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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

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
Investment Opportunity@22000	February	2024
India Equity Outlook	September	2023
Growth Magnets for the New Bull Market	May	2023
India Equity Outlook	April	2023
India Equity Outlook	March	2023
India Equity Outlook	February	2023
India Equity Outlook	January	2023
India Equity	December	2022
Impact of Rising Interest Rates	November	2022
Market Outlook & Investment Opportunity Amid Recent Volatility	October	2022
India Opportunities	September	2022
This Decade Belongs to Emerging Markets-India to Shine	August	2022
Markets Settling to a New Normal	July	2022

Investment Perspective

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

Topic	Month	Year
Impact of Global Re-Set in Interest Rates	November	2022
India : Outperforming Nation for the Decade	September	2022
Swings and Surge are more important source of investment return in the short term while underlying Trend determines return for the long term investor.	July	2022

Research Blog

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

Topic	Month	Year
Growth Magnets of India Series - $1 trillion of Merchandise Exports by 2030	September	2023
High Growth alongwith Margin revival witnessed in Portfolio companies for Q4FY23 Quarterly Results	June	2023
Indian Banks stress test amidst Global Banks failure environment	March	2023
UNION BUDGET 2023 - Another Right step in Right direction	February	2023
Macro Vs Micro - Unknowable Vs Knowable	January	2023
Strong Q2FY23 Results for Portfolio Companies Amidst Global Volatility	November	2022
Sideways Market keeping Sectoral / Style Out-Performance Illusive	October	2022
Market Short term movement anchored on Bond Yield	September	2022
NS Portfolio Companies Shines Amid Gloomy Q1FY23 Results	August	2022
Indian Banking Opportunity - Higher Credit Growth Alongwith Lower NPAs and Higher Recoveries Promises Higher Profitability for Banks	August	2022
PLI SCHEME-EMERGING INVESTMENT OPPORTUNITY	August	2022
Investigating Recent Under-Performance of Quality Companies with Narnolia	July	2022

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 Investors	Nil	Nil	NA	NA	NA	NA
SEBI (SCORES)	Nil	Nil	NA	NA	NA	NA
Other Sources (if any)	Nil	Nil	NA	NA	NA	NA
Grand Total	Nil	Nil	NA	NA	NA	NA
"^ 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 - 24	Nil	Nil	NA	NA
Feb - 24	Nil	Nil	NA	NA
Jan - 24	Nil	Nil	NA	NA
Dec - 23	Nil	Nil	NA	NA
Nov - 23	Nil	Nil	NA	NA
Oct - 23	Nil	Nil	NA	NA
Sep - 23	Nil	Nil	NA	NA
Aug - 23	Nil	Nil	NA	NA
July - 23	Nil	Nil	NA	NA
June - 23	Nil	Nil	NA	NA
May - 23	Nil	Nil	NA	NA
April - 23	Nil	Nil	NA	NA
Mar - 23	Nil	Nil	NA	NA
Feb - 23	Nil	Nil	NA	NA
Jan - 23	Nil	Nil	NA	NA
Dec - 22	Nil	Nil	NA	NA
Nov - 22	Nil	Nil	NA	NA
Oct - 22	Nil	Nil	NA	NA
Sep - 22	Nil	Nil	NA	NA
Aug - 22	Nil	Nil	NA	NA
July - 22	Nil	Nil	NA	NA
Jun - 22	Nil	Nil	NA	NA
May - 22	Nil	Nil	NA	NA
Apr - 22	Nil	Nil	NA	NA
Mar - 22	Nil	Nil	NA	NA
Feb - 22	Nil	Nil	NA	NA
Jan - 22	Nil	Nil	NA	NA
Dec - 21	Nil	Nil	NA	NA
Nov- 21	Nil	Nil	NA	NA
Oct - 21	Nil	Nil	NA	NA
Sep - 21	Nil	Nil	NA	NA
Aug - 21	Nil	Nil	NA	NA
Jul - 21	Nil	Nil	NA	NA
Jun - 21	Nil	Nil	NA	NA
May - 21	Nil	Nil	NA	NA
Apr - 21	Nil	Nil	NA	NA
Grand Total	Nil	Nil	NA	NA

*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	Resolved*	Pending#
2023-24	NA	NA
2022-23	NA	NA
2021-22	NA	NA
2020-21	NA	NA
2019-20	0	0
2018-19	NA	NA

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: www.narnolia.com, 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 rdebnath@narnolia.com. AMFI - ARN 3087, ROC-CIN: U51909WB1995PLC072876 Read More

NARNOLIA SECURITIES LIMITED; PFRDA- NPS POP 27092018; ROC-CIN- U67120WB1997PLC096496| NARNOLIA CAPITAL ADVISORS PRIVATE LIMITED– RBI- NBFC B.05.02568,ROC-CIN- U65993WB1991PTC053089|

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

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.

SEBI INVESTOR CHARTER ANNEXURE - A

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