Narnolia Research

Research Connect

About Narnolia Research

We have created the best data-driven buy-side research teams in the country, with capabilities spread across asset classes and investment strategies. We use our extensive in-house data framework & infrastructure built over the past decade for both domestic and international securities to support our research process. Our proprietary analytical engine with intelligent strategy development and testing capabilities provides quantitative as well as qualitative support in selecting appropriate investment strategies.

Investment Philosophy

The trinity of Observation, Research & Knowledge forms the bedrock of our investment philosophy.

OBSERVATION We, at Narnolia, don’t just see the numbers but observe the Businessman and his business trajectory with a purpose to discover the absolute, relative and consistent growth in value potentials for investors at large.
RESEARCH We, at Narnolia, have created a process driven (112 line processes), unbiased, disciplined multi strategy - multi assets research framework with a team of 40 analysts, using the abductive reasoning on top of the deductive & inductive analytics.
KNOWLEDGE We, at Narnolia, invested 12 years of research before launching India’s first Model Portfolio (IAP) in 2009 and first PMS scheme in 2012. Focus was to work hard, minimize cost of possible mistakes and, eventually, to create superior risk adjusted return compared to his self created portfolio, benchmarks & average of peers.

4 Pillars of Investment Philosophy

At Narnolia, we aim at generating superior and consistent risk adjusted returns for all our investors. For us, the focus is not just on returns, but also on the quality of those returns

Principle of Growth In Value Among various proven philosophies of investing, our chosen style is ‘Growth in Value’. Here the word value is derived from the word valuable i.e. factors that make a company more valuable.
Seeking Linear Consistent Growth Prefer companies where improvement happens linearly in small steps over a relatively longer period of time as these companies’ valuation multiple expands alongwith earnings & then does not contract in a hurry
360° Deductive Reasoning Framework Insist on knowing why & how a company makes its revenue both from a broad picture basis understanding the addressable market & dynamics as well as the microscopic financials-valuation level perspective
Risk Manager’s Mindset Portfolio has a predetermined risk-return expectation framework which enables taking active risk keeping in mind economic exposures, liquidity risk and stock/sector/cap/theme weightages.

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
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

Complain Dashboard - Research Analyst

Data for Every Month Ending - March 2024
Complaints Received From Pending at the end of last month Received Resolved* Total Pending# Pending > 3 Months Avg. Resolution Time ^ (in days)
Directly from InvestorsNilNilNANANANA
Other Sources (if any)NilNilNANANANA
Grand TotalNilNilNANANANA
"^ Average Resolution time is the sum total of time taken to resolve each complaint in days, in the current month divided by total number of complaints resolved in the current month"

Trend of Monthly Disposal of Complaints

Month Carried forward from previous month Received Resolved* Pending#
Mar - 24NilNilNANA
Feb - 24NilNilNANA
Jan - 24NilNilNANA
Dec - 23NilNilNANA
Nov - 23NilNilNANA
Oct - 23NilNilNANA
Sep - 23NilNilNANA
Aug - 23NilNilNANA
July - 23NilNilNANA
June - 23NilNilNANA
May - 23NilNilNANA
April - 23NilNilNANA
Mar - 23NilNilNANA
Feb - 23NilNilNANA
Jan - 23NilNilNANA
Dec - 22NilNilNANA
Nov - 22NilNilNANA
Oct - 22NilNilNANA
Sep - 22NilNilNANA
Aug - 22NilNilNANA
July - 22NilNilNANA
Jun - 22NilNilNANA
May - 22NilNilNANA
Apr - 22NilNilNANA
Mar - 22NilNilNANA
Feb - 22NilNilNANA
Jan - 22NilNilNANA
Dec - 21NilNilNANA
Nov- 21NilNilNANA
Oct - 21NilNilNANA
Sep - 21NilNilNANA
Aug - 21NilNilNANA
Jul - 21NilNilNANA
Jun - 21NilNilNANA
May - 21NilNilNANA
Apr - 21NilNilNANA
Grand TotalNilNilNANA

*Inclusive of complaints of previous months resolved in the current month.
#Inclusive of complaints pending as on the last day of the month.

Trend of Annual Disposal of Complaints

Month Carried forward from previous Year Received Resolved* Pending#
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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