Office: A-803, 1 Kanakia Wall Street, 8th Floor, Andheri Kurla Road, Chakala, Andheri East, Mumbai-40093, Phone No.: +91 22 62701200, Website:, SEBI MERCHANT BANKING - INM 000010791, PMS - INP000006420, RESEARCH ANALYST - INH 300006500, Compliance Officer Details (In Research) : Rana Debnath, Contact No. 022 6270 1200, Email id AMFI - ARN 3087, ROC-CIN: U51909WB1995PLC072876 Read More


In case of any queries related to your investments, you can get in touch with us at or WhatsApp us at+916204800291.Grievance Officer: Rana Debnath, Contact No. 022-6270 1200, Email ID:,

Investors may submit their online complaints on the official SEBI Scores website by clicking here. With regards to physical complaints to the Office of Investor Assistance & Education, Securities & Exchange Board of India, SEBI Bhavan, Plot No C4 A 'G' Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051.

Online Dispute Resolution Portal can be accessed via the following link -


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