Mehul Madhwal
@mehulmadhwal
I deliver institutional equity research, financial models, and actionable FMCG investment insights.
IndiaWhat I'm looking for
At Equirus Securities, I support institutional equity research coverage across 18 FMCG companies, translating company performance and market developments into investment insights for clients.
I've initiated coverage on Zydus Wellness, Bikaji Foods, and Honasa Consumer, while conducting dealer and distributor channel checks to assess demand, pricing, and competitive dynamics. I build sector trackers and dashboards for volume, pricing, margin, and forecasting analysis.
I communicate financial analysis and forward-looking recommendations through earnings notes and sector presentations. I also drove adoption of Model ML to reduce turnaround time for earnings notes and research reports, and was awarded Star of the Month for initiation reports and client servicing.
Previously at S&P Global, I reconciled cash and settled trades across 60 syndicated-loan client portfolios with 99.96% processing accuracy. My MBA in Finance and experience developing bank financial models have strengthened my grounding in valuation, forecasting, due diligence, and market research.
Experience
Work history, roles, and key accomplishments
Equity Research Associate
Equirus Securities
May 2025 - Present (1 year 4 months)
Support coverage of 18 FMCG companies, delivering investment insights to institutional clients. Initiated coverage on Zydus Wellness, Bikaji Foods, and Honasa Consumer, and drove adoption of an AI tool to improve report turnaround.
Equity Research Intern
Dolat Capital
Apr 2024 - May 2024 (1 month)
Conducted comprehensive research and authored a draft initiating coverage report on an Indian private sector bank. Developed and maintained a financial model for Karnataka Bank, forecasting future performance.
Reconciled cash and settled trades across 60 client portfolios in syndicated loan operations. Researched and resolved cash discrepancies, coordinating with clients, agent banks, and trustees.
Real Estate Advisory Intern
Lutyens Consultancy
Apr 2021 - May 2021 (1 month)
Identified non-residential real estate investment opportunities and supported client due diligence and leasing activities.
Education
Degrees, certifications, and relevant coursework
Narsee Monjee Institute of Management Studies
MBA, Finance
2023 - 2025
Pursued an MBA in Finance from 2023 to 2025.
LinkedIn Learning
Mergers & Acquisitions, Finance
2023 - 2023
Completed Mergers & Acquisitions course in 2023.
LinkedIn Learning
Finance Foundations: Business Valuation, Finance
2023 - 2023
Completed Finance Foundations: Business Valuation and Mergers & Acquisitions courses in 2023.
Sri Venkateswara College, University of Delhi
BA (Hons), Economics
2018 - 2021
Completed BA (Hons) in Economics from 2018 to 2021.
KPMG
Virtual Internship, Data Analytics
2020 - 2020
Completed KPMG Data Analytics Consulting Virtual Internship in 2020.
Father Agnel School
Class XII (CBSE), General
Grade: 95.80%
Completed Class XII (CBSE) with 95.80% in 2018.
Father Agnel School
Class X (CBSE), General
Grade: 9.6/10 CGPA
Completed Class X (CBSE) with 9.6/10 CGPA in 2016.
Tech stack
Software and tools used professionally
Availability
Location
IndiaAuthorized to work in
Salary expectations
Skills
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